Didn’t think it was possible to outsource your accounting? Not only is it completely feasible, but if accounting is not your forte you’ll be eternally grateful you did.
Did you know that if you google the search term “outsource accounting” that you’ll pick up more than a 1 million results? Clearly this has been going on for a while and it’s time for you to join the movement. There are so many companies to choose from offering a myriad of services, all you have to do is decide which one you’ll go with.
One of the biggest reasons you would want to outsource your accounting is that you don’t have the in-house skills to manage that arena. Or, you don’t feel the need to permanently employ someone with such skills as he/she is not required full-time, so the ideal scenario then would be to outsource this function.
What to look out for in your outsourced accountant?
- Do they have the appropriate skills to do the job? That is, the right qualifications in this particular field.
- Are they flexible with using different accounting software solutions? Examples of these are Sage, QuickBooks and Xero.
- What do their current customers say about them? Think sparkling testimonials.
- What is the cost involved in hiring them on a monthly basis? This exercise needs to fit your current budget and adapt as the relationship evolves.
- How flexible is the service level agreement? Check the t’s and c’s in the instance that you may want to end the contract.
What exactly can my outsourced accountant do for me?
By outsourcing your accounting function you have access to specialist solutions and services that can be tailor-made to your business. And if you’re not sure of what exactly you need help with, then ask! Don’t be shy, at the end of the day arm yourself with as much info as possible to help you make the right decision for your business and for yourself.
A virtual accountant can offer the following:
- General accounting and bookkeeping services
- Preparation and management of financial statements
- Preparation and management of tax returns
- Other services which can include payroll, cash forecasting, analysis of cash needs, debt collection and so forth.
Can outsourcing my accounting work for me?
When we were on the hunt for our outsourced accounting solution we looked at where best the accountant could assist us as a business. We also looked at where we were building our business and reverse engineered how the accounting department would like. We then realised that to assist the growth of the business a qualified accountant that could also offer CFO advisory services would be of great value.
When you start this journey of finding a virtual accountant, ask yourself whether your shortlist is the best fit for your desired requirements, goals and objectives with using their services. Keep in mind that you need to develop a strong relationship with your outsourced accountant and you need to be able to trust them with maintaining highly confidential information. If you can scale the growth of your business alongside this outsourced solution, then you know you’re on the right track.
Karen Wessels is the co-founder and COO of VA Connect, a South African virtual assistant platform that provides outsourced administrative support; and is also the co-founder of SnappSales, a company that generates quality sales leads for its clients. Prior to establishing both her companies, Karen spent over 10 years in different sales, marketing & admin support roles. This experience has equipped her with the invaluable skills required to run her two successful business ventures. Follow Karen on her Personal Website | Twitter | Facebook | Google+
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