Accounting Confusion : PEDAD CLIC

Whether you keep your own books or outsource the bookkeeping to a dedicated professional, it’s important to have a good grasp on bookkeeping basics. We all know our bank account debits and credits but what about all those other accounts we use? Here’s a handy acronym to help you remember how to record transactions properly.

Purchases and

Expenses have a

Debit balance just like

Assets and

Drawing

Capital

Liability and

Income accounts have a

Credit balance

These cover all the basic accounts you use for your business.

Purchases are the goods your business acquires to resell or to accomplish the goals of your business, such as parts to create a final product.

Expenses are any amount spent in order to operate your business. This can be a anything from entertaining a client to fleet vehicle maintenance.

Assets are anything owned by the business that can be liquidated. Assets can be either fixed, such as a building, or liquid, such as cash and accounts receivables.

Drawing accounts are set up for owners who rather than taking a standard paycheck choose to draw cash from the business.

Capital accounts cover the amount invested by the owners and the net worth of the business at any given time.

Liability accounts are debts owed by the business such as payments to vendors and utilities.

Income accounts are monies that are paid to the business. These can come from customers and interest on savings accounts and investment accounts.

All of the transactions in your business will happen between two accounts. The balances on all of the accounts will appear on the balance sheet and determine the net worth of your business.

The Need for Accounting and Finance Services

Businesses from across the globe are starting to understand the value of outsourcing their non-core functions, such as accounting and finance services. Outsourcing these non-essential tasks allow organizations to keep their focus on more critical tasks so that the business can stay competitive, along with many other benefits that outsourcing has to offer.

Today, CEO’s are challenged more than ever to create an effective and competitive advantage for their company. In order to achieve the goal of a strong company advantage, CEO’s should be constantly evaluating how they can use BPO to improve their organizations’ internal core. Outsourcing your finance and accounting services will help your company along the way to achieve success within your company.

Outsourcing many of your company’s accounting and finance needs will help your company as a whole. Here are some other benefits of outsourcing these services:

1. Your organizations business focus will be enhanced
2. Your company will have a more controlled cost structure, overall decreasing the cost your company spends on accounting and finance needs.
3. Puts discipline and priority back into a company’s financial and accounting needs, as they are often overlooked processes.
4. Gives your company access to the best professionals in the finance and accounting world.
5. Creates and sustains business value.

Accounting and finance outsourcing offers many benefits, but it also gives your

company new opportunities and the chance to improve even further. These may include reorganizing systems, optimizing performance, cutting costs, and strengthening competitiveness.

Financial and accounting tasks are often overlooked and not taken as essential processes, but they have the power to actually make or break your company. Not having a good solid financial and accounting system or not having enough finance intelligence will break your company in the long run. Having a solid finance system and understanding the nature of your corporation’s financial needs will make your company more competitive and more successful.

In time Accounting www.outsourcedbookeeping.com has expertise and appropriate resources to provide all the services like bookkeeping, accounting, payroll and taxation in cost-effective way.

Finance & Accounting Outsourcing

Outsourcing finance functions — like auditing, tax consulting and payroll processing — has been going on for many years. But today, companies increasingly are asking solution providers to manage business processes on more of a turnkey, full-service basis, rather than transnational or processing services. Suppliers like Exult and others lend credibility to the value that many companies have seen from outsourcing portions of their finance procedures.

The finance and accounting (F&A) business process —including accounts payable, accounts receivable, order management and tracking,treasury functions, financial reporting, tax consulting and internal auditservices — is expected to be one of the most widely outsourced business process categories in the near future. One industry estimate pegs spending on F&A outsourcing services at $65 billion by 2006, a 12.3 percent five-year compound annual growth rate. Even Dun & Bradstreet”s Global Barometer for Outsourcing predicts that F&A outsourcing will represent 10 percent of the total worldwide market for outsourced services by 2005.

All of this data shows the growing importance of F&A outsourcing and makes it one of the fastest-growing segments of the business process outsourcing (BPO) industry.

To understand what finance professionals — as the buyers of these services — truly think about F&A outsourcing, Financial Executive partnered with Ross Research of Cambridge, Mass., a firm noted for its research into outsourcing practices. Working with principal Lisa Ross, we developed a questionnaire on the subject that was emailed in December 2003 and January 2004 to FEI members. More than 100 members responded. Ross then tallied and interpreted the results and drafted a full report. Two sponsors, Exult and the law firm of Hunton & Williams, supported the research; neither organization was involved, directly or indirectly, in this project or the analysis of results. (For more about the methodology, see the box, “The Research Methodology.”)

Why Outsource F&A?

A myriad of factors drive companies to outsource F&A. The most important reasons listed by study participants indicate a growing sophistication on the part of outsourcing buyers – cost savings is no longer the preeminent reason for outsourcing, though it is still an important consideration. The most important reasons that executives said were primary drivers in their decision to outsource F&A include:

Access to better technology and systems

Cost savings (reduce and control operating expenses)

Increased service levels

The table below illustrates the importance levels that senior financial executives place on each factor as being a driving force behind the decision to outsource F&A functions.

Finance & Accounting

29%

Human Resources

29%

Other

22%

Customer Service/Call Center

21%

Logistics

16%

Procurement

15%

eLearning/Training

11%

Source:  Ross Research and SBPOA, September 2003, from Ross Research report titled: “BPO Buyer Demand Exposed: Buyers Reveal Their Readiness to Purchase”

What is Being Outsourced?

The types of F&A functions that have been outsourced to date, as noted by the senior financial executives in our study, represent relatively simple types of processes. The most widely outsourced F&A functions are:

Tax consulting

Payroll (Note: Some companies include payroll as a finance function, while others categorize it as part of the human resources business process.)

Two additional F&A functions that CFOs and other financial executives might consider outsourcing, if they are not already doing so, include:

Travel expense reimbursement

Risk management

The top three F&A functions that respondents would not outsource include:

Financial management activities (operating budgets/ forecasts, capital investments, treasury functions, equity financing/debt, cash management, budgeting, performance analysis, investor relations)

General accounting (general ledger, cost accounting/revenue, equity accounting/debt, statutory accounting, fixed asset accounting, business unit accounting)

Financial reporting and accounting We were surprised, frankly, at the high number of F&A activities that CFOs and other senior financial executives would not consider outsourcing; yet, we believe that over the course of the next year or two, smart organizations will change their minds and elect to outsource more of these F&A functions. Why? Three reasons:

Transactional F&A functions — like accounts payable/receivable, leases, order management and tracking, billing/customer invoice, customer credit and expense reporting — are becoming increasingly commoditized, making them ripe for outsourcing.

