Want to Outsource Accounting Services? Here is How to Handle Some Challenges that You May Face
Outsourcing is an all-new norm adopted by so many businesses. It proves to be budget friendly and who doesn?t want that? Businesses always try to save on capital and utilize that money for other things in the company. Today, many businesses outsource accounting services. It is definitely easy on the pocket but some major challenges may come along your way if you are thinking of adopting this method.?
This article aims to educate you about the most common challenges that you may face while deciding whether or not to outsource accounting services and provide solutions for the same so that you can easily handle any hurdles that come along the way.
Let?s take a look:
It goes without saying that you must always prioritize the security and safety of your company data. Your virtual accounting companyshould ensure to keep it secure. Accounting is one of those departments that is always under the threat of being cyberattacked or hacked. When you are digitally transferring your accounting information to your outsourcing company, this threat can become even more serious.
There are many solutions that can be utilized in order to overcome this challenge. First and foremost is biometric attendance for employees. This step is crucial because it keeps you aware of the people involved with your accounting data. Secondly, ask your outsourcing partner to create a dedicated cybersecurity channel. Having an IT security system in the house would make it easier to keep the information safe. Next, you can ask your outsourcing company for 24*7 video monitoring and CCTV footage that records the coming and going of people. Lastly, you can also ask them to carry out security checks and routine inspections to make sure that there is no data breach.
Goals and Expectations
When hiring an outsourcing agency to handle your accounts, your goals and expectations may not always be met. The reason for this is ambiguity. For instance, you have hired an outsourcing team to help you with some projects. While providing them with a background on what you are expecting, there is lack of clarity from your end and you fail to provide detailed information to the hired professionals. They will work on your project according to the information shared by you. Even if they try to provide you with the best service, it will most likely fail to meet your expectations.
The best solution in this situation is to provide in-depth details on the objectives of your project. A good company would ask you for an insightful account of the goals that you want to achieve. This will ensure that the aim of your project is properly comprehended by the hired professionals and that your expectations are met.
Undoubtedly, time-zone differences play an important role when opting for outsourcing services. If you are outsourcing for the first time, you may be expecting calls and emails at odd hours. And then another question arises: whether or not the workflow can be maintained efficiently and productively. In case of an emergency, how will you gather your teams together to find a solution? These issues are genuine and can happen to any company or organization.
To tackle this kind of scenario, the best way is to provide flexibility to your offshore team. If some members of the team take up shift timings according to your time zone, then it will definitely ease your stress. You and your partner agency can mutually agree upon the timings that are feasible for both of you. This way, not only will you be able to keep your productivity high but you can also meet deadlines on time.
Technology and AI
Keeping up to date with the latest technology is a necessity for almost all sectors. AI has come a long way and has proven to be remarkable when it comes to accounting services. AI-powered tools are efficient, error-free and eliminate human mistakes altogether. But what if your outsourced company does not access such technology? It is certainly going to create a problem by speeding down your overall pace. While other departments in your company would be managing time effortlessly, the outdated technology used by your outsourced team will bring down the whole productivity graph.
So, how do you come out of this situation? The answer is simple. Communication. You can ask your outsourcing partner to update their accounting technology so that there is no lag or feebleness. Although, they may have to set up a separate IT base for efficient and effective results.
Language and culture
Well, this challenge may or may not occur. Outsourcing does not limit you to opting for services from a certain part of the world as it is global. If you get the right option, you can choose services from a company that is based anywhere in the world. This can prove to be a blessing and a curse, which means you are not free of hurdles from your outsourcing company. In other words, if your first language is English and you can speak it fluently, chances are your outsourced employees are not very good at communicating in that language. If this is true, you can become doubtful of whether they are receiving your message properly and acting upon it.
In such a situation, all you can do is ask your outsourcing company to provide you with professionals who are multi-lingual and can speak your language better. Since most of the outsourcing companies are set up in the Philippines and India, encountering such a problem is highly unlikely because most of the working professionals there speak in English.
Outsourcing accounting services may provide a few obstacles but they are minor and can be fixed easily. You won’t have to worry about anything, especially if you outsource to an experienced accounting firm.
If you are looking to outsource accounting services to India, partner with us and forget about all the challenges. We will help you streamline your accounting processes and productivity by providing security, the latest technology and round-the-clock services.
Still, have questions?