Outsourcing Accounting Services - An Innovative Approach to Your Accounting   by Amitaabh Saboo

in Finance / Accounting    (submitted 2010-02-22)

As a businessman, you always possess a myriad of concerns, from the administrative aspect down to the non-core functions. You always wish that there were easier ways to do things, particularly in the financial aspect. They are the cause of the constant headache for a most of the businessmen. Here outsourcing accounting services works.

For any type of business, the entire accounting department is one of the functions that could easily be outsourced. If a business needs total relief from the complex procedures of financial processes, then the business ought to switch to outsourcing accounting services. There are lots of businesses, small or big, and even franchises who are into outsourcing accounting services. An in-house accountant or bookkeeper is now obsolete because having these professionals over the Net is now the trend today.
By outsourcing accounting of your business, you deal with a combination of experienced and skilled accounting people using updated accounting software and channeled through the web-based financial document transfer system. With that, you get accurate and timely financial reports in order to confidently man your business. It is like an extended accounting department headed by a team of professionals pooled together with their vast experience and ideas.
Outsourcing accounting services of your company also frees you from rigidly training your accounting personnel. The service providers are highly-trained and are closely monitored and supervised by their CPA Managers. You do not have to maintain any accounting staff anymore or part-time accountants for that matter. In addition, you have an easy access to these service providers as they are available 24/7 over the net. As reports are required, they are immediately presented also.
Benefits
By outsourcing accounting services of your company, you will be advantaged in terms of the following:
- Reducing operating costs through reduced manpower and overhead expenses for salaries, allowances and insurance,
- Improving efficiency by concentrating on more relevant functions like marketing and product development,
- Be relieved of non-core functions,
- Freeing up resources through cost reduction,
- Saving on training costs for your accounting personnel,
- Avoiding the cost of updating your technology through your accounting software.
- Getting access to professionals with specialized skills of the accounting service provider,
- Improving speed and service on submission of financial reports as they are needed,
- Providing reliable and accurate financial reports, and
- Increasing customer satisfaction by being able to focus on their needs.
Available Accounting Services
These are the common services offered by outsourcing accounting service providers:
- Accounting Software
- Accounting Reconciliation (Receivable and Payable Reconciliation)
- Inventory Reconciliation
- Payroll Processing and Payroll Administration
- General and Subsidiary Ledger Maintenance
- Cash Flow Management
- Budgeting
- Bank and Credit Card Reconciliation
- VAT Services
- Taxation Services
Outsourcing accounting services is basically there to provide total business relief from the accounting functions of the company and focus on supervising and running the business. Rather than trying to be on top of the books, he/she can divert efforts into leading the business into the right track.