If you’ve ever asked yourself, “Can I outsource accounting and still maintain oversight?”—the answer is yes. With the right strategy and tools, outsourcing can streamline operations, provide expert support, and even improve your financial accuracy while keeping you firmly in control.
This in-depth guide walks you through how to outsource your accounting confidently, what to look for in a provider, how to set up controls, and what best practices ensure accountability and transparency.
1. Understand What Accounting Functions Can Be Outsourced
Outsourcing doesn’t have to be an all-or-nothing decision. You can choose to offload specific functions based on your business needs and capacity.
Commonly Outsourced Accounting Services:
- Bookkeeping (data entry, bank reconciliation, accounts payable/receivable)
- Payroll processing and superannuation management
- BAS/IAS lodgements and tax compliance
- Management reporting and financial dashboards
- Financial forecasting and budgeting support
- Year-end financial statement preparation
Some businesses prefer a hybrid model—keeping strategic functions like budgeting in-house while outsourcing routine tasks like reconciliations and invoicing.
Pro Tip: Start by outsourcing time-consuming, repetitive tasks. Gradually scale up once you’re confident in your provider’s reliability and accuracy.
2. Identify the Right Time to Outsource
Outsourcing should be a strategic decision—not just a reactive one. Here are signs your business might benefit from external accounting support:
- Your books are always behind or inaccurate
- You’re spending hours each week on data entry and chasing receipts
- Your internal staff lack expertise in tax or compliance areas
- You’re planning to scale and need stronger financial systems
- You want financial reports but don’t know where to start
Outsourcing can provide scalability and access to broader expertise without the cost of hiring full-time staff.
3. Choose the Right Outsourced Accounting Partner
Your accounting provider should feel like an extension of your internal team. The wrong choice could result in poor communication, compliance issues, or even security risks.
Key Criteria to Evaluate:
- Qualifications: Are they certified (CPA, CA, or registered BAS agent)?
- Experience: Do they have experience with businesses of your size and industry?
- Technology: Are they cloud-based and software-savvy (Xero, MYOB, QuickBooks)?
- Security: Do they follow strict data protection and backup protocols?
- Communication: Do they offer a clear point of contact and timely responses?
Ask for case studies, references, and a clear outline of services before signing any agreement.
4. Set Up Access and Oversight Tools
One of the biggest fears with outsourcing is losing visibility. Thankfully, cloud-based accounting systems make it easier than ever to stay connected.
Best Practices for Maintaining Oversight:
- Use accounting software with multi-user access and audit trails
- Ensure you are the admin owner on all platforms
- Set permissions based on roles—e.g. view-only, data entry, full access
- Request weekly or monthly dashboards and reconciliations
- Use shared folders (e.g. Google Drive, Dropbox) for real-time document sharing
Having system-generated logs allows you to track every login, entry, edit, and approval without micromanaging.
Don’t Miss This: Insist that your provider uses your business’s accounting software—not theirs. This ensures continuity and control if you ever decide to switch providers.
5. Define Clear Processes and Responsibilities
Successful outsourcing requires structure. Clearly defined workflows, roles, and expectations reduce miscommunication and duplication.
Start With:
- Documented processes for each task (e.g. invoice processing, payroll run)
- Agreed timelines (e.g. reconciliations by the 10th of the month)
- Escalation paths for anomalies or missing data
- Regular review meetings (monthly or quarterly)
- SLAs (Service Level Agreements) that outline delivery and response times
Use project management tools like Asana, ClickUp, or Trello to track accounting tasks and approvals in real-time.
6. Implement Financial Controls
Even with a trusted partner, controls must be in place to safeguard your assets and avoid fraud.
Recommended Controls:
- Dual authorisation for payments over a threshold
- Segregation of duties—e.g. data entry vs payment approval
- Bank feeds connected directly to accounting software
- Automated reminders for outstanding approvals or missing documents
- Monthly variance reports comparing actuals vs budget
Don’t give any external provider unchecked access to your bank account or company credit cards. Instead, use controlled payment platforms like Airwallex, Wise, or Bill.com.
7. Communicate Regularly and Review Performance
Outsourcing should be a relationship, not a set-and-forget transaction. Stay in touch with your accounting provider to keep your books accurate and up-to-date.
What to Discuss in Monthly Reviews:
- Completed vs outstanding tasks
- Upcoming compliance deadlines
- Cash flow and expense trends
- Concerns or unusual entries
- Opportunities for automation or cost-saving
Consider a quarterly deep dive into strategic reports such as gross margin trends, profit analysis, and aged receivables to guide better decision-making.
8. Monitor Metrics and KPIs
To ensure your outsourced accounting partner is delivering value, define and monitor key performance indicators (KPIs).
Accounting KPIs to Track:
- Reconciliation lag (how long it takes to close the books)
- Invoice cycle time (how quickly invoices are issued)
- Accounts receivable turnover (how fast customers pay)
- Payroll accuracy rate
- On-time compliance lodgements
Request these metrics in your monthly reports or monitor them directly through your accounting software dashboard.
Recap: How to Outsource Your Accounting Without Losing Control
- Know what to outsource—start small and scale up
- Choose the right provider with experience, security, and clear processes
- Use cloud tools and maintain admin access to all systems
- Define workflows and assign responsibilities clearly
- Implement financial controls to protect against errors or fraud
- Hold regular reviews to monitor accuracy, performance, and deadlines
- Track KPIs to measure value and accountability
Final Thoughts
Outsourcing your accounting doesn’t mean relinquishing control—it means reallocating your time and energy to where you can make the biggest impact, while still having the oversight and structure to manage your finances responsibly.
Done right, outsourced accounting becomes a powerful tool for growth, risk management, and peace of mind.
Download our Outsourcing Accounting Checklist to get started with confidence. Need advice? Book a free consult with our accounting advisory team today.
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