Outsource to India to get Access to Comprehensive and Affordable Payroll Processing Services

What is payroll processing?
Payroll can be defined as the sum of all financial records of salaries, wages, bonuses and deductions in an organisation. Payroll processing and payment is a key function that plays an important role in ensuring that timely and appropriate payments are made to all employees.

Why outsource payroll processing to India?
Timely and appropriate payments need to be made to employees in order to maintain their level of satisfaction and motivation. By outsourcing payroll processing to India, companies are relieved of the tedious and routine responsibility that is required and instead they can focus all their energies and resources on other core business areas. Moreover outsourcing will effectively reduce the operation costs by 40-50%.

What are the different payroll services that can be outsourced?

• Check processing and delivery
• Signed and sealed payroll checks
• Quarterly and annual tax reports
• Complete tax filing services
• Employee insurance deductions
• Time and attendance system
• Easy-to-read management reports
• 940s and 941s
• W2 and W4 reporting and filing
• Reconciliation of health insurance payments
• Direct deposit payments with "paperless" payroll options
• Direct deposit accounts for each individual employee

What are the various kinds of software used in payroll processing?

Indian service providers use the latest software available to ensure fast and accurate services to all their payroll processing customers. Clients can choose from any one of the following

• Quickbooks (Intuit) Payroll
• PayCycle
• PayChex
• ADP
• Deltek
• Accountix

What are the advantages of outsourcing payroll processing to India?

Indian outsourcing companies provide flexible, high-tech and secure services to meet the individual needs of each client. The many other advantages include

• Easy, convenient and reliable payroll process that is extremely cost-effective
• Well qualified and experienced personnel who deal with each account exclusively
• Help with other administrative business functions such as HR and time and attendance
• Customized payroll accounting solutions to accommodate your individual needs
• Complete payroll processing, tax administration and reporting service
• Accuracy in calculating of payroll
• Timely tax filing
• 24/7 customer support provided by experienced Payroll and Benefits professionals
• Confidentiality of all company information

Outsourcing payroll processing will thus enable both small and large businesses to save on costs, improve focus on core business competencies and most importantly enable economic growth without any manpower constraint.

Reduce Operating Costs by Outsourcing Different Bookkeeping Services to India

Bookkeeping forms a major part of any organization and in order to reduce overall operating costs, businesses worldwide are turning to India to subscribe to a personalized and professional online bookkeeping services at a reasonable price. The different types of Bookkeeping Services that can be outsourced to India are:

General Ledger
In accounting, the general ledger is termed as a collection of the group of accounts that supports the items shown in the major financial statements. It is maintained by recording all financial transactions and can be supported by one or more subsidiary ledgers that provide details for the accounts in the general ledger. All entries are arranged as per the requirement of the Government policies or IRS regulation.

Accounts Payable
Accounts Payable can be defined as a file or account that a company owes to a supplier, to whom the amount has not yet been paid. In other words, Accounts Payable is a form of credit that suppliers offer to their purchasers by allowing them to pay for a product or service after it has already been received. In bookkeeping, accounting software is used to track the flow of money into the liability account which records data as to when an invoice is received and when the payment is made.

Accounts Receivable
Accounts Receivable is series of accounting transactions that deal with the billing of customers, who owe money to a company, for the goods and services that have been provided. This is done by generating an invoice and mailing or electronically delivering it to the customer, who in turn is required to pay within an established timeframe.

Bank / Credit Card Reconciliation
Bank/Credit Card Reconciliation is the process of keeping account of all money spent and received through bank accounts and credit card transactions which are electronically made. In order to maintain transparency of all accounts, both statements have to be reconciled.

Payroll
Payroll can be defined as the sum of all financial records of salaries, wages, bonuses and deductions in an organisation. Payroll processing and payment plays an important role in ensuring that timely and appropriate payments are made to all employees.

Inventory
A list containing all goods and materials, or the goods and materials themselves held available in stock by a business is known as inventory. Accounting for Inventory is needed when it is held across accounting period boundaries. This is because generally expenses should be matched against the results of that expense within the same period. Each country has its own rules about accounting for inventory that has to be followed.

Fixed Assets
A fixed asset is a term used in accountancy for a property, plant or equipment which cannot be easily converted into cash. A fixed asset is opposed to a liquid asset which can be cash or a bank account. Mostly, only tangible assets are referred to as fixed. Fixed assets normally include items such as land and buildings, motor vehicles, furniture, computers, office equipment, fixtures, fittings and machinery. According to International Accounting Standard (IAS) 16, Fixed Assets are assets whose future economic benefit is probable to flow into the entity and whose cost can be measured reliably.

