Outsourcing to professionals and delegating non-key business functions, such as remote accounting and tax consulting, is no longer just a necessity, it is often the only right solution in a total transition to remote work. Problems with finding a company do not usually arise. By entering the necessary service in the search box hundreds of proposals will fall on you, but how to choose the right company to meet all your requirements. And most importantly, what are the requirements to choose an accounting company working remotely, we will try to explain in this article.

Freelancer or an accounting company to outsource?

First you need to understand the quality difference between a freelancer at a distance from a company that provides remote accounting services. A natural person in the role of a remote accountant usually works without an agreement, respectively, does not take and does not bear any responsibility. Given the specifics of accounting activities and the fact that this area is directly related to your money is a very risky option. Security, which should not be disregarded when it comes to the financial well-being of your business.  

A working relationship with a freelancer is not backed up by anything, payment is often made past the cash register, which a priori relieves you of responsibility for the work you have done. If you are lucky, you will find a dedicated accountant who will prepare and submit reports, maintain documentation, help with tax optimization, and advise you on issues that arise. But without a contract, you are not insured against the human factor in the form of sudden illness at the time of filing a declaration or 10 weddings/funerals for one month.

A company that provides remote accounting services inspires much more confidence if the contract is drawn up correctly and all requirements are taken into account. Usually, there is more than one accountant in such companies – they share experience and help each other, so you will definitely not find yourself in a desperate situation during the reporting week when one of them will be incapable (or will go into creative work).

How do you know the company is right for you?

In order to choose the right company you need to pay attention to these indicators:

  • Positioning of the company in the market (information about clients, website, social networks). The more competent information is presented, the more the company is trusted;
  • Learn in detail about the company’s employees and their experience. Usually this information is presented on the site;
  • Understand what the company specializes in. The list of services provided by the company within the framework of accounting and its relationship with the tool;
  • To learn about software accounting, in which tool the company works and how it organizes accounting. For example, we use the program Balance.ge. In addition to accounting and tax accounting, there is a possibility to make a management record, where you can track information about cash flow and upload financial reports online. This function helps customers to know all the necessary information at any time;
  • Cloud storage and the ability to sign contracts in electronic format. Personal meetings with the client are absolutely unnecessary and any questions can be solved online with the help of a messenger (in our case Telegram) or with the help of a video conference (Google meeting, Zoom) it is possible to solve any disputed tax issues;
  • Related services: audit, contractual work, family office, legal issues. It is important that the company is not limited to one accounting, but provides a full range of services and support in the form of advice on all arising issues;
  • The financial responsibility of the company should be set out in the contract for all calculations and declarations. This is very important and must be taken into account;
  • Company liability insurance is also very important and it should be checked whether the company’s liability as an accounting agency is insured. If an error is made, all damage will be compensated within the insurance amount;
  • Communication in convenient messengers, quick response and prompt resolution of all arising issues.

What’s the contract worth checking out?

Now let’s find out what requirements should meet the accounting company working remotely and what must be included in the contract:

  • Good faith performance of obligations assumed in accordance with applicable law;
  • Keeping records of economic and other operations of the client on the basis of the provided primary documents;
  • Delivery of work in due time;
  • Absolute confidentiality;
  • Return of documents after the contract expires;
  • Financial liability for the consequences of late submission of necessary declarations or incorrectly submitted information, expressed as compensation for penalties or fines imposed by tax authorities, which arose through the fault of the accounting company;

Our company, as you understand, meets all the above requirements and standards. Leave an application and get a free consultation on remote accounting services.

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