Today”s worldwide economic realities and competitive business environment are forcing finance departments to operate in a more strategic and “lean” manner.

The challenges of Sarbanes-Oxley compliance — both current and “Year 2″ — make outsourcing of certain F&A processes an extremely sound business decision.

Outsourcing service providers are typically in a better position to meet Sarbanes-Oxley compliance issues than the client company, according to sourcing advisory firm EquaTerra, since outsourcers already have to document workflows and processes. Service providers will not assume fiduciary responsibility, but will be responsible for the processes instituted during an outsourcing transition that enable the company to insert control points for far less cost than if implemented on their own.

Difficult Phases

The largest number of financial executive study participants believes that transition/implementation is the most difficult phase of the F&A outsourcing process. This phase is where the “real work” begins and everything starts being gauged — from the quality of the contract to service level agreements to the true capabilities of the service provider and the relationship between buyer and outsourcer. The next “most difficult” phase, according to respondents, is ongoing operations, followed by negotiation/agreements.

What ONE phase of the F&A outsourcing process do you feel is the most difficult?

% of total

Information Gathering

7%

Strategy Formation

9%

RFP/Provider Selection

3%

Negotiation/Agreements

11%

Transition/Implementation

41%

Ongoing Operations

21%

Exit or Renegotiation

6%

Total Respondents = 97

The transition/implementation stage is of utmost importance because it represents the first real task that the outsourcer is assuming on behalf of the client, so expectations of the client company”s financial executives are extremely high. Change is almost always difficult, but such a huge change — coupled with new processes, cultural issues and new worries about managing a function not in their control, so to speak — is particularly worrisome.

Some financial executives who participated in this study offered the following verbatim responses as to why the F&A outsourcing transition/implementation has been the most difficult phase for them:

Implementing change to internal processes

Cultural issues

Important to get it right and keep it transparent with our customers

Steep industry learning curve, coupled with adverse affect on morale

Risk of noncompliance if implementation is flawed or fails

Change management of our employees and their willingness to assist in the knowledge transfer process

This is the area where it will work or it would not.

Is F&A Outsourcing Working?

Despite some challenges, nearly all financial executives (90 percent) indicated that they are satisfied with their current F&A outsourcing arrangements. In addition, nearly half, or 42 percent, of study participants have every intention of outsourcing additional F&A functions. The executives noted that factors contributing to their satisfaction include: improved handling of the outsourced functions, cost effectiveness and delivery of reliable results.

They also are pleased that they can leverage their in-house staff and take advantage of specialized services from the outsourcer when they cannot afford a narrow expertise. One study participant even stated, “The board applauds the improved reporting,” demonstrating that F&A outsourcings benefits can be appreciated at an organization”s highest levels.

Not all, not surprisingly, are completely satisfied with their outsourcing arrangements. Several study participants indicated that their outsourcers lack industry specific skills. Others noted that their service provider “lacked intuitive knowledge of our company and related operations.”

What Will Make It Work Better?

Nearly half of all study participants said that they might hire an external sourcing advisor (lawyer, consultant, research firm) to assist their company with the F&A outsourcing process, while another 28 percent said they definitely would do so. These third-party advisors assist with the outsourcing lifecycle – from how it may fit into an overall business strategy to choosing a vendor, signing a contract and ultimately managing the deal.

According to an earlier Ross Research study, the “value” that external sourcing advisors bring to the table can be expressed in a number of ways: time and money saved, clarifying objectives, risk mitigation, instilling a methodology to the outsourcing process (including tools and templates) and leveraging experience. As a result, these financial executives must believe that by using an external sourcing advisor, they would get a better overall contract.

Hunton & Williams finds that customers are using more savvy and thoughtful deal processes to make sure that only the right vendors get selected, which ultimately leads to a more satisfying arrangement. “Old-fashioned planning, careful RFP [request for proposal] construction and focus on value become more important than ever in assuring that the deals that get signed actually deliver what they promise,” says Scott Hobby, one of the firms outsourcing attorneys. The firms attorneys often find themselves spending as much time thinking about the strategic elements of a transaction as the legal issues.

How to Ensure Success

Peer-to-peer recommendations about F&A outsourcing can serve as incredibly valuable sources of information. If you are considering outsourcing F&A or just are interested in “lessons learned,” consider the advice given by several participants in our study. We asked them to share with us what they like/do not like about their F&A outsourcing experiences and offer advice as to how prospective buyers should capitalize on this opportunity.

Moving Forward

The drive towards cost cutting and better financial reporting and regulatory compliance will force more chief financial officers than ever before to consider outsourcing finance and accounting (F&A) business functions in 2004 and beyond. Additional motivations include access to better technology and improved service levels. F&A outsourcing increasingly is being used as a tool not only for cost savings but also for business transformation. The industry is still in its early stages; yet, by all analyst accounts, and as shown by participants in this study, F&A outsourcing increasingly will become a more popular business and operational strategy for companies around the world.

Many organizations clearly embrace F&A outsourcing as a strategy for improving service levels, reducing expenses, increasing stakeholder value and gaining a greater competitive stronghold in their marketplaces.

“Our experience is that companies should approach BPO outsourcing like one would approach a marriage.” wrote one FEI respondent — “expensive to enter, more expensive if it ends in a divorce. To date, we are very pleased with our partners performance and look forward to a long relationship.”

Nonetheless, many organizations have yet to acknowledge the inherent value in outsourcing transactional F&A functions to an external service provider.

The word “transactional” is critical here: it would be difficult to find anyone who would advocate outsourcing highly strategic F&A processes. But outsourcing the transactional elements of F&A is not only a sound business decision but also one that should result in success- if researched, defined, contracted for and managed properly. The overall key to success, however, is building a strong, trusting relationship with a competent service provider that has deep process knowledge and is flexible enough to work within your industry”s and company”s constraints and guidelines.

To purchase a copy of the full 28-page research report, go to rossresearch.com

The Research Methodology

Of the 100 executives who filled out the questionnaire, which consisted of multiple choice and open-ended questions, nearly all represent chief and senior financial decision- makers within their organizations. CFOs represent the largest number of participants, and nearly 70 percent of participants hold the responsibility of recommending their company”s decision to outsource F&A functions.

They work for companies ranging from fewer than 1,000 employees to more than 75,000, with the largest number having between 1,000-5,000 employees. A wide range of industries is represented, with a particular concentration in the manufacturing and business services sectors. Among these were: ING U.S. Financial Services, Lillian Vernon Corp., Binney & Smith, Earle M. Jorgensen Co. and Solvay Pharmaceuticals.

