7 Pieces of Advice for Picking the Right Outsourcing Firm

We asked small-business owners to share the lessons they’ve learned when choosing an accounting firm to work with. Here’s what they learned. 

One piece of advice: pick a local, right size accounting firm that will value doing your work. One time, because I thought the brand of the accounting firm was important in that situation, I used a Big 4 accounting firm to do the audit and taxes, and a local firm to do the monthly accounting. We were too small a client for the big firm and their services and fees reflected that.

-Jack Killion, Founder of Street-Smart Entrepreneurs

Many companies have turned to outsourcing to save time and money. Delegating accounting duties to a remote staff may free up time to concentrate on growth initiatives, but be clear about why you want to outsource in the first place. Do you wish to take use of your onshore team's expertise? Are you looking for particular results for your company? Do you want to save money? You may then build your procedures and match them with your company after you've found this out.

-Jar Kuznecov CEO of Water Softeners Hub

There are many jobs in your accounting department that you may outsource. Bookkeeping, tax accounting, management accounting, financial analysis, and payroll services are all part of the package. An outsourcing partner may provide a variety of accounting services to meet your needs and expand your company's capabilities. Determine the tasks that your outsourced team can do and the areas in which your onshore staff should concentrate. This will make it simpler for you to locate the appropriate individuals to manage your money on a day-to-day basis.

-Dr. Michael K. Newman, CEO and Plastic Surgeon at Dr. Michael K. Newman

Make your priorities clear when outsourcing your accounting. Discuss your company's business plan and how the accounting team can help you achieve your objectives. Also, state what areas of your business require the most assistance. Even if things haven't been going so well, don't be afraid to provide financial information about your company. To provide the finest service to your business, outsourced accounting companies need correct information.

-Richard Mews, CEO of Sell With Richard

Strong business partnerships need clear communication. Make sure that regular discussions are planned so that you can remain informed about daily operations, but also that you can reach out if you have a query or issue. Decide how you'd want to be contacted in the event of an emergency, so you're not rushing to reach someone during a crisis.

-Jennifer Foster, Managing Editor of Authority Astrology

Want to  learn more about small-business accounting? These resources can help: