Outsourced Accounting

Outsourced
Accounting

Outsourced Accounting Services for SMEs and Medical Specialists

What outsourced accounting services include

Outsourced accounting means handing your bookkeeping, monthly reporting and statutory compliance to an external firm instead of employing an in-house finance team. You keep control of the decisions; the processing, reconciliations, reporting and filings happen outside your business, for a fixed monthly fee.

MMS Group provides outsourced accounting to South African SMEs and medical practices from R6,000 + VAT a month. A typical engagement covers:

Bookkeeping – processing and reconciling your transactions monthly, weekly or daily.
Monthly management accounts, with the commentary that explains them.
VAT returns and SARS compliance.
Payroll processing and the compliance that goes with it.
Year-end preparation and annual financial statements.
A qualified accountant at MMS Group you deal with directly.

Our Monthly Accounting Packages and Pricing

We offer a choice of three packages, each on a fixed monthly fee. The difference between them is how often your books are processed and how often you get reporting.

BASE

From R6,000 + VAT

BUSINESS ASSISTANT

STANDARD INCLUSIONS

PROCESSING AND RECONCILIATIONS

Monthly directly from bank statements to ledgers

REPORTING MONTHLY

Available To Non-Vat Registered Entities

BEST FOR

Non-VAT-registered entities and owner-run businesses with straightforward books

LEARN MORE

Monthly Management Accounts

Annual financial statements tell you what happened up to a year ago. Management accounts tell you what is happening now, while you can still do something about it.

Every package that we offer includes monthly management accounts: an income statement, balance sheet and cash flow position, prepared from reconciled books rather than from a bank balance. On the Premium package these are provided weekly as well as monthly.

Performance against the prior month and the prior year, not just this month’s figures.
Cash flow position and the commitments coming up against it.

Reporting in whatever format your bank, funder or board requires.
A conversation with your accountant about what the numbers are telling you – not just a PDF in your inbox.

Is it time to Outsource your Accounting needs?

If you recognise any of these typical business problems, you should connect with us:

Business revenue/profit is declining, and you are concerned.
You want to grow your business, but do not know which products or services to focus on.
The business is dependent on a large customer or supplier.
Cash flow is consistently under pressure to meet commitments.

The business cannot exist without winning new customers every month.
Your products or services are not differentiated over your competitors.
There is a pattern of recurring customer complaints.
You are too busy running your business to make the most important decisions to grow.

INTEGRATED
BILLING & ACCOUNTING SOLUTIONS FOR MEDICAL SPECIALISTS

INNOVATIVE
ACCOUNTING SOLUTIONS TAILORED FOR THE BUSINESS OWNER

INTEGRATED BILLING & ACCOUNTING SOLUTIONS FOR MEDICAL SPECIALISTS

INNOVATIVE ACCOUNTING SOLUTIONS TAILORED FOR THE BUSINESS OWNER

Accounting for Medical Specialists

We offer specialist medical clients an integrated billing and accounting solution that eliminates the need for separate reconciliations of billing to accounting systems. For a practice, that means your billing system and your ledgers agree without anyone keying the same figures twice, and your monthly reporting reflects what the practice physically collected rather than what it invoiced.

How we support your business

Full integration with Xero Accounting software

Access to a dedicated accountant at MMS

Support with payroll and compliance requirements for new regulations

Complete management of your bookkeeping and tax returns

Support with any VAT and year-end requirements

Working in Xero

We specialise in Xero Accounting, the world’s leading business accounting software, that allows business owners to manage their accounts from any device, any time, in any location. Your books stay in your own Xero organisation, so you keep access to your data and can take it with you if you ever move.

More about our Xero accounting services

The Cloud Accounting advantage

Some of the benefits that you can expect when opting for a Cloud Accounting solution include:

Manage your accounts from anywhere, through an active internet connection
Online invoicing, to facilitate quicker payments from customers
Better cash flow management and real time cash flow status
Real time bank transaction feeds
Bank reconciliations available in seconds
Accessible via any mobile or fixed line device – use your smartphone, tablet or laptop to access information
Use your phone camera to capture receipts and link them to expense reports via the integrated app (no more lost receipts)
Safe and secure online file storage
Free support from your MMS accountant – any time you require it!

