Every business today keenly seeks maximum value from accounting and bookkeeping, including accounts, tax compliance, and more. Although these standard requirements remain, the expectations from an accounting department are gradually evolving.
Evolving Accounting Requirements & Shift to Strategic Accounting:
Today, accounting is viewed as a strategic advisory function. Budgeting, forecasting, valuation, tax planning, financial optimization, and cash flow management—all these strategic elements play a crucial role in today’s businesses, whether a small company aiming to establish a foothold or a more significant, established business looking to scale operations.
While gaining a financial edge through advanced accounting is a goal for many, it remains out of reach for numerous businesses. However, companies are moving from traditional compliance-based accounting to a more strategic approach.
Businesses can take their time, but it’s crucial to adopt a strategy-focused accounting model quickly. The reason? There’s a growing shortage of accounting talent.
Accounting Talent Shortage & Need for Expert Assistance:
Today, the U.S. needs more than 340,000 accountants. The number of students entering the accounting industry is lower than ever, and 75% of accountants are nearing retirement age. All these statistics point to an impending talent crisis in the accounting industry. It’s time for every business to protect itself from this talent crisis.
While strengthening in-house teams with training programs and investing in automation tools are effective strategies to mitigate the impact, the best way to address the issue is to partner with trusted remote accounting service providers.
However, one must carefully vet the right accounting service provider who can offer the correct value and provide long-term solutions. With many remote accounting service providers, finding the right one can take time and effort. So, today’s blog offers tips that can simplify the job for you. Read on:
5 Key Features to Look for in a Full-Service Accounting Provider
Look for the Comprehensiveness of the Services: Accounting requirements can vary for every business. While some may need help with Accounts Payable, others might focus on reconciliation or Accounts Receivable. Over time, one may encounter problems in different accounting aspects, such as taxation. It’s always advisable to see if the accounting service provider offers a well-rounded suite of services. This will save you time when you need additional assistance finding a new service provider.
Check Their Expertise: While the number of CPAs, certifications, and years of experience are basic qualifications that can help gauge potential, remember to consider their area of expertise. Accounting requirements for restaurants or real estate industries can vary widely and may need specialized expertise. Based on your industry, check if the accounting firm has specialists in that area.
Verify the Track Record: Experience and services are good indicators but should be accompanied by the track record of the accounting service provider. Though it is possible to take a chance on a new service provider, an experienced provider with a solid reputation in the industry will likely offer streamlined and efficient service delivery. Check their testimonials and accounting service case studies for references.
Customized Accounting Solutions: Every business is different, even within the same industry, and so are its accounting requirements. Specific needs vary based on the in-house team’s expertise, business requirements, and even seasonality. It helps to have an accounting service provider offering customized accounting solutions tailored to your requirements. At Back Office Accountants, besides providing standard Accounts Receivable, Accounts Payable, and reconciliation services, we also offer end-to-end accounting services that cater specifically to clients needing customized solutions.
Technology Infrastructure: One of the significant benefits of hiring a back-office accounting services provider is access to cutting-edge accounting technology infrastructure that every business may not have. With the rapid emergence and adoption of accounting automation tools, technology has made significant strides in improving the accuracy and efficiency of accounting tasks. Based on your core requirements, verify that the accounting service provider has access to the right technology resources that can be leveraged effectively.
If you are actively looking for an outsourced accounting provider, we at Back Office Accountants can provide exceptional value to your business. As a trusted accounting partner with an outstanding track record, we specialize in delivering need-based Accounts Payable, Accounts Receivable, and reconciliation services. Additionally, we leverage our cutting-edge accounting tools and expertise to craft customized accounting solutions with our full-service back-office accounting services. You can check out our testimonials here.
