Many people understand what an accounting function looks like, but they are unfamiliar with day-to-day operations within an outsourced accounting team. We are intentional about maintaining and building client relationships and balancing tasks throughout the day. A typical day in the life of an outsourced accounting team can be busy and hectic, but at Dean Dorton, we make sure each day is focused on giving our clients the information they need to run their organizations well.

Morning Routine

  • Our team members arrive at the office or log in remotely, depending on the setup.  All services are rendered in the cloud, providing the team and the client with access from anywhere.
  • The team reviews any urgent emails or messages received overnight from clients.  Thanks to cloud-based functionality, we are able to serve clients in different time zones, from around the globe.
  • Prioritize tasks based on deadlines and urgency.

Managing Financial Transactions

  • Process vendor invoices and purchase orders through an application such as BILL (Bill.com).
  • BILL provides a system to capture vendor invoices, allows our team members to code the invoice to the appropriate general ledger account(s), and move the invoice to the appropriate level of approval within the client’s organization, while in sync with the accounting system, which is Sage Intacct.
  • Once vendor invoices are approved, BILL is used to prepare a physical check or initiate electronic payment to the vendor.
  • The outsourced accounting team records daily receipts received from clients or customers into Sage Intacct.  This provides our clients with real-time information.
  • Reconcile bank statements, credit card transactions, and other financial documents.
  • Ensure cloud-based dashboards are updated with current information for real-time use by management.

Accounts Receivable & Accounts Payable

  • Follow up with clients regarding outstanding invoices or payment discrepancies.
  • Coordinate with vendors and suppliers to ensure timely payment of bills.
  • Prepare and send invoices to clients for services rendered.

Financial Reporting and Analysis

 

  • Generate financial reports such as balance sheets, income statements, and cash flow statements.
  • Analyze financial data to identify trends, patterns, and areas for improvement.
  • Provide clients with insights and recommendations based on the analysis

Payroll Processing

 

  • Our outsourced accounting team partners with a 3rd party payroll provider to provide payroll services.
  • We ensure the payroll process is set up appropriately, the payroll account is funded, and payments are remitted to employees.
  • Our team journalizes payroll data into the accounting system.

Internal Communication & Support

  • Clients are assigned an accounting team.
  • The client accounting team has clear levels of responsibility and authority.
  • Members of the client’s team communicate internally to share responsibilities and assist one another as needed.

Client Communication & Support

  • Collaborate with clients to address their accounting-related queries.
  • Provide guidance on financial decisions, tax planning, and compliance. Our team collaborates with the full expertise within Dean Dorton, including tax and consulting services.
  • Schedule regular meetings or calls to discuss financial performance and goals.

Ongoing Training & Professional Development

  • Stay updated with the latest accounting standards and regulations.
  • Attend webinars, workshops, or training sessions to enhance skills.
  • Share knowledge and best practices within the team.
  • Monitor updates to existing software applications as well as new tools that may help our clients.

Quality Assurance & Review

  • Conduct internal quality control procedures to ensure accuracy and adherence to accounting principles.
  • Perform data integrity checks and verify the completeness of financial records.
  • Seek feedback from clients to maintain service quality and identify areas for improvement.

Wrapping Up the Day

  • Complete pending tasks, document progress, and update task management systems.
  • Prepare a to-do list for the next day, including any high-priority items.
  • Address any urgent client requests or issues before signing off.

A day in the life of an outsourced accounting team varies client by client. Dean Dorton’s outsourced accounting services work with our clients to develop an accounting process that efficiently meets their needs, allowing our clients to focus on growing their organization. Our team of 35+ professionals partner industry expertise with vast financial accounting experience to give our clients the insights they need to meet their goals.