Keeping on top of company accounts can be complicated and expensive, which is why so many companies these days outsource accounting work. Outsourcing accountancy has many benefits, but before you begin there are a few things you need to know.
While accounting isn’t a focus for most businesses, we all need it to ensure business longevity, profitability and financial transparency. Companies often need industry specialists to perform labor-intensive tasks, but the shortage of skilled staff prevents them from extending their capabilities. Because of this, many business owners have turned to outsourcing to fill roles in their financial teams.
Are you interested in the many outsourcing benefits, but worried about allowing someone offshore managing your books?
Working with a trusted outsourcing partner can solve several challenges, though achieving them requires communication – especially with your remote staff. There’s no room for error in accounting. Be clear and transparent about your requirements. Lay out the facts and seek advice to establish and maintain strong connections with your offshore team.
1. Be clear about why you want to outsource accounting work
Do you want to maximize the expertise of your onshore team? Do you want to see specific results for your business? Are you looking to lower your overheads? Once you’ve figured this out, you can develop your processes and align your remote staff with your business’s outsourcing goals. Assigning these tasks to a remote team allows you to focus on growth strategies, but be clear about why you want to outsource accounting work.
2. Understand which roles to outsource
There are many finance roles you can outsource. They include bookkeeping, tax accounting, management accounting, financial analysis and payroll services.
Outsourcing provides your onshore team with the space they need to focus on business critical tasks. Knowing which of the roles in your accounting team you want to outsource will open up a range of accounting services via outsourcing, making it easier for you to find the right people for your open roles.
3. Do your research
Knowledge is power. There are too many horror stories about untrustworthy or inefficient outsourcing companies. When partnered with a legit partner, outsourcing is safe and secure – but it’s vital to perform a thorough background check on any company you are considering partnering with
Here are a few things to look for:
- How long have they been operating?
- Will they share their legal documents to provide legitimacy?
- What do their business testimonials look like?
- Are they achieving other business’ goals?
Checking the credibility of the company you’re trusting with your finances is an investment worth making.
4. What technology do they use?
Gone are the days when a ledger book, pencil and perhaps a calculator were the only tools accountants needed. With cloud technology and online accounting suites, companies can now 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.
5. Cyber and physical security measures
Security is a primary focus for every business. Your financial and accounting data is particularly sensitive information, so make sure that you can trust the company where you’re going to outsource accounting work. Your outsourcing partner should meet your technical and operational security requirements. Closely check what security measures they have in place and have them sign a non-disclosure agreement.
6. List your business requirements
Outsourcing companies often offer a number of options to help you grow your business and these will come at different price points. However, don’t be swayed exclusively by price.
High-quality service is still more important than getting the cheapest price. 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 meet your requirements.
7. Choose a company that meets your needs
Partner with an outsourcing provider that can help you achieve your desired results. The right outsourcing provider will understand your individual requirements and deliver the best solutions. There are companies who offer business process outsourcing (BPO) tours which is a great way to get to know how they operate. It’s also a chance to evaluate if they align with your company’s culture and values. With the right fit, you’ll attract more staff, customers and grow faster.
Outsourcing accounting work with Cloudstaff
For over 10 years, Cloudstaff has helped businesses across the global achieve their goals by sourcing knowledgeable, high-performance finance professionals. Whether you’re looking to create efficiencies in your business processes or improve customer experience with 24/7 availability and free up time for your onshore teams to focus on growing your business.
With a talent pool featuring thousands of qualified candidates, we have the staff you need to achieve success. Contact our team today to find out more.