Companies, large or small, have an obligation to keep accounts. This bookkeeping can be done within the company or be outsourced to an accounting firm. Discover some tips for outsource your accounting.
1 – Do an analysis of the processes within your organization
Before you can outsource your accounting, you need to do a diagnosis of your current outfit :
- What accounting methods do you use in your company: cost accounting, budget accounting?
- What are your deadlines?
- What volume of coins do you process each month or year?
- What declarations do you make each year? What is their frequency?
- What dashboards do you use and how long do you take to update them?
- How many payslips do you edit?
In short, analyze everything you do at the accounting level.
2 – List the tasks you want to outsource
Now that you are clear on all of your company’s accounting processes, here is a list of the main accounting work that you could outsource :
- Accounting entry: posting of purchases, overheads, sales operations, cash flow, payroll posting, etc.
- Tax management: VAT declaration, CVAE, management of fixed assets, etc.
- Inventory work: accounting review, accounting of year-end entries, establishment of the tax return, preparation of annual accounts.
3 – Have an engagement letter written
The outsourcing of the accounting of a company is materialized by the signature of an engagement letter. The purpose of this engagement letter is to provide in detail all the tasks to be delegated to the external service provider.
It is generally concluded for one year and is renewable. Here is an example of an accounting engagement letter.
4 – Define the best cost to outsource your accounting
Outsourcing a company’s accounting can prove to be expensive. The average fees charged by chartered accountants arearound 80 euros excl.tax per hour. This is why it is important to properly distribute the tasks to be delegated and to compare the different solutions available on the market.
However, keep in mind that accounting outsourcing offers some peace of mind. So, think of it as an investment and not an expense.
Outsourcing your accounting is therefore not a decision to be taken lightly. To minimize costs, join an online accounting outsourcing service.
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