8 Points To Examine Before Choosing An Accounting Services Partner
Businesses are often challenged when looking for new and technology-driven ways to efficiently organize and run non-core activities of the company, while balancing it well with the core jobs. Organizations are looking at ways to adjust their cost-to-benefit ratio and hence outsourcing accounting services, in order to systematically manage both aspects of business operations.
Why Should Small Businesses Outsource Accounting Services?
Account bookkeeping and managing financial records is hands-down, a crucial part of any business. For small businesses, managing finances manually or through spreadsheets can seem workable at first. All it takes is a sudden growth spurt of the company to bring the entire system crashing down.
Hence, business leaders should have a plan about maintaining their financial accounts from the moment they decide to run their own company. Outsourcing accounting services gives them the edge to accurately manage their finances from the start, thus avoiding any mishaps in the future.
Managing a company’s accounts requires undivided attention to detail and time-consuming manual tasks. This loosely translates to the fact that business leaders need to divert their focus from the core, growth-driving activities of the organization to mundane accounting tasks. Accounting services outsourcing ensure that businesses can concentrate on tasks that add value to their company without compromising on the non-core, integral tasks of the organization.
Looking to streamline business operations by outsourcing accounting services?
Before you take the leap, here is an 8-point checklist that you should keep in mind.
- Do a Quick Background Check – For businesses to trust service companies, they should first check their credibility, especially when this company would handle your business finances. Get a comprehensive idea about their business workflow, employees who will directly handle your accounts, and the overall services they provide.
- Availability of Latest Software – Being tech-savvy is the new trend that is keeping businesses in the race towards success. The availability of advanced software makes the accounting process faster and more accurate. There are no point outsourcing accounting services if the company does not use the latest accounting software to handle and manage financial data of businesses.
- Maintenance of Data Security Standards – Business financial data is sensitive. When you are handing over access of your financial records to a third-party, you must check the cybersecurity standards followed by the company providing outsourced accounting services. Get information about where they store the data, employees who have access and whether or not their cybersecurity framework is up to the mark.
- Cost-Effectiveness: For small businesses, it is imperative to consider the cost factor. Find out if your accounting services provider is overcharging you by comparing market rates for outsourcing accounting services to small businesses. But again, lower cost does not necessarily mean that the services provided would suit you well. The best approach is to carefully look into the cost to benefit ratio, keeping in mind the quality of work that is getting done.
- Employee Expertise: Your outsourced accounting services partner should have employees who are trained in handling and managing financial books and hold rich experience in the same. They should be experts in dealing with day-to-day, complex business transactions, maintain budgets and keep track of sudden other business expenses.
- Conduct a Quality Check: Before signing on the contract and agreeing to hand over crucial information to your accounting services partner, you should definitely assess their skills and quality of work. You can get a holistic, practical idea about their services, find out if they are completing the work during an acceptable time-period and learn more about their workflow and business processes.
- Look for Client References: Another important step towards choosing an accounting services company for outsourcing financial jobs is looking for client testimonials. You need to have a fair idea about the kind of clients they serve and whether or not their industry matches yours. Research in detail on existing client reviews, before going forward with a particular accounting services outsourcing company.
- Seamless Communication and Easy Availability of the Service Company Leaders: Your accounting services outsourcing partner should be in constant communication with you. To effectively manage the company’s finances, service providers should work closely with business leaders to come up with an organized daily report, resolve issues related to financial data and manage official budgets.
PikoHANA – Single-window Solution to all your Accounting Services Requirements
Accounting experts at PikoHANA hold unmatched experience in handling and managing complicated financial transactions of businesses, while also taking care of complex business budgets and abrupt expenditures. The employees are committed to working closely with key stakeholders and decision-makers of businesses with the aim to maintain cordial business relations to effectively simplify financial transactions and add value to the company’s growth potential.
The Key Features of Accounting Services provided by PikoHANA:
- Accounting system support inclusive of system fees and related costs along with monthly bookkeeping services.
- Accurate reconciliation of bank statements to avoid any discrepancies.
- Seamless processing of invoices of vendors and associated service providers.
- Maintaining strict compliance with financial reporting standards.
- Comprehensive preparation of unaudited financial statements.
- Preparation and filing of quarterly GST-returns for businesses based in Singapore.
What Makes PikoHANA the Right Choice for Outsourcing Accounting Services?
PikoHANA is not only your regular service provider, but it is also a one-stop answer to all your back-office needs. From seamless technology-driven workflow to a client-centric business approach, PikoHANA aims to add value to small business and corporate offices by simplifying mundane, repetitive tasks.
By outsourcing accounting services to PikoHANA, businesses can get access to the AO Dashboard – a customized platform that gives a holistic idea of your business from an operational and financial standpoint. The dashboard provides key financial metrics, reports and audit statements, balance sheets, cash flow records, and several other diverse business data through a consolidated and simple interface. Services at PikoHANA are exclusively crafted to address the growing back-office concerns of business, in turn allowing them to focus on the company’s core activities.
In conclusion, looking for the right outsourcing partner is complicated and it requires immense research before deciding on a particular company. PikoHANA fulfills all the requirements mentioned in the 8-point checklist which makes it the perfect choice for outsourcing accounting services and other back-office solutions.