Accounting Setup
The installation of accounting software and the training in the correct use of the particular software is known as accounting setup. Various kinds of accounting software can be setup, according to the clients need and preference. The major accounting software used in the industry for bookkeeping services are Quickbooks Accounting, Quicken, Peachtree, Sage Accounting, MYOB, Business Vision, Simply Accounting and CaseWare. Whatever the need maybe, Indian outsourcing companies provide world class accounting services at the most affordable rates, thus enabling the client to focus on other core competencies.

Experience Increased Profits by Outsourcing Write-Up Services

Clients of today’s generation expect greater add-on and value-added services from their banks and accounting firms. This is both a tedious and costly process. By outsourcing write up services like accounts receivables and payables, account reconciliation services and other add-on functions, organizations stand to gain by saving on time and money. Outsourcing companies custom design their write-up services to suit the client’s specific needs. The services are provided individually or combined to form a package in order to provide maximum value and efficiency. A few of the services provided are
· Transaction Data Entry
· Journal Entry (Adjusting and Closing)
· General Ledger Reporting
· Assets/Equipment Ledger Entry
· Fixed Asset Transactions and Depreciation
· Expenses Ledger Entry
· Accounts Receivable Services
· Accounts Payable Services
· Profit and Loss Statements
· Financial Statements
· Trial Balance
· Income Statements
· Balance Sheets
· Cash Flow Statements
· Payroll Processing Services
· Payroll Tax Administration Services
· Sales Tax Return Preparation
· Local Tax Return Preparation
· Bank Reconciliation Services
· Account Reconciliation Services

Outsourcing companies have trained accountants who are well experienced in working with data in the form of spreadsheets, scanned documents and other electronic formats. The completed financial statements are then sent to the client in the format of their choice. Apart from experiencing total satisfaction and superior quality, outsourcing write-up services to India will also ensure

· Quick turn around time
· Low costs
· Advanced accounting software
· Skilled and experienced accountants
· Efficient management of busy and lean periods of the tax season

Banks, Accounting Firms and Businesses that outsource their write-up services are benefitted by fully-integrated, real-time accounting modules and customized write-up services that keep all financial management data both current and accessible. Outsourcing of write-up services will definitely help companies to see an increase in their profit margin.

Improve Your Profits by Outsourcing Accounts Receivable Services

Advantages of Outsourcing Accounts Receivable Services In our technologically advanced business environment, maintaining a strong cash flow is essential for rapid growth and success. This requires that capital as well as credit is readily available to meet the demands of expansion, research, acquisitions, staffing and more. By outsourcing their Accounts Receivable Services businesses can focus on those areas and tasks that hold greater promise for their business and future. The various Accounts Receivable Services that can be outsourced are

- Preparing of bills (as required by TAD)
- Recording and accounting for revenue
- Entering receivable transactions into the accounting system
- Preparing and delivering of periodic statements
- Issuing of credit memos and refund checks approved by the customer
- Maintaining subsidiary receivables ledgers
- Carrying out process adjustments approved by the customer
- Applying cash received to customer accounts
- Resolving short pays
- Preparing credit and collections

Outsourcing companies in India use highly upgraded software such as QuickBooks, CheckMark, MultiLedger and M.Y.O.B. in order to consolidate the printing, mailing and electronic delivery of their Accounts Receivable services. Outsourcing companies also are experienced in the invoice design, formatting, composition and printing of the invoice document. Invoices are custom formatted, according to pre-defined business rules, resulting in documents specific to each customer. The other benefits of outsourcing Accounts Receivable Services include

- Consolidation of print, mail and electronic deliveries from one source
- Immediate access to document images, thereby saving time
- Quality assurance processes, which improve customer loyalty
- Universal repository for all documentation required for customer service
- Any time retrieval of documents and data through a common web browser
- Minimization of delinquencies and bad debt
- Increased cash flow and salvaged revenues
- Reduced processing costs by up to 70%
- Reduced billing support costs and DSO
- Customized inbound/outbound account handling programs
- Accurate handling of data.
- Professional handling and ongoing monitoring of customer disputes and discrepancies
- TQM and other quality improvement programs that ensure continuous improvement
- Confidentiality of data ensuring security
- Cost-effective services and quick turnaround time

With highly efficient staff and ensured customer security, outsourcing of Accounts Receivable Services help businesses to concentrate their effort, time and money on other profitable areas and tasks. The quick turn around time and cost-competitive services provided by outsourcing companies work as an added bonus towards outsourcing of Accounts Receivable Services to India.

