3 Insider Tips for Hiring an Outsourced Accounting Team
Nothing requires more trust than passing on your company's accounting and bookkeeping. There is no shortage of benefits switching to a outsourced accounting firm, but there are certain things to be aware of to weed through the options.
Here are three things you should consider when reviewing a new outsourced accounting firm:
Look for Documented Procedures and Operations
An outsourced accounting company needs to have a comprehensive and structured approach; this could be a serious red flag if they don't. On the other hand, if the company takes great pride in its work, it will have all procedures, processes, and operations well documents for you to review at any time. If the outsourced accounting firm can't provide you with these items from the start, you can expect the same results when working with this company.
How do they handle issues
As much as everyone wants things to go smooth with a business, things happen, emergencies happen, and unexpected situations occur. It's out of your power, but you want to be sure that there is a plan in place for how to handle it. An outsourced accounting firm should clearly explain what procedures they have to address any issues and advise that you run from those that say problems won't happen. Having a plan for when problems occur is far more critical than promising it won't happen.
FIND AN ACCOUNTANT YOU CAN GROW WITH
One of the most challenging transitions for businesses to make is switching from one accountant to another. What happens when you outgrow your current accountant? What happens when you move from needing just a controller to needing the help of a CFO? Do you need to switch firms? Find multiple accountants who play nicely together?
The most straightforward and more practical solution is to work with an outsourced accounting firm with a wide range of services. This allows you to grow and adjust your accounting services as your needs change.
In addition to growing with you, a full-service outsourced firm can be a lifesaver regarding the flexibility we mentioned earlier. For example, what happens when your accountant takes sick leave, goes on vacation, or goes on maternity leave? If you work with a single accountant, you're on your own or trying to find someone to fill in if the absence will be long enough.
An outsourced accounting team gives you the flexibility to continue seamlessly. You'll work with someone on the same team who's already up to speed and has access to all the same information. In all likelihood, you wouldn't even notice if you weren't informed about the switch. This dynamic teamwork will make your life less stressful and ensure you never hit a bump just when you need your accountant most.
What’s Next
Take a good look at your business and identify your needs and goals. What level of help do you need? How rapidly do you plan to grow your business in the next year or two or five?
As you reach out to accountants, have a list of questions ready to make sure they fit with your business. Take into account the areas we just discussed.
If you want to know more about Basis 365 and how an outsourced accounting department can help you reach your goals, check out how we can work together.
