Did you know that the majority of accounting firms spend 70% of their employee’s time on completing low-margin, data-intensive, and time-consuming functions such as bookkeeping and payroll? That means only 30% of their time is invested in growing the business, if at all, and that is not enough!
Fortunately, an accounting outsourcing service provider can help in reducing operational costs, creating time for innovative, profitable activities, and ensuring a better work-life balance for CPAs and accountants.
But how would you know if your current accounting outsourcing service provider is perfect, or if you don’t have one, what should you look for? We have the answer! The following are six traits you should look for when considering an accounting outsourcing provider.
1) They have an excellent reputation in the industry.
Due your due diligence and find out what services the provider offers, the demographics they cover, and their office culture and management styles.
Additionally, speak to some of their clients, preferably those who have a company like yours, to check how they rate the outsourcing partner. If the report card is good, think about doing business with them.
2) Their security standards are on point.
Accounting data is sensitive and should be dealt with the utmost care. A perfect accounting outsourcing service provider will always have a robust security system in place and will be clear about how the data is used, and whether or not the data goes out of the country.
3) They use the best of accounting tools and software.
A perfect accounting outsourcing service provider will ensure they work on the same software as you do. If they don’t, they should be willing to equip their staff so that the work doesn’t stop any which way. Lack of expertise and use of old tech can be a big downer.
Our wonderful team at QXAS Inc can work on a diverse range of software through a remote desktop connection. The arrangement makes it easy for both parties to achieve the same goal.
4) They focus on staff training, retainment, and advancement.
Employee training has gained importance in the last couple of years and given the dynamics of our industry. It is necessary for all the professionals to stay up-to-date with US taxation and accounting so that they don’t struggle to do their job in case of complicated returns or other tasks. If their staff is continuously trained then that’s a sign of efficiency.
5) Their turnaround time is excellent.
The accounting industry can be very fast paced, and one can’t merely ignore significant tax deadlines throughout the year. The ideal accounting outsourcing service provider will make sure they not only finish the tasks at hand on time, but also keep all communication lines clear so that you can reach out to them whenever and wherever you want.
6) They are flexible.
A great outsourcing partner will offer engagement models depending on the clients’ business contents and nature of the project. They should be willing to be flexible and work in a fashion most suitable to their client.
For example, we at QXAS offer three engagement models, each of them different on the basis of staffing scalability, pricing, and flexibility to ensure our clients get the most out of our services.
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I like that you said it is very important to make sure that the accountant service you’re planning to hire has its security standards on point. My mother and I have been thinking about hiring an accountant separately so we can organize or finances. I will start looking for a professional we can hire, and make sure that is totally reliable.
It made sense when you said that accounting data is sensitive, so high-security standards are needed to reflect this. My brother is looking to hire an accountant to help him save time for the small business he started earlier this year. I’ll send him this article so he can more easily evaluate potential advisory services soon!
I liked it when you mentioned a reliable accounting service will use the right software and tools to make sure that the work will be done efficiently. It is great for a company to outsource a service that uses the latest software to do the finance works so it can be done within a short period of time. I would like to think if a company needs to find a service to manage its financial matters, outsourcing a reliable accounting service would be the best decision.
Nice article I am convinced that outsourcing business services will help the businesses to concentrate on other functions thank you
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