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.