The Way to Outsource Accounting Work

I have been outsourcing some of my firm’s work. The need, was several fold:

  1.  Basic routine work to be done in a timely manner– data entry, reconciliations, correcting errors.
  2.  Financial  reports, review and analysis
  3.  Design management reports – higher level of  in –depth work

The outsourcing relationship has  two aspects:

  1. The infrastructure needed to run a good operation at our end and at the outsourced vendor.
  2. The work content – technical competence, quality and expertise needed.

Both should be kept distinct and should never be confused!!!
Infrastructure relates to 1. Communication modes 2. Computer systems 3. Accounting and related software and competencies. 4. Cultural and communication challenges. 5. Time zone co-ordination and availability 6. Understanding of US rules, regulations, standards, nomenclature and accepted workings 7. Security, passwords, access and confidentiality.
This aspect has to cover ease of work flow between my firm and the outsourcer and all that is necessary to achieve speed. The mental picture is, as if the work resource is sitting in your office ready and able to perform tasks. 
The next aspect is work content and this relates to the input given and expected output. It should also cover proprietary knowledge and ownership of developed IP.
Here, work is classified into projects : 
1. Development – This is the concept and design of new reports and analysis. From here it will   move into   routine work as it becomes accepted by clients.
2. Project work – One off specific work – budgets, ad – hoc analysis
3. Routine. – Repetitive reports.
Each of the above has a project number, deadline and estimated time and is monitored as a separate project. I use social collaboration tools and Skype to interact and keep the projects moving along on distinct tracks and avoid bottlenecks. 
When problems come up, you must be clear as to which category it falls into – infrastructure or work content.
– See more at: http://www.msncfo.com/msnBlog_November052012#sthash.N2zA4ZLM.dpuf

Mohamed Noohu

Mohamed Noohu

MSNCFO founder Mohamed Noohu has over 25 years of varied work experience as Controller, CFO, and business owner. His background reflects diverse industries, company sizes and stages of growth, including very large, well-established multi-nationals in the oil services, logistics, transportation and Insurance industries, mid-sized companies in electronics distribution, and several start-up companies.

Share:

More Posts

MSNCFO Work Experience

MSNCFO provides many opportunities to intermediate accounting students. Throughout my 3.5 years of working with the company, I was able to improve my existing skills,

Grow Your Profits

Let’s talk. Get started with MSNCFO Today

Be performance-driven,
contact us today.

Before you go...

Start growing your profits now

Enter your details below to see how MSNCFO can help your business