Accounts Outsourcing Services

Outsourced Accounting Services & Bookkeeping Services

Proper timely financial accounting is more than an important responsibility. It is a scope that leads businesses towards ethical growth and profitability.

Businesses can reduce many of these pain points by outsourcing accounting services to external experts. 

These professionals:

• deliver proper financial data timely
• ensure compliance
• free up valuable time

The best outsourced accounting firms provide services tailored to your business.

Why Choose Outsourced Accounting Solutions?

You should choose outsourced accounting solutions since they cater to diverse accounting needs across various sectors, including:

• Start ups
• Tech firms
• Commercial real estate firms

Outsourced accounting encompasses various financial services.

It refers to the delegation of the accounting tasks of a company to external specialists. This ranges from routine bookkeeping tasks to strategic CFO-level advisory services.

For businesses striving for thorough fiscal accuracy and operational efficiency, these types of services can be invaluable.

There are some benefits of hiring outsourcing accounting services, such as:

·         Cost saving

The cost of hiring outsourced CFO Services is lower than hiring in-house employees.  

That’s because you have to pay more for experienced professionals.

Other costs include: 

·         These professionals:

·         materials and stationery supplies

·         gadgets and software expenses

·         employee allowances for overtime

·         training and other payables

·         Expertise 

You need expert assistance to run the accounting team and manage the process.  

When you decide to hire and develop your in house accounting team, it can be expensive to put together the salary and other costs.

If you hire outsourced accounting firms, you can let well experienced accountants take charge of your bookkeeping.: 

The professionals have hands-on experience in various dimensions of accounting and finance.

·         Scalability and flexibility 

When your company evolves, the team size of every department grows, especially in accounting.  

Your payables and receivables reach the numbers that you have not handled before.

So you will have no other way to pay more or hire more employees. 

However, Outsourced Accounting Firms can employ as many accountants as you need, depending on the requirements.

·         Business efficiency 

Your CFO makes better financial decisions, plans future projections and investments, and reduces risks to improve your business.  

By letting your employees do what they know best and outsourcing the rest, you make a solid roadmap for the financial advancement of your company.

·         Lower risk of fraud

Internal frauds are inevitable when you have an in-house accounting department. 

With accounting outsourcing companies, you can reduce the probability of security violations, data theft, etc.

Outsourcing accounting services allows you to protect your data. That’s because these companies contain secure systems to protect your data.

Our Range of Outsourced Accounting Solutions

We provide customized solutions that meet the needs of various businesses.

Our services for startups include :

• Managing day-to-day transactions
• Ensuring accuracy and staying compliant with GAAP principles
• Bank and credit card reconciliations
• Data entry
• Payroll journal entries
• Timesheet entry for payroll
• Monthly inventory reconciliations
• Accounts receivable invoicing
• Accounts payable bill payments
• AP and AR aging review
• Filing sales and use tax
• Booking prepaid accruals (deposits, rent, retainers, insurance)

Our services for growing firms include :

• Daily management of accounts
• Ensuring compliance with legal requirements
• Mail and email management
• Maintenance of records
• Management of invoices
• Inventory management
• Budget management and allocation
• Ensuring tax compliance
• Management of bank accounts
• Update accounting software
• Maintenance of security processes
• Payroll management
• Management of accounts payable and receivable
• Monthly reports
• Daily communication

Our services for established firms are :

• Bookkeeping and accounting services
• Tax preparation and compliance
• Audit services
• Internal control
• Implementation of and adherence to policies and procedures
• Payroll processing
• Management of accounts receivable and payable
• Virtual assistance
• Year-end services
• Virtual outsourced CFO services
• CS services
• Controller services
• Control account reconciliations
• Preparation of financial statements
• Valuation
• Daily communication

How Our Outsourced Bookkeeping services Work 

Here is a detailed description of the way things work when you hire Outsourced Bookkeeping Services:

Initial Consultation and Assessment

This process starts with an initial consultation where the outsourcing firm meets with the client to understand their specific bookkeeping needs and business goals. 

The firm assesses the current state of the client’s:    

• financial records
• systems 
• processes 

This helps identify areas for improvement. The firm also provides a detailed proposal outlining the chance of services, timelines, and costs.

Customized Accounting Solutions

Outsourced accounting firms develop a customized bookkeeping plan that matches the business requirements and industry standards. 

They monitor accounting software and systems to secure efficient and proper bookkeeping.

The firm integrates the bookkeeping system with other business systems to streamline operations. The firm provides training to the staff on how to use the new systems and processes.

Ongoing Support and Reporting

The firm manages day to day bookkeeping tasks like recording transactions, reconciling accounts, etc.

They provide monthly financial reports including:

• Profit and loss statements
• Balance sheets
• Cash flow statements

It helps to keep the client informed about their financial status. Bookkeeping practices abide by all relevant laws and regulations by this.

Why LEKHAKAR?

Lekhakar, one of the leading outsourced accounting firms in India, offers a complete range of accounting and bookkeeping solutions to businesses of varying scopes, spanning several industries. In India’s growing and competitive market, our services prove invaluable in cutting costs and ensuring sustainability. Our team of expert Chartered Accountants, Advocates, Financial Advisors, and Company Secretaries use years of experience and cutting-edge accounting technology to provide you with all the relevant data for growing your business.

FAQs

1. What are the benefits of outsourcing accounting services?

When you hire outsourced accounting services, you can enjoy lower hiring costs, the potential for increasing the scope of your business, and a low degree of risk, etc.

2. Can outsourced accounting services be customized for startups?

Yes, you can tailor the services for startups. For example, we reconcile bank and credit cards, payroll journal entries, file sales and use tax, etc. for startup businesses. 

3. What is the difference between outsourced accounting services and hiring an in-house accountant?

The main discrepancies between hiring outsourced accounting services and an in-house accountant are their expertise, the cost of hiring, as well as the range of services. Naturally, outsourced accounting services have a team of more experienced people with more versatility. 

4. How do you ensure data security and confidentiality?

Some ways to ensure these are encryption, access controls, data retention and disposal, data governance, employee awareness, consent, application-based approaches etc. This will prevent unwanted data theft, etc. 

5. Can you handle both accounting and CFO services?

Yes, it is possible to manage both accounting and CFO services based on the size and complexity of the business. We have a versatile and highly experienced team that can handle both accounting and CFO services.

6. Can I access my financial data anytime I want?

Hiring outsourced services does not mean that you will lose access to your data. So you need not worry about losing access to the same. This will ensure that you can prepare reports whenever necessary. 

7. How do I get started with your outsourced accounting services?

You can do this by deciding which tasks to outsource, researching the various service providers, considering their expertise and communication style, ensuring data security, building a service level agreement and evaluating the partnership to start the service. 

8. Is outsourcing accounting services suitable for small businesses?

Yes, you can consider outsourced accounting services for small or medium-sized firms, since they are quite versatile in handling the requirements of these firms.