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Outsourced accounting services: How to choose the right company

The value of outsourcing can be measured in both time and cost saving efficiencies.. Real-time financial reporting is available at the touch of a finger-tip, enabling better and quicker commercial decision making. To get started though you will need to choose a progressive accountancy firm which is a good fit for your business – this is a business decision that you will want to get right.

Cloud based accounting

Cloud accounting and the potential it offers businesses has been embraced by many accountancy firms. As well as providing a simpler way to manage bookkeeping, sales and purchases, VAT returns etc., it provides a real-time insight into the financial health and status of a business. From a compliance perspective it will also enable businesses to make an easier transition to the much anticipated Making Tax Digital regime.

In conjunction with getting the technology right, it is crucial that the personal aspects of establishing the right accountancy partner for you are considered. A good understanding of the business, efficient data input, expert data analysis and an ongoing adviser/client dialogue will be vital in your decision-making process.

Technology is great but the people using it need to be too.

Culture and fit

Most of us have a pretty good understanding of what we like and why. When it comes to choosing an accountancy firm to partner with the same principles apply. Here are a few questions it makes good sense to consider:

  • Who will I be dealing with?
  • What are their skills and experience?
  • Are their core values similar to mine and my business?
  • How will I be able to get hold of them? And on what terms?
  • Have they worked in my sector?
  • Do they share the passion and vision I have for my business?
  • Are they forward-looking?
  • What services do they offer beyond outsourcing?

Thinking ahead

Where is your business now? Where do you want it to be in the future? You may even have thought further ahead about how you would like to exit.

Look for the experience and expertise you will need on your journey. Consider who will make a good long-term partner and be able to advise you each step of the way. We are able to add value through advising you well. For example this might take the form of, helping you take advantage of relevant businesses reliefs, tax planning for tax efficiency, finding you investors or buyers, helping you to restructure your business to become more profitable, or ensuring the wealth you have made gets passed onto next generations.

Adding it all up

Investing the time in developing a relationship with Mercer & Hole will be one of the best business decisions you will make. Get that right and you can get on with growing your business.

If you would like to discuss how our Outsourcing service could help your business progress, please do get in touch with me.

 

 

Date: 19th July, 2018
Author: Ross Lane

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