Fractional Accounting Department Services
A Comprehensive Guide for Businesses Who Need to Scale
We are the fractional accounting department for our growing customers. Our services provide a competitive advantage to any small business looking to beat the competition through scalability and cost-effectiveness. Partnering with a virtual accounting department doesn’t take long and may be one of the best things you do as a business leader this year to position your company for successful growth.
With labor costs getting more expensive, HR compliance more difficult, and market scarcity for qualified accountants, outsourced accounting department services is one of the easiest decisions you can make.
Reach out to learn more about what it’s like to work with a virtual, fractional accounting department!
What are fractional accounting department services?
Fractional accounting department services encompass a wide range of financial management tasks, tailored to meet the specific needs of your business. These services can be structured in various ways, depending on your requirements.
Bottom-Heavy Bookkeeping Team: Focused on day-to-day financial transactions, including accounts payable, accounts receivable, payroll processing, and bank reconciliations. This structure is best for businesses with simple transactional accounting where leadership can easily understand their cash position.
Top-Heavy Controller or CFO Team: Involves higher-level financial oversight, including financial planning, budgeting, forecasting, and strategic financial advice. This structure is needed as accounting complexity increases and it’s not as easy to understand the drivers impacting cash and where your business is headed.
Bottom-Heavy
Top-Heavy
Our service plans are named to reflect where the most weight is placed within the team: Bookkeeper, Accountant, Controller, or CFO. This naming convention helps you understand the primary focus of each plan and choose the one that best aligns with your business needs.
Accounting Departments Perform the Following Tasks
✔ Accounting System Design and Implementation
✔ Daily Transaction Processing
✔ Catch Up Bookkeeping
✔ Accounts Receivable Management
✔ Bank Reconciliations
✔ Inventory Management
✔ Deferred Revenue Management
✔ Sales Tax Return Filings
✔ QuickBooks Training
✔ Xero Training
✔ Management Accounting
✔ Month-end Close Procedures
✔ Income Statement Preparation
✔ Balance Sheet Preparation
✔ Account Reconciliations
✔ Ratio Analysis
✔ Profitability & Performance Metric Tracking
✔ Budget Creation
✔ Budget-to-Actual Analysis
✔ Business Modeling
✔ Accounting Procedure Documentation
✔ Accounting and Bookkeeping Consulting
✔ Controller Services
✔ CFO Services
Fractional accounting department services are particularly beneficial for businesses that are poised for growth but lack the internal resources to manage complex financial operations. Typically, any business looking to move beyond the initial startup phase—defined as the first few employees or roughly $1,000,000 in revenues—should consider these services.
As businesses grow, the financial landscape becomes more complicated. Managing payroll, accrual accounting, financial reporting, and strategic planning requires expertise that may not be available in-house. Fractional accounting departments provide the necessary support to navigate these challenges effectively. Dialing in the right level of experience for the right tasks at the right time is not easily done through traditional hiring models.
Partnering with a fractional accounting department team on your journey to 100 employees or $20,000,000 will greatly increase the chance of success. Our services help facilitate this transition smoothly by providing scalable financial management solutions that grow with the company.
What type of business would benefit from having a fractional accounting department?
How much does a fractional accounting department team cost?
The cost of a fractional accounting department team can vary depending on the level of service required and the complexity of your business operations. However, understanding the pricing structures and making an informed decision can significantly impact your financial management and overall business growth. For a much more detailed explanation of how pricing works, please visit our Pricing Guide.
Hiring a scalable, fractional accounting department team in-house is next to impossible for most growing businesses. The process involves recruiting, training, and retaining a team of skilled accounting professionals, which can be both time-consuming and expensive. Additionally, scaling this team to match your business growth adds another layer of complexity.
Finding the Right Partner
The best solution is to find a partner that specializes in delivering fractional accounting department services as their primary service offering. This specialization ensures that the service provider has the expertise, resources, and focus to meet your business needs. When evaluating potential partners, consider the following:
Primary Service Offering: Ensure that fractional accounting is the main service provided by the company, not a side service. This focus guarantees that the provider is committed to delivering high-quality accounting solutions.
Experience and Expertise: Look for a partner with a proven track record and a team of experienced accounting professionals. Their expertise will be crucial in managing your financial operations efficiently.
Transparent Pricing: Choose a partner that offers transparent, fixed pricing. This approach helps avoid the pitfalls of hourly billing and provides a clear understanding of the costs involved.
We’ve developed an Interview Guide for you to use with potential partners to help you find the ideal virtual accounting department team for your business.
Next Steps?
At Basis 365, we offer competitive, fixed-price packages designed to meet the needs of growing businesses. Our transparent pricing ensures that you receive the best value without any hidden costs. We understand the intricacies of daily accounting tasks and provide comprehensive services that cover everything from basic bookkeeping to high-level financial analysis.
Our fixed-price packages are tailored to your business needs, offering scalability and flexibility as your business grows. We believe in building long-term partnerships with our customers, providing the expertise and support needed to navigate financial complexities and achieve sustainable growth.
We understand all business owners are busy and don’t have a lot of time to make a decision like this. After a free consultation with our accounting department services expert, we work hard to get a proposal in your hands quickly so you can make an informed decision before the next unexpected emergency pops up.
Our onboarding process is designed to make the transition as smooth as possible.
Here’s What Our Customers Are Saying
Helping People Build Strong Businesses® is what we do. At Basis 365, we believe that our customers' satisfaction is the true measure of our success. We take pride in delivering exceptional service that exceed expectations. But don’t just take our word for it—hear directly from the people who matter most: our valued customers. Read through their stories and experiences to see why Basis 365 Accounting is the trusted choice for their fractional accounting department service needs.