Trends change for a reason and more often than not, the reason is because the change is for the better and has a number of advantages. The latest trend these days is outsourcing accounting services. This trend is here to stay, because of the convenience and benefits it has to offer. Accounting is an important part of any business or organization, no matter how big or small a unit it is. Earlier, companies had accountants on their payrolls to do the job of bookkeeping but now, most companies prefer outsourcing accounting services for all their accounting needs. The outsourcing services are available online.
Outsourcing accounting services are managed by professional, diligent and committed people. They offer their clients personalized service, taking care of all their financial accounting needs. They accommodate client’s requests and make required adjustments. There are a number of outsourcing accounting services available online and companies can send data to these agencies via their secure servers, ruling out the chance of the data getting stolen. The agencies offer prompt service along with confidentiality. They are capable of providing service at a short notice too.
Outsourcing accounting services are run by qualified accountants who are trained in handling company accounts of varying proportions. The professionals are from across the globe, but the things that stand out are their professionalism, promptness and quality of work. Outsourcing accounting services are capable of taking on any quantum of work as they have a team of accountants and the latest software to do the work. They offer clients, different packages and rates. Some of the packages are discussed below –
1. Hourly Packages – The hourly packages are meant for those clients who offer a small quantum of work or for those clients who require Outsourcing Accounting Services for certain critical jobs only.
2. Monthly Packages – As the name suggests, these packages are offered to a client on monthly basis. The agency gives a quote for a month and undertakes all the accounting work within the month. Usually, clients stick to the outsourcing agencies for a long time.
3. Long Term Packages – Outsourcing agencies offer long term packages to companies who have ongoing work. The accounting work to be done is judged and an estimate drawn. The outsourcing agencies work out an hourly discount for their long term clients.
4. Transaction Packages – These packages are valid per transaction. Some companies have various businesses and do not like to mix the financial records of each of these companies. Hence, they outsource accounting work in small quantities.
The outsourcing agencies offer discount on high orders and satisfied customers keep coming back to these agencies. The market for outsourcing is growing and has taken over the real job scenario.
The different accounting services on offer by these agencies are listed below –
1. VAT Service
3. Account Reconciliation
4. Credit Card and Bank Reconciliation
5. Pay Roll Processing
6. Cash Flow Management
7. Inventory Reconciliation
8. Ledger Maintenance
9. Taxation Service
With all these facilities available with outsourcing agencies, making use of their services is perhaps the smartest move a company can make.