How Your Industry Can Specifically Benefit From A Partnership With An External Firm
As organizations grow, they often reach the point where they encounter new, complex accounting situations in their industry that require a deeper level of support. You may feel stuck because you’re not ready to staff a new accounting role and your current accounting software solution can no longer support your needs, so where do you turn for a right-size accounting solution to ensure that you can continue to grow?
What we have found is that organizations in this situation need a combination of both a more advanced accounting software platform and external accounting expertise to holistically address the challenge.
Consider Our Outsourced Accounting Services in Your Industry
We recognize there are a lot of options for companies that are looking outside of their organization for general accounting help. Everyone needs a good CPA for tax advice and filing tax returns at the end of the year, and you can usually find some resources for basic bookkeeping.
At Finlyte, however, we believe that our unique combination of accounting skills, education, and industry experience paired with our expertise in Oracle NetSuite makes us a truly great fit for any growing company that wants proper accounting with a best-in-class cloud-based ERP.
Here’s how this plays out in some of the many industries that we serve.
We Solve Accounting Challenges in Healthcare
A lot of healthcare organizations are unique in that the same people that create revenue for the organization (e.g. the physicians) are very likely also partners with expectations for cash-based distributions. This compensation model can be tricky to navigate, especially as you grow and add more physicians to the mix.
Fortunately, we have strong experience with the accounting required for physician level reporting at healthcare groups. We can handle complex accounting issues such as how to account for owners receiving compensation through equity distributions and how to incorporate more and more locations or practices.
The same goes for the medical groups that have private equity sponsors as well. Healthcare private equity is booming, and as you attract more P/E investments during growth, we can help you navigate issues such as transitioning from cash accounting to an accrual basis, whether to change your accounting controls, aligning with regulatory requirements for reporting, and other issues.
We Solve Accounting Challenges in Retail
Retail has changed a lot over the past decade, but even more so through this COVID-19 pandemic. More retailers are increasingly becoming omni-channel and incorporating online sales into their product delivery mix.
The effort to account for Cost of Goods Sold (COGS), deal with contract manufacturers, and integrate e-commerce sales information into one system has been valuable to our growing set of retail clients.
Just take a look at the success of omni-channel retailer It’s Skinny Pasta, who we supported by implementing Oracle NetSuite and providing outsourced accounting services to address complex accounting and inventory management issues and help the company continue to grow.
We Solve Accounting Challenges for Software Companies
Accounting standards change for every industry on a regular basis, but software has especially been affected.
The industry rapidly grew over the past decade as technology matured, creating an influx of Software-as-a-Service (SaaS) business models. With the SaaS evolution in the software industry came new changes like the introduction of ASC 606 and the need to amortize both expenses and revenue.
Specific to ASC 606, we can help software companies adopt this new revenue and cost recognition standard. We’ll work through specific challenges that may impact your business model and, ultimately, ensure that you can continue to grow while remaining in compliance with regulations.
We Solve Accounting Challenges for Service Providers
We work with service providers across numerous industries to address the accounting issues that are critical for their industry.
The landscaping industry comes to mind when we look at our service-based clients. The accounting for landscapers — and similar industries — requires dealing with time and labor costs, projects or jobs, and keeping a close eye on materials purchased.
We’ve worked with close to a dozen organizations that find there is value in running their business on the Oracle NetSuite ERP platform and receiving outsourced accounting support from our expert team.
Finlyte and NetSuite Can Help Your Business
In this article, we identified a handful of industries where we provide value to growing businesses and organizations. Whether you are in one of these industries or operate in a completely different environment, we can apply our expertise in Oracle NetSuite and provide outsourced accounting services to help you continue to grow at an organic pace.
Need us as a fractional solution until you can staff up your accounting team? Looking for a long-term resource to provide a full breadth of services during your growth stage? We’re here for you.
Contact us today to schedule a consultation with our team to find an industry-specific solution that fits your growth plan.