In the present day, businesses are surrounded by many challenges. Accounting is one of the most significant problems for the companies today
We offer outsourced accounting services for them to forget all the worries and focus on their core business.
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 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 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.
An outsourcing partner can deliver better results at minimum costs, while letting you to concentrate on improving of your main business domain areas.
Why should you consider to outsource accounting?
Companies have achieved results 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.
We have accounting and bookkeeping outsourcing services for accountants and SMEs as well.
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.
Get instant access to customised solutions.
We can cater to the diverse accounting requirements of global clients by providing a wide-ranging services, which comprises of
1. General accounting and bookkeeping services
The services include preparation and upholding of daily bookkeeping and monthly or quarterly accounts related work.
Our accounting experts use best accounting software’s like Intuit, QuickBooks and Peachtree (Sage 50 US) to make sure data accuracy and swift results.
2. 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
Fixed Assets Management
3. 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.
4. 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.
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, SMEs, 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 service philosophy
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 assistance
Lastly, it is needed to be taken care of outsourcing service affects on your business, your employees and most vitally on your customers.
Mistake by accounting companies
A fair number of start-up owners resort to undertaking bookkeeping themselves. After all, hiring a full-time, in-house accountant can be unbelievably expensive! While outsourced accounting has been the go-to option for many businesses, for those just starting out, taking on the accounting part is a tempting challenge.
As a business owner, if you too have been taking care of your business’ finances and accounts yourself, it’s time to realize that you’ve got a bit too much on your plate.
But outsourcing accounting services is not as easy as it seems: one wrong turn and you could be setting your company up for loss!
Don’t let this worry you though; we’ve rounded up some common mistakes business owners make when outsourcing accounting services.
Not Shopping Around
Hiring an outsourced accounting firm that has been referred to you by a friend or a relative is certainly a bad idea, that is, if you don’t shop around first. Just because they’re good for someone you know, doesn’t automatically make them the best outsourced accounting provider for you!
Even if you do zero in on the best accounting outsourcing firm, it’s advisable to take some time out to research other firms. Compare services provided by each firm, go through client testimonials and reviews, and check the company’s track record.
Going for the Cheapest
While the primary motive of most companies by outsourcing accounting services is cost saving, picking a firm that provides such services for the cheapest rates might backfire. Sure, you’re looking to outsource so you don’t have to bear the costs associated with hiring a full-time employee, but bear in mind that low rates often translate to less efficiency.
Refrain from compromising on quality just to save money! Plan your budget well and stick to it so you don’t make the mistake of hiring an accounting firm that lacks the set of skills you need.
Believing the Outsourced Team Is Fully Equipped
Outsourcing accounting services doesn’t mean that you will have a team that is fully equipped with the knowledge and skills necessary to help you sail through all difficulties. Skilled individuals might need to undergo training for particular projects!
Moreover, if you make the wrong choice, you’re bound to face issues at later stages. For example, Accounting firms have well-trained accountants and focus on audits or tax write-ups and financial advisory services. If you hire a firm, your company will only benefit if the former has expertise in processing large volumes of accounting transactions in an efficient and timely manner.
Stressing over Information Transfer
It goes without saying, sending sensitive financial and tax information over e-mail carries an inherent risk. But it’s no use stressing yourself out over this- just get a secure channel to manage all your documents!
Cloud-based accounting software allows you secure and quick access to all your finance-related documents, giving you the chance to make your office paperless. Such software lets you attach scanned receipts, spreadsheets and documents to stored files easily, helping you stay organized.
Did you know that 40% of entrepreneurs spend more than 80 hours each year just managing their finances? Don’t be that entrepreneur, put your time to better use by outsourcing your accounting requirements!
With the information provided here, you now know what rookie mistakes you need to steer clear of while outsourcing. So weigh your options well and come talk to us @ SoSo Professionals Consult or Visit ourYou're always welcome