Managing all the accounting activities internally could have been an option a few months ago. But based on the current market requirements, especially after the havoc of pandemic, as an after effect managers are increasingly understanding the value of offshore accounting in reducing cost and increasing operational efficiency.
When the need to focus on strategic tasks has increased substantially, it has become more and more obvious for businesses to opt for getting a majority of their ‘less attention demanding’ accounting tasks from an outsider. However, this realisation has led to a boom of many outsourcing service providers who are offering services from cheapest to unreasonably high costs.
Now you may already be aware of the benefits of remote accounting but the question which must be bothering you is how to choose the best service provider who can satisfy your expectations.
Below, we have listed key questions that you need to be asking yourself while considering a remote accounting service provider.
1. How is their performance track record over a reasonable period?
A good way to establish an image of the service provider is by looking at their performance history. Check the record’s authenticity by getting feedback from the clients who have received services previously from your service provider.
Review their past work and experience of the staff to identify the market image of your service provider. If you find yourself doubting any aspect of the track records, do not take any further decisions without getting proper clarification for your queries first.
2. How is their workflow model and will it suit my organization’s working style?
We often think about the work quality and experience of the service provider but when choosing to outsource our operations to an outsider, our internal staff gets connected with the external staff of the outsourcing company due to work transition.
Hence it becomes critical to take into consideration the workflow model that your service provider is practicing and compare it with your company’s working methods and nature of the project.
Look for a service provider who can offer more than one workflow model. It indicates that your remote partner is keeping your needs in mind and so is willing to develop options to best suit your expectations.
3. What will the communication channel look like?
As mentioned in the previous point, you can not avoid the question of how will your staff operate with an outsider so that work transition becomes seamless on both sides rather than chaotic and dissatisfying.
Ask your provider for detailed planning on who will report to whom and how the flow of communication will be managed. If this question is not attempted, you will get the results but chances are that they will be of average quality.
4. Are they justifying their claim for strong data security?
When choosing remote accounting, you are required to share all the necessary data with your service provider.
This may pose the danger of getting some sensitive information of your project exposed to the external staff. And hence, you must gain proper understanding on what IT solutions your service provider leverages and whether they have any official certificates to prove their claim for data protection.
Relig Solutions is an ISO certified remote accounting and taxation service provider. We have developed a robust data protection system with the combination of physical as well as digital solutions to render utmost protection to the client’s data.
5. Is my service provider capable of utilizing smart tools?
Current times are offering unavoidable opportunities to increase operational efficiency by making use of ongoing tools and technology.
Therefore it becomes vital to make sure that the staff of your service provider is well equipped with the knowledge to work with necessary softwares and latest tools to give you faster and accurate results.
6. Will I be gaining cost advantage with this partnership?
There are plenty of outsourcing companies which are providing services at very low cost but this does not mean they pose the best option. Likewise, service providers charging unreasonable costs too may not guarantee that all your expectations will be met.
The best thing you can do is to track the performance quality of your remote partner for measuring the ROI. With the course of time you will be in the position to identify whether to continue receiving services from your current service provider or start looking for a new one.
Finding a remote accounting service provider is more about looking for different types of customer services they offer than just basic accounting tasks. But with the above mentioned questions you will surely be able to identify an outsourcing company that suits your business needs the most.
Relig Solutions is operating in the field of remote accounting and taxation for more than a decade now. Our core team is a combination of experienced accountants, tax managers and trustworthy business advisors. Our personnel are trained at handling the latest tools with experienced view points to make your work easier, faster and efficient.