When shopping around for an outsourced accounting service for your business, it’s good to have a range of questions in mind to help you assess whether their service is right for you. Questions about their costs, contractual terms, areas of expertise, qualifications, and the technologies and platforms they use will all help you make an informed decision. However, it’s also useful to think about the equation from the other side, looking at the financial accounting questions that an accountant might want to ask you to help grow your business. This will help you narrow down the accountant’s skills, capabilities, and specialist areas so you get the best value from your partnership.
Your accountant will probably want to know what software you use, such as QuickBooks, SAP, Sage, or Xero, as this will help them plan any integration points between your accounting software and other business systems, such as sales or inventory management. This will help your accountant tailor their service and give you an accurate quotation.
Before you begin a partnership with an accountant, it’s good for both parties to know where you stand and what services are needed. For example, are you up-to-date with your tax filings and payments, are there any tax credits or deductions, and are there any significant tax-related events or transactions to be aware of over the coming financial year? This helps your accountant to prioritise the service they provide so that your immediate needs are seen to first.
An accountant will be interested in the financial and budgeting work you may have already done, including any forecasts, whether your budget has been reviewed or updated, and any key assumptions and drivers used in the budgeting process. This makes it easier for your accountant to provide bespoke advice and identify areas to strengthen and improve your processes.
Finally, a brief snapshot or overview of your cash flow will help your accountant to prioritise their advice and recommend the right services for your business. Important information includes any outstanding loans, overdrafts, or lines of credit, and your typical cash inflows and outflows.
An accounting professional will need to know what timescales you are working to, so it’s crucial to provide clear dates and deadlines. Pre-agreed timelines will help keep everything running smoothly and will help your accounting provider keep you up to date with all the management information you want.
To find out more about our outsourced accounting services and how we can support your business, please get in touch with one of our experienced financial advisers to find out more.
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