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Anyone have negotiating tips on making sure you get the best deal when outsourcing your accounting?
Does anyone have negotiating tips on making sure you get the best deal when outsourcing your accounting to an accounting firm?
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2 Answers
I am going to answer this question the best way I know how because the answer is relative to what each hour of the day is worth to you. So first of all figure out what your per hour worth is based on your income producing activities and then once you have this, it means that you might what to outsource your accounting to anyone who can provide the services at a rate less than what you are worth per hour.
This is not only feasible; it is the smartest way to go. It all boils down to the 80/20 principle. Your core business activities are responsible for 80% of your income. So if your time is worth money, it only makes sense to outsource the time consuming 80% so that you now have new / fresh time to allot and focus on the the 20% income producing core activities. Another way to put it is that money you are not making is money you are losing so you are indeed losing money by working on non-core activities.
Cost is no longer an issue because due to technology if outsourcing inshore is too expensive, you can outsource to foreign countries and leverage the power of the dollar to your advantage; get great virtual assistants at a very affordable rate from countries like the Philippines for instance.
I have included links to video interviews on my blog with successful Entrepreneurs who outsource their non-core business activities. Check them out, you might learn something
http://www.HireYourVirtualAssistant.com/Leta-Hamilton
http://www.HireYourVirtualAssistant.com/Michelle-Salater
http://www.HireYourVirtualAssistant.com/Tracy-Matthewman
Owen McGab Enaohwo
CEO
HYVA L.L.C.
I would like to add to Owen's answer that you should not only take into consideration the price and your time. Outsourcing your accounting should also produce a better product, i.e., more accurate, more useful information and more informative reports for you to use in making business decisions and in complying with tax and financial requirements. For the outsourced accounting geek this is their bread and butter and, hopefully, their calling in life. Unless your a professional accountant, it is probably not yours. I wrote an article on this and other benefits available at http://www.webbizfinance.com/2010/05/accounting-outsourcing-services/
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