5 Things to Look for Before Outsourcing

5 Things to Look for Before Outsourcing

Once you decided to outsource, the next step should be to choose an outsourcing company that will be a great fit with your goals and objectives, but most importantly, would be able to match your needs and requirements. We believe, that when outsourced bookkeeping services in India and accounting services, the service providers’ experience, quality of resources, and track record must be the top priority. However, a few more essential factors must be considered, as well.



1. What Accounting and Bookkeeping Services do you Need?

Is it to prepare the end of the month reports, balance sheet, payroll services, tax compliance, or taking care of your account payables and receivables? You may need someone to prepare your bank reconciliations and analysis or just enter the data into the accounting software? Whatever it would be, you need to be clear on what you will do personally, what’s your in-house staff is responsible for and what you want someone else to do.

2. Competitive Cost Range

Every accounting and bookkeeping company have their pricing schemes – some of them charge by the hour, others monthly costs, etc. Therefore, you can choose the cost structure that suits your needs and budget the most, but do not make your decision only based on cost-effectiveness.

3. Expertise

Make sure that the company you want to hire is experienced, professional and has the right qualifications. Remember you can always ask for some references from their previous or existing clients, look at their reputation in the market, financial stability, and most importantly, their ability to deliver high quality and consistent results.

4. Data Security

In our opinion, data security plays an important part when outsourcing accounting services online. The highly respectable firm handles its client’s data with the most required privacy and ensures that each transaction is secure. It is essential as the information that you are sharing with them is confidential information about your company – it cannot be compromised.

5. Flexible Service Level Agreement

Accounting and bookkeeping service provider must show their flexibility and desire to match your future needs and requirements. We strongly suggest checking the term and conditions before you sign the contract, so you will be aware of how to terminate the agreement if you are not satisfied with their work.

Accounting Tasks your Business can Outsource Tomorrow

Bookkeeping.

Tax and Secretarial Compliance

Reporting to Authorities and Management.

Payroll processing services.

Accounts Payables (payments creation).

Accounts Receivables (debtors follow-up).

Bonus advice: If you hire a CA/CPA firm to perform an audit, you should continue to use the Outsourced Accounting Services company for your accounting and bookkeeping functions. Due to independent regulations and standards within the accounting profession, a CA/CPA firm performing an audit cannot perform the accounting and bookkeeping for the same company.

Conclusion

There are significant advantages for clients who decide to outsource their accounting tasks. To begin with cost-efficiency and ending with flexibility in terms of contracts or scaling the number of functions. Accounting and bookkeeping are a vital part of business, but also complex. It requires expertise and specific knowledge. Without a right accounting process the business is exposed to risks which can adversely affect the performance and growth of the business.

About SBS

SBS Global is an ISO 9001:2015 & ISO 27001:2013 certified company serving since 2007. SBS Global offers a comprehensive range of Outsourced Financial and Accounting Services, CFO Services, Compliance (i.e., Company Secretary services) & HR Services catering to the needs of Small & Medium Organizations across industry sectors to meet their changing needs & expectations. Our team includes employees having industry & domain expertise who have insights drawn from years of professional experience.

For more details on outsourced finance & accounting services please visit or contact us


 

Location: India

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