Access to the top accounting experts improved productivity, scalability, saved time and costs – outsourcing bookkeeping and accounting services offer myriad benefits to businesses of all types and scales. However, most businesses fall short of unlocking the full potential of outsourced accounting services due to a lack of solid strategy and a plan to leverage the expertise.
How to choose the right accounting services provider for your business?
While the benefits are apparent, a business needs a solid structure and strategy before relying on an outsourced accounting service provider. Equipped with the right strategy a business can:
1.Expand their services and clientele.
2.Scale effortlessly with minimum cost.
3.Skill up your in-house team for competitive advantage.
4.Ensure high levels of security and compliance
5.Save time and costs to score high ROI consistently.
So if you are a business that is considering outsourcing your accounting needs and unlocking all the benefits listed above, then this blog is for you. With the inputs of our accounting experts at Outsourced Bookkeeping, we have created a simple checklist of points that can help you choose the right outsourced accounting provider that can help you score all the benefits listed above. Read on to know them:
4-step process to choose a high-performance outsourced accounting firm for consistent ROI:
1. Align your objectives and establish your goals:If you are a business considering outsourcing then it is imperative to ensure the right communication with the in-house team. So lay out a strategic plan and establish clear communication to ensure the process is moth and seamless. This helps you zero in your objectives and targets that need to be accomplished using an outsourced accounting partner. However, a business needs to come up with the right KPIs and timelines to help you benchmark, evaluate and optimize the performance. Having a clear set of objectives, goals and targets will help you identify the right skill set needed for the job.
2. Understand the technology stack:Easy access to advanced accounting technology stack is one of the most important benefits of outsourcing. Now that you have your objectives and goals in mind, ensure that the prospective accounting firm is equipped with the right technology stack that can be leveraged to help you achieve your goals. Also, you need to figure out the standard methodology for communication to help you efficiently keep track and manage the remote work of the outsourced accounting firm.
3. Choose the right engagement model: Outsourced accounting firms offer different types of engagement models that cater to different needs of accounting firms. Predominantly there are three types of engagement models that a business can leverage from an outsourced accounting partner.
1.Pay-as-you-scale model: A task-based engagement model where a business leverages the accounting expertise based on the tasks at hand. Businesses are billed based on hours worked for the tasks making it a right fit for seasonal accounting requirements.
2.Dedicated-resource model: Resources with specific skill sets are dedicated to the project to cater to all the requirements. Flat rates are levied and this model is suitable for large volumes of accounting work.
3.Block-of-hours model: A slab of expert hours are purchased from the accounting firm for a particular project and this model of work is perfect for accounting work with broad objectives.
While the Pay-as-you-scale model is perfect for any small and medium business that is looking for growth, the dedicated-resource model is a perfect fit for established businesses and CPA firms.
4. Evaluate accounting firms based on KPIs: After choosing the right set of objectives targets, m engagement models, it’s time to evaluate accoutring firms based on the following three KPIs:
1. Turnaround time: Faster turnaround time without compromising on quality better a business is equipped to deal with emergencies.
2. Uninterrupted availability: Premier outsourced counting firms employ advanced infrastructure and are supported by BCP (Business Continuity Plans) to make sure the accounting work remains unscathed even during emergencies.
3. Data security: With the surge in remote accoutring around the globe, it is imperative to ensure the right security certification for the accounting firms that day-in and day–out handle sensitive financial information. So look for the right certifications for security compliance (SOC 2 is optimal).
Why hire Outsourced Bookkeeping?
As a trusted remote accounting firm, Outsourced Bookkeeping has an excellent track record in providing high-ROI outsourced accounting services consistently to all our clients.
We are equipped with a team of expert accountants who leverage our advanced technology stack to deliver high-performance accounting services. We set up consulting sessions with our clients, understand our client’s requirements, offer multiple engagement models that fit your business requirements and deliver customized services that perfectly fit the job.
We offer Bookkeeping and Accounting Services, Accounts Payable Services, Tax Preparation services, & QuickBooks Services with faster turnaround time, uninterrupted availability and advanced data security. We also. If you are a business that is looking for a trusted accounting firm that can help you score high-ROI consistently in 2022, you can contact us here: https://outsourcedbookeeping.com/