Outsourcing accounting is the latest trend in the accounting sector. But before you start analyse and get a clear-cut idea of the capital and the savings involved. When appointing an outsourcing service vendor, you must evaluate and compute your savings on overhead expenditures. At first, you need to determine the total cost, either you want to establish and manage an onshore or an in-house team of accountants. In your analysis, include staff allowances, supply, equipment, maintenance and development costs as well as other relative expenses for infrastructure, office zone, work force etc. in your computation. Along with these, analyze and estimate the expenses and perks you will be receiving by outsourcing your accounting tasks.
Here is a brief checklist:
- Include non-fiscal gains of outsourcing during cost estimate. Draft all the benefits you will be getting on outsourcing.
- Seek a reliable and legitimate outsourcing service provider. Look for the experience and skills you desire for assisting you in your accounting functions, plus, their fee and the services they provide. Consider all these aspects and then go for the appropriate outsourcing service provider that suits you best.
- Look for a service provider who offers not one but a range of services. An accounting firm that provides many services is more proficient in dealing with more complicated accounting exercises.
- Make sure that they retain a high quality level. Your accounting tasks should be outsourced to that outsourcing firm which maintains exceptional quality in work. This really helps in process management and providing your business a competitive edge.
- Work with an accounting firm which offers enough security measures for the confidentiality of your company’s data. Their security standards must be at par with the industry standard and constantly upgraded as well.
- Review the work history and track record of the outsourcing firm. Look for firms that are experienced and have a number of happy clients that employ their services. Choose a firm that delivers work on promise of quality and time deadlines.
Connect Accounting, is an Australian firm, providing services to Australian Chartered Accountants for the past seven years. Connect offers a wide range of accounting services, including annual financials, smsf audits, tax returns, work papers etc. Connect, works with commitment and delivers on promises.
Retain all these details in mind and select the not just the best, but the one that suits you the best.
