Thousands of transaction receipts are coming in every day. Listing expenses for the company printer or subscription to new software has already become a normal habit for you. The list of things you have to track and record for your business operations just goes on and on. It never stops until at some point, you realize maybe you need help. You need to outsource accounting services ASAP!
In-house Accounting Vs Outsourcing
Getting an outside company to handle your accounting and bookkeeping records is not an easy decision. Before you can feel comfortable with the idea, you know you’ll take days, you’ll need facts, you need real, solid advice. To help you discover the pros and cons of outsourcing accounting services, here are tips to help you make up your mind.
Related Page: Outsourcing Accounting and Finance Services
Outsourcing Accounting Tip 1: Verify the company’s identity
Despite online campaigns and government reminders, people still fall for scams and frauds. Before initiating contact with outsourced accounting companies such as in the Philippines, make it your life’s duty to verify their company credentials. Ask for permits and other legal documents. Double-check the names of accountants at the Professional Regulation Commission (PRC), if possible. It also helps to ask your accounting company in the Philippines for other client references. Don’t hesitate to look for reviews and referrals. This may seem stressful, but it’s your best option to avoid fraudulent accounting companies from handling your business operations.
Outsourcing Accounting Tip 2: Check if they utilize the latest technologies
The 21st century is already way beyond the old days of bookkeeping and accounting practices. Modern technologies help businesses establish effective bookkeeping and accounting records. Think Zoho Books or Xero. Your possible accounting company in the Philippines should make use of the latest technology to support you; an accounting company using obsolete methods may cost you a fortune. If you want to access up-to-date software without hurting your pockets, outsourcing companies such as Eastvantage that already subscribed to these software is probably for you.
Related Article: 5 Benefits of Outsourced Accounting
Outsourcing in Accounting Tip 3: Make a detailed list of your needs
BPO companies will present you different enticing options for your business. Do not get caught by the cheapest offer– this is most likely false economy. Keep in mind that everything in this transaction should always be about benefiting your business. Make a complete list of the services you require and make sure the company will be able to match your needs. Are they offering services for added value, or are they simply adding unnecessary expenses to your bill? Does the net gain exceed the net cost?
Outsourcing in Accounting Tip 4: Choose the company that can help your business advance
Does it seem like the company you chose can only accommodate only a few of your needs? Don’t commit to an agreement unless you’re absolutely sure that you’ll get more than your money’s worth. A company that can truly help your business will easily provide you detailed plans and projected outcome. They can also help you identify problems in your business operations and provide the best solutions to solve it.
Companies looking to outsource accounting work can find peace of mind with Eastvantage. Our tailor-fit solutions will make your accounting requirements a hassle-free experience. For more information, send an email to firstname.lastname@example.org or call us at +6324917378.
Sources: http://books2taxes.com/blog/2013/08/four-tips-small-businesses-should-consider-before-they-outsource-accounting-services/ http://www.bigoutsource.com/blog/steps-to-get-the-best-accounting-outsourcing-services/ http://www.rbcrca.com.sg/singapore-accounting-and-tax/11-tips-for-outsourcing-accounting-and-bookkeeping-services-in-singapore