Ross Research is the only outsourcing-focused market research and advisory firm in the industry. Since 1999, it has provided the outsourcing vendor community with actionable intelligence to get the most out of their business, marketing and sales initiatives. Ross Research focuses on four distinct topics and has deep expertise in each: Finance & Accounting Outsourcing, Human Resources (HR) Outsourcing, Offshore Outsourcing and Sourcing Advisor Research. It publishes research reports on a monthly basis and provides custom consulting services – such as marketing strategy advisory, competitive intelligence, virtual analyst time, webcasts and on-site sessions – for outsourcing service providers and advisors. Its products and services are available via an annual subscription package or off the shelf.

Clients include: Accenture, Caspian Group, EDS, Extreme Networks, Exult, Fidelity Investments, HROToday Magazine, Hunton & Williams, International Data Corp. (IDC), IT Services & Marketing Association (ITSMA), Kennedy Information, Lexmark, McKesson HBOC, Mellon HR Solutions, Rockwell Automation, Shaw Pittman, Sybase, TPI, Williams Communications and Wipro Technologies.

Survey Sponsors

Exult Inc. is a market leader in HR-led business process outsourcing for Global 500 corporations, with U.S. headquarters in Irvine, Calif., European headquarters in London and client service centers in North America, South America, Europe and Asia. Through its proprietary Exult Service Delivery ModelSM, Exult offers comprehensive, scalable process management solutions designed to manage clients Human Resource and related Finance & Accounting and Procurement functions.

Exult uses its expertise in HR and F&A functions, process management, MultiDeliverySM shared client service centers and its myHRSM Web-enabled applications to help Global 500 corporations improve productivity, reduce costs, streamline processes and provide superior HR services to their employees.

Hunton & Williams LLP is a U.S. law firm, founded in 1901, with a significant international presence. More than 850 attorneys serve clients in 80 countries from 17 offices around the world. The Outsourcing/System Integration Practice Group at Hunton & Williams assists its clients worldwide in executing large-scale BPO and ITO [information technology outsourcing] transactions, ASP [application service provider] arrangements, system integrations and voice and data network procurements.

Over the past 20 years, the group has completed dozens of transactions for the worlds largest utility, consumer products, aerospace, technology, insurance, financial services and other companies. The firm says, “We understand our clients demands for integrated solutions that quickly deliver reduced costs, improved performance and process transformation while maintaining core business operations. We share our experience in achieving these goals at every stage of each new deal, from pre-RFP planning through post-contract relationship management.”

Small Business Adding Value to Business Process Outsourcing

These are, to cite the old Chinese curse ‘interesting times’ for organizations seeking to outsource their contact center services and for business process outsourcers (BPOs) alike. That is because serving end-customers has never been more challenging. Today’s buyers are proactive, quality conscious but price-sharp, unimpressed with brands unless they consistently deliver, and whose loyalty is as good as their last interaction. These individuals also utilize a growing and bewildering array of channels. And as shown by the popularity of the Do Not Call list in the U.S., which will shortly go live also in Canada, customers prefer to reach out rather than the other way around, unless they want you to.

BPOs cannot afford to invest in the latest tools without strong assurance that clients will want and pay for them, yet clients will not do business with these BPOs unless they have those As firms, including nonprofits and institutions, move their strategies toward meeting their customers’ needs, by investing in tools such as in CRM, call recording, speech analytics, and performance and workforce management systems at their contact centers, they have been moving away from BPOs for such high-value interactions.

The Drive to Value-Add

BPO firms, realizing these trends, have been stepping up their quality and services. They have been expanding into areas such as applications hosting , back office management, billing, conferencing, consulting , data analytics, HR management, and market research. In turn, the high quality contact center care has led to increased interest and demand for value-added services, thereby creating a virtuous circle.

Mergers

The low margins, plus ease of entry, and many players along the retiring and cashing out of companies’ founders have made mergers and acquisitions the norm in the BPO industry. Yet while they have led to bigger companies with more clients and workstations it has not necessarily led to greater market leverage, and higher prices.

Companies will typically want at least two outsourcers on a program so if your two outsourcers who are merging happen to have the same customer, companies will pull that work to someone else, which helps keep prices down.

Near/Offshoring

The increased emphasis on customer service and quality is impacting BPO offshoring and nearshoring.There have been many published reports of dissatisfied customers, and companies with having their calls handled in India. Clients and BPO firms are in response moving their more customer-sensitive work to other nations and in some cases back to the US.

The Everest Research Institute reports that offshoring including to India have been successful though for those BPOs and companies that made their metrics quality-focused, such as using customer satisfaction scores, and had agents undergo simulation-based training. Meanwhile the weak US and stronger Canadian dollar has ruled Canada out as an alternative. Many clients have pulled nearshored programs from there, forcing BPOs such as Convergys, ICT Group, TRG, and West to shutter contact centers.

BPO at Home

There continues to be strong move to bring BPO home: to those of its agents. The home agent value proposition is access to larger, higher quality and more flexible labor pool without the capital costs of formal contact centers.

West, which has had a home agent program for the past several years, has addressed the issue of data security , which has been a key inhibitor on the part of many organizations, especially financial services firms, in letting these individuals handle their calls.

Its new West at Home Locked-Down Desktop Security Environment transforms employees’ home desktop computers into a West proprietary environment. When its home agents begin work, the software only runs those applications or processes explicitly permitted to be operated, which locks down their computers. They cannot access other files, folders, or programs or go to West-unauthorized Web sites during this time, nor can they download, store and/or print information. When the agents have finished work, their desktops are restored to their former state.

Canada’s Domestic BPO Market

Canada’s currency relative to the US dollar has risen to the point where on some occasions it is more valuable, which has made it less viable for nearshored programs. The flip side to the strong Canadian ‘Loonie’ is that Canada has still, relative to the US, a strong domestic market thanks to its energy and more stable housing sectors. Outsourcing is one of the best means of reaching out to Canada’s 33 million consumers, and to its business and government sectors.

Boutique BPOing

Boutique BPO firms are smaller companies whose value propositions stress top level high-customizable quality customer care and satisfaction and personalized attention to clients’ needs. They are noted for loyal, well-trained and experienced agents and supervisors backed by quality assurance systems. They can provide the ideal adjuncts and partners to best-in-class in-house contact centers. While their rates are not the lowest, they deliver value for money.

Outsourcing Your Help Desk

There are times when your contact center needs help with IT issues yet your help desk is swamped. And if you are with a small/midsized firm you may not be able to justify having a full-time IT team yet you need their services when your operations go buggy.

Help desk outsourcing enables you to quickly and effectively resolve many problems for less money compared with expanding your IT desk or bringing in an outside onsite support professional. The Utility Company has made it easier for more firms to benefit from help desk outsourcing.

