Our Most Frequently Asked Questions

And answers to help you understand why Adams, Martin & Associates PA would be a good fit for your organization.

 

FAQ's

  1. What is outsourced accounting? Outsourced accounting is the practice of using an outside (US based) accounting firm to handle most, if not all, of your accounting activities that have traditionally been performed within a company. Outsourced accounting is a rapidly increasing field, and is highly recognized as an effective management tool designed to cut overhead costs and shift the primary focus of your business back to your core competency. Many companies are turning to outsourced accounting knowing that the day-to-day accounting operations are better left to the professionals. Check out our What We Do: Our Services page to find out more.
  2. What are the benefits of outsourced accounting? The primary benefit to almost any outsourced field usually begins with the issue of saving money. With outsourced accounting, not only should you recognize cost savings, but the significant long-term benefits will have a huge impact on the success of your business. Utilizing the expertise from trained accounting professionals, you should notice increased efficiency, reduction in labor costs, and more insight into your financials to make informed financial decisions. Most importantly, you will have more time to focus on your core business.
  3. How does outsourced accounting logistically work? Adams, Martin & Associates PA will coordinate with you the most effective way to share your financial documents using cloud-based technology and an online payables management system. We leverage technology throughout our processes, but we are very cognizant not to allow the technology to overwhelm our clients. Our use of technology is an effective way to keep our processes simple. Even the least "tech-savvy" person can master the exchange of information with Adams, Martin & Associates PA. You share your data with us, and we process your information. It is as if you have an entire experienced accounting team in your back office. See our How We Do It: Our Process page for more information on our processes.
  4. How does outsourced accounting save time and/or money? In most cases, partnering with Adams, Martin & Associates PA to perform your outsourced accounting function will lead to significant cost savings. For a flat monthly fee, we can replace most, if not all, of your accounting functions and reduce the in-house staff costs below:
    • Salary
    • Bonus & Incentive Pay
    • Health Insurance & Other Benefits
    • Payroll Taxes
    • Computer & Office Equipment
    • Office Space
    • Training
  5. How does Adams, Martin & Associates PA charge for outsourced accounting services? Adams, Martin & Associates PA charges a flat monthly fee on most of our outsourced accounting engagements. We are not your typical CPA practice, and our fee structure reflects this. Our goal is to provide a more economical solution for managing your accounting needs than you would normally experience if performed with in-house accounting staff. We want to promote long term beneficial relationships with our clients and the flat monthly fee model fits perfectly with this approach. Our clients gain peace of mind knowing exactly what the fee will be each month.
  6. What should my business spend on managing the day-to-day and monthly accounting function? According to the 2012 Robert Half Benchmarking The Finance Function Report, small businesses (surveyed businesses with less than $25M in revenue) spend a median of 3% of revenue on their internal finance staff each year. This spending includes base salaries, benefits, and bonuses, but excludes many other costs of running the internal finance function like payroll taxes, office equipment, office space, training, turnover, etc. Adams, Martin & Associates PA has a track record of keeping our fee between 1.0% to 1.75% of a company's annual revenues. When you compare this to the median costs experienced by small businesses, the savings are significant - upwards of 50% savings. For example, a company generating $2.5M in revenue a year and spending 3% of revenue on its internal finance function could likely save over $38K by using Adams, Martin & Associates PA.

    If your company is spending above this range, Adams, Martin & Associates PA should be able to help your company recognize cost savings.