Outsource Top 5 Accounting Functions To Streamline Your Documentation Concerning Your Accounting

November 09, 2016

Outsource Top 5 Accounting Functions To Streamline Your Documentation Concerning Your Accounting

 

A lot of small business owners think that accounting tasks should be done in-house. Aside from minding the cost of outsourcing accounting functions, these entrepreneurs don’t want to hand out sensitive information regarding their financial status to outsiders. Yet, the same people forget that there are more benefits to reap in outsourcing than the cost they have to pay.

 

 

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image source:sbtsystems.com

 

Businesses are held accountable to a much stricter set of rules than individuals; hence it is important to keep a neat filing of bills and vouchers. Companies today are continually being challenged to reduce costs, extract the most value possible from their expenditures.

Will Outsourcing Accounting Functions Worth My Time?

Instead of asking such exclusive question, you should consider asking yourself whether outsourcing your accounting tasks can save you more extra time. More importantly, you’ll also come upon the next important question, “What will you do with that extra time?” Are you going to use it by building relationships with people? Or do you intend to improve your company’s marketing strategies with it?

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There are so many things to do in a very short time. Make sure that your decision to outsource comes from the fact that you’ve got to attend to more important things than taking care of the boring, grueling accounting stuff.

Top 5 Accounting Functions That Can Be Outsourced?

Outsourcing your accounting functions is just a start. The outsourcing service provider company will process your transactions daily, just like an internal accounting department. Their expert accountants can handle the following accounting functions:

  • Vendor bill payment

It includes preparation of purchase journal, review of cash position and prioritizing of payments, processing of payments.

  • Sales invoicing

A sales invoice in financial accounting is a tool that a company uses to communicate to clients about the sums that are due in exchange for goods that have been sold. A sales invoice should include information about which items the customer has purchased, the quantities he has bought, discounts he has received, and the total amount he owes. In addition, a sales invoice should contain a brief summary of the terms of the transaction, such as the acceptable lag time between the sale and the payment.

  • Account reconciliations for your bank accounts, and credit card statements

Account reconciliation, defined as the act of confirming whether the actual account balance matches the corresponding bank statement, is crucial to the financial health of large corporations and organizations. By verifying the accuracy of each account, the account reconciliation team identifies errors and inconsistencies requiring correction, and reconciles the final balance accordingly. Account reconciliation services are inclusive of:

  • Check Sequencing
  • Reconciliation reports in electronic files or paper
  • Comprehensive reports in balance with your bank statement
  • Flexible reconciliation periods
  • Input data in client-specific formats
  • Accounts receivable and accounts payable management

Accounts receivable is the money that a company has a right to receive because it had provided customers with goods and/or services. Accounts Receivables service include:

  • Generating, Printing and Mailing Invoices
  • Timesheet Collection and Invoice Delivery
  • Vigorously audit and check quality standards for best services
  • Collections monitoring and following up with customers for open invoices
  • Prepare Daily Deposit/Invoice Reports
  • Financial statement and custom reporting

Accurately tracking financial data is not only critical for running the day-to-day operations of your small business, but it is also essential when seeking funding from lenders or investors to take your business to the next level. In addition, keeping tabs of your finances by outsourcing financial statement and reporting services can help ensure your products and services are priced right, identify what your margins are, determine your cash flow and make filing taxes easier.

 

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image source:bmgoutsourcing.com.au941

 

Apart from the above mentioned; you can outsource other accounting functions like:

  • General ledger maintenance
  • Cash flow management
  • Bank account reconciliation services
  • Expenses ledger maintenance
  • Preparing ageing reports and summaries
  • Inventory reconciliation
  • Fixed assets register maintenance

How To Determine Best Accounting Function Outsourcing Company?

This is the number one problem entrepreneurs think they’re facing when it comes to outsourcing. In fact, even though the cost matters a slight margin, it doesn’t really equate to how much you’re going to save with outsourcing. Accounting tasks, when outsourced, could help you save more than what you thought.

Outsource accounting functions, you’ll no longer need to run accounting cost in-house. This helps you rapidly increase income because you’re allotting your saved time to doing the things that matter most in your business.

Also, when approaching an outsourcing accounting firm, it important to see whether it offers specialized accounting service for the one you are looking for. If you’re choosing a company that offers the lowest price, make sure that they can provide you with the services necessary for your business. If not, you’ll be facing bigger problems at a bigger cost later on.

 

How Much Will Outsourcing Accounting Will Cost Me?

This is the number one problem entrepreneurs think they’re facing when it comes to outsourcing. In fact, even though the cost matters a slight margin, it doesn’t really equate to how much you’re going to save with outsourcing. Accounting tasks, when outsourced, could help you save more than what you thought.

Through outsource accounting, you’ll no longer need to run accounting cost in-house. This helps you rapidly increase income because you’re allotting your saved time to doing the things that matter most in your business.

Ask different outsourcing firms to provide you with a quotation of their services, so you’ll have the chance to compare which company offers a competitive offering. If you’re choosing a company that offers the lowest price, make sure that they can provide you with the services necessary for your business. If not, you’ll be facing bigger problems at a bigger cost later on.

 

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November 09, 2016

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