Accounting services - how to choose the best service provider?

There are many outsourcing providers on the market, from multinational accounting networks to smaller, local accounting offices. When choosing a partner, it is important to consider several important factors. Following the price criterion alone can be a costly mistake. To outsource your bookkeeping to an incompetent provider may ultimately translate into higher costs and create numerous risks.

Quality and safety of accounting services

So, what to consider when a company decides to outsource its accounting services and is looking for a trusted partner? First of all, it is important to check the competence and experience of the accounting firm - how long it has been operating on the market, how many employees it employs and which clients it serves. It is worth getting acquainted with the scope of services, the certificates held and the approach to process safety. Reviews or the company's presence in rankings will also be valuable.

Outsourcing of accounting is most often associated with long-term cooperation, therefore it may also be extremely important to ensure adequate communication and a flexible approach to changes by a provider, e.g. if a client's business grows and the scale and/or scope of operations increases.

Accountancy without disruption

In deciding to outsource, it is worth making sure that the service provider has adequate resources, especially the team and the IT infrastructure. A sufficient number of competent employees is essential to ensure continuity of service. The outsourcing company should appoint one permanent accountant who will be responsible for communication with the respective client and coordination of ongoing cooperation. Before signing the contract, it is worth asking who will replace the contact person during holiday leave or sick leave.

See also: Accounting outsourcing – understanding the cooperation with external service provider 

Competences of an accounting company

While selecting an accounting service provider, it is certainly worth verifying how much experience the outsourcing company has and whether it has already provided accounting for a company operating in a similar industry. Certifications for data security and service quality, such as ISO or appropriate procedures, will also be relevant.

If a company considering taking advantage of an accountancy services provider operates in an international environment or intends to set up operations on foreign markets, it will be a good idea to choose a partner from a global accountancy network. Then, the ability to communicate in a language other than Polish will be extremely important. This is why it is worth checking whether the accountants employed by the external company speak at least English.

Outsourcing of accounting - scope of services

Another noteworthy aspect when deciding on outsourcing of accounting is the scope of services provided. The fixed monthly service most often offered by outsourcing companies includes bookkeeping, drafting JPK VAT, calculating tax advances, current reporting, as well as preparing reports to the Central Statistical Office (GUS) or the National Bank of Poland as well as support for tax audits. On top of this, there are accounting services provided at the end of the financial year: preparation of financial statements and annual CIT returns.

Apart from typical accounting tasks, an external company should also be able to offer complementary services, e.g. support during audits, drafting of accounting policies, tax advisory or legal services. In this way, the provider will be able to comprehensively support the client's business development. 

Before starting cooperation with an accounting office, it is important to clarify the scope of services included in the fixed monthly service. In some cases, additional questions related to day-to-day business or the preparation of declarations or reports may be charged extra. Accounting firms often have different approaches to the preparation of their offers, so it is important to check the same parameters.

Accounting firm insured

A responsible and experienced accountancy firm is adequately insured against professional error. Any firm offering bookkeeping services is required to hold compulsory third-party liability insurance, but its amount should always be verified to ensure that it is adequate for the potential losses the firm may suffer as a result of irregularities

Therefore, it is advisable to ask the potential partner for detailed information on the issue of insurance as well as to ask him/her to provide proof that the insurance policy has been concluded.

Outsourcing of accounting - systems

The decision to enter into a contract with a company offering outsourcing of accounting should be preceded by a review of the IT systems it uses in its daily work. Experienced accounting service providers work with renowned financial and accounting systems and can also provide services when working with the client's system. What is important is that each system must be tailored for bookkeeping under Polish regulations. 

Reporting

Since the accounting reports generated by an external service provider are one of the key management information, it is extremely important that they are tailored to the needs and expectations of a client. In this aspect, it will certainly be important that the service provider has a flexible approach and responds in real time to changes, not only in legislation, but also those occurring within the organisation benefiting from the accounting services.

Accounting services for foreign companies

Foreign companies doing business in Poland are obliged to comply with Polish reporting regulations. When selecting a provider of accounting services, the best choice is a partner with excellent knowledge of local and international regulations and experience in cooperating with clients from other markets. The ability to communicate with the company's accountants in English or some other foreign language may also prove to be a key aspect.

Outsourcing of accounting is a solution that provides multiple advantages. However, it is important to bear in mind that not every provider will be able to meet the requirements of a given company, so it is advisable to prioritise and focus on the key aspects for the company when choosing a partner.