When a CEO decides the current accounting processes are ineffective or broken, resulting chaos can abound, leaving the company coping with a loss of productivity and profitability (then again, they probably were already). Choosing new accounting services should be implemented through a step-by-step plan in order to ease the frustration and trauma of changing gears and decrease any resulting financial losses or potential hiccups in transfer. While there’s no set path that works for every firm requiring a new accounting solution, everyone involved in the company’s accounting, needs to be focused on finding a new accounting services provider who can offer an effective and profitable partnership. Especially if you are transitioning from an internal team to online accounting services, pay careful attention to every detail to ensure a smooth hand-off.
Education Is Knowledge
Education is the key component to finding a great accounting services provider. Your accounting needs should fall into the scope of your business, as choosing services not right for you may have a detrimental effect on your business. Be sure to keep communication open and ask plenty of questions—be clear about how you have managed things in the past, what worked and what didn’t, and your expectations for future services. You need to have the proper tools to make an informed choice when looking for the best accounting solution for your business. Having complete information such as an accounting services list, costs, and references, will aid you making an informed decision. Be wary of making solely price-motivated decisions though. While the cost should be on par with your needs, choosing the cheapest service will often result in the cheapest results!
Define Your Objectives
Every person on your team involved with bookkeeping services or accounting processes needs to be on board with hiring a new firm to manage the financial aspects of your organization, and this is particularly true of larger organizations where the final decision can affect everyone. Define your objectives before starting your new project. Let staff critique your current accounting system and outline expectations for the ultimate financial system. Remember to account for managers tasked with tracking time and approving projects, finance team members responsible for analyzing data and the entire C-suite to make sure your needs are carefully outlined. What one person needs in a report won’t necessarily include the needs of the entire organization.
Organize a Project Plan
This isn’t entirely your responsibility but set the wheels in motion by ensuring you have a clear outline of the project to transition your accounting. However, your new online accounting services should have a detailed plan for how they will take over your daily bookkeeping and ensure a smooth, error-free transition. Make sure they have processes in place, especially if they’ll be doing back work on your accounting or setting up new files.
Source Recommendations From Trusted Advisors and Peers
Accounting providers need to be well-versed in medium-sized business processes, and be able to provide intricate information regarding financial practices. If you can get recommendations for vetted services, you will be that much closer to finding your perfect accounting services match. Ask about positives (and negatives) that your colleagues have experienced with their own services. Even if you can’t find anyone to recommend a company, ask your prospective companies to provide client recommendations so you can evaluate their current clients’ experiences.
Evaluate and Define
With preliminary information in hand, the hard work starts of sorting through it to find the firm best able to fulfill your business’s financial expectations. One size does not fit all, and that’s why you must analyze your current accounting system, gather your research together and decide which firm is the best choice for your unique business.
