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Due Diligence Checks For Bookkeeping Outsourcing Services

By Expert Author: Amitaabh Saboo

It is no secret that many small firms are migrating to bookkeeping outsourcing services to manage their accounting function. Bookkeeping outsourcing services is a trend that is rapidly growing among the small business community and many different packages, terms and conditions exist. Virtual bookkeeping services are offered and many different rates can be negotiated for different aspects of the bookkeeping function. Make sure to evaluate the outsourcing company well before you sign on the dotted line. Some of the areas you may want to review are the rates, security and privacy, accessibility to your data, accounting software, and turnover. With this in mind you can check the viability of the bookkeeping outsourcing company before you enter into a contract.

Lowest Rates

Don’t just go for the lowest rates in the industry, assess your outsourcing company and determine the details of what you are paying for. Even though you are engaging bookkeeping outsourcing services and the rate is lower than normal find out the number of years experience this firm has in the business and review the levels of expertise available. For a low rate, will all yours or some of your bookkeeping needs be addressed? Check the credentials of the company, the qualifications of the professional staff, customer reviews, and customer complaints. You must be sure that this company is the right one for your business.

Security and Privacy

With bookkeeping outsourcing services you want to be sure that you place your books, your, accounting, and your livelihood in the hands of a reputable firm, one that will not share your information with at third party. Confidentiality is important and you want to rest assured that your privacy is maintained and that your books are secure. The data you provide to your bookkeeper is very sensitive and could have an impact on you, your employees and your business. Find out from your bookkeeping outsourced provider what mechanisms they have in place to protect your data to ensure security and privacy.

Accessible

When you outsource your bookkeeping, is access to your data readily available. If you are dissatisfied with the bookkeeping outsourced services you receive, can you readily download your data and end the contract or will you be locked into an arrangement where you are dissatisfied with the service and cannot access your data? Make sure to conduct due diligence before you outsource your bookkeeping.

Accounting Software

What software is being used to manage your data? Quickbooks is one of the most widely used software applied by bookkeeping outsourced services. Make sure that your bookkeeping service provider is staffed by professionals who are versed in Quickbooks or another reputable software that can effectively manage and track your data.

Turnover

When assessing your bookkeeping outsourced services try to find out the turnover rate of accounting staff at the organization. Some companies provide two bookkeepers to your account so that if one person is unavailable, on vacation on leaves the job your account is not left out in the cold. This kind of personalized attention is what you need to ensure that your bookkeeping is being given the consideration and interest it deserves.

Accurate Bookkeeping Services improves the ability of a firm to focus on business growth while simultaneously curtailing risks and costs. There are many Bookkeeping Outsourcing Firms that work for small and medium businesses worldwide.

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