A Statement Of Cash Flows And Its Related Disclosure Best Way for Accounts Outsourcing

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Best Way for Accounts Outsourcing

Finance and accounting outsourcing services are designed to shift the entity’s focus on core business activities and gain competitive advantage:

– Lower Costs / Reduced Overheads: The overhead costs of maintaining the accounting function are very high. Costs associated with accounting can be significantly reduced by working with an outsourced service provider. A service provider’s cost structure and economies of scale can give your organization a significant competitive advantage.

– Increased efficiency: Accounts outsourcing not only provides cost benefits but can also improve the efficiency of accounting operations. Service providers with good knowledge and experience can help streamline the accounting process.

– Better infrastructure and technology: Using service providers’ technology, infrastructure and accounting systems can save your organization costs.

– Access to Skilled Resources: Finding skilled resources is one of the major challenges faced by companies in the current economic climate. Outsourcing can provide access to highly skilled professionals at lower costs. It will also eliminate problems related to staff attrition, recruitment, training and time and effort spent on managing staff.

– Added flexibility: Outsourcing can be highly flexible to meet your companies specific needs. Service providers take care of the skills needed to drive processes and give your business more flexibility to invest in key resources.

Accounting activities that can be outsourced include:

– Processing of customer invoices, invoices, sales orders and accounts receivable

– Purchase/expenditure recording and payment processing

– Process checks and customer payments

– Reconcile bank, credit card, checking and merchant accounts

– General ledger maintenance

– Preparation of financial statements

– Aging and collection reports

– Closing of monthly / annual books

– Record of transactions

– Setting up/updating chart of accounts and maintaining ledger accounts

– Preparation of monthly and annual financial-income statements, cash flow statements and balance sheets

– Entering Account Opening Balance

– Setting up service items

– Generating service invoices

– Making deposits

– Writing check

– Posting of debit memos

– Creating purchase orders

– Entering products into inventory

– Receiving inventory

– Paying for inventory

– Financial analysis like ratio analysis, break-even analysis, NPV and IRR

There are various methods by which accounts are outsourced / maintained online. Following are some options for outsourcing accounting/bookkeeping:

1. Remote login: The service provider connects to the computer using remote login tools and updates the books (remote accounting).

2. Online Accounting: Service providers update books in online accounting software (eg – QuickBooks Outsourcing)

3. Backup file: The backup file is restored on the server of the service provider and the books are updated.

Outsourcing arrangements need to be properly designed to strengthen internal controls and increase transparency. A combination of your team and the outsourcing team members needs to have a proper division of duties. To truly reap the value and benefits of outsourcing, you need to ensure the following:

– Entering into a non-disclosure agreement (NDA) with the service provider

– Bringing due process documentation for each activity performed by the service provider

– Defining communication protocols and timelines

– Periodic data backup

– Periodic performance evaluation of the service provider

Outsourcing companies definitely have a competitive edge when it comes to having a strong accounting base with good quality control processes.

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