The How to's of Outsourced Accounting Services
Are you considering outsourced accounting services for your organization but are having qualms about its complexities? Worried about the risks it can bring to the company?
With the right outsourcing partner, you don't need to fret about any of these things. Here are some pointers on how to outsource bookkeeping and tips to build an efficient relationship with your chosen firm:
1. Finding an accounting outsourcing service provider
Do a thorough research about companies that can be your outsourcing partner. Check their backgrounds, experiences or their roster of clients to get to know their qualifications.
a. Assess their process and compliance
Evaluate their internal processes and how they execute their day-to-day work. Are there security policies in place? How well versed is the team in using software of your choice? In addition, take time to check about their compliance abilities. Make sure they are fluent in the Australian regulations to guarantee your business’ compliance.
b. Account the outsourcing cost
Cost is an important factor in choosing your outsourcing partner. Look for the ones that offer quality bookkeeping services at a reasonable price.
2. Set up a plan
After identifying your outsourced team, it's time to sit down and discuss your long-term plans.
Align your expectations and talk about the expected deliverables with the corresponding timelines. This way, both parties are on the same page about the workload and its progression.
3. Working with your outsourced team
There are a few things to do on your end for a smooth sailing outsourcing engagement.
a. Backup necessary data
Having a backup of your files is a cardinal practice in business. Accidents and mistakes are inevitable at work so a preventive measure like this is an important one.
b. Whip up a contract
To protect your company from any misunderstandings through the course of the partnership, have both parties sign a contract detailing the coverage of the outsourced functions. It's only after then you can start discussing the workload to be turned over.
c. Assign a main contact
As an executive, you have a lot going on. With a point person in your company, you get an extra hand in overseeing the job of your outsourced team and you have someone providing regular updates to and from both entities.
d. Ensure mastery of chosen accounting software
This is where the expertise of your outsourced team comes in. Orient them about your preferred accounting software or consult with them about other products that best suits your requirements.
e. Communicate regularly
You may not meet your external team as often, but it's important to talk to them whenever you can. Discuss points for commendation and improvement to refrain from encountering bottlenecks in the partnership.
Having outsourced accounting services to augment your growing practice can bring you more advantages than you think. When you free up your employees from work outside their expertise, they can focus on more important tasks in your core operations.
If you're looking for a reliable outsourcing partner, look no further than D&V Philippines. Grab our guide Outsourcing: How to Make it Work to know how unloading your F&A matters to us can help your business grow during this post pandemic period.