Keeping on top of company accounts can be complicated and expensive, which is why so many companies these days choose to outsource accounting work. Outsourcing accountancy is safe, cost effective and helps businesses grow, but there are a few things you need to know before setting up an offshore team.
For most companies, accounting is more of a necessary evil rather than the main focus of the business. They often need industry specialists to do the labor-intensive tasks, but the shortage of skilled staff prevents them from extending their capabilities. And this is the reason why many business owners choose to utilize outsourced accounting services.
Outsourcing helps companies cut costs and increase their efficiency, but it’s not easy to let another company manage your accounting department.
Direct partnership and communication is important, especially when you’re outsourcing. And when it comes to accounting, there’s no room for errors. You need to lay out the facts first and seek real advice to establish strong connections.
Here are 7 outsourced accounting tips to get you started
Be clear about why you want to outsource
Outsourcing has become a solution for many businesses to save time and money. Delegating accounting tasks to a remote team can also allow you to focus on growth strategies, but be clear about why you want to outsource. Do you want to leverage the expertise of your onshore team? Do you want to see specific results for your business? Are you wanting to cut costs? Once you’ve figured this out, you can develop your processes and align them with your business.
Know the roles that you should outsource
There are many roles you can outsource for your accounting department. It includes bookkeeping, tax accounting, management accounting, financial analysis and payroll services. An outsourcing partner can provide you with a wide range of accounting services to cover what you need and extend your company’s capabilities. Figure out the work that your outsourced team can do and identify what you want your onshore team should be focusing on. This will make it easier for you to find the right people who can handle your daily finances.
Do a background check on outsourcing companies
Unfortunately, there are many horror stories of people who have outsourced with disreputable individuals and companies around the globe. Outsourcing is safe and secure but it’s of the utmost importance that you thoroughly check the credentials of a company before doing business with them. Find out how long they’ve been operating. Ask to see their legal documents. Check for testimonials from businesses that have already outsourced. Are they reaping the benefits of outsourcing accounting services? Spending the time to do proper due diligence of a company that you will trust with your finances is very much an investment that’s worth making.
Look into what technology they are using
Gone are the days when a ledger book, pencil and perhaps a calculator were the only tools accountants needed. With the advent of cloud technology and online accounting suites, companies are able to organize valuable accounting and bookkeeping records anywhere, anytime. Take advantage of the latest technologies that can support your business. Ensure that your outsourcing provider can equip your staff with the right tools and infrastructure to grow your business.
Check their security measures in keeping your business safe
Security is a big concern for any business. It’s important that you can trust the company where you’re going to outsource your work, and your financial and accounting data is particularly sensitive information. Can they offer you physical security and IT security? Your outsourcing company should be able to meet your technical and operational requirements. Closely check what security measures they have in place and have them sign a non-disclosure agreement.
List your business requirements
Outsourcing companies often offer a number of different options to help you grow your business and these will come at different price points. Don’t, however, be swayed exclusively by price. Excellent quality of service is still more important than getting the most affordable offer. Every transaction you make should lead towards improving and growing your business, not just saving a buck. Ask how their pricing model works and run through a list of all your business requirements to see if service providers can meet your needs.
Choose a company that can meet your needs
It’s important that the company you choose can help you get the results you need. They need to understand your individual requirements and deliver the best solutions. There are companies who offer BPO tours. This is a great way to see a few companies and really get to know how they operate. It’s also a chance to evaluate if an outsourcing provider fits in with your company culture and values. With the right fit, you’ll be able to attract more staff, attract more customers, and grow faster.
Outsourcing accountants in the Philippines
So what is the real key to outsourcing accounting work?
It’s important to understand that successful outsourcing is not about moving jobs offshore. It’s about delegating the time-consuming, repetitive tasks that stop you and your team from focusing on what you do best.
Cloudstaff provides professional, highly skilled accounting staff who can do the job for you. We help you broaden your workforce to support your business. You get access to top quality professionals who will not only save you money, but also save you time.
For us, security is a top priority, and one in which we have invested heavily. We provide enterprise-grade security for outsourced data to ensure that outsourcing with Cloudstaff means outsourcing with confidence.
Do you need a diverse range of experienced accountants who can join your team right now? Send us a message at firstname.lastname@example.org.