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5 Key points
to consider before choosing a ccounting tax
outsourcing partner
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Accounting industry has been evolving rapidly
especially during COVID-19 pandemic. As a
strategy, organizations are leveraging a
ccounting outsourcing services as a smart
business move to get practical advantages of it,
cost-cutting being one of them. Companies are
choosing India because of the easy availability
of the talent pool required in the finance and
accounting industry.
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To save every resource, companies are opting for
outsourcing to optimize the cost by outsourcing
the compliance back-office work like
bookkeeping VAT, management accounting,
taxation preparation to the experts in another
part of the world. CPA firms in the USA and UK
accounting firms can outsource work like VAT
bookkeeping, year-end accounting, taxation,
payroll and other compliance work to save up to
60.
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5 Key points to consider before choosing
accounting tax outsourcing partner Background
check Always check the background of the
potential a ccounting outsourcing firm you want
to partner with. There are a lot of outsourcing
companies in India that are running their
business without having much experience in
accounting.
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Data security Data security is the biggest
concern for any company. In the accounting
industry, data gets more confidential and
sensitive. Ask your potential accounting
outsourcing partner about the data management
and backup plan mechanism.
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Dont get lured by cheap rates It would not be
wrong to say that the major motivation any
company would get to choose to outsource over
inhouse activity is cost-cutting. But the low
rates for accounting/tax services are not always
best in the interest. Your outsourcing partner
should be willing to give you more than just
saving margins.
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Video testimonials Always ask for the
testimonials of the companys previous clients
and that too video one. Just getting the email
address of the current clients of the
outsourcing partner is not enough. To get
authenticity and confidence, video testimonials
show clients trust, satisfaction and
happiness with their outsourcing partner.
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Resource and technology
Check the teams expertise in cloud accounting
services. Have a good discussion on the
expectation of the workflow, transition and the
ongoing delivery. Ask your partner about which
cloud-based softwares and the technology they
use and how much expertise the team carry.
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