What to Look for in an Outsourced Accounting Relationship

What to Look for in an Outsourced Accounting Relationship

Handing over your company’s financial books and records to a firm can sometimes be intimidating. You’ll want to make sure the outsourced accounting firm is trustworthy and dependable. Plus, there are other qualities that you’ll want to identify beforehand. To help you get the most out of your outsourced accounting relationship, we’ve put together some tips and tricks that we’ve learned over the years.

Set Clear Expectations

Identify your company’s top priorities before you take the plunge that can ensure you’re partnering with a financial provider that will meet and exceed your requirements. To do so, you will need to be clear and upfront about your expectations. When you are building this relationship, make your priorities clear. Discuss your company’s business strategy, roadmap, and what role you would like the accounting team to support those goals. Also, describe your company’s top priorities and what needs improvement. Don’t be scared to share details of your business’s financial health. The more background and accurate information you provide, the better they understand how to help.

Communication is Key for Outsourced Accounting

To be successful with an outsourcing accounting firm, you will need to build a strong line of communication and be sure to check in on a regular basis. Clear and direct communication is essential for any strong business relationship. Make sure to schedule routine conversations for you to stay up-to-date on all operations. Don’t hesitate to reach out any time you have any questions or concerns. Furthermore, make sure the outsourced provider is providing clear check-ins and lines of communication for you to utilize.

Protecting Sensitive Information

Another key aspect of a strong accounting relationship is security and dependability. During your vetting process, try to identify if they are reliable and how they will protect your information. Before you hire an outsourced accounting firm, check their references to help see if they meet your standards. You’ll also want to investigate their network security and data monitoring to ensure that they can keep your company’s financial data secure.

Outsourced Accounting Data

Accurate, reliable data will enable you to properly make decisions regarding your organization’s future plans. Outsourced accounting firms should be able to provide and explain the information you need to make informed decisions. This data is crucial so you can understand how your company is doing and make projections. This will also help you identify opportunities for improvement to further your business and meet your goals.

Next Level Now: Your Trusted Partner

Next Level Now is a trusted partner that will go above and beyond for your company. We serve as a reliable resource for business owners to lean on in times of uncertainty. We will outline a road map for your upcoming year and work with you to hit your company’s target goals. Let us provide a personalized business plan that supports your management team.

Choose Next Level Now for all your outsourced accounting needs and let us help your business SOAR. Our knowledgeable, experienced team can help your business grow and improve profitability. We would be happy to answer your questions and help you with your needs. Contact us today to see how Next Level Now can help get you on track to financial success.

Outsourcing vs. In-House Accounting Services

Outsourcing vs. In-House Accounting Services

Every business, at one time or another, experiences either tremendous growth or tremendous uncertainty. During these moments, it’s important that they rely on a trustworthy CFO for success. Learn why breaking away from traditional in-house bookkeeping and accounting services can be the key that unlocks your business’ full potential. 

Outsourcing Accounting Services Are the Future

In-house accounting is a traditional form of business bookkeeping. However, times have changed, and it is rapidly being replaced by outsourced accounting or CFO services. There are several advantages that outsourced CFOs and accounting teams provide. Compared to in-house services, business can realize the following benefits to outsourcing:

  • Increased cost savings
  • High-level expertise that may not be available when hiring internally
  • Scalability
  • Reliability
  • Convenience

Gain Dependability and Convenience by Outsourcing 

We understand that trying to fill an in-house opening can be taxing and expensive. Sometimes the candidates aren’t as credible as they first appear, and that can take a heavy toll on a company’s bottom line. Or, in some cases, there is time and effort placed in training new hires only to lose them later to a competitor. Through outsourced accountant and bookkeeping services, it is on them to meet your required needs, not the other way around.

Additionally, companies like Next Leve Now thoroughly vet CFOs and accountants to ensure that our clients are fully taken care of. They are not only up-to-date on the most current training and certifications, but arrive with a wealth of resources and established credibility with bankers and financial partners. Moreover, companies that use outsourcing services also benefit from convenience and flexibility. The hours and services can be tailored to suit every company’s unique needs. 

Save Costs with Outsourced CFO and Accountant Services

When comparing the cost between in-house and outsourced CFO and Accountant services, there are a lot of things to consider. Foremost, in-house CFOs typically receive a median annual salary of $393,377 with additional benefits, such as health insurance and 401k. Their paid time off and sick leave must also be calculated, along with any other additional benefits. These benefits include life insurance, vision, and dental insurance, and more.

Many small businesses may be in dire need of these financial services but can’t afford a full-time CFO. Conversely, businesses that acquire an outsourced accounting or CFO service can pay only for what they need. And they don’t have to worry about the overhead that comes with payroll expenses, employee benefits, and additional resources.

Contact Us Regarding Outsourced Accounting Services

Are you struggling to get your company on the right track to success? Are you finding it difficult to juggle your important financial responsibilities while fulfilling your sales and visionary duties as a business owner? Contact us to get the help you need! Our experienced, dedicated team of financial experts can offer the assistance you need.