One of the most important department of the company is it Accounts/Finance department. The accounting books of the company reflect the financial position of the company. In fact, depending on the performance of the accounts department, the success and the failure of the business is determined. But due to increasing competition, sales pressure and the economic downturn companies tend to loose on the accounting department.
This is where outsourcing can help. Bookkeeping is a time-consuming job. It is a challenge to maintain books systematically while handling and managing overall office tasks. Outsourcing bookkeeping is a fast growing way used by small businesses to take care of their bookkeeping needs. The decision to outsource bookkeeping can be an easy one. If there is a company or individual that can work better, faster and cheaper than you, then you should consider sending your work to them. Bookkeeping outsourcing has become a more reliable tool worldwide. By turning over business processes to outsourcing companies that consider these tasks their core competency, organizations now have the ability to become more profitable, more efficient and far more competitive by focusing on the tasks that are most important.
Typical Bookkeeping Services which can be outsourced

• General ledger maintenance
• Trial balance services
• Entry of transactions
• Assets / equipment ledger maintenance
• Expenses ledger maintenance
• Accounts receivable services
• Accounts payable services
• Preparing ageing reports & summaries
• Bank account reconciliation services
• Credit card reconciliation services
• Preparing financial statements
• Preparing income statements (Profit & Loss)
• Balance sheet services
• Invoicing Processing Services
• Preparing sales reports
• Preparing purchase reports
• Cash flow statement
• Manual Journal Entry Services
• Inventory services
• Accounting setup services

Process

There are mainly three processes for outsourced bookkeeping services and data transmission.

Server Based

- Sending the source documents- To send the source documents, the client can either scan the documents and upload them to the service providers FTP server or fax the documents to the service provider.
– Updating the books- Done by the service provider
– Sending back the updated books- In the final stage, the service provider will send the updated books to the clients e-mail address or upload the updated books on to a secure server. This can be downloaded by the client to their computer.

Remote access

- Sending the source documents- This can be done in either ways. The client can scan the documents and upload it to the service providers FTP server or e-mail the documents or fax it to the service provider.
– Connecting securely to the client’s computer through internet- In the second stage, the service provider will connect to the client’s computer by using a remote desktop access service, such as, Windows Remote Desktop Connection (RDC) or off-the-shelf industry packages like GotoMyPC or PC Anywhere.
– Updating the books and logging out- Done by the service provider.

Application Service Providers (ASP)

- Sending the source documents- To send the source documents, the client can either scan the documents and upload them to the service providers FTP server or fax the documents to the service provider.
– Updating the books- Done by the service provider by logging in to the Online Accounting Software which the client uses, for example, quickbooksonline.com.
– Updated books- The client can login to the online accounting software, at anytime to see the updated books.

Benefits

• Concentrate on other business priorities. Off-load non-core functions.
• Cost Savings.
• Experienced, skilled and trained accounting workforce.
• Infrastructure and technology. Get door to world-class technology at lower rates.
• High Confidentiality and security
• Up to date books

So, go ahead and get maximum benefits with outsourcing bookkeeping service.

www.outsourcinghubindia.com

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