The Different Types of Bookkeeping Systems

Outsourcing your Bookkeeping Services needs to India will enable you to get access to high quality bookkeeping technology at a very nominal price. The bookkeeping services offered by Indian companies offer the latest in accounting and employ trained professionals who specialize in different types of bookkeeping such as:

• Single entry bookkeeping
• Double entry bookkeeping
• Online bookkeeping

Single Entry Bookkeeping System

The single entry bookkeeping system is the most simple and uncomplicated system of accounting since all the transactions is entered into a single column. The system is very similar to the way a checkbook register is maintained since the columns are usually for date, description and amount.

Advantages

• Best used for small businesses
• More Columns can be additionally added for different types of revenue and expenses

Disadvantages

• Detailed financial information cannot be included in the spreadsheet
• Exact financial position cannot be calculated
• Mistakes and errors can be identified only through bank statement reconciliation
• There is no link between the balance sheet and income
• Liability and asset accounts, such as inventory, accounts receivable and accounts payable, cannot be tracked
• Individual values are left out since only the difference between the expenses and revenues are calculated

Double Entry Bookkeeping System

The double entry bookkeeping system serves as a boon for large businesses that have lots of assets, thousands of transactions and various external suppliers of capital. In this system, two entries are made for each transaction, one in a debit account and another in a credit account. The columns are categorized as date, account, debit and credit. Therefore, for each debit entry, an equal and opposite credit entry is duly entered. Thus when the accounts are totaled, the sum of all debits must be equal to the sum of all credits.

Advantages

• Mistakes and errors can be easily detected
• Financial statements can be prepared directly from the accounts
• Statements of profit and loss can be accurately calculated
• Assets and liabilities can be included
• Extremely appropriate for large organizations

Online Bookkeeping

The online bookkeeping system provides the customer with the option of storing their business documents, source documents and data in a web based application. This is done so as to enable the offshore provider’s bookkeepers to remotely access these documents and update the accounts as and when is needed. This is accomplished through a software based program, namely, SQL Ledger and QuickBooks.

Advantages

• Accessing your accounts is easy and can be done anywhere and anyplace
• Online bookkeeping services come with high standards of security
• Accounts can be updated as often as required
• Up to 50% of cost saving as compared to your present bookkeeper
• Huge savings on time, effort and resources
• Latest software and infrastructure is used in online bookkeeping

Whatever may be your choice of bookkeeping, outsourcing your bookkeeping services to India will ensure that you receive professional services at the most cost effective price.

Creative Solutions' Ultra Tax - A review

Ultra Tax is one of the Industry’s most trusted professional tax preparation products made use of by accountants world over. The product streamlines the various processes involved in tax practice workflow enabling companies to improve efficiency and productivity, saving time and costs involved. Available in over 200 modules, Thomson Creative Solution’s Ultra Tax can easily be integrated with the company’s suite for asset management, tax planning, professional accounting and productivity programs.

Thomson’s Ultra tax product suite makes use of the latest in technology, incorporating tools to enable various processes from electronic filing to paperless processing. The solution is also available with various web based tools like Web client organizers and 1040 Portals. These tools help Ultra Tax provide explicit service and enhance productivity, maximizing corporate profitability in the process.

Ultra tax CS can also be integrated cross product with other CS professional suite products like PPC Deskbooks, Tax Alerts and CheckPoint. This helps minimize time taken for data entry and tax processing activities, increasing efficiency and productivity.

The Ultra tax CS product is also available with a number of different modules to cover the gamut of taxation services. These include diagnostic tools, a depreciation module, efficient review tools and many more. Priced moderately at $6240, for a four user licensing, Ultra Tax CS may also be used on a pay-per-return basis.

With extensive features that help companies derive maximal benefits, the Ultra tax CS from Thomson is one of the best taxation suites to adopt among its peers currently offered in the market, making it one of the most trusted solutions adopted by thousands of customers world over.

Intuit's Lacerte - A review

How often has tax preparation been a cumbersome and pains taking task? With the increasing complexity in tax laws, Intuit’s Lacerte product line comes as a boon to professionals and part time tax preparers. Used by over 40,000 firms and ranked consistently among accountants and accounting firms as one of the leading tax solutions software, Lacerte is one of the undisputed market leaders in its segments.

Lacerte’s professional tax solutions cater to a wide range of target audience from beginners to part timers and even professional firms having multiple services all year long. The software provides a wide range of functionality and is equipped with tools and processes that help streamline workflow management, increasing productivity, efficiency and the corresponding profitability.

Lacerte professional tax solutions are available in various different editions each catering to a different market. Individual, partnership, corporate, fiduciary, estate, gift, exempt, benefit plans and state modules are some of the different editions available.

Intuit’s Lacerte professional tax solutions also focus on a number of features that help provide users an easy to use simplified taxation solution. Some of these features that enhance user benefit include:

• Focus on productivity by providing an easy to use interface, access to data, diagnostics and other tools


• Natural workflow design to provide easy access to forms, save time in review processes and match tax returns flow.


