To get off to a running start with an outsource accounting provider, BOSS provides some useful questions accounting firms need to be asking.
(PRUnderground) August 12th, 2024
Outsourcing accounting work presents numerous financial advantages. It offers the potential for substantial cost savings, which have the ability to increase your profits by as much as 42%* when implemented strategically. As an accountant, a primary objective is to maximise value for clients and ensure that they derive optimal benefit from every dollar spent. Shouldn’t accounting firms expect the same level of attention and respect in return?
8 questions BOSS encourages accounting practices to ask before committing to an accounting outsourcing service
- Does the outsourced accounting service maintain a demonstrable track record of performance?
Are there any existing clients who can provide positive testimonials regarding their experiences? Furthermore, does the service exhibit an overall upward trend in client acquisition? Additionally, were there any issues encountered by previous clients, and if so, how were these challenges addressed?
- Does the service align with your company’s requirements?
The foremost consideration when outsourcing accounting work is whether the service can adequately address your specific needs. While cost reduction often serves as the primary incentive for companies to pursue outsourcing, it is equally important that the chosen service provider not only meets these needs but also delivers enhanced efficiency compared to in-house operations.
- How will your business be managed moving forward?
Will there be a designated manager overseeing the accountant assigned to your account? Can you expect a responsible manager who is well-versed in your company and its culture, and who can effectively guide others in following your established processes?
- What are your potential savings?
This is an important consideration, as it is likely one of the primary factors influencing your decision to outsource.
- What is the scalability of the service?
When assessing the scalability of an outsourcing accounting service, it is essential to evaluate the provider’s ability to promptly meet your staffing needs. Consider whether they possess the necessary resources and expertise to effectively train new personnel, or if this responsibility will rest with your practice. Gaining a clear understanding of how the outsourcing provider manages these practices is vital before finalising your decision.
- Are the outsourced accountants and bookkeepers adequately skilled in their roles?
When considering outsourcing it is crucial that whilst benefiting from cost savings that the quality of work also remains uncompromised.
- What actions are required from your end?
Does the accounting outsourcing service facilitate a seamless transition for both your firm and its employees? Is there an established operational framework to ensure a smooth process? Following implementation, will it be necessary for you to designate an individual within your office to oversee the offshore operations? Additionally, will there be any requirement for you to familiarise yourself with new software or processes on your side?
- Is the outsourcing firm financially stable?
When selecting an accounting outsourcing service, it is imperative to evaluate the financial stability of the provider. This assessment is vital to ensure that you are forming a partnership with a dependable company capable of maintaining sustained operations. Conducting comprehensive research into their financial health is essential prior to making any commitments, as this will help mitigate risks associated with abrupt discontinuation of services and protect your investment in outsourcing.
As much as price can be a concern when choosing an outsourcing provider, Lee Court, Marketing Manager for BOSS says, “for firms also looking for more outsourcing bonuses, consider outsourcing firms that offer fully trained accountants and bookkeepers. Having to train an outsourced accountant and keep their training up to date can be a headache for firms. BOSS has brought on board a lot of clients and I don’t exaggerate when I say a lot, who have been extremely frustrated with having to train their international outsourced staff. Why take on staff in an outsourced accounting capacity and have to keep them up to date with all of the constant tax changes? It makes no sense to us when we can do it for them.”
*A profit increase of 42% was reported by one of our clients – your results may differ.
About BOSS, BACK OFFICE SHARED SERVICES PTY LTD
BOSS (Back Office Shared Services Pty Ltd) was founded in 2004 to provide skilled accountants and bookkeepers on a full-time, part-time and casual basis to commercial enterprises, accounting and financial services firms in Australia.
BOSS India is a subsidiary of BOSS Australia and runs just like an ultra-modern paperless Australian public practice because the Director and Accountancy Practice Principal, Peter Vickers, has been operating his own successful Australian public practice for over twenty years.
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