Staying current on daily, weekly, monthly, quarterly and annual bookkeeping tasks can be challenging, especially for start-ups, nonprofits and small to medium-sized businesses. Smaller business owners often try to handle their record-keeping themselves to save money, but this can be a costly mistake without proper financial training. However, you also can’t afford to push accounting tasks aside while you’re dealing with the multiple responsibilities you have as a business owner.
It’s essential for the successful growth of your business to put your focus where it really matters and leave the burden of your business finances to a trustworthy outsourced bookkeeping service.
With an outsourcing company you trust to manage your finances, you get a proactive bookkeeping solution to meet your business’s growth goals.
However, not every accounting firm in UAE offers the same type of service, so business owners must find out which is the most appropriate match for their particular needs. Some business owners have specific business plans, and this will require an accounting firm that’s flexible and can take on a variety of projects at once.
Selecting an outsourcing firm for accounting and finance-related functions is a daunting task. You should assess specific criteria, then make the final decision.
But, how would you identify that the accounting outsourcing service provider is reliable?
Well, before you look for an outsourcing partner, you need to have a clear idea about what you want to outsource. Then only, you can search and select the right partner.
If you’re in the market to find a good accounting firm, you should consider the things that will help you make the best choice. These can include:
How long the service provider has been in business?
First of all, you’ll want to look into how many years the accounting firm has been in business. This will tell you if it’s a new company or one that’s been around for a while. Typically, one good thing about having a firm that’s been around for a while is that you can have confidence in the accounting services they provide.
This is especially true if you’re looking at firms that offer different services, such as tax preparation and bookkeeping services. It may be possible that there are some areas that you’ll need help with, and you can get this help from experienced accounting firms employing trustworthy professionals
Reliability of operations is important. Even if the firm is new, review the credentials of the senior management team and investor backing of the business and then decide. It’s also good to know more about the client profiles of the provider.
Business Specialties
Business experience and specialties are important assessment factors of an accounting firm. This is crucial when you hire someone well versed with your business and familiar with the specific service requirements. You must be willing to decide whether they provide the type of services you are looking for; from general accounting and auditing to specialized consulting services such as financial planning or strategic management plans.
Scope of Work
Any successful engagement in outsourcing will start with a clear statement of what needs to be done and accomplished. Have a defined scope and schedule of your project. Try setting up priorities upfront, inform the service provider of your requirements and the way in which the work needs to be done. This also includes a clear list of services to be performed, the staffing level required and the turnaround time.
Customer Support Service
When selecting an accounting firm, you should look at how the firm works in relation to other firms, as well as the industry it serves. In short, you should make sure it provides excellent customer service.
For example, always look for a firm that employs trained accountants who have gone through a great deal of training to ensure that they’re qualified. These professionals should be able to answer any questions you may have.
Level of Quality
The level of quality should not be compromised at any cost. Outsourcing aims at reducing the cost however it should be noted that it is by no means to reduce the quality of work. The accuracy level, turnaround time, reporting formats are a few parameters that could be used to define and measure the quality of service level from the service provider.
Skilled Professionals
A perfect accounting outsourcing service provider has a professional team of industry experts. The specialist should have seasoned experience and efficiencies to work on complex tasks of accounting and finance.
Specialisation: Do they understand your business and industry?
Some accounting firms are only suitable for businesses of a certain size while others specialize in certain industries. Accountants that are experts in your industry can provide you with the most value.
The firm must be able to distinguish itself from other accounting firms in the UAE. This will help you with getting an idea about the specialities of the firm.
Use of Smart Tools
Finance and accounting tasks demand a modern approach these days. Advanced tools can efficiently produce intended reports and data. Hence, the expert team should be using the latest tools and software to deliver the best solutions.
How will the work-flow be managed in an outsourced scenario?
Workflow is defined as the steps required between the receipt of source or input documents and instructions by the outsourced staff from your staff to when the outsourced staff delivers the finished output to you. It will also cover the communication flow between both ends. To develop a sound and effective work flow is an important consideration in outsourcing.
What are the steps involved in process migration from your location to the outsourced location?
The migration phase involves detailing of existing processes, establishing time-lines and formulating a standard operating procedure. For a simple small business accounting process, the migration will be much simpler and primarily focus on setting guidelines for data transfer, monthly reporting formats and establishing communication.
Flexible Working Approach
A flexible working approach is the best practice to complete the project on time with zero downtime. An ideal outsourcing partner should offer engagement models depending on the clients’ business requirements and the nature of the project. They should be willing to adopt flexible work in a fashion most suitable to their client.
For instance, if the outsourcing partner has different pricing and cooperation models, it can create a win-win for both parties. In fact, staffing scalability, pricing, and flexibility are the prime criteria to ensure satisfactory services to clients.
Transparent Communication
Transparency is vital to building trust between both parties. Best outcomes will be generated only if the client and the service provider opt for seamless communication. Hence, while informing the firm about your requirements be transparent, so that they can give you the best results.
Similarly, an accounting outsourcing services company should adhere to transparency throughout the project. It means they should keep the client updated about work progress, complexities, and any other issue related to the work.
Company’s advantages
No matter how accounting companies position themselves (or what merits of their services are given on their websites) the quality-price ratio should be the key criterion in your choice. Pay more attention to everything that can’t be bought, for example testimonial letters. You can ask for several references with contact details, and in some cases, you may speak with other clients of the given provider directly. This is the best way to get a real idea of the service quality.
Reliability
Accounting involves difficult calculations and strict deadlines. So you should ensure that your outsourced accounting partner can submit work on time.
Additionally, you should be able to trust your outsourced accounting firm to manage your data securely.
They should also be able to complete accounting and finance work without making any mistakes.
Bookkeeping Considerations
Realistically speaking, it’s important to know the importance of choosing an accounting firm. This is especially crucial because if you’re not choosing the right one, it could end up costing you more money later. By choosing the wrong one, you could end up having your accountants working for you in an ineffective way, which may cost you more money in the long run.
Fortunately, by keeping these factors in mind, you can be confident in choosing an accounting firm that will work best for your company.
Outsourced Bookkeeping firm plays a major role in every business success. At BookRobo, we provide outsourced accounting services to help coordinate the financial and operational needs of various businesses and organizations. It is our belief that if a company has the ability to outsource its accounting operations, it will have more time to focus on the daily operation of business and business management.
We work closely with a variety of businesses and organizations to coordinate the various facets of their financial needs. Your time should be spent focusing on the growth and development of your business, not focusing purely on the time-consuming task of financial management. That is precisely why we offer a diverse number of outsourced accounting services, which can help to lift the burden from your business. When you work with BookRobo, you gain access to a whole accounting department for a fraction of the cost.
We believe in the value of relationships, and in building lasting partnerships with the clients we serve. We work collaboratively with our clients to achieve their goals, helping them to navigate the complexities of today’s regulatory and accounting world so that their businesses and organizations can thrive and grow.
Get in touch with us to get started!