5 Key Parameters to Help You Choose an Accounting Outsourcing Firm

One aspect of your business that you can’t afford to neglect is accounting. Fortunately, with the advent of technology and the rise of virtual accounting services, you now have a way to streamline your financial operations and enjoy several benefits. 

Businesses need an accounting firm to manage their financial accounts, bookkeeping, tax planning, and employee payrolls. While there are a plethora of accounting firms specializing in particular aspects of accounting rules, as mandated by the government and the banking authorities, businesses depend on accountants and or accounting firms for several financial requirements.

In this blog, we’ll explore the topic of the benefits of virtual accounting for real estate businesses and why choosing the perfect accounting outsourcing service provider can be a game-changer for your business. 

Fees

Outsourced accounting firms can help save costs, but that doesn’t mean it is inexpensive. The most vital parameter when deciding on an accounting outsourcing firm is the fees levied in comparison to the services delivered. In addition to finding an accounting firm that fits your budget, ensure you get the costing upfront and that there are no hidden charges.

OHI’s Indicative Pricing Model

Credibility

Financial firms require their customers to share sensitive information and financial details. It is, therefore, critical for the team of accountants to verify the firm’s credibility before handing over your company’s confidential information.

To authenticate an accounting firm’s credibility. Study the outsourcer’s website for quality and comprehensiveness of information, and study their client testimonials, case studies, and client profiles. Check how long have they been in business. Additionally, also look at recommendations and references for the firm.

Useful Links (OHI): Data Security Measures | Client Profiles | Client Testimonials | Case Studies

Area of Specialization

Once you’ve verified the accounting firm’s credibility and its industry knowledge, compare the services offered and ensure they are the best fit for your requirements. Most accounting outsourcing firms specialize in a set of services like bookkeeping, TAX, audit, and company accounting.

It also helps to know whether the accounting firm is aware of your industry. Each industry has different accounting tasks and requirements that the firm should be able to cater to.

OHI’s Industry-Specific Solutions: Real Estate | Construction | Logistics | E-commerce

Financial Advice

In addition to the prospective outsourced accounting firm’s services and ease of access to your company, the best judge of a firm is to gauge the firm’s advice and response to your requests. It is best to opt for a firm that provides proper advice and helps you realize your business and financial goals with proper guidance.

Country/State-Specific Expertise

Today, there are plenty of accountants and accounting firms available online and locally to help you with your financial activities. However, when choosing an accounting outsourcing firm, make sure you understand the provider had adequate knowledge of local accounting practices and laws.

Regulations differ as per industry, geography, and other factors, and your accounting firm should specialize accordingly. It is one of the most overlooked parameters when companies opt to outsource their accounting requirements.

World-Class Talent Pool

Putting together an in-house accounting team can be limiting, as your talent pool is restricted to the local area, leaving you to navigate a sea of mediocre candidates in search of the perfect fit.

However, outsourcing opens up a world of opportunity, providing you with access to a diverse and talented pool of professionals from around the globe at an affordable cost. With outsourcing, you can tap into a well of expert skill sets and advanced financial techniques and strategies that would be otherwise unavailable or cost-prohibitive to cultivate in-house. Having a world-class team that can take your business to the next level could elevate your business objectives.

Data Security

In today’s digital age, finance and accounting operations generate a massive amount of sensitive information, whether it’s internal company data or client information. As a business owner, it’s your responsibility to keep this information secure and protected from cyber threats and data breaches.

However, small businesses and startups often struggle with this, leaving their confidential data vulnerable to attacks that can damage their reputation and even result in lawsuits.

One major reason for these security breaches is the inadequate and insufficient security features in many accounting solutions.

When you outsource your accounting to professional services, you’ll enjoy enhanced data security, including encrypted transactions, cloud-based secure servers for data storage, and cutting-edge disaster recovery and management capabilities. It’s no wonder that more and more companies are hopping on the outsourcing bandwagon, eager to take advantage of these benefits. Just remember to do your due diligence to ensure you get the most out of this arrangement.

Finally

In summary, accounting outsourcing firms are a viable option to take care of financial requirements and help your organization stay on the right path. Accounting outsourcing firms that offer industry expertise in addition to a range of financial services are the best option and a bonus when choosing the right firm.

About

OHI is a specialized finance and accounting outsourcing service provider with over thirteen years of finance and accounting outsourcing experience. We have strong functional outsourcing expertise in end-to-end accounting processes covering daily accounting activities, month-end and year-end account finalization processes, employee reimbursements, payroll processing, management reporting and financial analysis.

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