Accounts Outsourcing in Kolkata - Overview
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 a 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.
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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 an 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).
Accounts Outsourcing Registration Package
- What we provide
- Documents required
- Dedicated account executive to maintain day to day transaction in the business
- Monthly report
- All information regarding transaction in the business
Book-Keeping: Our book keeping services aims at cost effectiveness and cost management for our clients. An expert team of accounting professionals have been designated to cater to the customer's requirements and problems.
Some of the bookkeeping services that we offer include:
- AR/AP 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: Tax Seva Kendra provides highly professional and qualified CA, CS 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 includes 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
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 the team of Accountants who are qualified and knowledgeable. They are trained, experienced and can help you understand your finances better, guide 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 in the management as well. The finance department is one of core a company. It is a pivotal part. There are several complexities in accounting and you need everything to be accurate and be 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 efficacy and accuracy of reports and data.
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 for greater internal control. The accounting professionals will be able to identify problems – flagging errors and informing you of any inconsistencies and guide you through the same.
What is the best time to hire accounts Outsourcing service?
Accounts Outsourcing can be done when you have started with your business transactions. Hiring a qualified and registered accountant will help you with your business a lot and reduce a lot of potential risks and cost as well.
What's the difference between a bookkeeping service and an accountant?
A bookkeeper is in charge of keeping complete record of your business’ income and expenses during a financial year. On the other hand, an accountant uses the information from the bookkeeping data and prepares the necessary books of accounts for various compliances.
What are the things need to be maintained in the books of accounts?
Books of accounts include a Journal, a Ledger book, a Trial Balance, Original and carbon copies of bills/invoices/receipts, Cash Book, Profit and Loss A/c, Balance Sheet and Cash Flow Statements etc.
What are the documents required for Book Keeping and Outsourcing?
All receipts and payment records
Tax filing documents
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