Account Outsourcing has become the magic word in a world of competition where accounting services providers and accounting services buyers are mutually benefited through the exchange of quality accounting services for money. Outsourcing accounting function means one less internal function that takes time and resources away from what really determines a company's success. Further, Account Outsourcing provides you with a team of experts who fully understand the statutory requirements of your business and how changes in legislation may affect your business. Any business can reap considerable benefits of accounts outsourcing, which include reducing costs and freeing up valuable time to concentrate on running your business. Outsourcing bookkeeping work is beneficial for many companies, especially small scale business ventures.
We provide the following services under Accounting Outsourcing Solutions:
- Book keeping and General Accounting Service
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.
- Payroll
- Preparation of the monthly payroll based on the inputs received from organization. The same would include all statutory and other relevant deductions as required.
- Ensure deductions of all relevant amounts and as per applicable statutory laws like Income Tax, provident Fund and Professional Tax etc.
- Checking Form 16 for the Employees and file Qtly. Returns for e-TDS with Income Tax authorities.
- Deposit TDS & provide proof of deposit.
- 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.
- Cash Forecasting
The service involves analyzing the cash requirements of the business and making cash forecasts for planning the future.
- Inventory and Receivable Management
Inventory Control ensures organization always has the right amount of Stock, Under Stock and Over Stock can lead to lost revenue. This service involves.
- Physical Verification of Stock
- Reconciliation of Physical Stock with Books of Accounts
- Reporting of discrepancies to the management
- Reporting of Old and obsolete stocks
- Analysis of Inventory
- Making Forecasts for Inventory requirement considering consumption/use of Materials.
Receivable Management
- Reconciliation of Accounts
- Reporting of Due Report to the Management.
- Analysis of Receivables
Advantages
- Time saving
- Cost of Saving
- Analyzing the potential risks in advance
- Correct interpretation of the company's financial position
- Informed and better managerial decision making
- Collection, summarization, and accurate analysis of financial data
- Optimization of business resources and process
- More time to focus on Core Business Activity
