Firstly, in the present day’s challenging business surroundings, more and more organizations are outsourcing their accounting services needs to specialist vendors. An outsourcing partner can deliver better outcomes at minimized costs, while letting you to concentrate on improving of your main business domain areas.
Secondly, many small businesses, entrepreneurs and start-ups, find it tough to hire someone with the precise skills to work on their company’s financial statements, handle bank account operations, do the analysis of their financial data, and prepare the financial invoices on a daily basis. It has become a real challenge to find a competent and qualified person at the reasonably priced rate.
Thirdly, even though it is normally believed that accounting and bookkeeping must be done in-house. It is key to ask yourself, whether you have the required skills, experienced team and enough time to execute this job. Due to this fact, it might be worth making an allowance to outsource accounting services to a company or individual who has the correct knowledge, qualifications and skills, who can do the same job in a more improved and in cost effective ways.
Consideration of fruitful aspects of outsourcing accounting services
For the same reasons, many executive directors have perceived many fruitful aspects without affecting or having any of the adverse effects on their employees, business, and the clients. These days offshore companies provide a broad range of accounting services to make sure that you have tax-ready financial statements when you require them. By choosing a right partner, you can access to bookkeeping and accounting solutions competently delivered with maximum confidentiality and security with a minimum turnaround time.
As with years of experience in the same domain these firms better understand the customers’ precise requirements and provide a customized solution that best matches to their customer’s different business needs.
Access to specialized accounting solutions and services
Outsourced company can cater to the diverse accounting requirements of global clients by providing a wide-ranging services, which comprises of
General accounting and bookkeeping services
The services include preparation and upholding of daily bookkeeping and monthly or quarterly accounts related work, where this companies work as an accounting bookkeeper. Their accounting experts use best bookkeeping and accounting software’s like Intuit, QuickBooks and Peachtree (Sage 50 US) to make sure data accuracy and swift results.
Preparation and management of financial statements
This includes preparation and management of annual accounts with reports for the annual audit. It further includes:
- Financial Statement Preparation
- Sales Order Management
- Financial Write-up Services
- Accounts Reconciliation
- Invoice/order Processing
- Cash Forecasting
- Fixed Assets Management
- Financial Budgeting
- Financial Reports
Preparation and management of tax returns
This comprises of preparation and management of sales tax, periodic tax and returns. It facilitates tax processing and planning, tax returns preparation, quarterly returns and all the filings.
Other accounting services
Other services include payroll services, cash forecasting solutions, analysis of the cash needs, debt collection, assistance in taking legal actions, assistance with making payments to creditors, cash handling services, treasury functions, monitoring of high-interest deposits, handling current accounts, E-accounting services, Accounts Receivable Management and the accounting setup services.
These outsourcing companies are domain experts and can help you achieve your business goals with their different accounting setup solutions as per your requirements.
Why to have outsourced accounting department?
When you hire a professional and experienced provider you can:
- Acquire high-quality services conveyed at very cost effective pricing
- You can make sure that your financial data remains secure and confidential
- You can make your vendor utilize secure FTP server or encrypted e-mails for document management
- Control accounting and bookkeeping for banking, CPA firms and other businesses
- Have access to proficiency and trained resources with multiple years of business and domain experience
- Have influence with state of the art technologies and business infrastructure without having to make added investments from your end and only pay for the required services
- Avail power to select the software you are currently using in your company while dealing with financial matters
- Get excellence in services delivered within strict deadlines
- Get customized services and solutions in relation to your overall business needs
Can it work for your company?
Client relationships can grow because there are increased interactions and the company is able to maintain confidential information. Because of the trust formed, the relationship may lead to other services like high-end CFO advisory services.
It can also lead to a downfall on the company’s resources if it is executed without a planned structure. There are 4 domain areas to consider when having a plan for this service line. And they are client relationship management, the resources, the service philosophy and the fees agreement. If these 4 things work well for your company, your decision will turn fruitful.
Things to look when you have decided that you will go for outsourcing
Once you have made a firm decision, the subsequent step should be to select a right outsourcing company that will be a best fit with your requirements, goals and the objectives. However, most significant would be the ability to match your business needs. We believe, the excellence in performance and effectiveness to deliver the best services must be the top most priority.
Some more essential factors must be taken into consideration includes
- What precise services you are in call for
- Your budget and the competitive cost range
- Expertise and skill sets you need
- You should be aware of dealing with data security issues
- Reporting and resources management
There are noteworthy benefits for clients who decide to outsource like cost efficiency, better expertise, flexible service level agreements (SLA’s), saving of extra time, services meeting needed deadlines and added consulting assistances.
Lastly, it is needed to be taken care of outsourcing service affects on your business, your employees and most vitally on your customers.