outsourcing Archives - Next Level Now

Client Success Story: Security Service Provider

As a small Managed Security Services Provider, 1440 Security could not afford a full-time CFO or controller. Their CEO was performing many of those functions, while an office manager/bookkeeper was handling Accounts Receivable and Payable with QuickBooks. Once they learned about Next Level Now’s outsourced CFO services, they felt it was necessary to integrate us into their functioning business practices to help take the weight off their shoulders. Discover their process and how the transition was a success.

Addressing Financial Pain Points

First, our team at Next Level Now had to figure out how to eliminate the 8-10 hours 1440’s CEO was spending per month on deferred revenue adjustments. These problems stemmed from a manual process they had implemented to overcome the fact that QuickBooks doesn’t handle deferred revenue. So, 1440 utilized our Fractional CFO services to address this issue, along with quarterly financial analysis of the business.

Our team quickly solved the first issue by moving them from Quickbooks to Sage Intacct. This cloud financial management system not only gave 1440 the ability to handle deferred revenue, but it also provided much more insight into their financials. By switching, they offset the expense by fully outsourcing their Accounts Receivable and Payable to the Next Level Now team. They were able to keep their cost flat and significantly improve how they managed the company financials, invoicing, and bill payment.

Integrating Our SOAR+ Services

1440 was also looking for reliable monthly and quarterly financials, with the ability to effectively handle deferred revenue. Next Level Now provided them with that exact solution. “I think any growing small business can benefit from what Next Level Now provides,” said 1440’s CEO. “I didn’t fully jump in at first, but started with the quarterly financial reporting and the fractional CFO services. Once it was clear that Next Level Now was more than capable to meet what we needed, I moved ahead with their SOAR+ services.”

So what are the benefits of working with us? “I didn’t have to deal with the complexity of being CFO, Controller, and manager for our bookkeeper,” 1440’s CEO explained. “It gave me a lot more time to focus on the business without worrying about the financials being accurate. After looking at other services that leveraged QuickBooks and various software add-ons, Next Level Now was clearly more suitable to our business and had gained my trust. This is what made Next Level Now stand out over other services I researched, and introducing their services was simple. We had a few onboarding and scoping discussions with Next Level Now; COA’s were set up and we migrated balances at the end of a quarter and started with detail from the start of the next quarter. The process was painless!”

Results of Integrating Our SOAR+ Services

“I can confidently say that Next Level Now eliminated the issues we were having with deferred revenue. Our financial reporting was significantly improved, and I was able to use my newly-realized free time to drive the business. When it came time to sell the company, I was extremely impressed with Next Level Now’s level of expertise and support. Plus, they even referred the excellent legal team we used for the sale. Each of them, in their own way, made the transaction a success. I am forever grateful for their contributions.”

By the end, 1440 worked with us for four years. Plus, they would’ve continued if they weren’t acquired. They ended our partnership and overall business relationship on an incredibly successful high note with our efforts in the sale of the company.

Next Level Now is the difference maker when there is an issue to work through. This is when our incredible transparency, high degree of integrity, and collaboration are essential in addressing any issues. Please contact us to learn about integrating Next Level Now with your business.

What to Look for in an Outsourced Accounting Relationship

Handing over your company’s financial books and records to a firm can sometimes be intimidating. You’ll want to make sure the outsourced accounting firm is trustworthy and dependable. Plus, there are other qualities that you’ll want to identify beforehand. To help you get the most out of your outsourced accounting relationship, we’ve put together some tips and tricks that we’ve learned over the years.

Set Clear Expectations

Identify your company’s top priorities before you take the plunge that can ensure you’re partnering with a financial provider that will meet and exceed your requirements. To do so, you will need to be clear and upfront about your expectations. When you are building this relationship, make your priorities clear. Discuss your company’s business strategy, roadmap, and what role you would like the accounting team to support those goals. Also, describe your company’s top priorities and what needs improvement. Don’t be scared to share details of your business’s financial health. The more background and accurate information you provide, the better they understand how to help.

Communication is Key for Outsourced Accounting

To be successful with an outsourcing accounting firm, you will need to build a strong line of communication and be sure to check in on a regular basis. Clear and direct communication is essential for any strong business relationship. Make sure to schedule routine conversations for you to stay up-to-date on all operations. Don’t hesitate to reach out any time you have any questions or concerns. Furthermore, make sure the outsourced provider is providing clear check-ins and lines of communication for you to utilize.

Protecting Sensitive Information

Another key aspect of a strong accounting relationship is security and dependability. During your vetting process, try to identify if they are reliable and how they will protect your information. Before you hire an outsourced accounting firm, check their references to help see if they meet your standards. You’ll also want to investigate their network security and data monitoring to ensure that they can keep your company’s financial data secure.

Outsourced Accounting Data

Accurate, reliable data will enable you to properly make decisions regarding your organization’s future plans. Outsourced accounting firms should be able to provide and explain the information you need to make informed decisions. This data is crucial so you can understand how your company is doing and make projections. This will also help you identify opportunities for improvement to further your business and meet your goals.

Next Level Now: Your Trusted Partner

Next Level Now is a trusted partner that will go above and beyond for your company. We serve as a reliable resource for business owners to lean on in times of uncertainty. We will outline a road map for your upcoming year and work with you to hit your company’s target goals. Let us provide a personalized business plan that supports your management team.

Choose Next Level Now for all your outsourced accounting needs and let us help your business SOAR. Our knowledgeable, experienced team can help your business grow and improve profitability. We would be happy to answer your questions and help you with your needs. Contact us today to see how Next Level Now can help get you on track to financial success.

