Financial services outsourcing can be a daunting prospect for your organisation, but research shows that 70% of B2B business leaders choose to outsource essential activities to propel growth. Although the process of finding the right partner might be time-consuming, it can provide boosted efficiency and expertise, freeing up valuable resources.
In this article, you’ll learn the essential techniques to find the right match for your financial services accounting needs. Here’s a list of key considerations you should take into account in your search for the right financial services provider:
- Understand Your Needs
- Find Experts in Your Field
- Read Reviews Carefully
- Secure Your Processes
- Don’t Ignore the Cultural Fit
- Don’t Get Caught Out By the Costs
- Identify the Perfect Deal
- Let the Journey Begin
Let’s break them down below.
1. Understand Your Needs
You might be eager to dive head-first into your outsourced accounting options. However, it's crucial to have a clear understanding of your exact needs. Take an inventory of all the financial services functions that you are considering outsourcing, from bookkeeping to accounts payable or payroll. Identify your most significant pain points, organisational inefficiencies, and potential bottlenecks that are holding you back from your growth.
2. Find Experts in Your Field
When it comes to financial services outsourcing, it is important to find the right partners with specialised knowledge in your field. The financial and accounting outsourcing market is huge, with a $56.4 billion global market size, so online searches can be overwhelming. Look for partners who can demonstrate a proven track record and extensive expertise via thought leadership or testimonials.
There are specific lines of business where expertise is especially crucial, such as in health care, technology, financial services, or manufacturing. These industries often have to navigate complex regulatory compliance guidelines or need to obtain specific certifications to operate in the field, so a partner who knows how to navigate your industry's framework can be the key to your success.
3. Read Reviews Carefully
In our increasingly digital world, it's easy to read up on financial services outsourcing companies and access reviews of their services from their end-users. Online reputation is an important factor to consider when you are choosing your financial partner. Scour online review platforms and industry publications to see how people feel about the brand, but don't hesitate to reach out to your potential provider's existing clients for reference. You can dissolve your doubts easily through firsthand perspectives.
4. Secure Your Processes
Financial data is one of the most sensitive information that you can hold. From employee bank details to accounts payable statistics and investment numbers, it's vital that you and your outsourced accounting service protect your information at all times.
At the initial stage of your enquiry, ask in-depth questions about the providers' data security protocols and disaster recovery plans. Ensure that your prospective partner complies with relevant data privacy regulations such as GDPR (General Data Protection Regulation) or local regulations, depending on your market. These measures can ensure that you and your financial activities will be best protected.
5. Don’t Ignore the Cultural Fit
Effective communication is the cornerstone of a successful partnership. Pay attention to how your potential financial partner communicates and manages relationships from the start. Look at everything from their preferred communication tools to how many account managers and support teams they can provide for your business.
Setting clear expectations early on about response times and working styles is key to ensuring a smooth collaboration. Moreover, consider their approach to resolving conflicts and giving feedback—it can tell you a lot about how they'll handle any bumps in the road. Regular check-ins and open communication can help build a strong, productive partnership. Remember, finding a partner who fits well with your company culture can make a big difference in building trust and working efficiently together.
6. Don’t Get Caught Out by the Costs
Pricing is undoubtedly an important factor in choosing your financial services outsourcing partner, with 63% of businesses suggesting that their number one reason for contracting an external financial partner is its cost-cutting benefits.
However, focusing solely on the cheapest option can easily backfire. Your ideal external financial partner should offer a compelling combination of competitive pricing, exceptional customer service, in-depth expertise, and top-class security to ensure long-term success.
Don't get blinded by the initial numbers; look for transparency in pricing structures, and ensure that there are no hidden fees or unexpected charges that the provider conveniently leaves out from their online quotes. If possible, ask for a tiering structure when asking for quotes, and always customise your service if that’s feasible.
7. Identify the Perfect Deal
Once you have shortlisted a couple of promising candidates, request proposals from each of them, outlining your specific requirements and timelines. Ideally, you should have these conversations by phone, video call, or in-person to make sure you have the opportunity to ask all of your questions and assess their compatibility.
Your collaboration is likely to be long-term, so spend time finding the right fit for your accounting outsourcing partner.
8. Let the Journey Begin
If you made it this far, you successfully worked your way through the process of finding the right financial services accounting partner for your business and settled on a winning proposal.
While the hard work is behind you, ensure that you start your partnership on the right foot by providing your outsourcing partner access to all relevant documentation, introducing them to key players in your organization, and having meaningful conversations about how to take this collaboration to the next level.
The Final Word
By prioritising these key elements, you can find the right accounting outsourcing partner to help you drive strategic growth through efficiency and expertise. As 74% of business leaders expect their outsourcing budget to increase in the coming years, it's time to explore how you can benefit from this movement, too.
Contact us today to discuss your needs and discover how we can tailor an outsourcing partnership that propels your business forward.
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