• Return review features to view forms in the same format as will be printed, automated reports, analysis, emails and clear visibility to support work sheets and statements.


• Diagnostics and error checking features


• Multi user support with exceptional performance.

These are but a few of the many features that make Intuit’s Lacerate suite of professional tax solutions easy to use and a productive option for companies, accountants and part time tax preparers.

SAGE Accounting Software - A Review

If a survey were conducted regarding the most arduous processes in a business organization - one that would stand tall above others is financial accounting. A tedious job that requires loads of efforts, time and manpower alongside immaculate precision - it is one of the most vital process involved in a business organization. Come the late 1990’s, software automation in the field of accounting has to a large extent help ease companies off this burden.

One of the pioneers in software accounting, extremely popular and catering to the requirements of Small and Medium enterprises is SAGE accounting software. A name well renowned in the United Kingdom, SAGE accounting software provides localized applications, customized to user requirements world wide. The software has to a large extent simplified the rigidity associated with the rigorous accounting framework, ensuring easy management of accounts, globally. Used by over 5.4 million customers globally, it helps organizations:

· Streamline routine activities
· Gain business insight
· Effectively manage business
· Plan for the future

Catering to requirements of Small Scale industries, the company has a suite of products referred to as SAGE instant accounts. A simple book keeping system for start-ups and small Enterprises, the software helps:

· Organize sales and purchases
· Organize customers and suppliers
· Handling VAT and invoicing

Additional features may also be obtained with other packages like the SAGE instant account plus, SAGE instant financial suite and SAGE instant business suite.

For larger enterprises however SAGE has a multi functional accounting suite - The SAGE line 100. The software helps organizations budget by department and by cost center. It also empowers organizations to consolidate multiple companies, operating structure and currencies.

With increasing competitors looking to cater to the requirements of the SME market, SAGE with its seamless integration, high reliability and superior performance, stands miles ahead, ensuring an easier accounting process for small and medium enterprises alike.

Why outsource bookkeeping services to India?

Bookkeeping services are one of the potential growth areas in the field of outsourcing.

There is lot of promise in this field as the costs of these services are high in the Western countries and India offers a cost-effective and reliable destination for outsourcing of bookkeeping services.

Bookkeeping services form part of the financial services outsourcing that we are covering in this blog. This area of outsourcing goes beyond the "bread and butter" fields like transaction processing.

This can be categorized under the high end services that Indian companies are trying to capture.

There are several good reasons for outsourcing bookkeeping services to India

• The pool of accountants and commerce graduates that India has is among the highest in the world.
• A majority of them are fluent in English and attuned to global accounting standards
• A point to be made is that accounting standards like GAAP are also being handled by many Indian companies.

There are several benefits that accrue out of outsourcing bookkeeping services

• You can save on your costs that are incurred by hiring otherwise expensive accountants
• You can concentrate on growing your business instead of spending time and energy on hiring and training bookkeeping staff
• Access to world class bookkeeping services "on-demand" and round the clock
• Secure and safe method of data transmission that takes care of your privacy issues

You can add to the list as well. If you think you have some suggestions in the area of bookkeeping outsourcing, do leave us a comment here.

Outsource Bookkeeping Services to India

Do you find your organization struggling with the daunting task of bookkeeping? Does your organization have pending accounting or bookkeeping work? Do you want your organization to concentrate on core business functions without wasting time on bookkeeping? If you find yourself answering yes to the following questions, then Outsource Bookkeeping Services. By outsourcing, your organization will be free to concentrate on core business functions and you can stay assured that your accounting needs will be met on time. Your organization can find many outsourcing providers in India who can meet your accounting requirements.

India, a pioneer in providing accounting services, has the skill, competency and expertise to provide a wide range of accounting services. Providers in India also employ the best in infrastructure, technology and software to ensure that they provide customers with accurate services within a fast turnaround time. When you outsource bookkeeping, you can be assured that your accounting, bookkeeping and tax preparation requirements will be met accurately. Outsource Bookkeeping services to India and get access to professional, proficient, expert and skilled accounting services.

