Sunday, July 5, 2009

Close Cash Flow Gaps by Outsourcing Cash Flow Management Services to India

What is cash flow management?
The process of monitoring, analyzing and adjusting your business' cash flow can be defined as cash flow management. Very often cash inflows and cash outflows don't keep pace with each other and this could cause a cash flow gap leaving your business short of cash. Cash flow management ensures a smooth running of your business with no such gaps.

Is cash flow management necessary?
Solvency in a business depends on the cycle of cash inflow and outflow. Cash flow management analyzes this cash flow cycle by identifying cash flow problems, finding ways to improve your cash flow and maintaining an adequate cash flow in your business at all times.

Why outsource cash flow management services to India?
Indian outsourcing companies have wide experience and professional expertise to effectively manage your cash flow. By outsourcing to India, you gain the added advantage of specialists taking care of all your cash flow management needs, at a cost-effective price.

What are the various cash flow management services that can be outsourced?
Service providers offer a wide range of customized cash flow management services which include:

  • Cash flow analysis
  • Cash flow forecasting
  • Cash flow projection
  • Cash flow planning
  • Cash flow budgeting
  • Cash flow reviewing
Other allied services such as managing cash flow on a daily basis, managing financial risks, maintaining an electronic fund transfer system, reviewing and analyzing expenditures on banking services, negotiating contracts for financial and banking services and managing fraud control programs are also offered by Indian outsourcing companies.

What are the benefits of outsourcing cash flow management services to India?
Outsourcing your cash flow management services to India works to your advantage since you gain:
  • Fast and reliable services at one-third the cost
  • Trained and experienced professionals managing your cash
  • Secure FTP networks ensuring data security
  • Usage of up-to-date software for cash flow analysis
  • State-of-the-art infrastructure and technology
Outsourcing your cash flow management services to India will effectively close all cash flow gaps that are found in your business, making your business a success.

Why Outsource Bookkeeping and Accounting Services to India?

Research has shown that nearly 35% of America's largest businesses outsource their bookkeeping and accounting to India. Listed below are the most common reasons as to why companies prefer outsourcing to hiring an in-house bookkeeper:

The Cost Factor: Businesses outsourcing their bookkeeping services gain an overall saving of up to 50%. Companies outsourcing save on employee salary and benefits, overheads, hiring and training costs and other management expenses.

High Quality Bookkeeping: Outsourcing companies maintain superior quality by employing only qualified and trained accountants, CPA’s and MBA’s. They are specifically trained in bookkeeping and are conversant with the latest guidelines and pronouncements on the US GAAP, IAS and SEC regulations.

Fast Turnaround Time: The time zone advantage enables a continuous work cycle. This enables the service provider to work on the books during the same night and upload them onto a server or send them to the client via email by the next morning.

Use of the Latest Software: Online bookkeeping services use the latest software like MYOB and SAGE, QuickBooks (all versions), Quicken, Peachtree, Intuit ProSeries, Intuit Lacerte, Net Suite, Creative Solutions Accounting, Master Builder, Business Works etc., while working on your accounts.

Ability to Concentrate on Core Competencies: By off-loading a non-core function like bookkeeping to India, businesses are able to turn a cost center into a profit center. This leaves them with more time and resources to focus on other core business areas.

Assured Data Security: All service providers sign security statements and service agreements assuring data privacy. Outsourcing companies also own secure FTP networks which assure the client of complete data security.

Service Package Options: Clients can choose to use either one of the three bookkeeping processes, namely, Server Based (FTP) Bookkeeping Process, Remote Access Bookkeeping Process or Application Service Provider (ASP) Bookkeeping Process.

99.99% Accuracy Rate: Indian service providers employ stringent quality checks which assure you of an accuracy rate of 99.99%.

With most of the successful businesses moving on to online bookkeeping, clients outsourcing their bookkeeping services to India stand to gain immensely by reducing their operating costs and focusing their resources on other core competencies.

Tuesday, June 9, 2009

No More Accounting Worries

Step into the Future by Outsourcing Virtual Accounting Services to India

Most small and medium sized business organisations often find daily bookkeeping and accounting tedious and time consuming, leaving them with very little time and energy to focus on their core businesses. Other self employed people, upcoming business groups and non-profit organizations often find it too expensive to hire a full time accountant. An easy and cost-effective alternative to all your accounting worries is to outsource your accounting needs to a virtual accounting service in India.

A virtual accountant is a qualified and experienced accountant who will work for you online without sharing your office space, at rates much lower than a regular accountant. Working with a virtual accountant is extremely easy and convenient since all documents can be faxed, e-mailed or uploaded to a FTP server and the completed books are ready by the next morning.

Indian service providers also provide varied accounting and bookkeeping services from which you can choose from. A few are listed below:

  • Account Maintaining and Updating
  • Account Auditing
  • Bookkeeping
  • Payroll
  • Business Support
  • Business Tax
  • Personal Tax
  • Property Tax
  • Financial Planning and Reporting
  • Budgeting and Forecasting
  • Investment Planning
  • Corporate Finance
  • Company Secretarial

Clients need not have any security concerns, since most Indian outsourcing companies offering virtual accounting services transmit data via secure FTP servers. All accounts are password protected giving you full control of your financials and also enabling you to check your accounts anytime and anywhere. Virtual accounting services provide the client with a host of other benefits, some of which include:
  • Usage of advanced accounting software like Peachtree, NetSuite, Quick Books etc.
  • Well qualified and experienced CPA’s, Accountants and Bookkeepers
  • 50% cost cut and reduced overheads
  • Financial reports and on-demand expertise at your fingertips
  • Secure lines with automatic data backups

When you subscribe to a Virtual Accounting Service it is only on an “as needed” basis with no strings attached. This allows you to minimize your costs to the maximum. Outsourcing your Virtual Accounting Services to India will work in your favour by eliminating recruiting issues, minimizing accounting staff and substantially increasing your margins, thereby leaving you with no accounting worries.

