Sunday, October 26, 2008

Here’s How To Make Sure That Your Bookkeeping Service Provider Is Trustworthy

When it comes to business, outsourcing is always a tough call to be made. It is never easy to convince yourself or your partners that you are going to entrust a service provider with the internal business operations responsibilities. Especially for accounting, it involves the transfer of confidential information to a third party whom you have never met before. So before you make any decision to outsource your accounting, the following points should be taken into consideration first:
  1. Conduct a background check of the company. As it is your first time entrusting confidential data to a company, it is always wise for you to do a background check first. Search for the company’s details on search engines and you should be able to get a fair idea about the background of the company. You should also try to get details of the vendor’s clients. Ask for their feedback on the service before you make the final decision.
  2. Sign a contract with the vendor. The contract is the basis of any business relationship you have with another company. On the contract, it should states very clearly about the accountability of the outsource provider so as to avoid any confusion on the deliverables. The contract should also list down the tasks that the service provider will perform and these tasks should be open for revision for both the parties.
  3. Request for an evaluation period. If you want to know whether you can work well with the service provider and are they going to meet your expectation, the performance of the service provider needs to be gauged during the evaluation period. The service provider should allow internal oversight by you so that all parties will know the progress of the account and ensure that the contract is being upheld.
  4. Write a performance appraisal after the completion of the assignment. Once the assignment is completed, conduct a performance appraisal on whether the service provider has performed the necessary desired tasks. In the appraisal, also list down areas that you think the service provider can improve. This is to ensure that improvements can be made for future outsourcing assignments.
Outsourcing your bookkeeping to a service provider is definitely beneficial to your company. It is Time VS Money. When you outsource your accounting, you will save money on recruiting and training your staffs to do the accounting work for you. Last but not least, remember to conduct your background check of a company before making any decision.

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