The Bookkeeping Services & Accounting Services that India Offers

Outsource bookkeeping services to India and get access to accurate, efficient and reliable bookkeeping services within a fast turnaround time. India offers the following bookkeeping services:

• General ledger services
• Assets/Equipments ledger services
• Accounting system design services
• Entry of transactions services
• Depreciation schedules services
• General accounting services
• Tax return preparation services
• Sales tax services
• VAT services
• Asset accounting management services
• Records management services
• Amortization schedules services
• Accounts payable services
• Accounts receivable services
• Ageing report and summaries
• Journal entry services
• MIS report services
• Bank account reconciliation services
• Credit card reconciliation services
• Cash application services
• Cash flow statement services
• Financial reporting services
• Cash disbursement services
• Credit and collection services
• Financial accounting services
• Asset accounting management services
• Ratio analysis service
• Payroll services
• Financial analysis services
• Quickbooks Setup services
• Budgeting services
• Balance sheet services
• Income statement services
• Financial statement preparation services
• Trial balance services

India Uses the Latest Bookkeeping Software

The outsourcing providers in India use best-of-breed bookkeeping software to ensure that customers get accurate accounting services within a fast turnaround time. In accounting services, using the best suited software is important in ensuring quality. Different countries and different companies employ the use of different bookkeeping software. When you outsource accounting services to India, your outsourcing provider will use the bookkeeping software that you employ. Companies providing bookkeeping services in India are well-versed with all the latest bookkeeping software and can use any bookkeeping software that you suggest.

The Quickbooks bookkeeping software is the most widely used software and if you want an organization that uses Quickbooks software, you can find numerous Indian outsourcing providers who use the Quickbooks software. The Quickbooks software can help you to easily manage all your accounting requirements. The Quickbooks software can be used to prepare invoices, prepare financial statements, send invoices, track expenses and track inventory levels amongst others. Your India provider can provide your organization with efficient services by using the Quickbooks bookkeeping software.

Benefits of Outsourcing Bookkeeping Services to India

• Cost-effective accounting services
• Best-of-breed infrastructure and technology
• Proficiency in a wide range of bookkeeping software
• Wide range of bookkeeping services
• Experienced, skilled and trained accounting workforce
• Quick turnaround time

Outsource Bookkeeping Services to India and give your organization a competitive advantage.

Intuit’s Pro Series - Review

The ProSeries tax software from Intuit has evolved from TurboTax. Today ProSeries is one of the most widely used professional tax preparation software. It has become the tax software that most tax prepares swear by. There are mainly three versions of ProSeries, namely ProSeries Basic, ProSeries Express and ProSeries professional.
ProSeries has made the job of preparing tax returns easy. ProSeries has features that show tax prepares when data is missing. Tax prepares can now write client messages, flag a section of a return, create reminders and prepare multi-state returns. More and more tax prepares have started switching over to ProSeries.
The following is a list of the advantages that Intuit’s ProSeries offer:

• Excellent technical/customer support eliminates down time for tax preparers


• K-1 Import feature and client analyzer reduces time and effort


• Print preview feature enables printing of different copies for filing, clients and for preparers


• ProSeries enables tax prepares to process returns at a face pace


• ProSeries has an easy to use interface that is similar to Quickbooks


• ProSeries ensures that every aspect of tax return preparation is covered


• In ProSeries, forms are categorized and easy to find


• Form input tabs in the software enables easy navigation


• Forms can be checked off for the preparation of a particular return

If your organization prepares tax returns, opt for Intuit’s ProSeries. With Intuit’s ProSeries, your tax preparers can work more efficiently and accurately.

Outsourcing Financial Analysis Services

With India becoming the most preferred location for outsourcing financial and accounting services, a large number of global organizations have started outsourcing financial analysis services to India. Apart from substantial cost benefits, India has a large talent pool of qualified chartered accountants and financial analysts, who have domain expertise in the financial arena. India has intensive experience in financial analysis.
Financial analysis services involve the integration and analysis of information stored in financial systems. It also involves the analysis of critical data sources across a particular organization. Organizations that are already outsourcing financial analysis services to India are benefiting from accurate, reliable, cost-effective and fast services.
Outsourcing providers in India have expertise in the following financial analysis services.

• Preparation of corporate financial statements


• Analysis of monthly & quarterly financial statements


• Analysis of annual management reports


• Financial research & analysis


• Analysis of portfolio structures


• Analysis of prospectus


• Analysis of offer documents


• Analysis of ad-hoc reports & industry reports


• Analysis of fact books


• Competitor analysis


• Creation and maintenance of databases & libraries


• Financial ratio analysis & break-even analysis


• Analysis of NPV and IRR


• Analysis of audit committee presentations on financial results

If your organization requires any of these financial analysis services, outsource to India. Outsourcing financial analysis services to India can give your organization a competitive edge.

What are accounts payable services?

Accounts payable or payables can be defined as the commitment that organizations/businesses own to creditors for buying services/goods. All the unpaid bills, statements for goods or services and invoice compile the accounts payables that an organization or business owns to vendors, suppliers and contractors outside the organization.

