Many growing businesses have recognized and harnessed the benefits of outsourcing their accounting services. Rather than hiring full or part-time accountants or bookkeepers as permanent staff members, it often makes more sense to simply outsource—from both a monetary and scaling perspective.
Unfortunately, the accounting field is experiencing a bit of a crisis, with nearly 75% of the CPA workforce having met retirement age in 2020. What this means is that finding an experienced firm with qualified accountants has become much more difficult than in years past. A business should be looking for a mix of strong experience, technology, and reputation when enlisting the services of an accounting firm.
Read on for recommendations and tips regarding outsourcing the best accounting firm for the job.
There’s a lot of sophisticated financial and accounting software available, so it makes sense for a business to employ an accounting firm that uses the best possible programs. A strong accounting software should include:
The more up-to-date the technology an accounting firm uses, the more a business can count on them for efficiency and accuracy.
Ideally, an accounting firm will offer more than just basic bookkeeping. In fact, their services should fit all of a business’s requirements; otherwise, they may be spending more than what they are getting in return.
A highly effective firm with a wide variety of services should offer both accounting and planning tools for a business to balance their budget. Whether or not a company uses all of the offered services is a different consideration, but being able to select what is necessary is more important than not having enough options. It’s also important that a firm implements and manages their software and accounting functions on a business’s behalf—it should not be the business’s responsibility.
The individuals working for an accounting firm should be highly qualified professionals—preferably CPAs who have earned their license through years of education and experience beyond college.
How long an accounting firm has been in business matters, as well as which industries they have traditionally serviced. If a firm has previous industry-specific experience and knowledge of the business they are working with, they are more likely to understand that business’s pain points and unique challenges they face.
Finally, any outsourced accounting firm should dedicate hours of time and individualized attention to the business that enlists their services. A strong commitment to client satisfaction is paramount.
Moreover, the professionals working at a firm should exude an attitude of true partnership. While transactional business models work, nothing takes the place of a more personal approach that is unique to a particular firm. Interactions become much more seamless, and trust comes more naturally, between businesses that regard each other as people behind the company.
The type of accounting firm a business chooses to hire will be specific to their needs; nevertheless, it helps to screen by certain credentials. Contact CFO Solutions to benefit from proven strategies, infrastructure, and standardized processes designed to help clients run successful and scalable businesses.
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