Outsourcing your recruitment agency’s accounting promises many gains for your business, including reduced costs, greater financial expertise, and more streamlined processes that will also benefit your suppliers and customers.
It’s a strategy that’s becoming increasingly popular in the recruitment sector, but with some agency owners hesitant about outsourcing their accounts, it’s worth considering how you can maximise the opportunity to achieve best value for your business. If you’re ready to outsource your accounts to a specialist, what should you do to make the most from your new partnership?
Consider The Implications Of The Cheapest Option
There are many accounting professionals who will happily market their services to you, with varying levels of expertise, experience, and skills. Some offer a broad spectrum of accounting services for different types of businesses, while others specialise in delivering niche services for their clients.
As with most things in life, quality usually comes with a price. Opting for the most economical solution may leave you with more problems than you have time or energy for and prove not to be the cost-effective option you expected! Ensure your chosen accountancy partner has the qualifications and experience necessary and, most importantly, understands the structure and nature of your business.
Not all accounting businesses provide support for international contractor placements so, if you’re planning to work with overseas clients, it’s essential to check that your chosen accounts partner can support you. At TBOS, we can fund and process placements in 170 countries and take responsibility for every aspect of finance on your behalf.
Prioritise Data Security
Like most recruitment agency owners, you’re probably aware of the dangers posed by weak internet security. When choosing an accounting specialist with whom to work, it’s vital that you do the research to ensure that you’re not putting the livelihood of your business at risk by exposing your critical data to cybercriminals.
Before you agree to enter a relationship with an accountant, ask about the security measures they have in place to protect sensitive financial data. You’ll need to know what network security and encryption methods they use, how dissemination of data is monitored, and how they meet compliance standards.
Communication underpins all aspects of business and is crucial to ensuring clear objectives and avoiding confusion. With cutting your expenditure one of the main aims of outsourcing your accounts, it’s important to ensure that both parties are clear on their responsibilities.
From your first enquiry to ongoing meetings, achieving effective communication depends on several aspects:
- From the outset, make your requirements clear to avoid confusion later about where the burden of responsibility lies for accountancy tasks.
- Ensure your accountancy specialist understands the nature and structure of your business and your key priorities so they can contribute to achieving them.
- Also, only communicate via agreed channels, so everyone is clear who to contact if urgent matters arise.
Keep Track of Finances
Hiring an accountancy specialist to look after your back-office administration doesn’t mean you should take your eye off your business’s finances. As the recruitment agency owner, you need to keep careful track of your business’ income and expenditure so you can make informed strategic decisions that grow your enterprise.
If anything, outsourcing your accounts will make it easier to take control of your finances. Relieved of the pressures of financial administration, you’ll be able to focus on what really matters, identifying opportunities to increase your income and making effective cost-savings whenever needed.