Accounting is a vital aspect of any business as no business can survive without knowing its exact records. If you do not have a sufficient budget to hire accountants in your company, you need to outsource your accounting functions; however, you cannot hire any accounting company without realizing its credibility. Hence, you need to thoroughly investigate the reliability of an accounting firm before hiring it for your business.
Tips to Choose a Professional Accounting Firm:-
Here are our tips that will help you find out a professional and highly credible accounting firm:
- Will Your Expectations Be Met? Search for a professional accounting service provider online by doing your research and contact it to find out if the vendor can meet your expectations and deliver you on time or not. It would be best if you told the accounting firm exactly what you want, how much work you want to take, and how you will check its performance. It will save you from any future misunderstandings and ensure all agreements are done in writing and signed consequently.
- Growth and Size of the Company: Before you outsource, determine the level of growth of an accounting firm in recent years. If its growth is positive, it means you can rely on the quality services the firm has provided to its clients. You need to know about the internal company structure and the level of experience of the firm. Do not rely on a startup firm because you cannot expect such a company to meet your expectations; nevertheless, outsourcing to an established company will ensure your business is in safe hands. You do not need to worry about your ROI (Return on Investment) by outsourcing your accounting functions to a professional company.
- Track Record of the Accounting Firm: The track record reflects the quality of the service an accounting firm offers to its clients. You will need to determine if the accounting company has a track record of service commitment or is recognized or its reputation within its industry. It would help if you unearthed the accounting firm’s customer satisfaction level to determine how much the firm care for its customers.
- Customers’ Feedback: Listen to what the former customers of the accounting company are saying about it. The simplest way to find it out is by reading the customers’ reviews. Customers’ reviews may favour or against different accounting firms; hence, you need to consider reviews of the favourable accounting firms. Usually, you will find reviews of the firms either through Google or on their websites. If the reviews are positive, you can move on to choose a company meeting your budget and requirements.
- Data Security: Data security is very crucial for your safety and confidentiality processes. Accounting service providers should have state-of-the-art IT (Information Technology) systems programmed against data theft. If you think that outsourcing your accounting functions to an accounting firm is insecure, you should not hire it and continue searching for another.
- Relationship Management: It is vital for you to feel confident that your accounting functions are managed successfully by the firm you outsource. The most reliable accounting firm will have great communication skills, making sure no communication gaps come in its way to help its customers comprehend the possible solutions and maintain its tasks timely.
- Financial Stability: You should not approach an accounting firm, not strong financially. If you hire a financially unstable firm, you can end up losing more in the end because accounting tasks can best be managed by the firms having CPAs (Chartered Professional Accountants), best accounting software, and state-of-the-art facilities. You will hurt your business badly if you hire a firm having limited resources.
- Availability: You should consider the availability of the accounting firm before you sign any contract. If th accounting firm can do a face-to-face meeting with you a week, you can determine how long the firm’s employees will take to manage and complete your accounting tasks, such as bookkeeping, payroll, tax advice, and more. Hence, the availability of the accounting firm is also one thing you cannot ignore hiring it.
You should never hire an accounting company without finding out about its credibility. The following eight things can help you determine about it:
- If the company is known for meeting its deadlines, you can take advantage of it.
- You can believe in an accounting firm, grown in recent years.
- Find out if the company has satisfied customers in the past or not.
- Customer reviews online can also help you choose the right company.
- A credible accounting service provider will protect your data at all costs.
- If the company understands its customers’ needs, it is worthy of trust.
- A financially stable firm can help you manage your accounting tasks successfully.
- Lastly, approach an accounting company that arranges weekly meetings with its clients.
Sohail Afzal is a CMA (Certified Management Accountant) and the Founding Partner of a professional accounting firm, GTA Accounting. He understands the needs of small-scale businesses & corporations and offers them tax advice to overcome their tax burdens. He is a professional author who often writes articles related to accounting.