The definition of Outsourced Accounting & Bookkeeping is an external accounting company taking over your in-house accounting department functions. The external team is an extension of your team yet provides capabilities of scale, cost, and expertise that are difficult to hire internally for most businesses. The outsourced accounting team handles the day-to-day transaction coding, accounts payable, accounts receivable, payroll, management financial reporting, and many other services just like an internal team.

Outsourcing does not mean offshoring. It means any solution that is not employed by your company. The most cost-effective solutions offering the most value are often a combination of onshore and offshore.