3 QUESTIONS TO ASK BEFORE OUTSOURCING THE BOOKKEEPING AND PAYROLL TASKS OF YOUR BUSINESS

In today’s highly competitive business ecosystem, optimal utilization of time plays a vital role to lead the business towards sustainable growth. Bookkeeping and payroll administration are tedious and comprehensive tasks that requires undivided attention and accuracy at the same time.

Bookkeeping, processing, and reporting your own accounting and small business payroll information may save you money on professional service expenses, but is it really worth it?

You could be spending more time than necessary on all the accounting details that you have and little time doing what you should be – focus on your business. Additionally, non adherence to accounting regulations can lead to your company incurring severe penalties imposed by the Internal Revenue Service (IRS). As a result, SMB’s are now looking forward to partner with trusted service providers who can help them streamline labor intensive processes such as bookkeeping & payroll.

Outsourcing payroll and bookkeeping services for your business requires extensive research. Selecting the right agency or outsourcing company is immensely important for the SMB’s to truly realize the benefits of outsourcing. It is always advisable to choose an outsourcing partner like Quatrro who has over 24 years of experience and expertise in providing tailored, cost-effective bookkeeping & payroll services.

Below are some of the critical parameters that you must consider before outsourcing your accounting and payroll processes

1. Does the outsourcing service provider offer all the services you need?
Outsourcing is an elaborate, long-term, and formal method of delegating specific work. The outsourcing service provider should provide key services such as: Bookkeeping and payroll services, Financial Statement Processing, Accounts Payable Accounts Receivable, Bank and other important Reconciliations that can help you in enhancing the efficiencies of your organization enabling you to concentrate on other strategic areas of your business.

2. Do they offer performance guarantees and what do they cover?
Outsourcing is usually intended to pay off in terms of some or all of the following: improved business outcomes, cost savings, enhanced organizational and financial visibility, enabling you to focus on strategic areas of your business functions and improving the profitability of your business. To ensure that you get what you’re paying for, identify and track the metrics that gauge the success factors you are expecting from an outsourcing provider. Select a service provider that offers a “Flexible Pricing Models” with zero upfront investment from your end as that will ensure you pay only for what you use. The outsourcing partner should also have capabilities in providing ancillary services like Technical Solutions and Merchant Services enabling you to avail them per your business requirements.

3. What about Data Security?
When you outsource a sensitive task such as bookkeeping and payroll service you should be confident about the security of your sensitive data as you will share the confidential accounting data with the hired firm. It is also critical to maintain the privacy of data which is there on cloud. You should always evaluate the outsourcing company’s technology.

Is the outsourcing company investing in new technology?
Can they keep up with technology as demand for it on the employer and employee side
grows?

Apart from above questions, you must strive to seek the answers to some other questions such as:
1. Are there any hidden charges or additional cost applied to any additional support?
2. How you can keep the track of payroll transactions?
3. Are the platforms of the outsourcing company compatible with your company’s existing
accounting systems?

At Quatrro, our team of experienced and dedicated accounting and payroll specialists will work as an extension of your team and provide cost effective tailored bookkeeping and payroll solutions regardless of your company size. With us, you may leverage next-gen technological platforms. A good service provider like us offers capabilities that go beyond what you can do on your own. If you haven’t considered an outsourced solution before, make this year the year you switch. It will deliver peace of mind for you as the owner, enabling you to focus on the strategic activities of your business.

Conclusion
Many companies have a misconception that by outsourcing they lose management and supervisory control over their financial operations. In fact, outsourcing enables business owners to exercise a more stringent and specific control on their accounting processes. There is increased accountability, clearer metrics and analytics as proof of performance. There are minimum standards outsourcers have to meet based on service level agreements and long-term contracts. Besides, outsourcing firms use best-in-breed technology for their bookkeeping operations and are therefore more efficient. They regularly back up all their systems and do regular and licensed upgrades of all their software. Consequently, outsourcing the transactional tasks of bookkeeping and payroll can always help in boosting the productivity and saving cost along with your precious time engagements enabling you to focus on strategic outcomes of your business.

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