Romanian Accounting Services – Outsource Bookkeeping & Accounting

Many Romanian businesses and entrepreneurs find it difficult to hire someone with the right skills to prepare their company’s financial statements, manage bank account operations, analyse financial data, and prepare the outgoing invoices. Nowadays, it is even more challenging to find the qualified and eligible person at the affordable rate, because the market of Romanian accountants is not an easy one.

Even though it is commonly believed that accounting services in Romania and also bookkeeping must be done inside of the business, it is important to ask yourself, whether you have the necessary skills and experience to do this job, especially in a fiscal environment, where the most experienced Romanian accountants find it difficult some time. Due to this fact, it might be worth considering to outsource it to someone with the right knowledge and qualifications, who can do the same job in a more cost effective way, so here the external accounting services ticks all the boxes.

For the same reason, many executive directors have noticed various positive aspects of outsourcing bookkeeping and accounting services in Romania, without causing any adverse effects on their business, employees, and, most importantly, their customers.

BENEFITS TO OUTSOURCE BOOKKEEPING & ACCOUNTING TO A ROMANIAN ACCOUNTING COMPANY

1. Cost saving. Most businesses consider outsourcing accounting services to be additional, and therefore the unnecessary cost for their business. However, when it comes in reality, the savings that outsourcing this accounting services, usually provides can be quite considerable as most companies can offer their services at the lower cost rates (typically due to lower labour costs at their location).

Besides, by outsourcing you save money on paying the salaries and benefits for the full-time or part-time Romanian accountant employees, as you only pay for what you need. So there are no lost in productivity costs that come along with hiring full-time employees, because an accounting company will charge you, for the exact service provided.

1. Extra time. As your business grows, you will find yourself spending more time managing your money and less time expanding the business. Therefore, the outsourcing administrative tasks like bookkeeping and accounting helps you to focus your time, energy and resources on creating the business strategies, bringing more revenue, as well as, networking and building the relationships with your customers. So from this perspective also, a Romanian accounting company is also a winning choice.

1. Expert service. Outsourced bookkeeping and accounting service companies continuously have to improve their skills and qualifications to stay competitive in the market, so you can be sure that you are handing over your accounting to a reliable and knowledgeable accountant specialist. It means outsourcing may offer you the possibility to hire a professional accountant with a higher level of expertise at the affordable price and you can have accounting services, fiscal services or payroll services all in one.

1. Flexible employment benefits. When you outsource your bookkeeper or accountant in Romania, you have the advantage of using their services only as you need them. Besides, if outsourced bookkeeper or accountant does not perform to your expectations and requirements, you can easily terminate the contract with no further difficulties.

1. Consulting. Whether you are looking to expand your business or simply cut down the spending, it is useful to have a reliable and experienced accounting expert alongside, who can provide you with various financial plans and options to reach your goals. Besides, the outsourcing provides you a great way to have full-time professional aside your team and use the service on Pay As You Go basis.

WHEN YOU CAN CONSIDER OUTSOURCING ACCOUNTING SERVICES IN ROMANIA

From our experience working with different Romanian companies, outsourcing bookkeeping and accounting services in Romania tend to work the best when:

1. a business does not require a full-time bookkeeper, but needs a person with more skills than the office manager or receptionist can provide;
2. a company of any size cannot find a full-time employee with the suitable skills at the affordable costs, so accounting services are the best solution
3. the temporary services are needed, e.g. extra help with end of the year reports or if a full-time employee is going on holidays, maternity leave, etc.
4. when there is no sense or time to settle an internal accounting department and the experts from a Romanian accounting company can cover all you daily requirements

THINGS TO LOOK FOR WHEN OUTSOURCING TO A ROMANIAN ACCOUNTING COMPANY

Once you made a decision to outsource to a Romanian accounting company, the next step should be to choose an outsourcing accounting company that will be a great fit with your goals and objectives, but most importantly, would be able to match your needs and requirements. We believe, when outsourcing bookkeeping and accounting services, the quality of performance and efficiency must be the top priority. However, few more important factors must be considered as well.

1. What service you are in need. Is to prepare the end of the month reports, balance sheets, payroll services, reporting to authorities or taking care of your account payables and receivables? You maybe need someone to prepare your bank reconciliations and analysis or just enter the data into the accounting software? Whatever it would be, you need to be clear on what you do personally, what your in-house staff is responsible for and what you want your outsourced accounting company to do.

1. Competitive cost range. Every accounting and bookkeeping Romanian company have their payment schemes – some of them charge by the hour, others on a monthly basis. Therefore, you can choose the payment term that suits your needs and budget the most, but do not make your decision only based on the cost effectiveness, because accounting services are an important asset for your company.

1. Expertise. Make sure, that the Romanian accounting company you want to hire is experienced, professional and has the right qualifications. Remember you can always ask for some recommendations from their previous or existing clients, look at their reputation in the market, financial stability, but most importantly, their ability to deliver high quality and consistent results for your monthly accounting services or tax consultancy that you need.

1. Data security. In our opinion, data security plays an important part when outsourcing accounting services in Romania. The highly respectable firm handles their clients’ data with most required privacy and ensures that each transaction is secure. It is important, because you will be not only communicating cash flow information to them but also confidential data.

1. Flexible service level agreement. The company you want to work with must be flexible enough to use the latest accounting software, which will be compatible with your type of work. Also, it must show their flexibility and desire to match your future needs and requirements. Besides, we suggest to check the term and conditions before you sign the contract, so you will be aware of how to terminate the agreement if you are not satisfied with their work.

TASKS YOU CAN DELEGATE TO VIRTUAL ASSISTANT

1. Bookkeeping;
2. Reporting to authorities and Management;
3. Payroll processing;
4. Account payables (payments creation);
5. Account receivables (debtors follow up):
6. Balance sheet review;
7. Financial statements;
8. Consolidation services;
9. Cash flow, budget.