When you outsource your accounting, you’re forming a connection with someone who can not only handle the books, but also help your company reach its goals. The better your relationship is, the more your company will benefit.
Here are 5 tips for making your outsourced accounting relationship successful:
1. Be clear about your expectations.
When you outsource your accounting, make your priorities clear. Discuss your company’s business strategy and how you’d like the accounting team to support those goals. Also, describe what your company needs help with the most. Don’t be concerned about sharing details of your business’s financial health, even if things haven’t been going so well. Outsourced accounting firms need accurate information to best help your company.
2. Check in on a regular basis.
Clear communication is crucial for strong business relationships. Ensure that routine conversations are scheduled so that you can stay up-to-date on daily operations, but also reach out any time you have a question or concern. Decide how you would like to be contacted in case a pressing issue comes up, so you’re not scrambling to get in touch during times of crisis.
3. Protect the information you share.
Before you hire an outsourced accounting firm, check their references and find out if they meet basic compliance standards. You’ll also want to ask questions about network security, encryption and data monitoring. Once you begin working together, the firm can help you find a system to keep your company’s financial data secure, while making sure they have access to the numbers they need.
4. Continue to review your company’s financial records.
Outsourcing your accounting doesn’t take it completely off your plate. You still need to look at the books on a regular basis to monitor your organization’s operations and prevent problems with cash flow or other issues.
5. Depend on data as you make plans for the future.
Outsourced accounting can give you the numbers you need to make informed decisions about your organization. Seeing key performance indicators (KPIs) will help you understand how your company is doing and identify opportunities for improvement to further your mission. Remember, an outsourced accounting firm is as invested in your success as you are.
Find out more about how your company can develop a successful outsourced accounting relationship. Schedule a time to talk with one of the experts at Wegner CPAs.
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