Bank Reconciliation

Bank reconciliations are no one’s favorite chore but they are very necessary.  Whether you have a staff accountant, use a computer program or keep your books by hand, reconciliations should be done promptly every single month to catch errors.

 Even if you have strict controls in place, human errors can and often do occur. Some times these can be costly especially if a deposit is miscalculated or a check to be deposited gets separated in the bank’s processing unit. These types of errors can leave your business short of the necessary cash to operate and/or lead to bounced checks and low balance fees.

 Tracking cleared checks on the monthly reconciliations will ensure that payments are being processed properly and outstanding checks can be followed up on as needed.  Checks that have been deemed lost in the mail should have a stop payment issued by your bank on the chance that it eventually shows up.

 You’ll also want to pay close attention to fees to ensure that the bank is not charging unexpected fees. Fee schedules can and do change so tracking them will be important to ensure that you’re not being overcharged.  You’ll also want to anticipate the fees in your cash flow projections. If your business accepts or places wire transfers, be sure you know the fees involved.

 Keeping a close eye on the monetary pulse of your business will keep things running smoothly. Also knowing the patterns of your business bank account will aid in loss prevention. Dishonest accounting firms and employees will be less likely to get away with skimming money when monthly reconciliations are tracking every penny.

Key Bookkeeping Tips

Keeping your small business running smoothly requires keeping accurate financial records. You don’t need to be a master bookkeeper to handle the day-to-day record keeping for your business.

Decide which accounting system works best for your business: cash or accrual. Cash method counts income as soon as it comes in and expenses as pay them. Accrual method counts income and expenses as they occur as opposed to when it is received or paid.

Day-to-day, every day record keeping is vital. Developing a good system and sticking with it will ensure that your daily bookkeeping will only take you a few minutes a day. Find a system and a routine that works for you.

Use a computer. For all but the smallest of businesses, using computerized bookkeeping programs and apps will make your life easier. You’ll be able to print tax documents, summarize income worksheets, and track income and expenses easily. Many will even download transactions directly from your bank.

Get an end of month cut off on your business bank statements. Having an end of month statement date will keep all your records synchronized and make it easier to reconcile your bank statements every month.

Treat checks like cash. It’s very easy to get sidetracked when writing out or filing away cancelled checks. Remember that your business will be on the hook for any check writing errors. Perfecting a unique signature will cut down on the risk of forgery. If your business is a partnership, it may be wise to require a partner to co-sign checks.

Accounts Receivable for Small Business

Allowing customers to take delivery of good and services on credit encourages them to buy more, which raises sales. Offering discounts to customers who pay quickly can encourage them to settle their accounts and keep revenue flowing well. There will also be times when items will be returned.

Using Quickbooks to create invoices, track payments and credits or discounts can ensure that your accounts receivables reports are accurate. This will be vital in predicting cash flow for your business. The top three items that determine the liquidity of your business are cash and short-term investments, and accounts receivables. If your business isn’t large enough for short-term investments, that puts AR even higher on the vital asset list.

The downside to extending credit is that there will always be the risk that some customers do not pay or do not pay in full. Using an estimated expense account known as an Allowance For Doubtful Accounts will keep your balance sheets in touch with reality. The most effective way to create the estimate is to look at payment history and use an account aging method to allow for a percentage of outstanding debts.

Accurately tracking invoices, payments and applicable discounts or credits can be time-consuming and require a fair amount of specialized training to operate efficiently. It is not uncommon for companies to outsource this function. Prompt processing of payments, credits and discounts can improve customer satisfaction.

Press Release New York

The director of http://www.outsourcedbookeeping.com  Mr. Sunil Khullar recently expanded their services for the business community in New York and other states in the East coast of United States. The company provides accounting and financial bookkeeping for your business that will save you 50% compared with regular inland services. Outsourced Bookkeeping will help you with the tedious work of every day’s business including:

1. Downloading of bank statements & check scans

2. Updating your transactions in QuickBooks from bank statements

3. Daily reconciliation of transactions and payments

4. Updates of accounts receivable and account payables for retail business or any corporations including:  rentals management, condominium and other.

5. Provide easy accounting and bookkeeping services for non-profits

6. Updates of payments received through Paypal, bank statements and deposits in checking accounts.

7. Bank statement reconciliation for LLC, Corporations or consultants.

Outsourced Bookkeeping can become the virtual accounting division for your business, or if you are an accounting firm, a CPA looking for an extra hand, we will join your auditing team to complete the financials and balance sheets review for you. This type of outsourcing services will increase the overall efficiency of your business operations.

“We can be in your office live thanks to the latest technologies like Skype, Logmein, Gotomypc.com and other software that allow us to be virtually in your office” said Mr. Sunil Khullar!

All our employees are Certified Accountants and follow the same international accounting rules that companies have in the United States. These standards and practices create consistency and accountability throughout your company.

Please check what our clients have to say!

Our company has the vision, talent, customers and internal processes in place to serve as a strong example to others in their same market and industry.

Our accounting services and team of certified accountants can work at night while you go home and rest. Later, the next morning you will have the job done.

Business located in New York in cities like: Bronx, Kings, New York, Queens, Richmond, Buffalo, Erie, Rochester, Monroe, Yonkers, Westchester, Syracuse, Onondaga, Albany, New Rochelle, Westchester, Mount Vernon, Westchester, Schenectady, Utica, Oneida, White Plains, Westchester, Troy, Rensselaer, Niagara Falls, Niagara, Binghamton, Broome, Rome, Oneida, Long Beach, Nassau, Poughkeepsie, Dutchess, North Tonawanda, Niagara, Jamestown, Chautauqua, Ithaca, will benefit for the accounting and payroll services that they can provide.

To request more information about their services please contact us at 1-305-831-9727

Email : info@outsourcedbookeeping.com
Website : outsourcedbookeeping.com

Tips for Successful Small Business Finance and Accounting (F&A) Offshoring

A new article helping small businesses owners and accounting firms to learn how they can successfully outsource their financial and accounting business processes like bookkeeping, account payables, account receivables, Tax returns, etc to offshore vendors.

Unlike big corporations who offshore Financial & Accounting business processes, for a small business it is an arduous task. Big corporations have both technical and management resources to manage one or more offshore service providers, and they typically identify which part of the Financial & Accounting functions to offshore, and they will use a selection process to choose a right offshore service providers to fulfill their needs. Small businesses may not have the right resources to find suitable service providers to outsource their accounting business processes. Nevertheless just like big corporations, small businesses can successfully offshore the financial and accounting functions, and can achieve all the benefits of offshoring.

In the latest technology, www.outsourcedbookeeping.com has expertise and appropriate resources to provide all the services like bookkeeping, accounting, payroll and taxation in cost-effective way.

