When considering a partnership with an outsourced accounting firm, asking the right questions is crucial to finding a partner that aligns with your organization’s needs, culture, and growth trajectory.
10 Critical Questions to Ask Your Potential Outsourced Accounting Firm
- What is your experience with businesses/nonprofits in our specific industry and of our current size?
- Why it’s important: Accounting is not a one-size-fits-all service. A firm with deep experience in your sector—be it tech startups, retail, construction, or charitable organizations—will understand the specific financial challenges, revenue recognition models, compliance requirements, and key performance indicators (KPIs) relevant to you. For nonprofits, this question is even more critical.
- Why BBG? Bay Business Group has over 300+ years of combined experience. Our team is comprised of over 30 highly accomplished and awarded industry veterans with deep knowledge of Government, Non-Profit and small business accounting.
- Who will be my primary point of contact, and what is the structure of the team working on my account?
- Why it’s important: You need to know who you’ll be communicating with regularly and understand the qualifications of the entire team handling your finances. A dedicated point of contact streamlines communication, while knowing the team structure (e.g., a bookkeeper, controller, and CFO-level advisor) gives you confidence in the depth of expertise available.
- Why BBG? Bay Business Group provides all our clients with a dedicated CPA manager and accountant team. We work as a team with you and offer quarterly strategy sessions and detailed monthly financial reports. We provide sound financial guidance so that you can focus on your daily operations and be confident that your accounting needs are handled.
- What accounting software and technology platforms do you use, and how will they integrate with our systems?
- Why it’s important: Efficiency in modern accounting relies heavily on technology. You want a firm that uses up-to-date, cloud-based software (like QuickBooks Online, Xero, or NetSuite) and can integrate with your other operational tools (like payroll, CRM, or inventory management systems). This creates a seamless flow of data and reduces manual entry errors.
- Why BBG? Bay Business Group utilizes cloud-based systems for security. We have deep expertise in QuickBooks Online, ADP, Bill, Divvy, Expensify and can work with you to choose the best possible solutions for your business.
- Can you provide a detailed breakdown of your pricing model? When are there extra fees?
- Why it’s important: Understanding the cost structure is fundamental to avoiding surprise bills. Many firms offer fixed-fee monthly packages, which are great for budgeting. But you need to know exactly what’s included. Inquire about services that fall outside the standard agreement.
- Why BBG? Bay Business Group offers all-inclusive services and fixed prices. There will be no surprise fees or additional hourly charges. Current pricing.
- What is your process for ensuring data security and confidentiality?
- Why it’s important: You are entrusting a third party with your most sensitive financial data. You must be confident that they have robust security measures in place to protect against data breaches and unauthorized access.
- Why BBG? Bay Business Group employs a multi-layered strategy that combines robust technological safeguards, stringent procedural controls, and a commitment to ongoing vigilance.
- What specific financial reports will we receive, how often, and can they be customized?
- Why it’s important: Standard reports like the Profit & Loss (P&L), Balance Sheet, and Cash Flow Statement are essential, but true value comes from reports tailored to your goals. You need timely, actionable data to make informed decisions.
- Why BBG? Bay Business Group provides robust monthly financials that not only provide the current state of the client’s financials but also provide valuable insights into trends and areas to watch.
- How do your services and fees scale as my organization grows or our needs change?
- Why it’s important: A key reason to outsource is for scalability. The ideal partner can grow with you. You need to understand how the relationship will evolve as your transaction volume increases, you add employees, or you require more complex financial analysis and strategic guidance.
- Why BBG? Bay Business Group collaborates with clients to ensure that services and fees are aligned with the client’s growth trajectory. You will pay for what you need when you need it.
- What is the onboarding process like, and what will you need from us to ensure a smooth transition?
- Why it’s important: A well-defined onboarding process minimizes disruption to your operations. Understanding the timeline, the information you need to provide (like access to bank accounts and past financial records), and the key milestones will set the partnership up for success.
- Why BBG? Bay Business Group offers an onboarding team to work with all new clients to understand the current state of the financials and define processes and procedures moving forward. We will work with clients to ensure all financial data is up to date and correct.
- How do you handle communication and collaboration?
- Why it’s important: A successful partnership depends on clear and consistent communication. You need to know how and when you’ll interact. Will there be scheduled monthly meetings? Is the team available for ad-hoc questions? What is their guaranteed response time?
- Why BBG? Bay Business Group offers detailed monthly reports and a minimum of quarterly strategy sessions with all clients. BBG works with our clients as part of a team working toward the same goals.
- Can you provide references from clients in a similar industry or stage of growth?
- Why it’s important: This is your due diligence. Speaking with current or past clients provides an unbiased perspective on the firm’s reliability, expertise, and customer service. It allows you to verify the claims they made during your conversations.
- Why BBG? Bay Business Group gets consistent five-star reviews from our clients and would be pleased to provide these.