Outsourcing Services
In the emerging competitive business world it is becoming highly difficult for business and accounting firms to maintain and update the accounts at the right time and within the accepted standards prescribed by the governing laws. Outsourcing therefore becomes a very valuable option and decision. Our team consisting of professionals, expert in all the concerned fields of laws and accountancy, assures maintenance of accounts in the most accurate and high standard. It not only helps the customer to save time and money, but also aids them in providing the right information at the right time, thereby helping them in taking critical decisions. Our team acts as a virtual Accounting Department, where we help in developing Accounting Policies & Procedures to streamline the entire accounting process, keeping in mind the improvement of overall efficiency of business operations.
The Accounting Services outsourced consist of :
- Book keeping and Preparation of Financial Statements
- Accounts Payable Management
- Accounts Receivable Management
- Accounts Reconciliation
- Payroll Processing of employees
Modus Operandi
Accounts Outsourcing works in a very simple way. The customer can scan and upload or fax the source documents to us. Work in progress can be viewed at any time from anywhere. After completion of work, the entire set of transactions is checked by our experts, after which updation is given to the client via email.
Privacy
Accounts Outsourcing work is conducted by us in a highly secured environment. Every member of the team recruited by us is thoroughly scrutinised before recruitment and is subjected to work under close supervision of seniors and continual video recording. Employees work in a paperless setup and have no access to printers or any other removable media devices and USB Ports.
TOPBook Keeping & Preparation of Financial Statement
We prepare and maintain accounts as per the applicable standards of the country. Packages used for Accounts Writing are TALLY.ERP9, QUICKBOOK, PEACHTREE, MYOB Accountright ( mostly used in Australia ).
We also prepare Annual Financial Statements and Schedules as per the format prescribed by the governing law of the land.
TOPAccounts Payable Management
Accounts Payable forms the main component of Current Liability. For proper cash flow management, it is equally important to properly manage both Accounts Payable and Receivable. The entire working capital cycle of a company is dependant upon timely receipt of debtors and timely payment of creditors. In large organisations, where there are thousands of creditors, it becomes very difficult to control and manage Accounts Payable. Here we play a crucial role. Our dedicated team possesses the required expertise in streamlining the Account Payable function. To begin with, we streamline the internal controls built in the Accounts Payable function and then monitor each and every creditor’s account on a continuous basis. We ensure that no fraudulent invoice find place in the system and no over payment is done to any creditor. Both Preventive and Detective Controls are built into the system. Monthly / annual reconciliations are also carried out with the creditors ledger depending upon the requirement.
TOPAccounts Receivable Management
Accounts receivable forms a major part of Current Assets. Cash Credit financing is done by banks against Accounts Receivable. A healthy Accounts Receivable function is of prime importance in any organisation. It is very important that Receivables are correctly accounted without any discrepancies and timely collected from the customer. Any discrepancy / dispute should be timely addressed else it will lead to a bad debt and will also affect the cash flow. If proper control is not kept on Accounts Receivable function, it can actually lead an organisation into a financial trap and eventually a closure. It is therefore beyond doubt that it is extremely important for any organisation to have a properly controlled and smooth Account Receivable module.
Here again we can play a very important role. With our specialised team which is in this field for more than ten years, we initially help in setting up an effective internal control system. Further, we assure that correct sales invoices are entered and any discrepancies like tax rate, discount, etc. are timely addressed and required note if any are accounted. We make sure that Receivables are reconciled at least on a monthly basis. Moreover, we also take care to recognise / represent Receivables as per the applicable Accounting Standards of the law of the country.
TOPAccounts Reconciliation
Accounts Reconciliation entails a detailed check of the financial records of an organisation - bank statements, client and vendor bills and all supporting documents to detect discrepancies, address them and reconcile the final balance. It accounts for cheques outstanding, deposits in transit and reveals errors in the records.
Accounts Reconciliation is an integral part of a company's internal financial controls. Accurate account reconciliation reports are an indication of effective tracking and interim controls. Accounting reconciliation is a vital tool for the company auditors to determine the veracity of a company's financial statements and its internal reporting.
We undertake several levels of Accounts Reconciliation such as :
- Reconciliation of internal accounting records with bank statements
- Bank reconciliation
- Ledger reconciliation with vendor
Payroll
Payroll Accounting in any organisation is an important activity, but at the same time, is the most time consuming one.
Payroll calculations are always complicated as they involve many layers of break up of salaries. Their treatment as per the current income tax laws is a major task. Further, any delay in disbursement of salaries means dissatisfied employees.
Our team consisting of professionals in the respective applicable laws makes the job so much easier. Further, we employ reputed software for payroll processing which ensures timely payroll processing under the utmost internal controlled environment.
The topmost crucial factor in outsourcing of Payroll activity is data secrecy. In every company, employee salary data is always confidential. We assure 100% data secrecy and confidentiality as our data centers are not only under video surveillance, the movement of individuals in our data centre is stringently restricted to the employees who are thoroughly frisked while entering and going out of the data centre.
Finally, Payroll processing with us will lead to cost-effectiveness coupled with minimal paper work, substantial time saving and a much higher accuracy.
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