Any organization whether big or small spends a huge amount of time, energy and resources on day to day bookkeeping, tax preparation and Accounting Services. This often adds little or no value to the organization's core development or requirement. By Outsourcing Bookkeeping Services to India, businesses increase their profitability, improve company focus and enhance their flexibility to respond to key business issues. Businesses, CPA's and Accounting Firms who outsource their Bookkeeping Services and accounting work to Indian companies find that they have a virtual back-office right from set-up, support and maintenance to consultancy.
A few of the services offered are•· Entry of transactions
•· Journal entry
•· General Ledger entry
•· Assets /Equipment Ledgers
•· Expenses Ledger
•· Accounts Receivable
•· Accounts Payable
•· Bank Account Reconciliation
•· Financial Statements preparation
•· Trial Balance
•· Income Statement (Profit and Loss)
•· Balance-sheet
•· Cash Flow Statement
Computerized processing of all checks and bookkeeping information
Bank statement reconciliation
Preparation and review of monthly financial statements
Maintenance of employee and sub-contractor earnings records
Preparation of all tax processing
Preparation of year-end W-2 and 1099 forms
Day-to-day bookkeeping and accounting
Quarterly balancing of books
Quarterly production of Management accounts
Quarterly production of Vat returns
Annual accounts and tax returns preparation
Submission to Inland Revenue
Expert tax advice to minimize tax liability
Adjustments to year-end accounts
With the use of up-to-date accounting software such as MYOB and SAGE, QuickBooks (all versions), Quicken, Peachtree, Intuit ProSeries, Intuit Lacerte, Net Suite, Creative Solutions Accounting, Master Builder, Business Works etc., Indian outsourcing companies offer their clients the choice of various accounting services at a much lower rate with the benefit of a highly productive work force.
The client can opt for any one of the three processes offered, depending on their individual preference and convenience. All options are extremely safe and come equipped with state-of-the-art network security devices.
•1. Server Based (FTP) Bookkeeping Process:
In this process, the client sends the documents either by scanning the documents and uploading them to a secure FTP server or by faxing the documents to a toll-free fax number. A back up copy of the books also needs to be provided, which can be done using QuickBooks backup. The service provider then works on the books during the same night and uploads the books onto a server or sends them to the client via email. The client is then able to download the books from the server by the next morning.
•2. Remote Access Bookkeeping Process :
In this process, the client has the option of emailing, faxing (to a toll free number), uploading onto a secure server or just placing the books in the computer which can be then remotely accessed. The service provider then connects to the client's computer using a remote desktop access service, such as Secure VPN. The client will then have access to the updated books next morning right on his computer.
•3. Application Service Provider(ASP) Bookkeeping Process :
In this process, the client either sends the books via email, fax (to a toll free number) or just uploads the books to a secure server. The service provider then updates the books using any of the preferred Online Accounting Software available, a good example being quickbooksonline.com. The client then has to just login to the Online Accounting Software in order to view the books.
Nearly 35% of all businesses in the United States outsource their bookkeeping services. The improved flexibility, reduced overheads and operating costs, cost-effective prices, well qualified personnel, high standards of business ethics, quick turn around time and increased ability on focus on core business issues has made India the most preferred outsourcing destination.
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