As a company manager or business owner, one of the best ways to ensure success is to find cost-saving ways to keep your company’s finances accurate and well tracked, and this can be achieved with the help of an experienced outsourced accounting firm. Many companies today use outsourcing for their HR processes and IT departments. But there are still more ways outsourcing can be leveraged for other key areas of a business, such as accounting.
So what does it mean to outsource an accounting firm?
Outsourced accounting involves hiring the services of an accounting department to provide a full accounting department experience for your business. These services usually comprise everything from managing financial reporting and day-to-day transaction coding to accounts payable, receivable and taxation. Are you looking for an accountant Epsom? Using a local well established accountant will stand you in good stead for growth.
How to choose a reliable outsourcing accounting company:
Consider your specific needs
There are different accounting positions such as; auditors, consultants, forensic accountants, public accountants, financial advisors and tax professionals and each of these positions has a specified set of responsibilities and ways in which they can aid your company. So before you outsource an accounting service, ensure that you identify and understand the needs you want to meet.
Company flexibility on offered solutions
In terms of strategies and financial projections, a one-size-fits-all approach won’t work, so the accounting company you choose should be one that offers flexibility. In addition to tailoring your accounting solution, the accounting company should be willing to re-evaluate and make necessary changes as the financial status of your company evolves.
Experience and credentials
Another thing you should consider doing when choosing an outsourced accounting company is to check to see if the company has a proven track record that spans over a reasonable period of time (preferably from the time of the company’s inception). Also, try to get the details of the period of time for which the company has been functioning in the outsourcing business.
The company you go for must have the proper experience in dealing with businesses that have operations similar to yours. Getting your tax returns completed correctly is essential for any business. Their company’s workforce should also have the right skills to handle the accounting practices of your company’s needs. It is recommended that you go for companies that have accounting experts such as CPAs (Certified Public Accountants) and CAs (Chartered Accountants) at the top, as this will serve as an indication of the accounting specialisation the firm possesses.
Consider their technology and integration
As technology continues to take over most of the Finance and Accounting industry, you need to ensure that the accounting firm you choose is one that uses top of the line accounting software, including automated solutions for your company’s basic bookkeeping tasks.
The company should offer the services of a team that understands and knows how to navigate cloud-based programs such as FreshBooks, QuickBooks, Xero and many others. In addition to these cloud-based programs, ask about any third-party applications the team uses and which ones best complement your company’s accounting tasks.
Data security
Handling of accounts means that the team could be privy to sensitive information that might require confidentiality. Hence, the accounting outsourcing company should be able to substantiate its claims of operating with secured information technology systems. They should also be able to provide proof that they can handle all your accounts without any leaks. Alternatively, you can use a contract to ensure that your company’s private information is kept safe.
On-time work delivery
When it comes to the professional world, deadlines are crucial and missing one deadline could affect an entire operation. This makes proper time management an important criterion for choosing an outsourced accounting company.
The company you choose should be able to hand over best-quality results within the agreed time frame regardless of how complicated or simple the task is.
Conclusion
Choosing a reliable accounting company for outsourcing requires careful consideration, especially if you want your company’s needs to be met in a timely manner. The factors mentioned above can help you ensure that your firm makes the right decision.
