It’s easy to look online for a BPO company that specializes in handling finance and accounting, the hard part is sifting through your options and finding a provider that delivers exactly what your company needs. To make the search more manageable, many BPO experts and business consultants advise companies to prepare a checklist of qualities that they want their BPO partner to have. To get you started, here are some of the qualities a good finance and accounting company should possess:
- Customizable service. Ideally, the F&A company should offer a wide range of services that will meet the needs of your company. They should be able to provide everything from simple bookkeeping to preparing crucial financial reports. This way, your company doesn’t have to look for and pay separate providers, and you’ll able to rely on the same provider should you need a wider selection of services in the future. Also, look into F&A companies that offer flexible service options like full-time, part-time and partial service packages. These choices allow you to pay only for the aspects of the service you actually use and need.
- Standardized process. Having standardized processes is a telling sign that a company is stable and well-organized. This helps ensure that the provider is capable of keeping the same level of service for all clients. Having standardized processes in place also means that the associates handling your account are supported by a system that allows them to meet the KPIs and targets that you initially set with the provider.
- Automation and new technology. The technology used in bookkeeping and accounting advances all the time. F&A companies that are keen on adopting new technology are ahead of the curve when it comes to saving time and money, and these benefits are easily passed on to their clients. Research the tools that your prospective provider uses and ask how these help improve the accounting process, compliance with the laws in effect in your area of operation, and the overall transparency of how your finances and accounts are managed.
- Professional integrity. The company or freelancer that you choose to work with should have exemplary knowledge of local and international standards and laws concerning accounting and financial practices. Additionally, they should be easy to get in touch with, and if you’re working with a company, have a stable lineup of management heads. Steer clear of companies that have earned bad reviews or have been blacklisted, or professionals that don’t have a good understanding of F&A processes and guidelines.
- Reliability and continuity of service. Smaller BPO companies sometimes experience staff turnover or take on too many clients, which in turn affect the reliability and quality of their output. Freelancing professionals aren’t exactly immune to this kind of situation, either, as they don’t always have someone who can take over their work in case they get sick or get into an emergency. Think of these situations when looking for a service provider and—regardless if you’re eyeing to work with a large finance and accounting provider, a smaller outfit, or freelancers—discuss the contingencies they have in place should something unexpected affect their deadlines with your company.
Consider the qualities mentioned above and give a good thought to your company’s particular concerns with handling F&A matters. When meeting with potential providers, ask about their processes, tools, and how well they know the F&A standards used in your location. At the same time, bring up the particular F&A-related concerns of your company and inquire about the solutions they can offer. This will facilitate the matching process and help you find a company that can meet your business needs and rise above your expectations.