While every business may be different, there are several things that you should keep in mind when selecting the best accounting partner for your organisation.
Whether you are a solo entrepreneur or the CEO of an up-and-coming business, accounting may not be the first thing that crosses your mind. Sure, your plate is full and you are focused on putting out the fiercest fires every day. But at the same time,
accounting is the lifeblood of any business. It simply cannot be ignored—even if you are juggling many other tasks and decisions. This is where accounting partners can provide immense value. By working with an accounting partner, you and your team can leverage a highly qualified team to easily track your company operations, get personal advice and support, and stay compliant with relevant rules and regulations—all while reducing costs and saving time. The value proposition is clear. At the same time, you may not be sure how to actually select the right
outsourcing partner for your accounting needs.
Factors to consider when choosing your accounting partner
This is arguably the most important area that you should consider. Regardless of your business’s size or industry, you will want to find an accounting team that has the experience to best serve you. This doesn’t mean that you have to hire the most experienced or most decorated accounting firm out there. However, examining your target accounting team’s track record and experience is an important exercise. It can help you find a team that is well-equipped to solve your requirements and needs.
Along with experience, you should note your targeted firm’s reputation. Because accounting outsourcing partners are trusted with complex tasks and sensitive client information, you need to select a firm that is known for being trustworthy, competent, and reputable. Client references can be a big help here. Don’t hesitate to ask for references from your prospective firm and actually have conversations with those references. You may discover that your number one accounting outsourcing partner has some red flags (or is a perfect fit for your business).
In any service-based business, communication is paramount. While you may not get an immediate response for every single query that you have, hiring a responsive accounting outsourcing partner can help you avoid some intense headaches. When you are sitting down with a prospective accounting outsourcing partner, don’t hesitate to ask about their responsiveness and communication policy. It will help you stay on the same page and help you avoid different types of communication errors.
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Technology and Data Security
While it may not seem like the most important factor, take a look at your targeted firm’s technology stack and data security policies. You’ll want your targeted firm to use software that is compatible with your existing systems and processes. As far as data security, you’ll want to take a close look at your outsourcing partner’s data security measures (including things like encryption protocols, access controls, and compliance with data protection regulations).
Location is less of a factor today compared to our world before the global pandemic. That being said, if you anticipate having in-person meetings with your external accounting team, you may want to select one that is located near you. However, if this isn’t as important to you, you could cast a wider net in terms of an accounting firm that is located further from your office.
Finally, let’s talk about cost. External accounting firms charge different rates, so you’ll want to identify a firm that provides services within your budget. But at the same time, you don’t necessarily want cost to be your number one variable. It should be one of several factors that you are considering when you make your final choice. In all likelihood, you’ll be able to find a great firm that meets many (if not all) of the constraints in your budget.
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While this wasn't a complete list, focusing on the variables and factors above can help you find the right accounting partner for your business. BDO Malta stands ready to provide unparalleled expertise and a commitment to excellence. With our trusted accounting team by your side, you can rest assured that your accoutning are in capable hands. Remember, the right partner can make all the difference in ensuring your financial health and success.
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