Determining the Value of Secure Financial Information

What is having secure financial information worth to you? Is it worth seeking out an accounting outsourcing service that can not only offer assurances to the security of your company’s finances, but even pay you a hefty settlement in the unlikely event that there’s a breach in security? If you answered “lots” to the first question and “yes” to the second, you’re a perfect candidate to take advantage of the services of a third party bookkeeping firm.

Just bear this in mind—not just any old bookkeeping firm will do. In your searches, you’re likely to come across a bevy of different types of companies offering to balance your company’s books. Some will be much cheaper than others, and some will offer prices so competitive that you might even do a double-take. But if you take away anything from reading this article, let it be this: never, ever make decisions about your company’s accounting procedures based solely on what it’ll cost you. Always contemplate the following issues:

• What is the reputation of the accounting outsourcing service? Do your due diligence. Don’t just take their word for how wonderful they are.
• How long has the company been in business? The longer the better.
• Do they use encryption to ensure the online transfer of secure financial information?
• What kind of professional liability insurance do they offer?
• How many times have they had to pay out? You may have trouble finding this information and it may not be in the public record, but if you get the opportunity to hit them with a thousand questions, make sure this is one of them.

Ensuring the safety of your company’s financial information is the most important thing that you can do, and it should be first and foremost in your considerations anytime you look to a third party bookkeeping firm to take care of your accounting needs.

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