Large and medium-sized organizations usually have an accounts payable department that caters to the accounts payables of the organizations. In an accounts payable department, accountants would collect credit card receipts, maintain general ledgers, audit expense reports, authorize purchase orders and organize account withdrawals amongst other accounts payable functions.

Other services which fall under accounts payable include, managing paper-based payable documents, managing transactions, eliminating the risk of duplicate payments, making payments on time, supplier management, utility bill management and tax reporting amongst others.

Reliable, efficient, fast and accurate accounts payable services are integral to an organization’s success. Efficient accounts payable services can ensure that bills are paid on time. Investing in competent accounts payable services can ensure that credit ratings are not affected, terms and conditions are observed and business relationships are well-maintained.

Peachtree Accounting Software – Review

The Peachtree Accounting Software is an ideal accounting software to buy if you want an accurate and reliable accounting software. This accounting software is well-suited for both small and medium sized businesses. The Peachtree Accounting 2008 version has the same easy-to-use interface of the 2007 version. The latest 2008 version from Peachtree is easier to use and is more flexible.

The Peachtree accounting software package comes at an affordable price and is a highly recommended accounting software for small and medium businesses who are looking for cost-effective solutions. Another benefit of the Peachtree Accounting Software 2008 is that it can be used to integrate customer information tracking across software programs.

The latest version from Peachtree has a very informative home page that gives the user detailed information about accounts payables, accounts receivables, account balances and profit and loss amongst others. When compared to the home page of Quickbooks, Peachtree provides more information and it can also be used as an effective business management tool. While Quickbooks provides task oriented information, Peachtree provides detailed information.

The Versions of Peachtree Software

• Peachtree First Accounting


• Peachtree Accounting


• Peachtree Complete Accounting


• Peachtree Premium Accounting


• Peachtree Premium Industry Solutions for construction, distribution, accountants, manufacturing and non-profits
  

What’s best about Peachtree Accounting Software?

• Easy-to-use interface


• Informative business status page


• Easy-to-use input screens for billing, payroll & invoicing


• Can be easily integrated with ACT


• Contact information can be easily synchronized with ACT


• Advanced options


• Large number of reporting tools


• Easy to set up
  

What’s new in Peachtree Accounting 2008?

• Users can easily add attachments (scanned documents, spreadsheets & photographs)


• Users can easily scan & attach invoices, receipts & bills


• Users can use the broadcast invoicing features to generate invoices to many customers

What are Accounts Receivable Services?

Accounts receivable can be defined as one of the many accounting transactions. Accounts receivable services deal with the billing of customers who owe a certain amount of money for the services/products bought from an organization, company or individual. In most organizations, accounts receivable services are carried out by generating an invoice and then sending the same to the customer.

After the customer receives the invoice, he/she must pay the amount within the time period, which is known as payment/credit terms. Some of he most common payment terms are Net30 which means that the amount should be paid within a 30 day period, Net45 which states that the amount is due within 45 days and Net60 which means that the customer should pay the amount within 60 days.

On every company’s balance sheet, accounts receivables will be the amount that customers owe to a particular company. In the journal entry in the balance sheet, the receivables are marked in the debit column ad the revenue account is marked in the credit column. After the customer pays the amount, the cash is debited and the receivables are credited. The balance on the trial balance sheet for accounts receivables is always debited.

Large business organizations use accounting software to perform accounts receivable services. Organizations allocate an allowance for bad debts, because they might not be able to collect all the debts from customers. This bad debts allowance will be subtracted from the total accounts receivable.
Accounts Receivable Services

• Applying cash received to customer accounts Resolving short pays


• Entering receivable transactions into a accounting system


• Preparing bills and mailing them after the customer's approval


• Maintaining records and accounts for revenue


• Preparing and delivering statements periodicallyIssuing of refund checks and credit memos to be approved by the customer


• Maintaining subsidiary receivables ledgers


• Making process adjustments approved by the customer

Accounts Receivable Software

• QuickBooks


• CheckMark


• MultiLedger


• M.Y.O.B

NetSuite Accounting Software - Review

NetSuite is an SAAS offering, which means the software is provided as an online service. Anybody in your organization can login to this web-based system from anywhere, while you pay only for the number of users. All the information is kept up-to-date online and can be integrated with vendors and suppliers too.

