In today's scenario of globalization and technology convergance, the process of doing business has been redefined. Outsourcing various processes makes a lot of business sense. Most businesses and large companies are outsourcing their accounting processes for better management of their finances and time etc.
These services are structured to suit an individual client's needs and requirements. Some of the accounting services being outsourced are:
The service involves preparing and maintaining day-to-day bookkeeping and monthly or quarterly management accounts. These books are prepared as per the US GAAP accounting standards and can also be made as per specific client instructions.
Preparation of Financial Statements
The service involves preparing a company's annual accounts and schedules ready for the statutory annual audit.
The service involves preparing monthly salaries of employees, administering commissions, calculating incentive and bonus payments, and monitoring and reimbursing staff expense accounts. Calculation of pensions and insurance is also done.
Tax planning & Returns
The service involves helping the clients make necessary periodic income tax, sales tax and other returns. It also includes helping the client make sound investment decisions and help him avail various rebates and deductions.
The service involves paying off the creditors at a chosen time and leaving the ultimate control with the management.
The service involves assisting the client with the recovery of debts. Taking necessary legal action in case of defaulters.
Cash Handling and Banking Operations
The service involves assisting the client with treasury functions including the operation and monitoring of high interest deposit and current accounts.
The service involves analyzing the cash requirements of the business and making cash forecasts for planning the future.
Companies are outsourcing accounting services to avail the following benefits: