Outsourced Accounting : The Execution Process

Businesses nowadays have begun to outsource their non-core business processes increasingly. And there is a reason for it. The low execution costs, hassle-free process, and on-time completion has made it the first choice for those looking to alleviate hassles related to the complex finance & accounting services work.

For the population new to this business concept, it is important to know what getting started looks like. You could be worried about the amount of work that will be required from your in-house team. Of course, the main idea is to take work off your hands and free time. While at the initial stage, you’ll need to invest some time into setting up and training the accounting team, telling them about your requirements, and expectations, the efficiency you will receive afterward will be worth the short term effort. This time will only add up to the accuracy of your finance & accounting solutions over time.

Getting yourself ready

The very first step includes deciding on your business goals as to which part of your finance & accounting needs outsourcing to aid in achieving the same. One way to do that is to walk through the business workflow and map out the entire process from the start to the end, which you undertake for making service deliveries to your clients. However, important is to be agile, and being focused on crucial areas and start as the outsourced process begins to improve with the efficiency of your in-house team.

To map the process, one can make use of the screen recording software or the workflow mapping software. After this has been done, you can easily identify tasks that are the most time-consuming and need to be delegated.

Right outsourced accounting firms can help you map the business process and identify areas that need addressing. Bikham Finance utilizes an effective process mapping technique to accurately identify areas that you would need to work upon.

Select the right outsourced accounting firms

Not all accounting firms are equally potential. Therefore, it is prudent to take your time and identify which partner can offer services most suitable for our company.

Good providers of outsourced accounting services will be someone specialist in this area. Partnering with the right partner also becomes important when it comes to legalities and compliance. Bikham Finance is an expert in offering outsourced accounting with its team of seasoned accountants and bookkeepers.

Managing the outsourcing team

As important it is to partner with a champion team, is to manage them with a champion strategy. This can be done by supervising their functions yourself, or through one of your trusted team members.

Make it a priority to build a comprehensive training program that incorporates not only the service menu but your organizational values as well. This is important as your new team members also need to understand the way you do work. You can request them to pay a visit to your office so they can better judge your work ethos.

After completion of the training period, make sure there is constant communication between you and the new team around any projects, or assignments, or answers to queries you both may have. This will help in getting them more familiar with your process, requiring less training and supervision from your side.

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If you need additional advice on how to successfully execute the outsourced accounting process, reach out to Bikham Finance at info@bikhamfinance.com or you may call 1-800-780-1924.

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