Even for professionals with deep experience in online accounting platforms, setting up and maintaining an accounting system can be a daunting task — often due to a disconnect between what business owners expect from their systems and what platforms actually deliver.
Accurate, timely data is critical to the success of any business, but without daily immersion in bookkeeping, reconciliations and financial reporting, it’s easy to fall behind or feel overwhelmed. Outsourced accounting provides efficient, streamlined financial processes to businesses that face tedious, manual tasks or struggle to integrate consumer-friendly systems into their platforms.
The Apple Card Example: Consumer Friendly but Frustrating for Business
The Apple Card is one perfect example of how consumer simplicity doesn’t always translate to business efficiency. While purchases are seamless, importing those transactions into QuickBooks Online (QBO) is anything but simple. Without direct integration, businesses must manually download, convert and import statements — a tedious process that risks misclassification and tax errors.
More importantly, businesses risk misclassifying transactions. An iPhone purchase might be a fixed asset, not just a generic “expense.” Get that wrong, and your tax return, financials and even your business valuation could be impacted.
Drive Efficiency With Outsourced Accounting
Yes, businesses can do their own accounting, but it takes practice, patience and a lot of time. Even experienced finance professionals can find manual processes exhausting. For a business owner, every hour spent wrangling statements is an hour pulled away from running the business.
That’s why outsourcing is so valuable. At Cherry Bekaert, our finance and accounting outsourcing teams help:
- Set up secure bank connections and automate feeds where possible
- Manage manual downloads for banks that don’t integrate
- Code transactions properly and keep documentation in order
- Deliver reconciled, accurate financials every month
Because our professionals perform these tasks daily, they are familiar with the quirks of each system and ensure nothing slips through the cracks. With relevant, reliable data, companies experience faster monthly closes, cleaner tax prep and accurate forecasting.
Clean Data in the AI Era
QBO and other platforms are now deploying AI-driven tools to analyze transactions and provide insights. But AI is only as good as the data it’s given. If your books are filled with vague categories and broad adjustments, the insights will be meaningless.
The small details matter, including the vendor name, the category and the timing. Clean data allows you to:
- Understand true operating expenses
- Negotiate better terms with vendors
- Track profitability and cost drivers
- Forecast and make growth decisions with confidence
Fortunately, with the right tech stack and QBO setup, businesses can unlock enormous gains. Our team has seen 50% – 65% efficiencies gained when new QBO features are properly set up, allowing more analysis and insights instead of just recording transactions.
How Can Cherry Bekaert Help
Cherry Bekaert professionals specialize in modernizing the finance function to help businesses thrive. We offer tailored solutions that include:
- Technology setup and training for your internal team
- Managed accounting services with dedicated consultants available when you need them
- Full-service outsourcing where we handle it all for you
Whether you need support with approvals, reconciliations or reporting, our team can gather and analyze your financial data to drive enhanced decision-making.
Let Cherry Bekaert help you streamline your accounting systems so you can focus on growing your business.
