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Some Helpful Tips for Selecting an Outsourced Accounting Services Provider

By Analytix Editorial Team

November 19, 2018 0 Comments
Tips for Selecting an Outsourced Accounting Service Provider

Accounting and bookkeeping are functions essential to every business, regardless of size and industry. These are also time and attention-intensive functions because the results influence the financial health of the business. Although there is a range of software available that can help small businesses with their accounting needs without investing heavily in either expensive manpower or infrastructure, use of this software requires training.  Furthermore, infrastructure needs can also dominate this point. Without the right infrastructure, including security measures, the business may find it difficult to achieve the desired results from even the best software programs. There is a solution though: Outsourcing.

Choosing to Outsource

Outsourcing provides small businesses with the benefit of industry expertise minus the difficulties of combining it all together in-house. Outsourcing, when the service provider is chosen well, can allow businesses all the benefits of a dedicated, in-house department at a lower cost, less time, and fewer worries.

Here are a few helpful tips on how businesses can optimize outsourced services:

Moving to the Cloud

It is ideal to research whether the outsourced services provider has previously worked on Cloud transitions. With more businesses and transactions moving to the cloud, physical boundaries have blurred. However, this has not resulted in the process becoming particularly easy or foolproof. However, with an experienced provider, there is less risk of issues arising such as data loss or corruption. An important consideration to make when moving to the cloud is ensuring virtual data backup. A reputable outsourcing services provider should possess sound backup capabilities in case something does go wrong.

Ensuring Data Security

For some businesses, the concept of outsourcing raises concerns about data theft or data security concerns. An established provider should be able to allay these fears. An outsourcing services provider who has been in the field for more than seven or eight years is better positioned to meet security requirements than someone with less experience. Furthermore, providers of outsourcing services need security at two levels: their own as well as their clients’. As a result, businesses are often safer in the hands of an established service provider than in an in-house solution investment.

Data security is better managed by an established provider because it requires consistent software updates, patch upgrades, etc., all of which require investing time and attention, as well as money.

Process Automation

Automation of accounts not only saves time, it also promotes accuracy of figures and records, enhancing the overall reliability of the data at hand, including numeric bookkeeping and financial records. Because accurate accounting is a result of diligent bookkeeping, automation is the right solution when ensuring no records go missing. Automation not only helps record transactions, but depending on the solutions chosen, automation can help streamline some functions such as better managing Accounts Receivable and Payable by sending reminders, routing notifications through email, and ensuring timely payouts.

All of these actions require skilled staff and trained personnel to operate, troubleshoot, and manage automation. Outsourcing it to a provider resolves these issues, leaving the business with reliable accounting and detailed reports.

Why Choose Professionals?

Accurate accounting information provides a business with clarity on finances and cash flow, the ability to make informed investment decisions, and the opportunity to grow the business due to confidence in financial stability.

When a professional and established outsourcing provider is on-boarded, the business gains support through better accounting and the judicious application of data and information provided in accounting reports, allowing for more informed decision making.

At Analytix Solutions, we offer a full-range of scalable bookkeeping and accounting solutions for startups and small to mid-sized businesses. Our services help streamline operations so that financial records are accurate and reliable, leaving business owners free to focus on business development activities. For more information on how we can assist your business with accounting and bookkeeping, call us at 781-503-9004 or email us at [email protected].

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