The path to success lies on the foundation of constant experimentation and changing accordingly. In an industry like accounting, where we constantly strive to understand the numbers with as much clarity as possible and strategize according to what suits the current status of a business, it is imperative to innovate. In the past 17+ years of providing accounting outsourcing solutions to 300+ clients in over 7+ countries, we realized the need to innovate and provide uniquely crafted solutions early on.
With years of trial and experiment, and seeking feedback, we have crafted an accounting outsourcing model – Accounting Seat. This model understands and provides solutions for the operations of accounting firms of all sizes. This outsourcing model is tailored to provide specialized offerings for accounting and CPA firms. This model also provides services on a subscription basis, enabling firms to scale their operations seamlessly without the overhead costs of full-time employees. This is a flexible, and scalable solution designed to cater to the unique needs of accounting practices.
Key Focus Areas of Accounting Seat
- People
The Accounting Seat model comprises a team of highly experienced, trained, and English-speaking professionals. Finsmart Accounting ensures that its resources are not just proficient in accounting but also well-versed in the nuances of client interaction, making communication smooth and effective. Whether you require bookkeepers, tax professionals, or any other accounting resource, Finsmart’s team is ready to integrate seamlessly into your operations.
- Process
A well-defined process is crucial for the success of any outsourcing model. The Finsmart team has developed detailed onboarding procedures and Standard Operating Procedures (SOPs) to ensure that every aspect of the partnership is meticulously planned and executed. This structured approach reduces the learning curve and ensures that the Finsmart team is up and running quickly, providing consistent and reliable service from day one. We also have a 14-step onboarding process, which makes the integration of the client into the system a seamless process.
- Technology
In today’s tech-driven world, being tech-agnostic is a significant advantage. The Finsmart team is acquainted with a wide range of accounting software platforms, ensuring compatibility with your existing systems. Whether your firm uses QuickBooks, Xero, or any other software, Finsmart’s team is equipped to handle it. This flexibility in technology integration means firms do not need to make additional investments in new software, making the transition to the Accounting Seat Model smooth and cost-effective.
The 3-tier team structure:
One of the unique aspects of the Accounting Seat Model is its 3-tier team structure. This structure ensures that all tasks, whether complex or routine, are handled by the appropriate level of expertise. It also allows you to choose a team as per the experience and expertise you need and pay accordingly.
- Tier 1: Junior Accountants who handle routine bookkeeping and data entry tasks.
- Tier 2: Senior Accountants responsible for more complex tasks such as financial reporting and tax preparation.
- Tier 3: Managers and Reviewers who oversee the work done at the previous tiers, ensuring accuracy, compliance, and strategic alignment with your firm’s goals.
This multi-level structure provides a layered approach to quality assurance, ensuring that every task is reviewed and validated before delivery, thus maintaining the highest service standards.
The services we offer:
The Accounting Seat is a plug-n-play outsourcing model. It is often looked at as an embedded outsourcing model. This means when you partner with us, all you have to do is assign our team members to your email domain, assign a seat in the software you use, and include our teams in your daily meetings. This allows us to simply become an extension of your team. When you partner with us, you not only get a team that handles your books, but also get someone who understands your needs and businesses.
Here are the different kinds of seats you can avail of and their scope of work:
1. Bookkeeping Seat:
- Bank and credit card statements CSV upload through our app
- Categorization of bank and credit card feeds
- Matching of deposits
- Bank and credit card reconciliation
2. Sr. Accounting Seat
- Bank and credit card statements CSV upload through our app
- Categorization of bank and credit card feeds
- Matching of deposits
- Bank and credit card reconciliation
- Sales Tax reconciliation
- 401K reconciliation
- Revenue reconciliation
- AR & AP aging analysis
- Financial Reporting
- Booking month-end JE – depreciation, amortization, prepaid & accrual
3. US Tax Seat
- Client onboarding and process setup
- Tax return preparation – 1040, 1065, 1120, 1120S, 1041, 706
- Data collection and documentation
- Communication and Collaboration
- Quality assurance
- Deadline management
- Confidentiality and data security
4. Clean-up and Catch-up Seat
- Review & redesign the chart of accounts
- Bank and credit card statements CSV uploads through the app
- Reconciliation of bank and credit cards
- Updating missing entries
- AR & AP invoice mapping
- AR & AP balance confirming
- Undeposited funds and uncategorized expenses & income cleanup
- Updating opening balances
- Review & confirmation of owners’ contribution
5. Reviewer Seat
- Review of charts of accounts
- Monthly transaction and journal entry review
- Monthly balance sheet, AR, AP, reconciliation
- Sales tax reconciliation
- Financial statement review
- Budget vs. actuals analysis
- Management reporting
- Prepare CPA work papers for year-end review and audit
- Year-end tax readiness
Why is Finsmart’s Accounting Seat model ideal for you?
With the Accounting Seat Model, accounting firms get a unique combination of expertise, flexibility, and technology integration that is hard to match. Whether you are looking to optimize your operations, reduce overhead costs, or scale your services, this model provides a comprehensive solution that can adapt to your firm’s needs. Unlike most outsourcing firms, we do not compel our clients to remain tied in a long-term commitment if they are not happy. With the 30-day advance notice period for the Hourly Seat and a 90-day advance notice period for the Dedicated Seat, firms get the flexibility to scale up and down quickly. With a proven track record of delivering high-quality services and a commitment to continuous improvement, Finsmart is the partner you can rely on to revolutionize your practice.
To know how we can help, write to us at connect@finsmartaccounting.com.