Small Business Accounting: 5 Key Points to Analyze Before Hiring Global Staff
Small business accounting can be complex, especially when managing it independently. Taxes, payroll, and more have to be considered, and they aren’t always easy to navigate alone. Fortunately, with the right help and tools, small business accounting can be simplified into an effective and efficient process that helps you grow your business while still complying with all government regulations. This article highlights some essential points to consider before hiring global staff for small business accounting services or outsourcing this aspect of your business.
What are some of the key factors to consider when recruiting in a global workplace?
Do I Need This Support?
Technology makes it easier for small business owners to manage their finances from afar. An offshore staffing company or accounting services firm several time zones away might seem like a good option for your business. But before you hire outsourced support for your accounting needs, you need to know a few key things.
You should consider:
- Are they familiar with my industry?
- How much experience do they have in my region?
- Will I be able to communicate effectively with them?
- Do they have any special certifications? And finally,
- Are they easy to reach and responsive when I need them?
Suppose you don’t get all of these questions answered before hiring accounting services for small businesses. In that case, you may end up losing more money than expected. An excellent way to start is by checking out small business accounting firms specializing in serving overseas clients. They’ll know what you’re going through because they’ve been there themselves! Just make sure you look at everything mentioned above before making your final decision.
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Will it Be Worth the Investment?
Offshore staffing companies are great for small businesses, but their services can be costly or cheap, depending on their location. For example, a small business that partners with an accounting firm from India will save a lot of money versus hiring an American accountant.
To help figure out whether using offshore accounting staff is worth your investment or not, answer these questions before choosing which staffing company you want to use:
- Do they know exactly how much your American employees cost?
- How many years have they been in business?
- What sort of reputation do they have with customers and potential customers?
- Are there any complaints against them with government agencies (like Better Business Bureau)?
- How long will it take them to get started on my project(s)?
- Do I need to sign a contract first, and what does that contract say about payment terms and cancellation policies?
- Are there any hidden fees involved with working with them (for example, do they require you to purchase training materials or software programs)?
- Will I be able to speak directly with my outsourced employee(s) when needed?
- Will I have access to those people 24/7 via email or phone? If so, will those people be available during the normal U.S hours?
What Do I Want Them To Do?
Clearly define their job title and write out an action plan for what they’ll be responsible for daily. Don’t worry if you don’t have all of your dreams in place right now—make sure that you think through what role you expect them to take and what tasks they will execute.
You want someone who understands that their job is not set in stone but could grow beyond its original boundaries if they prove themselves capable. Be sure that when you communicate with your new hire, expectations are crystal clear from both parties.
This can prevent misunderstandings down the road and lead to better communication overall. Whether written or verbal, clearly define your goals from day one so everyone involved knows where they stand.
How Much Time Can I Spend Training New Employees?
The answer depends on your type of business. If you have a lot of complex processes in place, you’ll probably want to dedicate more time to training than if you have simpler methods. In short, it’s up to you and how much time is available. That said, it’s usually a good idea to hire someone who already has experience working in your business field. While there is a bit more risk involved, they can be trained quickly and will likely be able to jump right into work at a higher level than someone without prior experience.
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How Will We Communicate With Each Other When So Far Apart?
Make sure you and your new team members have a clear picture of how often and in what ways you’ll be communicating. Different time zones can make it tough to coordinate interviews or chat about work, so plan. That way, you won’t find yourself at 2 am realizing you need answers from your new hire. It’s also essential that everyone on your team knows their availability—don’t give someone an unrealistic schedule because they said yes before really thinking through their commitments. Once everyone has discussed hours and modes of communication, both parties should develop a detailed plan for working together.
Expanding your business into new markets is an exciting venture, but it’s also fraught with new challenges. Suppose you’re looking to open a second or third location for your small business. In that case, you may be wondering about all of the ins and outs of hiring global staff. By reading our tips for small business accounting, we hope that you will have a better sense of how and when to bring on extra help. Doing so can strengthen your company across all industries, including technology and finance. If we left anything out, feel free to check out CapActix. Contact us at +1 201-778-0509 or reach out at [email protected].