Accounting Outsourcing: Are You Working With The Right Service Provider?

Accounting Outsourcing: Are you working with the right Service Provider?

by

RobertZink

Working with the right service provider is key when outsourcing your accounting tasks. Keep in mind that you will not only be expecting quality outputs delivered on time but you will also be trusting this accounting firm with handling and interpreting some key company financial data.

Some of the important aspects that you need to consider:

1. A match of your accounting requirements and the capabilities of the accounting firm

Can the accounting firm handle your current accounting needs? There should be a good match between the tasks that you need to outsource and the capabilities of the outsourcing firm.

The accounting service provider should have the right people, tools, and technology to deliver what you need on time and at the quality you expect. Some of the most common accounting needs include the expertise to help navigate tax laws, as well as handle financials and accounting.

2. Having a clear idea of your company s current financial status

For some companies, having an accounting firm to help them make sense of the company s financial data is very important. And if you are hiring an accounting firm for more than a few specific tasks, it s a good idea to look for one that can explain your company s financial data and give you an idea of where your company currently stands financially.

3. Being prepared to plan for the future

Having a good idea of how your company is doing in terms of financials helps you plan for your company s growth as well as future needs. After a check on the current financial health of your business, an onshore firm or an accounting outsourcing firm should be able to give you sound financial advice that can be valuable for strategic long term and short term planning.

4. Think about the industry you are in

You might want to hire an accounting firm that specializes in the tasks that you are going to outsource. Some companies go a step further and hire an accounting firm that is known to handle financials and other bookkeeping tasks for businesses in the same industry. Here s an example of hiring for specialization: a medium scale business exporting and working overseas hiring an accounting firm that has several clients in the same industry and can handle exports and tax obligations.

5. An understanding of what your company requires

The ability to understand what your business needs is a crucial but often overlooked quality. The accounting firm to hire should ask questions that demonstrate this; questions to find out your company s staff, business structure, legal entity, and assets compared to the liabilities.

6. Accessibility makes a world of difference

Establishing a point of contact early on helps avoid of a lot of potential headaches. Make sure that this point of contact is proactive you don t need to remind this person to give you an update about your expected regular outputs and is available in case you need to call for clarifications and the like.

Right off the bat, you should know how easy it would be to communicate with your

accounting outsourcing

firm. It s better to find out early on if you would be communicating with an accountant from the firm or a staff.

Article Source:

ArticleRich.com