Step 1: Identifying What Finance and Accounting Functions to Offshore
Once you made the decision to offshore your first step is to find out if you are going to offshore the complete F&A business process or some specific functions within the F&A. If you’re offshoring for the first time it is better to offshore some specific functions within your complete F&A process and then incrementally offshore the complete F&A process. The best way to discover what F&A functions to offshore is to ask the following questions and find answers to them:
1. What are the non-critical F&A functions that can be offshored with minimal guidelines to the offshore vendor by your employees?
The answer to this question will be, repetitive tasks that are non core to your accounting process but needs to be finished for your complete F&A process. Since these F&A functions require minimal guidelines, the offshore vendor can certainly complete it without much help from your employees.
2. How the finished work from the offshore service provider will be integrated into your complete F&A process? The answer to this question will make you to think about the bigger picture of your company’s complete F&A process, and you will start planning how the finished work can be integrated to the complete F&A process with minimal internal changes.
3. How the offshoring process will affect your employees who are performing those functions now?
This is a crucial question, which needs to be answered, so as to make your entire offshore process a success and it varies from industry to industry. Often times several offshore accounting projects fail since the internal staff has not been properly explained the changes they need to go through due to some or all of their responsibilities being offshored, and what new responsibilities they will have in the company.
4. How the instructions for performing the F&A functions will be communicated to the offshore provider?
The answer to this question will determine if you need to invest in any new software (Accounting software license, Secure FTP, etc) and hardware technologies to transfer the work and instructions to the offshore provider.
5. How the finished F&A function from the offshore vendor can be measured for quality?
You need to come up with a qualitative and quantitative benchmark for the tasks you are planning to offshore. Using the benchmark metrics you can compare the work performed by your employees and can compare it with the work completed by offshore vendor. Without proper offshore benchmark measurement it will be tough for you to justify the cost associated with offshore outsourcing.

At the end of this step you should be in a position to clearly identify F&A functions that can be transferred to the offshore provider.

Step 2: Selection of Finance and Accounting Offshore Provider
Based on your findings in step 1, you need to identify a suitable offshore accounting service provider. The simple way to find offshore accounting providers is to perform search on Google and locate different players in the offshore market. The difficult challenge is how do you know who will be appropriate for your needs? Visit their web site and find more pertinent information about the offshore service provider. From the web site you may find answers to most of the following questions:
1. Do they have existing customers that you can do a reference check?
If the offshore vendor has existing customers then you can get valuable feedback from them about the offshore vendor.
2. How long they are in business?
Often times the relationship you establish with an offshore vendor will be a long-term, so it is crucial that you find out how long the offshore vendor has been in business and how well they’re doing in the market place. 3. What are the offshore provider’s F&A service offerings?
Not all offshore accounting vendors are same, find out what the offshore vendor’s specialization is and see if they can be a good fit for your work. From the offshore vendor’s web site you can find out if they have F&A offshoring as their core competency or it is one among their many services offerings. It is not that a company can offer a range of services and be good in all of them, but often times it is a not the rule but an exception.
4. How the company has been setup in handling privacy, security, and confidentiality of data?
This is very critical element in choosing a right offshore vendor, you will be sending vital data to offshore provider, and you need to make sure that the security infrastructure at the offshore location adequately meets your needs. You may not travel to offshore location physically to do an audit of their infrastructure. But from their web site you can get a general idea of an offshore provider’s security infrastructure.
5. Does the company have a regional presence in the country where you are located?
It is good if the company has a regional presence but not necessary requirement. With the high level Internet and Telecommunication technologies available, it is possible to establish a relationship with the offshore vendor without them having any regional presence.

Step 3: Pilot Project with Offshore Vendors
Based on the results in Step 2, you can narrow down to one or two offshore vendors for the pilot project. The main purpose of the pilot is to find answers to following questions:
1. How well they have completed your work based on the instructions you provided to them?
You need to evaluate their quality of the service based on the benchmarks you developed in the former step.
2. Does the offshore vendor have a cultural fit to operate with your own internal employees?
Often times there will be a cultural mismatch between your employees and the offshore team. Find out how both the groups work in solving the problems that arises during the course of the pilot project. Particularly you need to focus on how the offshore vendor communicates with your team, problem escalation, offshore employee’s work schedule etc.
3. What pricing models do the offshore vendors can work?
Pricing is another key factor for companies to offshore there accounting processes, but it shouldn’t be the only criterion for you to consider. Generally there are two pricing models offshore vendors can work, hourly rate or a monthly rate for an offshore employee. Based on your individual requirements you need to find out which will be most beneficial for you.

Step 4: Finalizing and Contract negotiation with the Offshore Provider
Based on your findings in Step 2, identify one offshore vendor to outsource your accounting work. In this step you need to start the contract negotiation with the offshore vendor. There are several legal and contractual issues that must be identified in this step, and it is good to have an attorney look into to the legal issues. But there are several non-legal issues you need to identify before the contract negotiation with the offshore vendor.
1. How long the contract needs to be signed?
Based on your finding in step 1 and 2, you need to determine how long you need to create a contract with the offshore provider. Some times it makes sense to have a month-to-month contract and in some conditions it is good to have a long-term contract with the offshore provider.
2. What type of pricing model will be most cost effective?
You also need to choose the best pricing model that is suitable for your work, the period of the contract and the price will go together. So you need to determine an optimal contract length and price for your accounting work.
3. How long the offshore vendor needs to provide the service after the end of the contract?
This is a substantial element that you need to identify before writing the contract. At the end of the contract you need to renegotiate the fee and other elements, during this period you and the offshore provider may not agree the terms and conditions of the contract and you or the offshore provider may decide not to renew the contract. In this scenario it will take time for you to find a new offshore vendor or to have your own employees to do the work, so you need to cautiously plan and write the contingency in the contract.
4. How the offshore vendors will maintain the quality of their work?
It is a good idea to explicitly specify how you will measure the quality of work delivered by the offshore vendor and what course of actions the offshore vendor will take in case if it does not meet your expectations.
5. How the security risks will be addressed in the contract?
As mentioned earlier security is a paramount in financial and account offshoring, to safeguard your data, you need to assess the points of potential risk in sending the work to the offshore vendor and to structure the issues in the contract. This might be as simple as having a clause in the contract that tells the offshore vendor to use secure software to transfer all the critical data or it could be complex like regular visit to offshore service provider to perform audit check of their security infrastructure.

The offshoring of Finance and Accounting functions is a growing phenomenon and mostly big corporations are gaining advantage of it. By meticulous planning, small businesses can also take part in this phenomenon by following the appropriate steps reported in this article. The steps mentioned in the article do not represent a complete list but it addresses most of the significant issues faced by the big companies and explains how they solved it. By following these steps small business can also successfully offshore their Accounting and Finance work and increase their productivity in a cost effective way.

