As a business owner, outsourcing your bookkeeping and accounting can be a stressful experience. But most times, it helps to know that those working at an outsourced accounting service are highly qualified. Their skills in business finance can make the process a little less daunting. More often than not, business owners benefit from seeking a successful bookkeeping experience with their accountant. However, it is not enough to hand over your books and expect priority service and enhanced collaboration. It is imperative that you work towards building a positive relationship with your outsourced bookkeeper for the most out of this association. Georgen Scarborough provides the following five tips for a successful bookkeeping experience with your accountant. Use them to maintain and enhance your outsourced bookkeeping relationship.
Define your needs for a successful bookkeeping experience
Before delving into an outsourced accounting service, it is essential to clearly define your business needs and expectations. Share your company goals, aspirations, and processes. This ensures you and your outsourced bookkeeper are in clear alignment to make the best possible business decisions.
It is also important to be truthful and transparent with the state of your overall finances and accounting. As keeping your outsourced bookkeeper in the dark can lead to losses and disastrous consequences in the long run. It may also be beneficial to hire or appoint an employee at your business to liaise with the outsourced bookkeeper. Then, you can know who would be the one to provide timely information when required.
Smoothing out processes with your accountant
Establish how the financial operations of your business are conducted. This depends greatly on the available resources and the expertise of the in-house team. Therefore, the duties and obligations of the outsourced accounting team must be clearly put down on paper and their performance must be reviewed every two years.
Other non-technical aspects that must be defined are communication and responsiveness of the virtual bookkeeping team. Establish a preferred mode of communication for quicker reaction times. This can be Skype, email, or other channels.
Finally, as a business owner, you must develop key performance indicators to measure the effectiveness and accuracy of the outsourced accounting team.
Seamless transfer of information
Transferring financial data through email can compromise security in a business environment. That is why Georgen Scarborough recommends using secure channels for quick and efficient transmission of sensitive documents. For an easy and effective paperless transfer of financial information, use QuickBooks.
Keep an eye on your financials
After handing over the financial operations of your business to an outsourced bookkeeping service, you, as a business owner or manager, cannot stand back and leave the responsibility to them. Review the financial and management reports at regular intervals to gain an insight into your financial and business performance. This can be an excellent method to avoid cash flow problems by ensuring all recorded numbers in the reports add up and there are no discrepancies.
Strategic decisions
Find an outsourced bookkeeping service using powerful accounting software. This helps you make data-driven business decisions. The idea of management accounting is being led by outsourced accounting services across the globe. Management accounting allows for financial intelligence. This intelligence gives you insights into how to improve cash flow and recognize weaknesses in your financial operations. This intelligent data allows you to maximize profits in the next fiscal year and identify financial issues.
In conclusion, sound financial management comes by collaborating with outsourced bookkeeping and accounting firms. For more information on outsourced bookkeeping and accounting, contact Georgen Scarborough, providers of quality Financial and Accounting Goverment Contractors assistance in Virginia, Maryland, and District of Columbia.