Accounting Outsourcing Some Useful Tips

Posted by Outbooks on September 26th, 2022

Outsourced accounting and outsourced bookkeeping are part of a billion industry worldwide. The provision of outsourced accounting and outsourced bookkeeping services has seen tremendous growth because an increasing number of companies find it smart, practical and cost-effective to outsource these specific tasks to a service provider that can do it, and do it very well. , and also deliver it. on time.

Reasons to outsource

Other reasons why companies outsource bookkeeping or contract outsourcing services include the fact that bookkeeping and accounting tasks are labor intensive and require a high level of skill or specialization.

Another good reason to outsource is because it helps reduce costs while maintaining quality results. In fact, the company even gains access to a qualified group of employees who can deliver results using the most up-to-date information and best practices.

For these companies that outsource bookkeeping or accounting services, these tasks are not part of their core business and therefore it makes sense, particularly if they are understaffed, to simply outsource and focus on their core competencies. Focusing on core competencies allows companies to gain an advantage over other business rivals.

Get a clear idea

Before you start looking for an accounting outsourcing and bookkeeping outsourcing service provider, you need to calculate the true total costs of having an in-house team perform these tasks. Factor in employee wages and other compensation, construction and rental costs, if applicable, expenses for equipment and supplies, and training. After that, calculate the total actual cost of outsourcing. And then list the other benefits of outsourcing, particularly the non-monetary benefits, such as the support, expertise, and experience that an outsourced staff can share with your existing in-house staff. Doing this exercise gives you a clear idea of ​​the benefits that your business may (or may not) gain from hiring a service provider.

Aside from that, you need to determine the specific accounting and bookkeeping tasks that you need to outsource. Some companies outsource the entire process while others choose only specific tasks; it all depends on what works best for the company. Compare the list of specific tasks you must perform with the list of services offered by a service provider. This will give you an idea of ​​not only which service provider can cover your accounting needs.

Also use this as an opportunity to compare services and costs. Consult at least three (preferably more of course) service providers, compare and find the outsourcing company that can provide the best and most profitable services.

M8aintaining quality

To maintain timely, high-quality delivery of results when you outsource accounting and when you outsource bookkeeping, you need effective communication. You must also be able to articulate, in clear and exact terms, what you expect from the service provider and when you expect it. The objectives must be clear, specific and, as far as possible, measurable. Deadlines should also be clear and strictly followed.