Ah, accounting. Such a small word for one that entails a great deal of work.
Financial management is critical to any business. Regardless of what businesses are trending, a healthy cash flow still remains to be the lifeblood of a functioning company. Staying on top of your sales and expenses (i.e., knowing where the money is coming from or going) is critical to your business success.
However, let’s face it. Accounting is tedious and time consuming. Sure, you can’t do without it, but you also risk neglecting actually growing your business if you allocate too much time for it. On the other hand, hiring a full-time bookkeeper or accountant can be too costly for most small business owners too.
So, what’s the solution to all this?
In a word, it’s outsourcing to the Philippines. Now, before you roll your eyes, hear me out.
The Philippines happens to be a hotbed for some of the world’s best remote talents. Whether we’re talking graphic design, customer service, or bookkeeping, they’re bound to have some pretty viable candidates for it. In addition, the country’s melting pot history also resulted in its citizens having an excellent command of the English language. Their neutral accent, for one, makes communication a lot easier, and this is critical to any successful remote working relationship.
Now that that’s out of the way, let’s talk about how you can go about outsourcing accounting and bookkeeping successfully:
1. Identify the specific tasks you want to outsource.
Accounting is a big and diverse field. It would be easier to hire the right people if you’re clear about the specifics of what you want them to do from the get go.
What does this mean? Well, for example, instead of saying you need an accounting expert, list down the tasks you need to outsource. These may include:
- Payroll management;
- Tax preparation and filing;
- Drawing up financial statements.
If there’s a specific software your remote worker needs to be familiar with, be sure to indicate that as well.
2. Canvas your options.
You can look into hiring a freelancer vs. going through an outsourcing agency. For the former, you can troll online job platforms, check Facebook groups, or ask for referrals. In the latter’s case, well, you can check out Remote Staff. *wink*wink*
Both options have their own pros and cons, of course, which you can read about here. Thus, make your decision based on which option suits yours and your business’ needs better.
3. Seek out a remote worker or team with the right experience.
It’s all too tempting to hire the next stay-at-home parent with rock-bottom rates to do your numbers. But remember, an amateur’s mistakes could end up costing you far more than an expert’s paycheck ever could.
So, by all means, seek cost-effective options, but don’t neglect the level or sort of experience that your business needs too. If you have a small or medium business, you’ll want to work with someone who’s used to doing the numbers for such. It’ll make onboarding them easier, and you’ll have more peace of mind down the line.
4. Book a discovery call or call back to learn more.
This will apply if you opt to outsource your accounting or bookkeeping via an agency. Fortunately, such calls are free of charge, but they’re a great way to learn more about the company.
For instance, you’d want to know about how long they’ve been in the industry, their SOP’s for recruitment and onboarding, as well as their pricing. If you have concerns or questions about other things, you can bring them up during the call too.
5. Interview your remote working candidates individually.
Once the agency does forward a short list of candidates for you, take time to interview them one by one. A video call is actually advisable so that you can verify their identity and test the stability of their internet connection at the same time. The latter is especially important if you want to be in constant communication.
Also, a video call is great for assessing a candidate’s ability to communicate effectively. Analyzing and interpreting such numbers are a key part of the job, after all.
Lastly, when you do manage to hire your remote accountants or bookkeepers, do make it a point to stay in touch with them. Of course, you shouldn’t involve yourself in the nitty gritty of things anymore, but you should have periodic meetings at least. The key is to keep yourself updated and for the team to always be on hand in case you have questions.
With Remote Staff, we’ve got a rich pool of Filipino remote talents. We also take care of pre-screening each of them to ensure that they’re proficient in the latest bookkeeping software and that they’re equipped to be responsive and efficient remote workers.
Click here to schedule a callback today and experience cost-effective convenience for yourself.