Tender for Accounting Services
What to expect in a tender for accounting services
Are you about to tender for accounting services but not sure what to expect? The tendering process can be confusing at the best of times. However, a tender for accounting services can get a bit trickier. To help clear any confusion, we’ve created this blog of what you can expect.
What quality questions will I be asked?
When it comes to a tender for accounting services, there are a number of things the buyer wants to know. Here are some of the most common questions you will be asked:
Financial background and experience of staff
You’ll be expected to provide your company’s most recent accounting history. This will help the buyer understand what your company’s current financial situation is. Your economic financial standing reflects several financial aspects of your business including:
- Annual turnover – you need to usually attach your most recent audited/unaudited accounts
- Your financial ratios – this is usually found in your full financial accounts and can include the ratio of your assets to liabilities (acid-tests/quick ratios)
- Insurance[s] – you usually need to attach your insurance documents and commit to potentially increasing your amounts before contract commencement.
You will also need to provide a list of your staff and their roles i.e., Account Managers and Contract Managers. You should give a brief overview of their day-to-day duties. Detail what experience they have working on previous bids and share their successes.
You will be expected to provide details of the Account Management Team in a tender for accounting services. This may include Head of Global Bids, Bid Manager, and a Senior Bid Writer. These people will be responsible for managing bids and overseeing the overall Bid Team.
The buyer will want to know what electronic systems you have in place to deliver your services. For example, what payment system do you have in place for suppliers to pay you?
Issue and Financial Risk Management
A buyer will ask you what financial risk management procedure you have in place. Examples include:
- Rectifying shortfalls with financial errors
- How you manage payment terms
- Legal risks.
Social value and tendering go together hand in hand. When it comes to a tender for accounting services, the buyer will expect you to demonstrate social value. How will you better the community? Some examples of demonstrating social value include:
- Creating new jobs and promoting skills
- Encouraging economic growth
- Supporting COVID-19 recovery
- Tackling climate change
- Levelling up the UK.
Now you know what to expect in a tender for accounting services, you’re ready to tackle the bid. But before you do, here are some top tips to remember:
- Always provide evidence – the buyer will expect to see at least 2-3 case studies of similar contracts you’ve worked on.
- Answer the question in full – don’t leave answers half answered or blank. Make sure you have considered all points to the question.
- Create added value – show the buyer what you can bring to the table that your competitors can’t.
- Manage your time – it’s a long process so set plenty of time aside. Be aware of when your deadlines are and set a schedule to work to.
- Proofread – don’t forget to check your work multiple times. Triple check for spelling mistakes and grammatical errors before submitting the bid.
Need assistance with tendering for accounting services?
You may not have the time or resources in house to write a winning tender response in house. After all the process is time consuming and as a business owner you need to focus your efforts elsewhere. Outsourcing to tender writing specialists can help you secure your next contract.
Our sister company, Hudson Succeed, provide four levels of bid writing support services. Our Bid Writers have over 60 years of collective bid writing experience and an 87% success rate. Whether you’re new to tendering or need your response proofread – we can help.
Tender Ready is the perfect programme for those who are completely new to tendering. You’ll have access to an expert Bid Consultant to answer any questions that you may have. You’ll also get a year’s subscription to our Logistics Tenders portal.
If you have already been applying for tenders but aren’t seeing success our Tender Improvement package can help. Our Bid Writers will go over your previous submissions and provide feedback and guidance.
Have you found the perfect courier delivery contract for your business but are struggling to start? Send it over to our Bid Writing team and they can write the whole response for you. If you use our Tender Writing service, they’ll even submit it on your behalf!
Our Bid Writers can look over a bid response you’ve already written, checking it for errors before you submit. Sometimes you just need another pair of eyes to go over your response and our Tender Mentor service can help.
Finance Tenders offers daily notifications of the most up-to-date business/tender opportunities across the UK. This is filtered and broken down into the following sub-sectors:
- Insurance Tenders
- Financial Tenders
- Accountancy Tenders
- TAX Consultancy
- VAT Support
- Audit Tenders
- Payroll Tenders
Here are previous accounting tenders sourced on our portal:
Rent Accounting and Service Charges Software & Associated Services (Microsoft 365 Platform)
Thrive Homes Limited – Eastern – Budget: £500k
Provision of Restructuring Services, Forensic Accounting, Investigation, Audit and Assurance
Department for Education – London – Budget: £51million
Provision of Finance and Accounting Services
HISA – Scotland – Budget: Undisclosed
Natural Capital Accounting – NI Peatlands
RSPB Scotland – Northern Ireland – Budget: £30k
Lease Management and Accounting System
Nottinghamshire County Council – East Midlands – Budget: Undisclosed
A subscription to Finance Tenders could increase your chances of securing a tender for accounting services. With the time saved and numerous opportunities found, Finance Tenders can feed seamlessly into your business development strategy. With a subscription to the portal, you receive:
- Unlimited access.
- A dedicated Account Manager.
- A free 20-minute phone consultation.
- A daily email bulletin.
This way, you can save your precious time and focus on the more pressing matters on your plate.