Choosing Between CPA Firms and Outsourced Accounting Services
Running a successful healthcare organization involves more than your practice management – you need to have solid accounting management. Your ability to determine your financial viability at a glance relies on a solid accounting system. However, most practices are already overwhelmed with tracking and managing patient information, making it difficult to monitor your revenue and expenses. In most cases, healthcare accounting opened its doors to being handled by professionals, but which one? Who should handle your accounting and bookkeeping – CPA firms or outsourced accounting partners?
At Synapse, we want you to know the differences between choosing a CPA firm and a third-party accounting service, what to consider, and why.
What is Healthcare Accounting?
This is the process of managing and monitoring financial information for healthcare organizations. From patient medical records and billing information to insurance claims and provider payments, healthcare accounting is multifaceted and needs an expert team of accounting professionals to ensure financial success. Most importantly, healthcare accounting creates financial statements that can be used to make decisions for the organization’s future. With accurate financial information, you can reallocate resources to improving workflow and streamlining your revenue.
CPA Firms vs. Outsourced Accounting Service
There are many financial services for healthcare organizations to choose from, whether that’s a CPA firm or an outsourced accounting company. Both financial services help them deliver their accounting responsibilities and grow their client base. However, it’s vital to be aware of what sets them apart and how you can know the best choice for you.
Certified Public Accountant (CPA) firms offer a wide array of services, but they are mainly focused on compliance requirements of the IRS, banks, and investors, such as taxes, audits, and advisory services. The staff holds a CPA license granted by the state board of accountancy and requires passing a rigorous exam, meeting education, and experience requirements, and adhering to strict ethical standards. Moreover, CPA firms usually have a single bookkeeper on the account who does all of the accounting and a CPA who reviews the finished product. Because of this, they rarely focus on bookkeeping or management accounting.
On the other hand, outsourced accounting services provide a team of resources that are dedicated to your financial operations, including a bookkeeper who does transaction processing, a staff accountant who provides month-end close, or an accounting manager who oversees the team. Their flexible model allows clinics to choose from a menu of services that would best serve their needs.
Since outsourced accounting services can specialize in healthcare accounting like Synapse, you can scale your accounting functions based on an excellent understanding of the healthcare landscape while delivering personalized, responsive service that meets your specific needs.
Who to pick among the two?
To help you decide on picking between a CPA firm or outsourcing accounting services, take a closer look at the state of your practice. If you already have an internal accounting team and want to make sure you pass compliance, CPA is probably the one for you. In contrast, if you only have a bookkeeper, outsourcing to an accounting service that partners with your in-house staff can help you gain both reliance and compliance.
Here’s our tip: Check their domain expertise and experience assessment of your outsourcing partner.
Review their service offerings, due consideration of their pricing structure and future possibilities, detailed reference checks and online reviews, technology infrastructure, data security policies, and procedures, business continuity protocols, and risk mitigation plans. Remember, the best benefit you can get from outsourcing is that you free up time to care for your patients. Leave the rest to an experienced outsourcing company like Synapse.
Overcome Financial Hurdles With Synapse
Partner with Synapse to gain access to a wide gamut of services like bookkeeping, tax preparation, financial reporting, payroll processing, audit, and other accounting-related activities. We have the latest technologies and resources, which enhances accuracy and efficiency, thus saving you time and money. Contact us today via accountingsales@synhs.com or call us at (844) 384-7532.