Expert To Take Care Of Your Accounting Department

Every business organization has its success collectively dependent on financial, HR, and management department. If any of these departments slag behind in performance the success ratio of the company fall down. Financial department or rather call it as an accounting department is one where calculation of monetary transactions that took place over the span of year, investment plans, revenues, taxing, billings, and other money related work has to be managed on day to day basis.
You just cannot do without the regular functioning of accounting department. Money making is the basic function of every business firm so it is better to take care of this particular sector in an appropriate way lest you never know how much loses can occur by even a slight negligence on your part. An accountant New York can be a person who can help you in managing daily accounting tasks in a diligent manner.
Definitely, accounting work is tedious for everyone but if you hire a professional chartered accountant who know the nitty-gritty of the voluminous accounting task, then work gets managed easily. Ours is a professional firm who has acumen to deal with bulk accounting work conveniently. We are trained professional who has vast knowledge of how journals and ledgers are to be maintained regularly without any gap intervening in the task. We manage and keep track of all the monetary flow being conducted in and out of the firm so that data can be tallied whenever required.
Even a small expense done in the company or for the company is crucial for financial report. These small expenses form a major portion of profit and loss sheet of financial report. It is the job of an accountant to keep in track that even a minutest of the financial transaction does not go unrecorded.
You must be wondering how to get hold of such an accounting expert. If this is the case then do not worry we are here. You can go through our profile enlisting our professional expertise and qualifications. You can contact us and settle down the work as well as payment which we will charge for our services.

In time Accounting, www.outsourcedbookeeping.com firm has expertise and appropriate resources to provide all the services like bookkeeping, accounting, payroll and taxation in cost-effective way.

Accounts Receivable for Small Business

Allowing customers to take delivery of good and services on credit encourages them tobuy more, which raises sales. Offering discounts to customers who pay quicklycan encourage them to settle their accounts and keep revenue flowing well. There will also be times when items will be returned.

Using Quickbooks to create invoices, track payments and credits or discounts can ensure that your accounts receivables reports are accurate. This will be vital in predicting cash flow for your business. The top three items that determine the liquidity of your business are cash and short-term investments, and accounts receivables. If your business isn't large enough for short-term investments, that puts AR even higher on the vital asset list.

The downside to extending credit is that there will always be the risk that some customers do not pay or do not pay in full. Using an estimated expense account known as an Allowance For Doubtful Accounts will keep your balance sheets in touch with reality. The most effective way to create the estimate is to look at payment history and use an account aging method to allow for a percentage of outstanding debts. 

Accurately tracking invoices, payments and applicable discounts or credits can be time-consuming and require a fair amount of specialized training to operate efficiently. It is not uncommon for companies to outsource this function. Prompt processing of payments, credits and discounts can improve customer satisfaction. 

Bookkeeping Outsourcing- Outsourced Bookkeeping- The aspects you need to know

Are you dreading about clearing the accounting and bookkeeping work which has piled up in your desk in view of the approaching tax season? Simply opt for accounting outsourcing to deal with the issue with ease and perfection. This is the simplest way for accounting firms and CPAs to deal with heavy workload to meet customer demand during the peak tax season. Simply undertaking accounting outsourcing will not serve your purpose, until you have proper knowledge about all the aspects of outsourcing.

Imagine you are going to give out your entire business process to be handled by another organization. I am sure you will want to know all you can about this particular aspect. You will surely not want to be caught unaware; if goes wrong with the entire process. Research and more research is the answer for you to meet such eventualities.

Choose the right outsourcing company to do your accounting outsourcing work. Numerous outsourcing come up with attractive and lucrative offers to do the work for accounting firms like yours. Find out carefully as many things as you can about the company before you actually let them do your work.

The internet is a storehouse of information and utilizing it in the best possible manner is in your hands. Check out the services provided by the various companies. Also try to get testimonials from firms who have already done accounting outsourcing from the particular outsourcing company.

Check out the various security measures put in place by the company to protect your company and customer data. This is an important aspect of with which you must take special care. In this internet age, people have become increasingly skeptical about giving out information about their financial details online. Security measures must be stringent enough to deal with this issue and to also bring back the faith of customers to the entire process of accounting outsourcing.

Your work will be done very quickly and you will be able to meet customer deadlines with plenty of time to spare. Highly qualified professionals are always hired for doing outsourcing work. So this means that you serve your customer’s with the best possible service that you can afford with in your budget. Accounting outsourcing work is done faultlessly by the professionals.

Monetary wise accounting outsourcing works out just perfectly for your accounting firm. You do not need to undertake any additional financial investment for the process. In fact you can earn through accounting outsourcing. Imagine you do not spend an extra cent and yet end up earning profits. This is just incredible; you must not waste time pondering over pros and cons of accounting outsourcing.

Check to see if the outsourcing firm provides any offers for free trails. You can actually take up this opportunity to see for yourself the quality of the work done by the firm. Based on this work done, you can decide whether you actually want to work any further with the company for accounting outsourcing work or not. Accounting outsourcing can turn out to be beneficial to you in many ways. All of these benefits are subject to your working with the right accounting outsourcing company. So try outsourcing your accounting and experience a faster and more efficient way of doing business today!

The Advantages of Using Quickbooks

www.outsourcedbookeeping.com

No matter what the nature of your business, keeping an accurate set of books is essential. Without accurate business records, it will be difficult to attract the funding you need because business records are generally the first thing potential lenders and investors want to see. Inaccurate or disorganized business records can also make it difficult to file your taxes, or even land you in hot water with the Internal Revenue Service. Using Quickbooks to keep your business records lets you avoid those potential problems.

Ease of Use
One problem with accounting programs is that many of them are difficult to use and cumbersome to learn. Quickbooks, on the other hand, is designed to be intuitive and easy to understand, even for business owners who lack an accounting or financial background.

Integration
The ability to integrate with other programs is a big advantage of Quickbooks. After using the product to input all of their business income and expenses, business owners can easily export that data to their favorite tax preparation program to make filing income taxes at least a little less painful. Quickbooks also integrates well with Microsoft Excel, making it easy to import data from other sources and use it in Quickbooks.

Customization
Quickbooks provides a number of ready-to-use templates business owners can use to create invoices, spreadsheets, charts and business plans. The software also makes it easy to customize the look and feel of those documents, giving them less of a cookie cutter appearance and helping them to stand out in the crowd. The ability to customize invoices can be particularly useful, and business owners not only can add their company logo but detailed information about each line item as well. That makes it easier for customers to reconcile their invoices and pay them on time.

