Important Questions to Ask before Onboarding your Outsourced Accounting Partner 

09.06.22 08:30 AM Comment(s) By Assetsoft

Back office accounting is the backbone of any company and business functions. Companies need to focus on it to keep their business on track and also establish a stable cash flow. Why? Shockingly enough, more than 82% of Small and Medium Businesses fail due to problems with their cash flow, as was found by U.S. Bank research. This is the top reason why most small businesses shut down. If you do not wish to be one of them, then you need to take your accounting work seriously. You can outsource this work to industry experts who have credible experience in working on back office accounting. 

 

But how to know if your choice of outsourced partner is the right fit for you? Read this blog to know more about the questions you can ask before onboarding your outsourced back office accounting partner. 

Do You've the Right Accounting Partner?

A recent Deloitte work outsourcing report says that the agility of an outsourced working team is one of the most important things to consider. Why? Their agility in work establishes the tone of workflow in your whole organization. Their proactivity and creativity are the two main things that set them apart from others. With the correct partner, your business can make or break its future. 

Vital questions you must ask your accounting partner before onboarding 

An outsourced accounting partner who works on a plan to help in your growth is hard to find. But you can start the journey by asking these questions to your shortlisted partners before onboarding to get a better understanding of their work. 

 

  • If they are familiar with the accounting needs of that particular industry? 

 

All businesses and industries have accounting needs, but no two industries function the same way. Before you onboard an outsourced accounting partner, you need to ensure they know and have enough experience working with similar businesses in your industry.  


  • How many years of experience do they have in accounting? 

 

Employing, training and paying an in-house team of expert accounting staff is costly. If you opt for outsourced accounting services, you must ensure that you do not compromise on the staff working for you. Specifically, ask the firm you are working with about how many years of experience they have in handling back office accounting work. 


  • Do the outsourced accounting partners have the proper qualifications? 

 

Get proper certifications from your outsourced accounting partner on their real qualifications in this sector. Outsourcing the work aims to get experienced and qualified workers at a lower cost, so ensure that before onboarding.  


  • What technology will they use to streamline your accounting work? 

 

There are multiple different back office accounting software available in the market. When you outsource your work to someone, they should use the latest technology to give your business a competitive edge in the market. Software like Yardi can simplify the accounting work for your company. Make sure you get the best technology selection in your office work when selecting an outsourcing partner. 


  • What is the work delivery time of this partner? 

 

A quick turnaround time is a must when it comes to an outsourced accounting partner. If they take time to deliver on work then it is a redundant investment. Time-consuming back office accounting work can be done by inexperienced in-house staff. You shift to outsourcing to get work delivered on time and keep up with all legal and financial compliances.  


  • What is their total cost of outsourcing? 

 

When you think about outsourcing your work, you save up on labor and money. So take a total cost idea of outsourcing from the relevant partner, compare it with your in-house working expenditure, and make a comparative study on which is more effective.  


  • What is their cyber security protocol for your financial data? 

 

Back office accounting for any firm deals with a lot of crucial and sensitive financial data; you must ask your back office accounting partner about the kind of cyber security protocols they use to secure your data. Any breaches in their system will affect your business, finances, and customer relations. 


  • Ask to see some reviews by previous clients to ensure authenticity 


If you are teaming up with some experienced outsourced accounting services provider, they will have gathered some customer reviews by then. Ask to see those or the past work they have done to check through their authenticity and do a background check on their work credibility.  

Benefits of outsourcing back office accounting work with the right partner 

Outsourcing the back office accounting work reduces the pressure on your finances for an extra yearly payroll. Here are some of the highlighted benefits of getting outsourced accounting services. 


  • Better control at lower costs 

 

Outsourced accounting partners use cloud-based solutions to do your work. The data they derive can be accessed by you and used in real-time at any point in time. These services can be paid for when you use them and not as full-time employees helping you cut down on costs. 


  • Trustworthy data from expert resources 

 

Big financial data is crucial to help in the budgeting and forecasting for any company. When your outsourced partner provides you with industry experts to work on your accounts, they will help you find useful data to analyze and work with.  


  • Scaling core work with the latest tech usage 

 

You can scale up and down with your budget and leverage the latest technology in this budget without paying to  buy them. The outsourced accounting provider is sure to have partnerships with the latest software brands to ensure top-notch work for you. 

This is a Heading

At Assetsoft, we understand that back office accounting is one of the strongest pillars in any business. That is why we work with a team of accounting experts and the latest technology selection to get the job done. 

 

We will help do all the tedious back office accounting work for you while you work on your core business growth plans. Give us a call today to know more about our services in detail.  

Assetsoft

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