I have a small consulting business. What are some things that I should look at? Experience? Cost? What else?
How do I find the right outsourcing company for my accounting needs?
Cost, trust and service are the high points on my list.
Cost includes the cost of your time to do the interactions; some outsourcers I've worked with are "my way or the highway"...and if you don't like their system, you're stuck. Others (my favorite being teamworksinc.net, and there are other good ones as well) have the expertise to adopt your system, depending on what you are on, so you don't need to learn something new. Both approaches are valid; the former tends to cost less in $ terms and be very appropriate for new venturing. The latter is far better when offloading a going process since you have a quick transition and the history is retained.
Trust: it goes without saying. I get referrals. If I'm depending on both their competence and their honesty, this is probably the most significant filter.
Service: What do you want, do they do it? If you don't want it do you still get charged? Many small
Lastly, it is a definite filter (unless we're talking overseas) that they are within 5 minutes. It may be just me, but I like to sit down with my service firms...or at least know that I don't have to carve out half a day to do so.
Most of all - get references. If you can contact your local BBB, all the better. I have found that what people say about other companies service and dependability is worth a listen.
Just keep it in America and you'll be fine. Give Americans the work and opportunities for development and you'll help all of us.
Good morning - I would agree with Keith. Trust and Service are some of the key's. We do what ever we can to ensure our clients get what they need. This includes many tasks or services which fall outside of traditional back office functions. Getting references and having good chemistry with the person you will be working with will make a big difference. One last point is do they really understand the working culture in the country(s) you may be expanding to outside of the US to. Providing accounting services is one thing, but knowing the local culture and the local language will save you time, money and a lot of headaches in the end.
I hope this helps.
In addition to that mentioned above, knowing what you want is key. Are you looking for taxes, book keeping, and/or financial planning? Do you require all of this from a single provider? Depending on your needs and size, you could efficiently separate each of these areas to a different service provider/employee/consultant for the best solution.
As with all professional services, the buyer needs to know what they want before they ask for quotes.
Outsourcing and it's definition defer with the needs. Most small
My advice is to define what you need first, then consult the International Association of Outsourcing Professionals (IAOP) website for a directory of service providers. Disclaimer; I am a member of IAOP and my specialty is as an outsourced CFO.
Roger, for a small business like yours I would recommend getting a consultant who can set up a system YOU understand and can maintain.
When running any size business, the key is to use scarce resources to maximize results. I have seen too many companies try to hire a CFO when they need a controller, or a controller when they need a good
If your outsourcing solution is focused on you becoming dependent on them, pass. Set up something you can manage. With today's
This way you engage your outsourced solutions for when you need them.
While I have spent most of my
Mollie Mossman, CPA, CMA, MBA
Commercial Real Estate Broker (Texas License)
Ask for reference accounts. When you find a few good ones, give them a small project first to see how they perform before signing them up for something bigger.
I have found that language and cultural barriers are causes of confusion and delays from my past experiences. So make sure you know & communicate exactly what you want.
Everyone had some good points.....you have to figure out exactly what you need and don't just go with one referral. Also, meet with a few referrals so that you can interview the consultant or firm to make sure you feel comfortable with them, to be able to trust them and that they can provide you with the right expertise at the right price. If the person your interviewing needs to understand your business and how it works in order to properly account for the transactions of your business and it's best for them to know a little bit about taxes as well, this is important for smaller to medium size companies. I think the interview or intake meeting in so important because it allows you to see what this person knows (and not just the fast talkers), you need for them to help you understand what your doing right, what your doing wrong and what you didn't even know, they have to provide services, advice and recommendations that are value added. Also, speak with former and current clients to learn more about how they manage their client relationships.
And believe me, cheaper is not always better. I had a small import/export company come to us because their former CPA said that they didn't need any accounting system and instead had them come in during
My Company Finsmart Solutions work for Outsourced Accounting Services . Where we provide end end outsourced accounting function which has following main elements:
• Updating of books of accounts on accounting system preferred by you
• Periodic review of accounting data and monthly closing of books of accounts maintaining data hygiene and accuracy.
• Calculation and payment of statutory dues and ﬁlling returns.
• Preparation of books of accounts for annual audit purpose and attending to auditor 1queries
• Periodic meetings with management and providing monthly management reports
I think you yourself can keep an eye of all your accounting records and data with a small and dedicated accounting team rather than outsourcing it. Nowadays you can access you QuickBooks online with remote access to multiple users with http://www.apps4rent.com/quickbooks-cloud-hosting/ i hope this will definitely decrease your operating cost since it is a cost effective solution.
While choosing the accounting outsourcing company you should consider the following parameters like cost-effective, latest technology access, financial forecasting, advantage of the time zone differences between countries, save you from fraudulent transactions and other penalties, higher accuracy level, direct deposit through payroll processing and well reconciled accounts.
You could check out local business listings, also check online services.
If you are running a firm, you must outsource professional accountancy service.
Because accountants are the pillars for finance of your company.