How to Improve Your IT MSP Business Model

Joe Peppard, Principal Research Scientist for MIT’s Sloan School of Management published this article in the Wall Street Journal. In the article, he argues that businesses should consider getting rid of their IT department. While IT helps companies stand out from their competitors, he says that companies should integrate the functions of IT with front-line operations so they can innovate more effectively for their customers. While you may agree or disagree with his argument after reading the article, you should consider this a potential wake-up call to improve your IT MSP business model. Learn how you should adapt your IT managed service provider business.

Consider How Your IT MSP Business Measures Success

Are you looking to the future? Do you think next year will be a repeat of last year? Think again. To improve your business, we recommend challenging your IT MSP’s service offerings. IT professionals, whether internal or external in an IT MSP business, need to be rethinking their purpose. Is your IT MSP business model simply focused on break fixes while running on an island in support of “the business” as Peppard postures in the article? Do you measure your IT MSP’s success in:

Uptime?
Minutes in the queue?
Ticket resolution?

If so, you should reconsider why your IT managed service provider business exists. As an MSP, you should provide more value than the standard, out-of-the-box services of previous years. You should help clients fully-integrate their IT department with the other areas of their business. Furthermore, one of your primary focuses should be client satisfaction as opposed to the numeric “success” metrics listed above.

Evolve Your IT Managed Service Provider Business Model

For example, our own hardware needs have become minimal at Next Level Now. In today’s day and age, everything has been moved to the cloud. Essentially, computers are no different than office furniture. So, business owners expect laptops, printers, docking stations, security, etc. to be set-up and working immediately as a new hire starts. And it should remain that way, period. Furthermore, end-of-life replacements are now plug-and-play and software upgrades and patches are constantly in the background and not intrusive. The COVID-19 pandemic, and the coinciding push to remote work, has only accelerated these facts. Your IT MSP business model should reflect these new realities.

Align Your IT MSP Business Model with What Matters Most

Software training for new hires or software implementations, such as SharePoint, now take precedence over hardware. The real work gets done at the software level in every department. Does your IT Managed Service Provider business model reflect that? Is your workforce helping employees in individual departments apply and use the next technology or software? These are questions you must consider to be relevant today as an IT MSP business.

There is also an important humanity aspect that many IT MSPs are missing. Shift your strategy from simply focusing on keeping a clients’ systems up and running. Instead, focus on serving the role of a trusted advisor for your clients in both times of need and times of success. As a business owner, there is incredible value in having a strategic partner who has a deep understanding of how to optimize your business systems and technologies. Look to the future, maximize their software and optimize their systems and network for what’s ahead, instead of simply being reactive and fixing problems as they arise.

Contact Us: Let’s Discuss!

At Next Level Now, we urge you to challenge the status quo. The IT MSP landscape is changing, so your company must adapt with those changes to best serve your customers. Evolve your IT managed service provider business model to align with the priorities of businesses today. Visit our Contact Us page and let us know what you think. We would love to hear your thoughts and comments.

Outsourcing vs. In-House Accounting Services

Every business, at one time or another, experiences either tremendous growth or tremendous uncertainty. During these moments, it’s important that they rely on a trustworthy CFO for success. Learn why breaking away from traditional in-house bookkeeping and accounting services can be the key that unlocks your business’ full potential.

Outsourcing Accounting Services Are the Future

In-house accounting is a traditional form of business bookkeeping. However, times have changed, and it is rapidly being replaced by outsourced accounting or CFO services. There are several advantages that outsourced CFOs and accounting teams provide. Compared to in-house services, businesses can realize the following benefits to outsourcing:

Increased cost savings
High-level expertise that may not be available when hiring internally
Scalability
Reliability
Convenience

Gain Dependability and Convenience by Outsourcing

We understand that trying to fill an in-house opening can be taxing and expensive. Sometimes the candidates aren’t as credible as they first appear, and that can take a heavy toll on a company’s bottom line. Or, in some cases, there is time and effort placed in training new hires only to lose them later to a competitor. Through outsourced accountant and bookkeeping services, it is on them to meet your required needs, not the other way around.

Additionally, companies like Next Leve Now thoroughly vet CFOs and accountants to ensure that our clients are fully taken care of. They are not only up-to-date on the most current training and certifications, but arrive with a wealth of resources and established credibility with bankers and financial partners. Moreover, companies that use outsourcing services also benefit from convenience and flexibility. The hours and services can be tailored to suit every company’s unique needs.

Save Costs with Outsourced CFO and Accountant Services

When comparing the cost between in-house and outsourced CFO and Accountant services, there are a lot of things to consider. Foremost, in-house CFOs typically receive a median annual salary of $393,377 with additional benefits, such as health insurance and 401k. Their paid time off and sick leave must also be calculated, along with any other additional benefits. These benefits include life insurance, vision, and dental insurance, and more.

Many small businesses may be in dire need of these financial services but can’t afford a full-time CFO. Conversely, businesses that acquire an outsourced accounting or CFO service can pay only for what they need. And they don’t have to worry about the overhead that comes with payroll expenses, employee benefits, and additional resources.

Contact Us Regarding Outsourced Accounting Services

Are you struggling to get your company on the right track to success? Are you finding it difficult to juggle your important financial responsibilities while fulfilling your sales and visionary duties as a business owner? Contact us to get the help you need! Our experienced, dedicated team of financial experts can offer the assistance you need.