You know the importance of finances to the success of your business. Managing how resources are allocated is crucial to a smooth operation. You also know that managing your finances can be challenging.
And that's why you've decided to outsource your bookkeeping processes. Good call—This gives you more time to focus on other aspects of the business. Ready to take the next big step forward?
Well, not so fast. Here are 5 things to look for when choosing a bookkeeping partner:
Updated Skills and Resources
The collection of resources that your outsourced bookkeeping partner is a good indicator of how well they will be able to handle your business. These include human resources, technology, and hardware infrastructure.
A highly skilled bookkeeping partner has workers who are familiar with modern software being used in the accounting and bookkeeping space. Workers should also be tech-savvy enough to be able to adapt to constantly changing technology.
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1. Bookkeeping Experience
The more experience the outsourced bookkeeping partner has, the better. If they have vast experience in your business' specific niche, that would be even more ideal. This means they can create customized solutions to find your business needs.
More experience means the bookkeeping partner will be better able to handle your company's finances to save you money. Since they have exposure to many different businesses, they will also be able to provide deeper insight into what works and what doesn't.
2. Performance History
When choosing a business partner, one thing to look for is stability. The last thing you want is for your outsourced bookkeeping partner to bail on you at a critical point in the financial year, for whatever reason.
It's important to do a proper background check before deciding on a partner. Look carefully at their credentials and reviews from past clients to get an idea of how they operate.
Read More: 4 Reasons to outsource your bookkeeping
3. Data Security
Your business' finances are highly sensitive. Therefore it's crucial for you to make sure your outsourced bookkeeping partner handles sensitive data in a secure manner. This data getting into the wrong hands can be detrimental to your business.
Do they use cloud storage to reduce the risk of losing important data? Is the data encrypted? What about their office layout? Is it an open office, where it's easy for workers to see each other's screens? Or do bookkeepers work in private offices to safeguard against prying eyes?
All these things matter when it comes to securing financial records. Financial data getting into the wrong hands can be just as bad, or worse than losing the data.
4. Trust and Rapport
This is a bit more difficult to measure than the other points. But it is possibly the most important thing. People do business with those they trust. At least, they should.
What's the process like for getting to know the outsourced bookkeeping partner? How do you feel about the person or persons you interacted with? Do you feel a sense of trust for them? Do you think you'd be comfortable sharing sensitive data with them?
Customer testimonials can go a long way in helping you make this decision. But ultimately, it comes down to instinct. Hop on the phone, ask as many questions as you need to feel comfortable. Trust with your outsourced bookkeeping partner is non-negotiable.
It takes time to find the right partner for any business. But when considering outsourcing your bookkeeping services, this process can seem even more painstaking. It's very necessary though.
The true mark of a trustworthy business partner is one that's willing to listen to your business concerns and adjust their services accordingly. At Infinit-O, we operate based on trust.
Infinit-O is a trusted finance and accounting solutions partner that can help you build and operate a dedicated team of certified public accountants especially for you and your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom line cost savings. With access to excellent talent who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your company’s data are safe with us.
When you’re ready to grow, think Infinit-O!
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