Memorized Transactions
QuickBooks’ Memorized Transaction Feature is a Great Way to Save Time Managing Small Business Finances
Why do so many users fail to take advantage of QuickBooks memorized transactions feature? I don’t know, but be sure you don’t make that mistake. While some of QuickBooks many features can be confusing or frustrating, QuickBooks’ memorized transaction feature is anything but frustrating and can save valuable time in all facets of QuickBooks.

Small business bookkeepers can utilize memorized transactions for day to day activities. QuickBooks can memorize many different types of transactions including bills, checks/payments, invoices and statement charges. www.outsourcedbookeeping.com uses memorized transactions in a many ways for our clients in United States of America.

Check Signing
If you sign a lot of checks for your business, using Quickbooks can save you a lot of time. Quickbooks allows business owners to scan and upload their signatures and use those signatures to prepare the checks for the business. This automated process is much simpler and easier than writing hundreds of checks by hand each month.

Benefits of Outsourcing in India

Outsourcing is the passing out some work to another company or a person. In other it is contracting the third person to do the particular function. Today almost all the organization outsources in one way or another. The outsourcing companies are called the third party provider or the service providers.

Some organizations outsource the part of the project but some outsource the whole of the project to the third party. Many large companies outsource their work to other companies. They outsource the work to others to save money and time. The outsourcing companies usually agree to do the job at fewer expenses. The outsourcing allows the companies to concentrate on their business issues. In other words the responsibility is shifted to the soldiers of others.

Many companies provides you the facility to outsource software from all over the countries but outsourcing to India is very convenient and of high quality. We provide the service to outsource the software from India .

OUTSOURCING FROM INDIA HAVE MANY BENEFITS WHICH CAN BE SUMMED UP AS BELOW:

Lots of benefits are there to outsourcing from India . As we all know that India is IT superpower. The people are highly educated and professional. The cost of work is least. The most of the important advantage is that its computer engineers are having high caliber. Large number of technical expertise
are there.

Outsourcing software to India is not only beneficial because of its low costs but also because its high quality and speed. Outsourcing from other countries we may face the barriers of the language but outsourcing from India we remain away from this problem because Indians are very proficient in English language. The business language of India is also English. India has pool of highly educated English speaking persons.

To promote IT in India the government also established software technology parks in different states of India . To promote software in India software technology parks are established. So, if you are going to outsource software keep in mind all the benefits of outsourcing from India. 

Expert To Take Care Of Your Accounting Department

Every business organization has its success collectively dependent on financial, HR, and management department. If any of these departments slag behind in performance the success ratio of the company fall down. Financial department or rather call it as an accounting department is one where calculation of monetary transactions that took place over the span of year, investment plans, revenues, taxing, billings, and other money related work has to be managed on day to day basis.
You just cannot do without the regular functioning of accounting department. Money making is the basic function of every business firm so it is better to take care of this particular sector in an appropriate way lest you never know how much loses can occur by even a slight negligence on your part. An accountant New York can be a person who can help you in managing daily accounting tasks in a diligent manner.
Definitely, accounting work is tedious for everyone but if you hire a professional chartered accountant who know the nitty-gritty of the voluminous accounting task, then work gets managed easily. Ours is a professional firm who has acumen to deal with bulk accounting work conveniently. We are trained professional who has vast knowledge of how journals and ledgers are to be maintained regularly without any gap intervening in the task. We manage and keep track of all the monetary flow being conducted in and out of the firm so that data can be tallied whenever required.
Even a small expense done in the company or for the company is crucial for financial report. These small expenses form a major portion of profit and loss sheet of financial report. It is the job of an accountant to keep in track that even a minutest of the financial transaction does not go unrecorded.
You must be wondering how to get hold of such an accounting expert. If this is the case then do not worry we are here. You can go through our profile enlisting our professional expertise and qualifications. You can contact us and settle down the work as well as payment which we will charge for our services.

Finance Accounting Outsourcing: the records in a cost-effective

In the present age, taking the help of an outsourcing company can give a home business than others. Outsourcing combines various supreme benefits and provides customers with an expert and cost effective way to manage finances. Outsourcing allows the organization of tasks adequately. Financial and accounting duties should not be taken lightly. Thus, there is always a sensible decision to manage the task by the gift of financial accounting outsourcing firm. With the help of finance accounting outsourcing services, business house can better focus on its core competencies. The reputation of the home business can be affected badly if it remains some defect or ignorance in the task of accounting. Finance Accounting Outsourcing handles the task is certainly not a mistake or error. Finance Accounting Outsourcing takes into account the fact that there are mistakes that can undermine the relationship between society, the crucial financial decisions and the final declaration of the company. Keeping the accounts is a crucial task for any company, large or small. Not only a young tree needs help, but also a well-established need help finance accounting outsourcing services. Extra-financial and human resources are needed to manage the books of accounts. Is because the internal employees must receive high salaries and other benefits. This can be expensive. Therefore, it is best to get the job done by an outside firm. Accounting firms Finance provides an outsourcing solution. With the help of financial accounting services, entrepreneurs can obtain a good state of maintenance of accounts simply spend a bit ‘of money every month. This helps to maintain the viability of the task. Finance Accounting Outsourcing helps to reduce the financial burden of the organization. The proprietor of a business can invest as much effort and money into another area that can help to reap the rewards. Then, it is necessary to maintain a separate accounting service. With finance outsourcing accounting services, home business can save a lot of money. Accounting is the most important aspect of any business. This is a task somewhat ‘tedious and requires the help of professionals and experts to manage the books of accounts. Accounting is one of the pillars so that decides the future and the success of any business. Thus, entrusting the task in the hands of a good finance accounting outsourcing firm is an option. Consider the reliability of the company before handing over the task to it. Because the house of negotiation is required to provide various types of information that may include some reservations, so we must be sure that the information is not abused by anyone. Finance Accounting Outsourcing makes use of high-tech procedures and technology to date. Finance accounting outsourcing business is completely up to date on changing laws and keep the books of accounts in relation to that environment. A home business has never worry about these updates, such as finance accounting outsourcing professionals have the experience to handle this situation.

Accounting Outsourcing is the best process to outsource

To run a business successfully you have to have close understanding of 4 parts Production, Marketing and Accounting. Most of business owners take care of Production and Marketing of their products and services as first priority because that is directly affecting bottom line. They simply forget that an accountant not only maintain their books but also monitor and meet legal compliance have the business running. This is one aspect of business that needs professional handling to be done efficiently and effectively. Accounting outsourcing services is one of the simplest means to handle all the accounting related work of your business.

