9 Steps to Find the Right Outsourced Accounting Partner
Engineers, architects’ surveyors, construction firms, and other industrial sector companies that decide to call on an outsourced accounting partner have to determine which company to trust. Choosing the right accounting, bookkeeping, and financial controller services firm to help you maintain your books, identify and evaluate costs, and strengthen your financial strategies takes time. The task may seem overwhelming considering that the wrong choice could adversely impact your business.
Here we share nine steps to finding the right outsourced accounting partner.
1. Evaluate and Understand Your Needs
Before selecting an outsourced accounting firm, you need to evaluate your company’s needs. Define your needs in concrete terms to make it easier to share them with potential partners. Make a note of your goals and objectives, identifying your top priorities. Be ready to share your current financial status and detail any challenges you’ve experienced and improvements you’d like to see.
2. Ensure the Accounting Firm Has Expertise in Your Industry
Ensure that your new outsourced partner has experience in your industry. This helps shorten the learning curve when the company begins to know your business. Those with experience in your industry will be able to recognize opportunities, anticipate issues, and help your business grow.
3. Consider Their Communication Skills and Availability
Communication is key to a successful outsourcing partnership. Evaluate how well potential firms listen as you speak, communicate effectively, and can fully understand your needs. Establish their firm handles communication and how quickly they respond to questions. Make sure that they promptly return your calls and emails. Do they use a communication platform to manage your project and communication?
4. Don’t Go With The Lowest Rates
When meeting with potential partners, don’t choose the lowest bidder. The cost savings won’t matter if your financials suffer due to a firm’s inexperience or inefficiency.
5. Look for a Strong Track Record
Research your potential outsourced accounting partners and ensure that they have a demonstrated and strong track record of financial accounting for businesses. Ask for references, and check their website for testimonials.
6. Select a Firm that Leverages Technology
Your accounting and controller services should be managed with the most advanced and secure technology. You want to work with a firm that leverages cutting-edge software on the cloud, making all information available to you in real time from any device. Cloud-based software ensures overhead stays low, eliminating the need for hardware and storage. Technology also influences the type of financial insights they can provide and how quickly reporting is handled. Ensure that the firm offers this software to you so that you will avoid additional expenses for subscriptions.
7. Opt for a Firm that Wants to be a Part of Your Team
When meeting with potential outsourced accounting partners, discuss their willingness and ability to join your team. Will they take the time to review your data and explain vital financial information you need to make the best decisions for your company? Does their firm share your corporate values? Are they transparent?
8. Pick a Firm that Will Partner with You to Strengthen Your Organization
When you need a partner to help you strengthen your organization, you need a firm that will get to know your business, your goals and objectives, and the challenges and become actual stakeholders. Not only should their services cover basic accounting like accounts payable and receivable and cash flow management. Your firm should also be able to provide financial controller services to help you with budgeting, forecasting, and setting your growth strategy. Their involvement in your business should improve your company’s efficiency, productivity, and financials.
9. Choose a Firm Dedicated to Protecting Your Proprietary Data
Data security is essential as your financial data is at the heart of an outsource accounting partner’s role. Find out how they will manage and secure your data. Ask how they handle encryption, data backup, and cyber threats.
Partner with Devine Consulting for Your Accounting and Financial Controller Needs
Partnering with the right outsourced accounting firm is critical. You’re embarking on a long-term relationship that can significantly benefit your business. To discuss how Devine Consulting can help you meet your needs with accurate accounting and financial controller services to help you make strategic, data-driven decisions to achieve your short- and long-term goals.
Our clients trust us to provide expert accounting services utilizing innovative technology for growth and reliable advice to improve profitability. Request a consult today to discuss how we can partner for your success.
