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Technology has led to the development of new accounting tools and approaches that have revolutionized how businesses operate. As a result, the outsourced accounting landscape in 2023 looks promising.

Many businesses have transitioned to cloud-based accounting systems and integrated finance software to manage their books. With many new companies opening and remote work rising, there’s been a tremendous increase in demand for outsourced accounting services.

But with the influx of new accounting service providers in the market, it has become difficult for businesses to choose the right one to fit their needs. Here are five essential tips on choosing the right provider for your business.

#1: Decide What You Need from an Outsourced Accounting Provider

Before you start your search for the right provider, you must first identify what you're looking for in a provider. What type of accounting services do you need? What level of expertise do you require? Do you need a full-service provider or just specific services?

Answering these questions will help you narrow down your search and make it easier to find a provider that meets your specific requirements.

#2: Assess Your Current Accounting Process and Needs

You also need to look closely at your current accounting processes and needs. This will help you understand what areas need improvement and what services you need from a provider.

You should also assess your company's growth plans and decide if you need a provider that can scale with your business. This is important because your accounting needs will change as your business grows.

#3: Research Different Outsourced Accounting Providers 

Once you know what you want and need from a provider, it's time to start your research. There are several ways to do this. You can start by reading online reviews and comparing different providers.

Even more important, ask for recommendations from close business relationships. There’s nothing more valuable than a reference from someone you trust. You can also consult with your current accountant, who may or may not be able to provide these specialized services. Once you have a list of potential providers, you can contact them to get more information.

#4: Interview Potential Outsourced Accounting Providers 

After your research, it's time to start interviewing potential providers. This is crucial because it will help you understand the provider's services, experience, expertise, and approach.

During the interview, you should keep these goals in mind:

• Find out what tools and processes they use
• Check online reviews and testimonials
• Get a sense of their customer service
• Learn about other services they offer

#5: Make a Decision and Implement the New Provider

After you've interviewed different providers and gathered all the information you can, you're ready to decide. Choose the provider that you feel is the best fit for your business and budget.

Once you've decided, it's time to implement the new provider. Make sure to create a plan for how you'll transition and communicate with your team to minimize disruptions to your business and ensure a smooth transition.

The Bottom Line

Choosing the right outsourced accounting provider is a vital decision for any business. By assessing your needs, researching different providers, and interviewing potential providers, you can find the right partner to fit your specific needs and requirements.

GJM outsourced accounting services offer a wide range of specialty services for businesses interested in handing over the accounting function to a provider and advisor they can trust.

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Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business & transaction advisory, healthcare management & advisory, outsourced accounting, and risk advisory. The firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution, nonprofit, private equity and utilities.