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Become a Valued Member of myCPE Professionals Community
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Top Questions to Ask Before Choosing Outsourced Accounting Services
Accounting
Top Questions to Ask Before Choosing Outsourced Accounting Services
After the crisis of COVID-19, there has been a huge change in accounting tasks. Accounting firms have started opting for outsourcing to sustain their accounting and finance activities. By outsourced accounting services, firms can get myriads of benefits, including improved management of the accounting function, access to expertise skills, improved productivity, cost savings, and compliance support.
However, with so many accounting staffing solutions out there, it can be challenging to choose whom to work with. There are many qualities that are needed to look for an outsourced staffing company. So, if you are planning to outsource your accounting tasks, ask these questions for better clarity.
How Does Your Outsourced Staffing Company Showcase Its Professionalism?
The first thing any accounting firm looks for in an outsourced staff is professionalism. It is actually the cornerstone, which is quite crucial. Understanding whether a company is professional or not depends highly on its communication practices and work process.
When you trust an offshore partner who works from a different global location, then communication is certainly key. An outsourced staffing company should have excellent customer service and be responsive to their questions and needs, ensuring seamless collaboration with the client’s internal accounting department.
While looking for an exceptional company providing outsourced accounting services, look for the trait that they have experienced professionals. Obviously, when you are working with an outsourced staffing partner, then you must have knowledgeable and experienced professionals who can help you manage your accounting firm’s tasks easily and precisely.
A professional accounting staffing solutions produces accurate and error-free financial reports, analyses, and statements. The company remains committed to its excellence. Overall, the professionalism of a company ensures that clients receive the highest level of satisfaction, service, and support.
Does your outsourced staffing company excel in Providing Exceptional Support to clients?
Exceptional support is the core pillar when outsourcing tasks by an accounting firm. Accounting firms should go with those outsourced partners who provide comprehensive support to clients throughout their engagement, making sure that their needs are met with efficiency and care, much like a reputable outsourced company.
It’s not only a one-time thing, but from the initial onboarding process to ongoing assistance, proper support is needed by the firm to address client concerns and inquiries. This can be done smoothly by assigning dedicated account managers who serve as a primary point of contact. The manager should ensure that any issue arising is resolved quickly and offer proper guidance to the firm.
The outsourced staffing partner should be readily accessible and responsive whether clients require technical assistance, clarification on accounting processes, or strategic guidance. Also, conduct periodic reviews and recommendations for process improvements.
Is ensuring Comprehensive Data Security a priority for your outsourced staffing company?
Data breaches and cyber threats are the most common concerns in the present times, especially for accounting firms handling sensitive financial data. Outsource staffing companies need to prioritize the protection of sensitive financial information and should maintain robust data security measures. While choosing an offshore staffing partner, make sure it has a comprehensive suite of data security protocols and technologies.
Make sure that the company has had 0 data breaches in its operating history. Moreover, the accounting staffing solution must have certifications like SOC 2 Type II and GDPR compliances, maintaining robust data protection and security controls. Also, look for information security standards like ISO 27001:2013.
Has your offshore staffing company adopted Advanced Technologies and scalable solutions for accounting?
While choosing the best offshore accounting partner, look at how they stay ahead of the curve. Ensure the company has advanced technologies and scalable solutions to streamline accounting processes and enhance efficiency.
The outsourced company must include software and systems that automate certain processes, provide accurate financial reports, and ensure maximum data security. Access to advanced technologies also enhances agility and flexibility. This helps them make scalable solutions tailored to meet the evolving needs of the clients.
Outsourced accounting services in various tasks like daily bookkeeping, tax preparation, and financial analysis help scale the services up or down as per demand. It ensures optimal resource allocation and cost-effectiveness. Furthermore, the offshore partner provides customized reporting and analytics dashboards to help clients find valuable insights into their firm’s financial performance. This allows them to make informed strategic decisions.
Advanced technologies and scalable solutions help offshore staffing firms position themselves as invaluable partners for better efficiency, growth, and innovations for their clients’ businesses.
How does your outsourced staffing company demonstrate its commitment to "Timely Services & Proven Track Record" as a hallmark of professionalism?
When an accounting firm chooses offshore staffing, the commitment to "Timely Services & Proven Track Record" is supreme. This not only signifies professionalism but is also a cornerstone for reliable and effective outsourcing partnerships.
When offshore partners deliver timely services, then it shows their dedication and efficiency. Meeting deadlines can’t be negotiated in the fast-paced world of accounting. Delays can cause serious issues in accounting tasks such as preparing financial statements, processing payroll, maintaining books, or filing tax returns and tax preparation services.
