ACCOUNTING OUTSOURCING
Accounting Outsourcing is gaining up momentum with companies nowadays who prefer to outsource their finance and accounting to offshore destinations to receive huge cost savings and concentrate more on their core competencies.
Preference to outsource a companies accounts as well as finance department to offshore destinations is called Accounting Outsourcing. Nowadays it is generally preferred by all the organization.
Accounting Outsourcing: Advantages
In a regular business, the biggest obstacle is to close the costing factor. Hence Accounting Outsourcing is a beneficiary factor for the same. Moreover than the factor of saving the cost, it is appreciable that the organization as well as the staff dedicates itself more to the core factor for development.Accounting Outsourcing Services provides greater control and 40% to 50% Annual Cost Reduction to companies and firm who outsource accounts to offshore agencies.
Main advantage in accounting outsourcing is that it eliminates the setting up of a separate accounting department.
Which services can be Outsourced
Accounting Outsourcing Services would include the services of Accounts Payable Outsourcing Services, Banking and Cash Management Outsourcing, Employee Business Expenses Outsourcing, Finance & Accounting Human, Resources Outsourcing, Monthly & year-end closing assistance, Financial Statement Preparation & Analysis Outsourcing, Fixed Assets & Inventory Outsourcing, Depreciation schedules, General Ledger Outsourcing, Billing & Accounts Receivable Outsourcing, Budgeting Outsourcing Commissions Outsourcing, Credit and Collections Outsourcing, Management Reporting Outsourcing, Payroll Outsourcing, Project/Job Accounting Outsourcing, Internal audits, Timekeeping Outsourcing, Account reconciliations, Prepare payroll tax returns, Prepare and review federal and state corporate tax returns, Prepare W3 and state reconciliations.
Accounting Outsourcing doesn’t just takeover all these departments but puts forward the services of employee business expenses outsourcing, finance and accounting human resources, financial statement preparation and its management, evaluation of fixed assets and inventories, general ledger outsourcing, management reporting outsourcing, payroll outsourcing, project and job accounting and time keeping outsourcing.All these services designed under the single head of Accounting Outsourcing are programmed and designed to meet the accounting, taxing, financial management and consulting needs of an organization. Accounting Outsource vendors do audit and perform their bookkeeping jobs according to the kind of contract or the needs of the organization concerned. This can be undertaken monthly, quarterly or annually, keeping with the terms. An accounting outsource vendor can also supplement an organization's staff to lessen the usage of administrative time.
Accounting Outsourcing: Is it a Secure Practice
At times it has been felt that passing over an organizations internal auditing papers and financial history to a third party can be dangerous. But accounting outsourcing performs under legal contracts and terms and conditions, which safe-sides the businessman and eradicates the trifles.
While supplementing the working staff of an organization, accounting outsourcing lends to internal audits, financial statement preparation, general ledger maintenance, monthly and year-end closing assistance, payroll and sales tax return preparation, account reconciliations, controller and book keeping staffing, payroll and accounts payable processing, accounting system designs, accounting staff training, depreciation schedules and accounting software assistance.
Accounting Outsourcing guarantees the handling of an organizations total figures by professionals who are well versed by the in and outs of the taxation procedures. During accounting outsourcing, a vendor, to keep up his business and reputation, works hard to avoid any kind of mistake or folly which may lead to termination of contracts. Adding up all these, it leads to the matter that the risk of any short-comings on the papers of an organization is considerably reduced.
An accounting outsource vendor keeps an eye on the pay bills, records of receipts, payrolls and their related tax deposits, bank reconciliations, general trial balance and financial statements as well as quarterly analysis and reporting.
