Outsourcing can help manage deliverables on a slim budget. It also allows the business to grow faster and more profitably. Outsourcing today is backed by technological advances that allow for more secure execution of your projects.
But when it comes to choosing a service provider who can handle company finances, the decision has to be made with utmost care. Below are a few pointers to look at before you make any decision.
1. Research well about the vendor
Always start with a thorough research about the vendor you plan to outsource your Accounting & Bookkeeping. As much possible try to gather opinions from companies who may have worked with the vendor previously; or best try to get in touch with a vendor through reference of your friend in other companies as they would be familiar with their work and other practices.
2. Talk about your requirements in details
As they say – “Never hide any details from your doctor, when it comes to your health”. This goes well intact for your company’s financial health as well. Talk in details for why you want to hire a vendor for managing your Accounts. Get into the details of types of resources and infrastructure that will be used to carry out the task.
3. Signing SLAs are always preferred
Before you onboard a service provider for your Accounting and Bookkeeping work, it is always preferred to get Service Level Agreement (SLA) signed between both the parties. This will remove any chances of ambiguity; and both parties will be clear on what to expect from each other. SLAs should preferably talk about list of tasks to be done by the service provider, timeline for the same, minimum period of the contract, number of resources to be employed, exact cost of the work and payment timelines.
4. Be clear on security measures
Outline the security concerns you might have, including practices for data transmission and communication of information. Transparency on such details will be handy In case the work is carried out on cloud based platforms. Specify any other security requirements and communicate these to the vendor before you start the work. Security needs can differ according to the nature of your business.
5. Prefer those who work online
Working with piles of files and bundles of papers is so old age and waste of time and money for a company. In the age of automation of every business function, look for vendor who uses Online Accounting Management Systems to manage all company finances. Right from collecting employee IT declaration to employee expense bills; managing company money-in & money-out, everything must be managed online for fast and error free finance management.
6. Hire one from online Marketplace
Online B2B marketplaces like FastCollab have already taken care of all the above points and concerns for you. FastCollab Accounting Outsourcing vertical has tied-up with best service providers from across India. Before onboarding we have well researched about them, and have provided them FastCollab’s Online Accounting Management System for carrying out the work.