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Outsourced bookkeeping and accounting gives a simple and easy access to expert bookkeeping and accounting services that save time & cost and give you the ability to scale your services and systems at will. But all this is only possible when you chose the right firm to outsource your bookkeeping and accounting services. The majority of the business especially SMBs run into common problems when trying to find the right partner to assist them. Plenty of time and money can be saved and the whole process of finding the right outsourcing partner can be accelerated if businesses are well aware of this problem beforehand.

5 Common Outsourced Bookkeeping and Accounting Challenges Faced by Businesses

However, if you are a small and medium business that is in the same boat i.e. actively looking to find the right back-office accounting firm for your bookkeeping and accounting processes, then this blog is for you. Here we take list out common problems businesses that are first-time outsourcing client’s face while looking for a partner back-office accounting firm. This should be able to serve you as a checklist and give you enough information that can save time, cost and even avoid potential catastrophes in the near future, for your firm. Read on:

1. Security for Accounting Data:

Security is the most crucial aspect in the accounting and finance industry whose importance cannot be overstated. Security is also a major concern for business all around the world who are still apprehensive about outsourcing bookkeeping and accounting process to back-office accounting firms, which is understandable. Not every back-office accounting firm is equipped with a state-of-art cybersecurity mechanism employed for managing the highly sensitive accounting data making security a serious challenge.

So make sure your back-office accounting firms have robust physical and virtual security protocols in place to provide you with a safe and secure accounting hub. For example, at Outsourced Bookkeeping in addition to employing advanced cyber-security systems, we work under state-of-art 24/7 video surveillance with biometric entrances for employees, on-site security and routine data security checks. So if you are looking for a back-office accounting firm, ensure they employ a robust security system – both virtual & physical.

2. Compliance with laws of land, ever-changing rules and regulations:

For starters, remaining compliant in itself is a tough job for business owner let alone when they are constantly revised and changed every few months. And a virtual bookkeeping and accounting firm on another side of the world may find it difficult to stay on top of the ever-changing compliance regulations unless they do have prior experience.

At Outsourced Bookkeeping, our overseas partner firms in the states with the assistance of our researchers always stay up-to-date on all the relevant compliance standards to quickly chart strategies for our clients to place them in the best possible position based on their requirements.

3. Vague goals and unclear expectations:

 For a change, this one is on the client. Most small and medium businesses plan to outsource their accounting process without quantifiable goals in mind which translates to unclear expectations and unproductive and not so fruitful partnership for both the client and the firm. Before we on-board a client, at Outsourced Bookkeeping we schedule a session with our accounting experts that solely focuses on the client’s goals, both short term and long term, objectives and expectation to make sure we are on the same page.

4&5.Time zones, Language & Cultural barriers:

Although the digital mediums and communication technologies have slightly reduced the problems associated with time-zone problems, the 10 or 12 hour difference in the time zones can bring up potential problems when it comes to deadlines or significant and sudden issues. So it is important to make sure you have prior protocol and guidelines for the sudden problems that may spring up anytime. At Outsourced Bookkeeping, we offer customized services that offer complete support based on the time difference. Having worked with hundreds of business we bank on our clear-cut communication are well aware of cultural barriers. There are a few crutches but the benefits of outsourced booking and accounting far outweigh them when you find a right back-office accounting firm.

At Outsourced Bookkeeping, we are equipped with an expert team of accountants who can help you with Bookkeeping, Accounts Payable, Accounts Receivable, Tax preparation and all types of accounting services. With synchronization and clear-cut client communication as our strengths, we stay on top of all the compliance regulations, enforce advanced physical and cybersecurity practices and offer expert Outsourced Bookkeeping & Accounting Services at an affordable price point. You can contact us here: https://outsourcedbookeeping.com/