Friday, April 17, 2009

Wave Goodbye to your Bookkeeping Worries!

Are you worried that your accounting books are not up-to date? Do you find payroll processing a challenge? Are you dreading the upcoming tax season? The one-stop solution to all your bookkeeping, accounting and taxation needs is to outsource to India. Indian service providers’ offer personalized packages that will take care of all your bookkeeping and accounting needs. Online bookkeeping also provides you with a host of other advantages which include:

A wide spectrum of services

Indian companies offer their clients a wide range of bookkeeping and accounting services to choose form. The services provided include:

  • Accounts payable
  • Accounts receivable
  • Cash management
  • Journal entry
  • General ledger
  • Account reconciliations
  • Payroll
  • Monthly closing
  • Fixed assets accounting and depreciation
  • Monthly financial analysis and reports

Fast turnaround time

Outsourcing provides the client with fast and reliable services. Due to the 12-hour time difference between India and North American countries, the service provider gets to work on the books during the same night and uploads the books onto a server or sends them to the client via email by the next morning.

Savings of up to 40%

Cost-effectiveness is one of the primary benefits of outsourcing to India. Statistical studies have shown that companies can save up to 40% when compared to hiring a full time in-house bookkeeper.

Accuracy and Integrity

99.99% accuracy is maintained by stringent quality control checks and by employing only CPAs, Chartered Accountants (Indian counterpart to CPAs), MBAs and qualified accountants who are trained in US accounting practices. Added to this our secure FTP networks ensure that you have no worries regarding security during transmission of data.

Use of the latest software

In order to provide world-class service Indian outsourcing companies use the latest in accounting software. The use of MYOB and SAGE, QuickBooks (all versions), Quicken, Peachtree, Intuit ProSeries, Intuit Lacerte, Net Suite, Creative Solutions Accounting, Master Builder, Business Works etc., ensures that clarity and accuracy are maintained in your accounts.

Customized packages

Service providers provide customized online bookkeeping processes, namely, Server Based (FTP) Bookkeeping Process, Remote Access Bookkeeping Process and Application Service Provider (ASP) Bookkeeping Process. This enables the client to choose what is best suited and most applicable to his company.

Outsourcing to India will now let you wave goodbye to all your bookkeeping and accounting worries and concentrate your energies and resources on other core competencies.

Friday, March 6, 2009

Outsourcing of Tax Return Preparation Services to India helps in Cutting Costs by 50%

Why outsource tax preparation services to India?
In the past few years more and more CPA’s and Accounting firms in the U.S. have begun outsourcing their tax-compliance work overseas and to India in particular. This trend has experienced a tremendous growth due to the varied advantages such as reduced costs, speedy delivery of completed returns and the ability to focus on higher margin services such as tax consulting and tax and estate planning.

What are the different tax preparation services offered by Indian outsourcing providers?
Indian outsourcing providers offer tax preparation services custom made to suit the federal and state tax returns for the following:

  • Individuals -Form 1040, Form No.1040A, Form No.1040EZ and Form No.1040NR
  • Partnerships - Form 1065
  • Companies and Corporations - Form 1120 and Form No. 1120S
  • Fiduciaries – Form 1041
  • Non Profits – Form 990
  • Estate and Gift Tax – Form 706

What software is used in tax preparation?
  • Intuit's Lacerte®
  • Creative Solutions' Ultra-Tax®
  • Intuit's ProSeries®
  • ATX®
  • Drake Tax®
  • Prosystem FX®
  • Go-System®
  • Any other tax software which the client requires

What is process that involves outsourcing of tax preparation?
The basic process of tax outsourcing involves the following steps.

  • The client’s tax information is scanned into electronic files such as pdf files, mdi or e fax messenger.
  • The data is then entered into the preferred tax software by trained tax professionals.
  • The tax return is audited and verified.
  • The tax returns are transmitted via ASP or FTP for review by the client.
  • The updated and reviewed tax file is sent for filing.

What are the benefits of outsourcing Tax Return Preparation Services to India?

  • Tax Returns prepared by Indian outsourcing company will cost up to 50% less when compared to the average tax preparation cost currently incurred by a mainland firm.
  • The quick turn around time contributed by the differences between U.S. and Indian time zones is extremely beneficial since a return sent overseas for preparation in the afternoon can be completed after hours (daytime in India) and downloaded by the U.S. CPA the next morning.
  • Secure data facilities, private networks, firewalls, and sophisticated data-encryption techniques ensure 100% confidentiality of client information.
  • Periodic training and upgrading of employee skills ensures that the client receives high quality work with fewer errors.
  • Outsourcing to India moves tax preparation to a mostly web-based system and this significantly reduces the volume of stored paper files.
  • Outsourcing also provides the customer with prompt customer support and a client confidentiality contract that ensures total security. The numerous benefits listed above have led to a large number of CPA and Accounting firms deciding to outsource their tax returns to India.