7 Tips to Hire an Outsourced Bookkeeping Services Provider

Outsourced bookkeeping is one of the most sought-after services in the accounting world. A ForrestBrown survey on the trends in outsourcing for 2020 revealed that bookkeeping and payroll are among the most widely outsourced services by accounting firms in the UK. In fact, almost one-third (33%) of the survey respondents confirmed that they intended to use outsourced bookkeeping services in the next three years.

Bookkeeping, being an essential function of accounting, cannot be avoided. However, it is a cumbersome job that keeps accountants extensively occupied, thus preventing them from focusing on value-based tasks. This can severely hamper accounting firms’ rapid growth and success in today’s competitive world. Therefore, outsourcing the function is the most viable solution for growth-focused accounting practices.

Also read: 5 Unparalleled Benefits of Outsourced Bookkeeping Services (qxaccounting.com)

Choosing the right outsourced bookkeeping provider is not an easy task. There are numerous outsourcing providers in the market and each of them claims to be the best in business. How do you ascertain the right partner for your practice in such a case? Let’s find out.

Bookkeeping outsourcing is the need of the hour for small and mid-sized accounting practices. Here are seven valuable tips for finding an outsourced bookkeeping services provider for your firm.

1. Look into your inbox

The most common question we’ve heard accountants ask is- Where do we find the right outsourcing partner for our firm. You may look for a bookkeeping outsourcing provider at multiple places, but let’s keep it simple. Your search for the right outsourcing firm can begin right from your email inbox.

Top outsourced bookkeeping providers regularly send emails with the latest updates and alluring offers to prospective clients. You may have received plenty of such emails, but the most common instinct is to dismiss them as spam.

Scan your inbox thoroughly to find some potential outsourcing partners. Read their emails and visit their website. If they have provided an email ID or contact number, reach out to their representatives. This can yield a lot of information and help find a potential outsourcing partner easily.

2. Search the web

The second easiest way to find a bookkeeping outsourcing provider is to conduct a quick Google search with the right keywords. Search for phrases like ‘outsourced bookkeeping services UK’ or ‘best bookkeeping outsourcing providers’ to get a pool of results thrown at you.

Visit the websites of the top resulting firms and make a note of their services. Prepare a list of the top 5 firms you feel suit your needs the best. You can determine the right fit for your practice through in-depth research at a later stage.

3. Attend accounting conferences and events

Accounting conferences and events can be the best places to meet and interact with potential outsourced bookkeeping partners. Visit the firms at various booths or sign up for their speaker sessions. Interact with their representatives and learn more about their services.

Most of these firms reconnect with their attendees through phone calls or face-to-face meetings to discuss business prospects post the events. This can be your chance to explore a firm’s experience and expertise in detail and thus determine the right outsourcing partner for your practice.

4. Research is key

Once you have a list of the potential outsourced bookkeeping services providers for your firm, it is time to research them. You may have emails from the providers explaining how they are the best in the industry or how robust their processes are. However, do not simply take them at face value.

Look up each outsourcing provider on the web for additional details other than their services, prices, and discount offers. Find details such as their industry experience, types of clients, awards and affiliations, data security measures, and client testimonials. This information can tell you a lot about a firm’s expertise in the accounting and bookkeeping field.

5. Chat your doubts away

Although there’s enough information about top outsourced bookkeeping providers on the internet, you may not always find every detail that you are looking for. For instance, you may want to know about a firm’s communication strategy or how they hire their offshore bookkeeping experts. This is where interviews can be critical.

A simple chat or a detailed interview with an outsourcing firm’s representatives can give you a detailed insight into their processes. Ask your potential partner multiple questions and gather as much data as possible. This will help you evaluate the firm on several bases.

6. Comparison is important

By now, you may have gathered enough data about a couple of potential outsourcing partners for your firm. But how do you ascertain the one firm you should outsource bookkeeping services to? The answer is- through comparison.

Each firm has its expertise, strengths, and limitations. Therefore, it is essential to compare all the shortlisted providers based on multiple parameters. Rate them based on the information you have gathered and analyse the results. This will help you zero in on the ideal partner for your firm.

7. Conduct a background check

The final step is to conduct a thorough background check once you have finalised an outsourcing provider. At this stage, you have all the information you need about your bookkeeping outsourcing partner, but it is important to get it evaluated from authentic sources.

Ask your outsourced bookkeeping provider for references and speak to their current and past clients. Interview them about their experience and get their overall verdict on their services. Also, talk to your colleagues and peers and inquire if they or anyone they know has worked with the firm.

A thorough background check can help you look at the outsourcing process from the progressive lens of a third party. After the background check is complete, you are ready to sign the contract and onboard offshore bookkeeping experts to your team.

Also read: The Step-by-Step Guide to Outsource Bookkeeping Services (qxaccounting.com)

Conclusion

Your overall experience of bookkeeping outsourcing depends on the provider you choose. The right outsourced bookkeeping partner can permanently resolve your staffing issues and help increase your firm’s capacity to scale, whereas the wrong partner can put your hard-earned reputation at risk. Accountants must be thorough with their due diligence before choosing the right outsourcing firm to team up with for their bookkeeping needs.

QX Global is a leading bookkeeping outsourcing provider in the UK with over 12+ years of experience. We make bookkeeping a profitable and hassle-free process for practices through our highly skilled and trained bookkeeping experts.

To know more about our services, visit Outsourced Accounting, Bookkeeping, and Payroll Services | QXAS UK (qxaccounting.com) or call us on +44 208 146 0808.