The key features of the application that are particularly suitable for small and medium-sized businesses:
· Single, integrated suite with accounting, ERP, CRM, and e-commerce capabilities for end-to-end business process management across the organization
· Ability to manage financials, accounts receivable/payables, general ledger, order fulfillment, purchasing, inventory, time and billing, payroll, employee self-service, and many other accounting related tasks
· Many tools for sales force automation, support management, marketing automation, global CRM, productivity management, e-commerce, partner relationship management, financial management, employee resource management, mobile/wireless service, FedEx shipping integration, UPS online tools, web store, website, customer center, and many more are integrated in the application
· Real time decision making capability with role-based, online access to enterprise wide information
· Seamless integration with third party, industry-specific, and legacy software since it is an open application
· Flexible and easy-to-customize solution to meet the specific needs of different types and sizes of organizations
The hosted nature of this software significantly reduces your total cost of ownership and minimizes your investment in hardware and maintenance. The only drawback is that that the speed and efficiency of the application is only as good as the speed and bandwidth of your internet connection.

What Are Write-up Services?

Professional write-up services can help you manage your finance and accounting needs in an efficient way and ease the workload on your in-house staff. Write-up service providers maintain your entire accounting and transactional information; create financial statements, account receivables, account payables, general ledger; manage account reconciliation; manage fixed assets; perform tax filings; handle payroll; and more. By utilizing these write-up services, you can reduce accounting and finances related stress and ensure accuracy of all your financial reports and records.

Service providers leverage popular accounting software like Quickbooks, NetSuite, Quicken, Peachtree, Sage, and Intuit for better management of even complex accounting requirements. They take financial data inputs in any format (Excel, Access, PDF, image files, hard copies, etc.) and then produce financial reports in the format of your choice. Teams of experienced accountants, who make the write-up process faster and more accurate, complement this. You may outsource write-up services for your entire financial year or get it done periodically, or at the end of the year, based on your business requirements. Most providers offer flexible options that can be customized for the needs of your organization.

Efficient financial management directly translates into informed business decisions, regulatory compliance, better forecasting, and overall a well-managed organization. By outsourcing write-up services, you will not only reduce cost but also get completed and error-free financial statements on time.

Of course, initially you would need to spend a bit of time with your outsourcing services provider to ensure sufficient knowledge transfer for clear understanding of your business processes. You must also attest the quality processes and security methodologies followed by the service provider that guarantees complete safety and accuracy of your critical financial data. To begin with, you can evaluate a few offshore vendors and select the one that offers the best service, quick turnaround, and proven experience in this domain.

Outsource Tax Preparation and VAT Returns to Stay Competitive!

Tax preparation can be defined as the act of preparing the filing of income tax returns. Most companies in the U.S and U.K prefer to outsource their tax preparation services because of the complex income tax laws. Organizations, whose core business functions are not tax preparation, outsource in order to concentrate on core business processes and save on time and effort.
You can find a reliable tax preparation partner in India who can provide you with professional tax preparation services and tax consulting services. Outsourcing tax preparation to India can help you to deal with your tax workload and can also help your organization to meet its taxation filing deadlines on time. Outsource tax preparation services and focus more on your business and customer relationships.
The following is a list of tax preparation services that can be outsourced to providers in India:

For Partnerships

• K-1(Worksheet)
• Form No.1065

For Corporations

• Form No.1120S for Statutory Corporation
• Form No.1120Form No. 1120A

For Individuals

• Form No.1040EZ
• Form No.1040X
• Form No.1040
• Form No.1040A

VAT return services are usually required after the tax period is over. A VAT return would include the amount of VAT charged on sale and the VAT that has to be deductible on purchases. Filing VAT returns can be tedious and time-consuming. Outsourcing VAT returns can give you access to professional services and also help your organization to save on time, money and effort. In India, you can find an expert VAT returns service provider who can provide you with efficient services at a cost-effective price and within a fast turnaround time.

The following is a list of VAT return services that can be outsourced to service providers in India:

• Correcting VAT return forms
• Ensuring minimal VAT returns
• VAT calculations
• VAT return consulting
• VAT administration
  

Move Up On the Ladder of Success by Outsourcing Accounting Services

If you are wondering how outsourcing financial services can help your organization to remain competitive, then this article is for you. Almost every business today has to increase productivity, reduce operational costs and save on time. For financial organizations, this is an even bigger challenge, as the competition is stiff in the financial market. Outsourcing financial services to countries such as India can enable your organization to gain a cutting-edge among your competitors.

Recent research and studies on the subject of organizations in the U.S and U.K outsourcing financial services have shown that companies who have outsourced their accounting services have increased in productivity, time to market and quality. These companies have also been able to stay ahead of competition by getting access to expertise accounting services.

