Are you finding it too expensive to employ an in-house bookkeeping and accounting team? There is a perfect solution to this. You can simply give them the pink slip and choose to partner with a good bookkeeping and accounting company. But, you cannot simply choose one out randomly. There are many things you should go through before actually signing the dotted line. You should take extra care as you will be handing crucial information about your company to the bookkeeping company.
Given below is a list of points which you should follow when choosing bookkeeping and accounting companies.
- Authorisation: The first thing you must do is to check out whether the company has the proper registration to handle accounting services in the country it is situated in. If you are looking for an overseas outsourcing company then that company too should have the proper license to provide their services. This is essential as you need to trust the organisation to hand over crucial financial data of your company to the bookkeeping and accounting managing company. They are more likely to see to the best interest of their clients and not swindle money from them.
- Turnover: The bookkeeping and accounting company usually has to work hand-in-hand with the main system of its client company. Check out if the company you are choosing has a full house staff or whether it employs only part-timers or freelancers. It is best to invest in a company having full-time employees as studies say that they tend to work more diligently. Also, your information will be a little more safe as the accounting company’s reputation also depends on it somewhat. Also, the turnover rate says a lot about the bookkeeping and accounting company.
- Experience and Prospects: You must also check out how many years of experience a bookkeeping and accounting company has before contacting it. If you choose an established, renowned firm then you can rest assured that your financial aspects are in good hands. But, if you choose a comparatively new company you must study them thoroughly. This will also include their future prospects and goals. This is a crucial point as your business will have more to loose on choosing a bookkeeping and accounting company that does not have a good prospect.
- Budget: Bookkeeping and accounting tasks are vital for every organisation but employing in-house specialists or an outsourcing company costs real money. By choosing an outsourcing company you can save some costs. Therefore, check out the overall cost package a bookkeeping and accounting firm is showing you does not exceed that of employing an in-house team.
The company you are choosing should also have some technical expertise such as to speed up the process of maintaining and managing financial accounts. It will also save time and help with the core services. You should also have the leeway to add on services than what is included in the package, as per as your company’s requirements.