Just like timely services, a proven track record is equally important. Clients seek assurance that their outsourcing partner holds a rich history of delivering high and accurate results, completing client satisfaction.
A company with a robust track record shows reliability, competence, and trustworthiness. You can learn about the outsourcing company through their client testimonials and case studies. Additionally, other aspects like certifications, industry awards, and accreditations validate the expertise of the firm and its commitment to excellence.
How do you ensure Legal Compliance across different jurisdictions when providing outsourcing services?
When outsourcing your accounting work, it's essential to have clear rules in place. As an accounting firm, you should ensure that the outsourced company you choose follows all the laws and regulations in the country where they operate. These laws and regulations specifically include service agreements and a strong NDA (Non-Disclosure Agreement). Both are equally crucial as they outline what needs to be done and keep information confidential with privacy laws.
Knowing this is important, as your firm has sensitive financial information, and any type of legal missteps can lead to serious consequences for your firm and clients, as well.
How does your offshore company ensure accountability and maintain consistent quality of work, especially when your team members are handling multiple clients simultaneously?
When outsourcing your tasks, ask an outsourced partner about its accountability and quality assurance measures. It is crucial that when team members are handling multiple clients simultaneously, it can become challenging for them to provide consistent and high-quality services. Usually, the offshore partner juggles multiple clients and responsibilities in this manner.
Moreover, accountability is vital in outsourcing relationships. This ensures smooth and productive collaboration between an outsourced partner and an accounting firm.
So, always be clear beforehand whether the outsourced partner you are choosing can deliver reliable and consistent service.
Does your outsourced accounting company have Senior-level Talent?
Having senior-level talent means bringing extensive experience and expertise to the table. This is invaluable for handling complex accounting tasks and providing strategic guidance. Inquiring about the presence of senior-level professionals ensures that the outsourced accounting company has the essential knowledge and skills required to meet specific needs.
Moreover, senior-level talent can properly manage the overall operations and quality of work. Their leadership and guidance are pivotal in ensuring smooth communication and efficient workflow. This ultimately enhances the overall effectiveness and reliability of the outsourcing relationship.
Does your team have talents predominantly from One Location, or is it Diversified?
Before partnering with an outsourced accounting company, ask about its talent diversification. You should know whether its team is predominantly from one location or has hired diversified talent.
Now, the question arises: Which is better, one location or diversification? If the team is from one location, it could be vulnerable to certain risks, such as higher attrition, the bandwagon effect, cliquishness, and intra-group comparisons. All these risks directly affect the task's productivity.
On the other hand, a diversified team can help mitigate these risks, ensuring the continuity of task completion even if one location is affected. Furthermore, a diverse team brings a wealth of expertise, professionalism, and perspectives to the table. A diverse accounting team can understand and follow international accounting standards and regulations. This helps them provide more accurate services to companies.
Final Thoughts
There are various benefits of outsourcing accounting services when done by a reputable company. However, before choosing an offshore staffing partner, there are key qualities to consider.
You can ask some questions to clear your thoughts on their working process. By prioritizing the required qualities of an outsourced staffing partner, accounting firms can make informed decisions. Considering all the qualities discussed above, MY CPE ONE is the best suited for all your accounting needs. The company has a team of highly skilled professionals who are committed to providing you with the best accounting services and work closely with you to ensure that your accounting goals are met. With a proven track record of 9+ years, MY CPE ONE holds all the qualities that you are looking for in an offshore partner.
FAQ's
Look for the factors they adhere to like clear communication channels, response to deadlines, and accurate financial reporting.
Multiple support channels that outsourcing partner can provide includes email, phone, and live chat. This is quite crucial for timely communication and problem resolution.
Reputable outsourced staffing companies regularly invest in ongoing training programs, certifications, and professional development opportunities for their staff so that they can stay abreast of changing accounting regulations and standards.
Shawn Parikh is the CEO and Co-Founder of MYCPE ONE. A Chartered Accountant by qualification, he has over 15 years of experience of being a problem solver for small to mid-size firms and over time he has given consultation to thousands of CPAs, accountants and tax pros. Shawn has always been a big believer and advocate of social enterprises and small accounting firms & businesses. He consults and speaks on several topics ranging from Building Remote Team - Remote Working, Offshore Staffing, strategic planning, Scalability of Accounting Practice, cloud accounting, practice management, LinkedIn marketing, etc.
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