Many questions arise when a business owner is considering switching to outsourced accounting or simply trying to learn more about outsourcing as a whole. As a leader in outsourced accounting and bookkeeping, Basis 365 has compiled a list of commonly asked questions when considering outsourcing its accounting.
QUESTIONS ABOUT OUTSOURCING YOUR ACCOUNTING
What is outsourced accounting?
Outsourced accounting is simple - it's having an outside company specializing in accounting handle your financials. No longer is there a need for an in-house accounting department, with the most important thing being all accounting tasks are performed externally. The outsourced accounting team becomes your accounting department freeing up time and resources for your company.
What advantages are there to outsourced accounting?
There are many advantages for business owners who outsource their accounting. Some of the most common are as follows:
Educated and experienced individuals working on your financials
Cost savings compared to having an in-house team
Up-to-date software and technology
Time to focus on other tasks
How secure is outsourced accounting?
When searching for an outsourced accounting team, you should inquire about safeguards and internal policies to keep your data safe and secure. With cloud-based programs and external servers, it's essential to know how your data will be protected. Make sure you select an outsourced accounting firm that is trusted and takes precautions to keep your data safe.
Is outsourced accounting cost effective?
Every situation varies, but outsourced accounting usually costs less than hiring an in-house accounting department to handle your company's financials. When working with a company like Basis 365, you'll save money in more ways than one and will remove the need to plan (and worry) about recruiting, onboarding, salary, and benefits for your accounting team.
Will I lose control of my business by outsourcing my accounting?
While your outsourced accounting team will handle everything accounting-related for your company, with Basis 365, you are always in the loop with customizable, real-time reports and monthly one-on-one meetings with your accounting team. Outsourced accounting firms should be considered an extension of your business, not as an out-of-touch service provider.
Ready to start your outsourced accounting journey?
The first step to getting started with outsourced accounting is realizing the business's areas. Next, you'll want to do a good amount of research on different outsourced accounting providers. Once you have narrowed your list, it's time to interview each company thoroughly. Feel free to refer to our interview guide to know what to ask a potential provider.
Reach out to Basis 365 today to see if we are a good fit for your business when it comes to making the jump into outsourced accounting.