Not until a few years back, outsourcing accounting wasn't a thing for small businesses. In the digital area, it's no longer what it used to be - outsourcing accounting is the new and most widely accepted norm. If you have yet to outsource, now is your time. But before that, you need to make up your mind on what type of outsourcing levels to choose. You have plenty of options, primarily driven by budget and how much control you want to maintain. With this in mind, we come up with some tips to make your outsourcing journey an instant success of the never before kind.?
- Don't Go All or Nothing: Since you are new to outsourcing, you would be better off testing the waters first. Check for yourself if it is exactly what it is touted to be. Outsource what's non-core to your process. Pick and choose the non-core part according to your budget and comfort level. Next, keep a close eye on how things unfold, which means checking the quality of work delivered. It's your business, after all. And all this while keeping a tab on your core functions so that the core and non-core are in good shape.?
- Use The Cloud: If your accounting is not yet done in the cloud, this is the time to do it. The big plus you derive out of it is collaboration. You get real-time access, making financial data a breeze to manage from anywhere. Also, it equips you with flexibility, scalability, and the freedom of a special kind. The cherry, however, lies in the cost-effectiveness of the model. You can bid goodbye to pricey servers or constant IT support and instead pay on a pay-as-you-go model to save those extra bucks.?
- Keep Accounting and Tax Separate: Remember, you are trying things out, so keeping your accounting and tax firms separate makes perfect business sense. You can only afford to put some of your eggs in one basket. Instead, you will have two separate firms checking the work, so do not run the risk of the ripple effect. The minus, however, is that you might have to coordinate between the two, which can be taxing. But it's worth the trouble. The spinoff can be highly rewarding in the end.?
- Keep Invoicing and Treasury Inhouse: Don't confound accounting with treasury and invoicing as you are testing the waters yet. Keep your treasury in-house, as it is best to allow treasury access to trusted individuals. All said and done, key individuals, like treasurers, are any day more trustworthy than others. Similarly, trust in-house invoice functions more because it requires more operational knowledge. This way, you keep your cards close to your chest and can draw and redraw your strategy.
- Get Your Partner Right: You are aware of the financial costs associated with employee turnover. Imagine having to face something similar with your outsourcing bid! Therefore, it pays to be doubly sure of your accounting firm. Do all due diligence needed to ensure it is the right fit to help you outsource. This way, you avoid finding a new firm and spare yourself the trouble of doing it all over again at some extra cost.?
If you feel now is the best time to outsource accounting, factor in these prerequisites. As a specialized firm with over 20 years of standing, we take extra care to ensure you have full control over your process. We bring key aspects like transparent communication, collaborative decision-making, and regular check-ins to ensure the reins are firmly in your hands. We commit ourselves to helping you stay in control while giving you all the free time you need to focus on the core function of your business.
