Not only are there many competing accounting firms to choose from, but they offer various services you may or may not want or need. Here are 5 important questions to ask outsourced accounting firms before hiring them:
- What accounting services do they offer? Some firms specialize in payroll service but go light on accounts receivable or payable duties. Others may specialize in tax services or offer many general services . The choice of accounting firm will depend on the size and industry of your company, your in-house office resources, needs, and budget.
- What are their references? Before turning over access to your most sensitive financial records, you’ll need to find out how reliable their company is. How long have they been in business? Ask for references from other businesses, and then call them yourself and ask questions.
- How do they charge, and what is the cost? Many accounting services have specific pricing packages. If you have a difficult situation with tangled or missing records, missing payments or tax issues, you’ll want a breakdown of what the cost could be ahead of time. Ask about flat fees, hourly, or retainer costs.
- What accounting software do they use? Don’t assume the accounting firm handles literally any accounting or database software. Many don’t. Think about the software you already work with. Do they deal with it, or do they recommend you change? That may include additional cost.
- Do they require a contract? A contract documents that both parties understand the terms agreed upon. When reviewing a contract proposed by an outsourced accounting firm, consider carefully if you want to be obligated to use their services for a given period of time or not. Are you comfortable with the expectations outlined for the accounting firm and also for your business?
We will be happy to answer these questions about our accounting firm and any others that you have in mind. We want our clients to feel a strong level of trust in our relationship.