Are your daily financial, administrative, and accounting tasks distracting you from growing your business?
If they are, then you might want to consider outsourcing them.
Outsourcing these tasks helps you focus on more critical matters, enhance your business performance, streamline assignments, and even reduce your operational expenses.
Outsourced firms can provide the best professional services that align with your standards for quality, calendar of activities, and others.
That said, if you’re wondering what accounting and business support services you can outsource for your business, then read on to find out.
Ready?
Let’s get started.
Bookkeeping
Outsourced companies can provide bookkeeping services for your financial transactions and calculations.
They can take care of gathering and processing documents for monthly closing and files necessary for reporting, including setting up a chart of accounts.
They can supervise the accuracy of documentation, computing of daily transactions, and certifying that they align with the local accounting regulations and principles, including IAS/IFRS.
Outsourced companies also handle reconciling end-of-period trial balances with supporting documents, bank statements, related reports, and others.
They can even update and maintain your fixed assets register, making sure that the general ledger corresponds with the said register at the end of every month.
Finance and Accounting
Outsourced firms can help you manage your accounts payable, accounts receivable, bank reconciliation, and related needs.
For your accounts payables, they can approve online payments and invoices, allocate expenses, process checks, scan and store invoices, and answer supplier inquiries.
For your accounts receivable needs, your outsourced firm can manage orders, collections, customer aging and billing, and cash forecasting and reporting.
For bank reconciliation, outsourced companies can handle matching your bank statements and balance sheets with one another, and credit card with your statement records.
They can also reconcile your invoice with journal entries and ledger and sequence your checks.
Tax Compliance
If you need assistance in preparing your business tax returns and requirements, outsourced companies can provide the necessary services.
They can prepare and submit all statutory tax reports and calculations in line with the laws on VAT, PIT, CIT, and Property Tax, and other local regulations.
Business Support
Outsourced firms further provide relevant office task services, like preparing financial statements, periodical financial reports, and budgeting and forecasting.
They can prepare your payroll, lodgment and payment of statutory returns, maintain your statutory records, and renew your company’s annual profits and business license.
They can even offer secretarial, trust account, and check writing services, prepare and deliver invoices, and advise on your foreign exchange, financial, and accounting concerns.
Advanced Software and Tools
To streamline your accounting and business support needs more efficiently, outsourced firms use advanced software and tools.
Some of this software include QuickBooks, Xero, Intacct, Netsuite, Wave Accounting, Peachtree (now Sage50cloud), and many others.
They may also use Microsoft Dynamics, Acclivity, SAP, and others for business support.
Conclusion
Day-to-day accounting and administrative tasks, while essential, can take up a great deal of your time and effort.
However, by outsourcing you accounting and financing services, you free up your schedule for other business aspects without neglecting your financial management.
Outsourcing lets you delegate that facet to capable hands to achieve effectiveness and efficiency while you work toward your business goals.
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