What is Outsourced Accounting Service / Remote Accounting Service?
In today’s evolving world, it is important to concentrate on core business areas and maximize outsourcing deliverables to experts in the industry as in recent times this model has considerably grown and reached heights. Our Outsourced Accounting function includes:
- Sales Invoicing
- Cash & Bank
- Payables & Receivables
- Fixed Assets
- General Ledger
- Payroll Exicution
- Tax Compliance
- Accounts Finalization
Why You Should Consider Outsourcing Your Accounting And Bookkeeping ?
From our experience working with different Scandinavian and Western companies, outsourcing bookkeeping and accounting tend to work the best when:
5 Things to Look for Before Outsourcing
Once you decided to outsource, the next step should be to choose an outsourcing company that will be a great fit with your goals and objectives, but most importantly, would be able to match your needs and requirements. We believe, when outsourcing bookkeeping and accounting services, the quality of performance and efficiency must be the top priority. However, a few more essential factors must be considered, as well.
Is to prepare the end of the month reports, balance sheets, payroll services, reporting to authorities or taking care of your account payables and receivables? You may need someone to prepare your bank reconciliations and analysis or just enter the data into the accounting software? Whatever it would be, you need to be clear on what you do personally, what you’re in-house staff is responsible for and what you want someone else to do.
Every accounting and bookkeeping company have their payment schemes – some of them charge by the hour, others every month. Therefore, you can choose the payment term that suits your needs and budget the most, but do not make your decision only based on the cost-effectiveness.
Make sure that the company you want to hire is experienced, professional and has the right qualifications. Remember you can always ask for some recommendations from their previous or existing clients, look at their reputation in the market, financial stability, but most importantly, their ability to deliver high quality and consistent results.
In our opinion, data security plays an important part when outsourcing accounting services online. The highly respectable firm handles its clients’ data with most required privacy and ensures that each transaction is secure. It is essential because you will be not only communicating cash flow information to them but also confidential data.
Accounting and bookkeeping service provider must show their flexibility and desire to match your future needs and requirements. We strongly suggest to check the term and conditions before you sign the contract, so you will be aware of how to terminate the agreement if you are not satisfied with their work.
8 Accounting Tasks Your Business Can Outsource Spacebucks
Bookkeeping
Reporting to Tax authorities (Compliances)
Reporting to Management (MIS)
Payroll processing services
Account payables (payments creation)
Account receivables (debtors follow up)
ERP Implementation
Company and Tax Audit
Why choose for Outsourced Accounting services at spacebucks?
Bookkeeping under purview of set accounting standards, Tax planning and Compliances under various laws and also in the light of changes or new updates in GST demands for professional expertise and such non business processes can be outsourced to Spacebucks instead of hiring full time Accountants who are just graduates and lack understanding and implementation of accounting practices needed to achieve timely compliances, tax planning and adherence to new changes in GST.
Even Small businesses can opt for this service which will save their cost as soacebucks claims to offer its outsourced accounting service at a monthly retainer fee less than a salary of any accountant.
Spacebucks after analysing clients business volume, nature and cost effectiveness comes up with a robust accounting system plan which is implemented after clients approval and constant feedback. Such services can be provided remotely to all clients or visiting clients place at regular intervals considering volume of clients business, cost effectiveness and requirements.
Extent of work in Outsourced accounting or remote accounting service is heavily dependent on clients’ volume of business (number of banking transactions, sales, expenses, vouchers) and complexity of the same. As such tasks requires labor intensive work, it all boils down to number of resources of spacebucks working upon a client and the fees are directly proportional to no. of hours our team puts in. At Spacebucks, we have Trained accountants and Financial Accounting experts and rate per hour varies based on skill sets they have. However, this service will cost you less than accountants salary as our team performs same tasks for various clients which brings economies of scale to us.
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