Outsourcing bookkeeping services and accounting services can help your organization to benefit from the following:

• Increased productivity, efficiency and quality in your non-core business processes


• More time and effort can be spent on core business processes, resulting in increased profits


• Get access to accurate, efficient and professional services


• Faster time to market


• Gain a competitive edge among your financial competitors


• Use your manpower for core business processes

Choose to outsource financial services and move your business higher up on the ladder of success. By outsourcing accounting services, your organization can;

• Get access to professional, expert and specialized skills in areas which do not fall under your core business processes


• Benefit from your outsourcing partner’s latest technology, methodologies, infrastructure, processes, quality control and experienced workforce


• Keep your organization’s capital expenditure within control


• Provide your customers with quality solutions


• Improve and increase your organization’s compliance


• Save immensely on operating costs, training costs and overheads


• Get access to expert project and risk management


• Use your in-house resources for your core business processesIncrease your organization’s bottom-line

If you would like to add to this or would like to share your thoughts on this subject, please leave a comment.

Quickbooks bookkeeping software

Intuit's Quickbooks is a very useful accounting and bookkeeping software for small and medium-sized companies. Intuit has been very innovative with Quickbooks, with new versions releasing every year, enhancing usability, inventory management and performance significantly. Different versions of Quickbooks software is

• Quickbooks Simple Start
• Quickbooks online
• Quickbooks Pro
• Quickbooks Premier
• Quickbooks Enterprise Solutions

Quickbooks Simple Start 2008 version comes with high-end features for both Pro and Premier options. Here are some of the features in the latest Quickbooks bookkeeping software.

1. Customizing made easy - The forms on the software can be customized adding company logos, changing layouts and previewing them.

2. Auto-remember for frequent transactions - In accounting, most of the payee names and transactions would repeat month after month. This feature of Quickbooks 2007 and 2008 automatically remembers names that you use regularly making it easy to enter transactions.

3. Dividing date in accountants review copy - You can fix all transactions before a dividing date, and keep entering transactions after the dividing date. This makes it easier while sending the forms to accountants for review.

4. Audit trail function - Audit trail function is available for troubleshooting and error correction.

5. Mailing function - You can send email your accounts directly from Quickbooks using Microsoft Outlook or Outlook Express.

Quickbooks 2008 also has add-ons which can be used along with the Quickbooks accounting software for more functions and more efficiency. One of them is the Payroll Processing software. This software offers Paycheck processing in minutes including calculation of paychecks, tax deductions for all employees. The tax forms and tables are also available for download. This is sold separately starting at about $9 per month.

Source: This blog summarizes data from Intuit's site on Quickbooks and reviews from different users on different blogs.

Make your tax season less taxing, maintain books with discipline!!

Small businesses with few employees suffer quite a bit during tax season, not because the tax laws are too complicated or because there is a lack of professionals to help them with tax issues. It’s mainly the lack of discipline in filling the income and expenses regularly into the accounting programs available. This brings in the dire consequence of being forced to pay more money to the government than they actually should.

There are many financial bookkeeping software available in the market, and can be used by a person with some rudimentary accounting knowledge. But most of the times, people concentrate more on their business, getting customers and building new products and forget to update accounting information.

Is there a solution to this? Yes, Outsource your bookkeeping.

Why do it?

1. The headache of updating your income and expenses regularly is handed over to somebody else. So you can focus more on building your business and getting more customers.
2. Companies who are specializing on accounting and bookkeeping services have a better understanding of tax laws and standards. So your accounting would be done more efficiently.
3. You would not miss out on important deductions, tax credits etc that are due to you and thus end up paying more tax than you should.
4. The cost of hiring an accountant and getting the software is more than you would be paying to the accounting company. You get the work done at a lesser cost and more efficiently.

All you have to do is to be careful while selecting the accounting firm. Check credentials, check existing customers. Ask the right questions to know that they understand your business and your accounting needs. And there, you are ready to go….

Financial and Accounting Services Outsourcing industry on the path of exponential growth

According to the latest report from KPMG, a global consultancy firm, the financial and accounting services outsourcing industry going to be worth $ 5 billion by the year 2010. The entire Knowledge process outsourcing industry is expected to be worth between $10 billion to $17 billion, by 2010.

There are different reasons for this huge growth in the Financial and Accounting Services outsourcing. Few of them being… the availability of talent of high quality in offshore locations, businesses overcoming their fear of outsourcing, global standards to check quality of workforce available and above everything, the inclination of lots of countries to move into knowledge process outsourcing arena. India would be a preferred destination for sure, but India is also facing stiff competition from other countries around the world.

Edge Zarella of KPMG stated that they aim to show that KPO is not just an extension of BPO, but a business phenomenon in its own right. Though Financial and Accounting outsourcing represents only a fraction of the entire BPO market, it is all set of take over a major share of the pie in the coming years.

The more the number of companies joining the financial services outsourcing bandwagon, the more difficult it would become for existing companies to find high quality talent to work at rates that would justify the cost of doing the work offshore.