Save time thanks to the automated processes. The days of creating, posting and chasing invoices will be over as you can utilise your Cloud Accounting software to generate invoices – and invoice reminders – on your behalf, and send it to clients for you. You also have the option to combine your software with HR and Payroll applications, which means that payslips and other official documents will also be generated automatically.
By making use of Cloud Accounting software like Xero, you can rest assured that your company’s data is kept safe and is always backed up
Cloud Accounting software is designed for ease of use for all business owners, even those who may not have prior accounting experience. Our help is available every step of the way, and your MMS advisor will always be ready to assist
The software is constantly updated and improved, without you having to do anything from your side. Therefore, if external factors such as VAT requirements, etc., change, your software will automatically be updated to incorporate these changes

For more information, please contact our team. We look forward to hearing from you. Tell us your monthly transaction volume, whether you are VAT registered, and whether you are already on Xero, and we will confirm which package fits and what it will cost.

Frequently asked questions about outsourced accounting

How much do outsourced accounting services cost in South Africa?

MMS Group’s outsourced accounting packages start at R6,000 + VAT per month for the Base package, R9,000 + VAT for Core and R15,000 + VAT for Premium. What moves the price is how often your books are processed and how often you need reporting: Base processes monthly from bank statements, Core processes monthly from source documents, and Premium processes daily or weekly with weekly reporting. Final fees depend on transaction volume and complexity and are confirmed before any work begins.

What is included in outsourced accounting services?

A full outsourced accounting service covers bookkeeping and reconciliations, monthly management accounts, VAT returns and SARS compliance, payroll processing, and year-end preparation including annual financial statements. At MMS Group all three packages also include a dedicated accountant and full integration with Xero. What differs between packages is processing frequency and reporting frequency, not the scope of what is covered.

Is outsourcing your accounting cheaper than employing a bookkeeper?

Usually, for a small or medium business. An outsourced package carries no salary, UIF or leave liability, no software licence of your own, and no gap when the person is off sick or resigns. It also gives you a qualified accountant reviewing the work rather than a single bookkeeper working unsupervised. The comparison worth making is not fee against salary, but fee against the full cost of employment plus the cost of the work being wrong.

What are management accounts, and do I need them monthly?

Management accounts are internal reports – income statement, balance sheet and cash flow – prepared monthly or more often so you can see performance while you can still act on it, as opposed to annual financial statements which arrive after year-end. Monthly is the right rhythm for most businesses. Weekly is worth it if cash flow is tight, if you are growing quickly, or if a bank or funder requires regular reporting as a condition of facilities.

Do I have to use Xero?

We work in Xero, and in practice almost all our outsourced accounting clients do. The books stay in your own Xero organisation, so you keep access to your data and can take it with you if you ever move firms. If you are currently on another platform we handle the migration as part of onboarding.

How does onboarding work, and how long does it take?

We start by agreeing scope and the monthly fee, then set up or take over your Xero organisation, bring the historical records up to date, and agree a monthly timetable for when source documents reach us and when reporting comes back. Most SME handovers are complete within a month, though it takes longer where there are significant historical records to bring up to date.

Can you handle accounting for a medical practice?

Yes. We offer medical specialists an integrated billing and accounting solution, so that your practice billing system and your accounting ledgers reconcile without the same figures being captured twice. That removes the monthly reconciliation between billing and accounting that most practices do manually and means your management accounts reflect what the practice physically collected.

Is my financial data safe if I outsource my accounting?

Your data stays in your own Xero organisation under your ownership, hosted on Xero’s infrastructure with automatic backups, rather than on a spreadsheet on one person’s laptop. You control who has access and can revoke ours at any time. In practice, outsourcing to a firm usually improves security over an in-house arrangement where one bookkeeper holds the only copy of the records.

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