Accounts Outsourcing
While accounting covers the reporting, interpreting, analysis, and classification of data, bookkeeping on the other hand takes care of financial transactions concerning the business. It is a common perception that both accounting and bookkeeping services can be carried out internally without hiring an expert professional. However, in reality, these tasks are of utmost importance to the business and help in reducing risks, compliance adherence, and enhance growth and successful running of business. Hence, both of these tasks need special attention from people who are masters in finance and accounts.
Many small businesses, start-ups, and entrepreneurs find it challenging to hire an accountant who is qualified and knowledgeable and experienced. Accounting and bookkeeping tasks are somewhat difficult for small and medium enterprises. These activities can't be completed in-house without hiring a trained and qualified professional having expertise in accounts and finance department. Moreover, forming a full team or hiring experienced employees will increase the cost to company (CTC).
What Types Of Work Will Accounting Firms Do?
Book-Keeping
Our bookkeeping services aim at cost-effectiveness and cost management for our clients. An expert team of accounting professionals has been designated to cater to the customer's requirements and problems.
Some of the bookkeeping services that we offer include:
- ARIAP service
- Bank account reconciliation
- Invoice Processing
- Manual Journal Entry
- General ledger maintenance
- Expenses ledger maintenance
- Preparation of reports & summaries
- Preparation of Financial Statements (Balance Sheet)
- Trial balance services
- Preparation of income statements (Profit & Loss)
Outsourcing
BizFinTax.com provides highly professional and qualified CA, CS, CMA for accounts-related matters to our clients in order to support them in performing several non-core Financial & Audit activities in a systematic, effective, and efficient manner. Some of our critical outsourcing assignments include manpower recruitment supplying agency's services for various processes such as accounting processes and much more.
Outsourcing aims at:
- Reducing labour costs
- Reducing regulations and compliances
- Focusing on core competencies
- Reducing overhead costs
- Promoting flexibility of business and activities
Benefits Of Outsourcing Accounts
Cost Effective:
Outsourcing your accounts is less expensive than hiring someone in-house. It saves you the time and money required to recruit and train, and also saves your money from paying payroll taxes, salary, insurance, benefits, time-off, etc.
Drive core business operations:
Hiring an internal accountant won't necessarily increase your revenue. Outsourcing your accounts enables you to put money into activities that will increase the revenue like creating a website, inventory building, hiring staff in sales departments, improving current products, etc.
Use an Efficient Software:
A standard software can handle your core or basic financials, but a great and efficient software is a solution to more complex functions like revenue recognition, inventory management, and project accounting, as well as connect to business applications you already use.
Expert and Experienced Accountants:
Outsourcing to an accounting firm gives you access to a team of accountants who are qualified and knowledgeable. They are trained, experienced, and can help you understand your finances better, guiding you regarding accounting matters. There are several aspects of accounts and finance, and these two form the core of your business. Thus, it is very important to take help from an expert in this regard.
Access to Credible Data:
Finance is the backbone of your business decisions and management as well. The finance department is one of the core areas of a company. It is a pivotal part. There are several complexities in accounting, and you need everything to be accurate and available in its true form. It is through the help of financial statements that a company knows about its profit or loss. When you outsource your accounts, you are assured of the efficacy and accuracy of reports and data.
Prevent Fraud:
If most of the business accounting functions are in the hands of many people, the business is at a greater risk of experiencing forgery and fraud. Outsourcing your accounts to a third-party reduces this risk and promotes greater internal control. The accounting professionals will be able to identify problems, flagging errors and informing you of any inconsistencies and guiding you through the same.
