LB&T

Choosing the right financial partner is a critical decision that affects your cash flow, compliance, and long‑term growth. The right mix of accounting, payroll, CFO, and bookkeeping services—backed by a clear written agreement—helps protect your business and define exactly what work will be performed.

Clarify The Services You Need

Start by identifying which functions you want to outsource:

• Bookkeeping (day‑to‑day transaction recording and reconciliations)

• Accounting (financial statements, compliance, tax)

• Payroll (wages, taxes, benefits, filings)

• CFO services (strategy, forecasting, budgeting, KPIs)

List your pain points, such as late reports, tax complexity, or cash‑flow issues, so you can target providers that cover the correct combination of services at the level you need (basic, advanced, or full‑service).

Choosing The Right Bookkeeping Partner

A good bookkeeping service should reliably handle data entry, bank and credit card reconciliations, accounts payable, and accounts receivable. Look for accuracy, consistency, and strong familiarity with the accounting software you use, so your books stay current and clean. Ask how often they update your records and what reports you will receive (for example, weekly cash reports or monthly summaries), ensuring their workflows match your operating rhythm.

Finding The Right Payroll Service

Payroll providers should handle wage calculations, tax withholdings, direct deposits, year‑end forms, and compliance with labor and tax regulations. Look for automation (time tracking, integrations with HR and accounting systems) and strong error‑prevention controls to avoid penalties and late filings. Ask detailed questions about how they manage changes (new hires, terminations, bonuses) and how quickly they resolve payroll issues that affect your employees

Use Written Agreements To Protect You

It is always good practice to sign a written agreement or engagement letter with any accounting, payroll, CFO, or bookkeeping provider. The agreement should clearly spell out:

• Scope of services (what is included for each function and what is not)

• Deliverables and deadlines (reports, filings, meetings)

• Confidentiality and data‑security obligations

• Responsibilities on both sides (what you must provide and by when)

Clear terms protect you by setting expectations for quality, timelines, and confidentiality, and they protect the provider by preventing misunderstandings and scope creep.

Define Fees, Changes, And Exit Terms

Insist on transparent pricing that shows how each service is billed: fixed monthly fee, hourly rate, per‑employee pricing for payroll, or tiered CFO support. Make sure the agreement explains how additional work is quoted and approved, how often pricing may be reviewed, and how you will be notified of changes. Well‑defined termination and transition clauses—covering notice periods, handover of data, and support during migration—ensure you can change providers without disrupting operations.

 

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