Businesses across the country outsource their accounting and bookkeeping to save money and time. This is not a simple or easy decision, and a business owner needs to make sure they are able to ask the correct payroll questions.
Every outsourcing service will have their own strengths and features. Ask these right questions to figure out if they are a perfect fit for your business.
1. Can We Meet Our Accountant or Specialist?
A lot of business owners forget to ask hit question and end up stuck with someone who isn’t knowledgeable or doesn’t fit well with the company.
Request a meeting or two with the potential specialist assigned to you.
2. What Services are Provided?
Be sure to find out exactly what services are available and included with pricing.
The absolute best payroll services will provide a full suite of bookkeeping, payroll deductions, benefits, and checks to name a few.
3. Is Your Platform Current?
Don’t get stuck using an outsource payroll service utilizing an old or obsolete platform. You want a customizable accounting software that can cater to your specific needs.
Think about your own technology and IT structure to ask relevant questions related to compatibility.
4. Is There Support to Answer My Payroll Questions?
Do you have on-call support? Who will I be talking speaking with if an after-hours emergency occurs?
Figure out what kind of support is included with any package or tier of service.
5. Can Employees Access the Financial Information?
A reputable and professional outsource financial service company will provide access to financials to anyone approved.
Employees should have the ability to check payroll or personal information.
6. What is the Cost of Your Services?
Sometimes business owners get distracted in the features that it’s forgotten to ask about pricing.
Since you’re trying to save money and make things easier for your business, it should be cheaper and more efficient to outsource than develop in-house.
7. What is the Experience of Your CFOs?
Outsourcing a CFO requires an individual to understand accounting, compliance, and finance. But what is their experience?
Does the CFO have previous results or reference? Has the CFO worked in my business’ industry? Check to see if they have references for you.
8. Is My Financial and Personnel Information Safe?
Cyber security should be paramount for you and your financial servicer.
In a time where “hacks” and breaches threaten companies and individuals, you need to know your company’s sensitive data is safe.
Ask the company where the data is kept and how it safeguards against threats.
9. Can Your Financial and Payroll Services Scale?
You probably want your business to grow, and you want the outsourced financial services to grow with you.
Ask if they are prepared to expand. Can they handle a large business?
10. What’s the Possible Ending of the Relationship?
Maybe you don’t want to keep their services forever. Ask them about potentially phasing out as the CFO or accounting firm for you.
Be sure to ask any payroll questions specific to your business that might make you an exception.
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