Accounting outsourcing services is nothing but giving your accounting work to be handled by a third party. Accounting firms are run by specialist professionals to do your work and make you concentrate on Production and Marketing of your products and services. This synergy helps to make the venture hugely successful.

The two main advantage of hiring services of accounting outsourcing firm are:

1. That you are hiring services of a specialist which could be very costly to you otherwise. This means you get access to services of professionals who are experts in their field.

2. That you will be able to save an unbelievable amount of money through this.

Normally, you may not have been able to get access to services of such high quality due to the high amount of money that they charge. Accounting outsourcing services makes this possible for all businesses.

The reason why one can save huge amounts of money through accounting outsourcing service because Accounting Outsourcing companies provide services to number of firms like yours and cost is shared among all, resulting outsourced work is done at a very less cost for you. However, make sure that the outsourcing companies from which you hire these services have the required amount of experience and expertise to help you deal with the accounting aspect of your business.

You are the business owner and so you are the best person or source to decide if you must undertake certain strategies for your business or not. Make sure that you make a wise decision, after all the very success of your business venture depends on the decisions that you make.

Accounting and Bookkeeping Outsourcing is road to more profits

Maintaining accounts is a daunting task, as it involves lots of concentration as well as time Well, these days various organizations and other multinational companies are opting for accounting services that are offered by numerous firms that manages the accounting records Lately, accounting outsourcing is one such solution that is catching up with various companies who are unable to manage their financial accounts themselves and hire accounting outsourcing executive to complete the task Accounting outsourcing has in fact, become the order of the day for many

Therefore, keep all your worries aside, as accounting outsourcing is here to provide you with relief Accounting outsourcing services can be hired by small-, medium- and large enterprises without any hassle Its sole purpose is to establish and provide a gamut of management services that focuses on accounting, taxation and other related legal outsourcing services Accounting outsourcing services comprises of a range of strategies that incorporate a simple, yet practical and collaborative solutions for the benefit of its clients. And further utilizes resource orientation, as well as optimization approach for clients\’ various business requirements Its various strategies are structured to capture the strength and advantage of core competence at various levels Well, it is a known fact that dealing with numerous numbers can be quite cumbersome and tiresome as well Yet, one has to deal with numbers because they are an essential and integral part of any small or big business.

As these numbers grow and add up to the profit earned or for that matter expense incurred, the rule of the any business at any point given is to succeed while minimizing expenses and losses Here, accounting outsourcing services plays a significant role as it provides a helping hand to the organization\’s accounts department However, maintaining these never ending numbers is not an easy task and needs that exceptional thing that can keep their numbers intact as well as running towards the success ladder And perhaps that\’s the reason that many companies hire certified accountants to deal with their earned profits Replica Wristwatch. Accounting outsourcing solutions further enable the accountants to maintain and manage regular accounts on daily basis, as it helps both the owner and the employee to know the financial strata of their business on any given day

In fact, with the businesses growing and increase in the competition, calls for multitasking but due to the lack of time, it becomes impossible to keep a track of one\’s financial records on daily basis Hence, accounting services helps in keeping a track of every transaction properly as well as accurately within a short span of time The accounting outsourcing consultancy offers accounting reports that enables the owner or the management to carefully weigh the financial status of the company before deciding on strategies and future plan of action In fact, through accounting outsourcing a business is able to gage the knowledge on current financial trends and areas of profit or loss Hence, accounting outsourcing has become a soul for various industrialists and their business for profitable reasons.

Five Great Reasons to Outsourced Your Bookkeeping & Accounting

Here are Five Reasons to consider outsourced your Bookkeeping & Accounting so you feel more in control :-

Save Time

1. When you outsource your bookkeeping and accounting functions to a skilled team dedicated to whipping your financials into shape, you can focus on what you do best – developing the business you really want.

2. Because chances are you are not in the business of doing accounting and by outsourcing you can save the time you’d spend managing administrative staff to do best for company.

3. And whether you use the white space created by outsourcing to work on your business or take a vacation – you can breathe easy knowing your invoicing, reconciliations and payables are taken care of to keep your cash flow healthy and strong. You can enjoy a highly professional service on a set budget.

4. While they would prefer to spend more time on their core businesses. By outsourcing your accounting chores, you can stop wasting valuable time and concentrate on the reasons you went into business in the first place. Let a professional take care of your bookkeeping needs so you’ll have more time to focus on what you do best.

5. Eliminate Time Spent Managing Administrative Staff.

Save Money

1. You can lower your operating costs for accounting by outsourcing your bookkeeping because you eliminate having to hire full time staff for part time tasks that quickly add up in costs for benefits and lost productivity.

2. And you don’t need to incur the costs of purchasing software or updates.

36. You can eliminate late fees, reduce interest expenses and get expert advice you can use to minimize tax or other regulatory expenses.

4. It all adds up to getting better financial results at a lower cost.

Improve cash flow

Have you ever wondered how your company can be profitable, but still not have enough cash to pay the bills? A professional bookkeeper will optimize your cash flow by helping you delay outlays of cash as long as possible while encouraging anyone who owes you money to pay it as rapidly as possible. There are normal, everyday practices to help you manage any shortfall; an expert bookkeeper will be aware of these methods and able to advise you on the best ways to succeed in your particular situation.

Increase efficiency

Manage your resources more effectively by delegating bookkeeping work to those who do it best. Specialists who are trained in all aspects of accounting will expedite your bookkeeping work in the quickest, most cost-effective way. Bookkeeping cleanup is one of the most popular jobs to outsource, because often business owners become tired of inefficiencies due to bookkeeping errors. Less time is wasted on mistakes when competent professionals are in charge

Peace of Mind

If you’ve ever lost your computer files because you forgot to back up or if you’re bookkeeper just gave 2 weeks notice, outsourced can provide essential controls & systems that give you peace of mind. Here’s how:

- Highly skilled and experienced staff able to provide the custom bookkeeping you need to meet your core accounting needs,
- Off site database with daily backups standard procedure to avoid data loss,
- Less likelihood of theft or missing invoices with consistent account reconciliations to catch problems and correct them quickly,
- Ability to manage projects and get accurate updated reporting for critical analyses.
- Audit proof your business so you can rest easy knowing your financials are organized in the event you have to go through an audit
- Internal checklists, documents and processes designed + implemented to give you better management control.

The benefits of outsourced your bookkeeping change from one company to another depending on your strategy and the skills of your team. But for every business owner, it’s worth considering what bookkeeping and accounting functions you can outsource to improve financial results, reduce costs and feel more in control of your cash management.

In time Accounting www.outsourcedbookeeping.com has expertise and appropriate resources to provide all the services like bookkeeping, accounting, payroll and taxation in cost-effective way.