5 Things to Look for in an Accounting Provider

When you’re searching for an accounting provider what should you look for exactly? What’s a true need versus a want? What is worth paying more for if you can get it? Obviously, every organization will have unique needs to consider, but we’ve put together our top five list of accounting provider must-haves to serve as a quick guide for business owners:

---

​

• Top Accounting Expertise

The most important thing to look for is experience! Using an accounting company that only has a basic understanding of your industry or your business needs isn’t going to benefit you in any way. In fact, it can end up harming your business if the work you’re hiring them to do isn’t being done correctly. You can face cash flow issues, tax-related fines and penalties, and/or lasting brand damage as a result.

Having the right skillset to do the work is of paramount importance even if your business only has basic financial needs. And if your company has more complex financial needs, this becomes even more important!

Ensure that the company you select has specific experience working with other similar businesses across factors like size, location, business growth stage, and accounting method. The goal is to find an accounting provider that can use their expertise to offer better insight into your financial position and advise you well when it comes to future financial decisions to keep your business moving in the right direction.

• Trustworthiness

When it comes to your money, you want to work with someone you can trust! Business leaders understand how valuable a trusted relationship is with their accounting provider. You should always feel like your accounting provider treats your business like one of their top priorities, which means communicating proactively, responding to questions and concerns quickly, and explaining things in a way that makes sense.

Working with the same person month after month allows you to build a relationship with one point of contact so you can feel more comfortable asking questions, listening to feedback, and making strategic decisions together.  

• Control Over Financial Data

Some accounting services are hosted solutions, which means that they take your data and put it into their software system. If you cancel and want it back, you may need to handle migrating the data yourself, which can be a big headache. But the best accounting companies will use an augmentation model, which means that they manage your accounting activities, but the work is done in your accounts on whatever platform you use so you have much greater control over your financial data!

With so many accounting platforms to choose from these days, you may also find some providers that only work with certain software (like QuickBooks). However, the best accounting service providers will have the staff needed to support all major accounting platforms to better meet their clients where they are. Now, that’s not to say that they won’t necessarily recommend migrating to a new platform if there’s one that is better suited to your company’s needs, but they have the experience needed to determine that and work with whichever solution you choose.
 

• Commitment Flexibility

The growing trend in accounting services today is to require clients to sign a 6-month or 1-year contract. While being locked into a contract doesn’t necessarily need to be a deal breaker, many business leaders find the option of a month-to-month service far more appealing because it offers greater flexibility if the service ends up being a mismatch for some reason. It also ensures that the accounting company will work hard to keep their business every month.

A monthly service is also a great option for growing businesses because it’s better able to scale up with them as their needs evolve. Instead of needing to pick a rigid pre-determined plan from the outset, they can bump up the time they are getting from their outsourced bookkeeper or accountant as needed. And if their growth gets to the point where they need to hire someone full-time, they aren’t locked into a contract that would prohibit them from transitioning the role into something more permanent.

• An All-In-One Provider

Some bookkeeping and accounting companies only handle limited types of accounting work like payroll, accounts payable (A/P), or basic bookkeeping. It’s better to find an accounting provider that does cleanup work as well as full-charge accounting so you don’t need to piece together multiple solutions to get everything you need.

Even if it costs a little bit more upfront, prioritize finding a company that will help you catch up, clean up your books, and offer ongoing accounting support to keep everything running smoothly. This gives you the option to receive more advanced accounting help when you need it without needing to go through the process of shopping around again, which will save both time and money in the long run.

We offer top-rated outsourced accounting services to companies and nonprofit organizations of all sizes. Our team of highly experienced US-based bookkeepers and accountants has the kind of expertise you can trust and the availability you need. Find out why so many businesses and nonprofits choose us for their part-time, interim, and ongoing accounting needs. Contact us to find out more today!