4 Things to Remember When You Outsource Your Bookkeeping
When you have made the decision to venture into outsourced accountancy, there are a few things to consider to ensure that the outsourcing company is a great fit for your firm. We have listed down a few tips for you to remember when outsourcing your bookkeeping:
Tip #1: Choose the best time to outsource your bookkeeping.
It is ideal for a firm to switch over to outsourced bookkeeping at the beginning of the year. That way, the accounting team can work with the outsourced CPA to ensure that all books and data from the previous year are in order, allowing for an easier transition to the coming year.
However, not all companies can afford to switch at the start of the year. In these instances, try to switch over at the beginning of a new month to make sure that all bank accounts are reconciled and that your outsourced CPA can work with a fresh set of financial statements.
Tip #2: Get a firm you can communicate with.
Communication is key, especially when you are outsourcing an essential task to a company. As such, make sure that you and your outsourcing team have agreed on how to communicate, and how often. More often than not, meetings are conducted online. If this setup is not ideal for you, look for a company that can meet your preferences.
Bookkeeping is vital to the growth of your firm, as it allows you to monitor your finances. Constant communication with the team in charge of this important task should be highly prioritized. Make sure you can stay on top of your firm’s bookkeeping even if it’s processed by an outsourced team.
Tip #3: The highest price doesn’t always mean the best services.
You should not rely on the price as the only basis for quality. Look for an outsourcing company with the best offers while still bringing great value for money. Make sure they have a competitive price range, and don’t hesitate to compare different bookkeeping services fees from several companies. Some companies charge by the hour, while others do on a monthly basis – choose what scheme works best for your firm.
Tip #4: Get an outsourcing company with experience in your industry.
While a company backed by many years of experience may seem like a good choice, other factors should be considered when you’re looking for an outsourcing firm to partner with. Research the outsourcing company. You can browse the Internet and look for reviews, or tap your network for referrals and recommendations. Look into their roster of clients and see if these companies are in the same industry as yours. A lot of companies may have the best offers, but not all can deliver high quality and consistent results for your specific type of industry or service.