| Any organization whether big or small spends a | | | | Indian outsourcing companies offer their clients |
| huge amount of time, energy and resources on | | | | the choice of various accounting services at a |
| day to day bookkeeping, tax preparation and | | | | much lower rate with the benefit of a highly |
| Accounting Services. This often adds little or no | | | | productive work force. |
| value to the organization's core development or | | | | The client can opt for any one of the three |
| requirement. By Outsourcing Bookkeeping | | | | processes offered, depending on their individual |
| Services to India, businesses increase their | | | | preference and convenience. All options are |
| profitability, improve company focus and enhance | | | | extremely safe and come equipped with |
| their flexibility to respond to key business issues. | | | | state-of-the-art network security devices. |
| Businesses, CPA's and Accounting Firms who | | | | •1. Server Based (FTP) Bookkeeping |
| outsource their Bookkeeping Services and | | | | Process: |
| accounting work to Indian companies find that | | | | In this process, the client sends the documents |
| they have a virtual back-office right from set-up, | | | | either by scanning the documents and uploading |
| support and maintenance to consultancy. | | | | them to a secure FTP server or by faxing the |
| A few of the services offered are | | | | documents to a toll-free fax number. A back up |
| •· Entry of transactions | | | | copy of the books also needs to be provided, |
| •· Journal entry | | | | which can be done using QuickBooks backup. The |
| •· General Ledger entry | | | | service provider then works on the books during |
| •· Assets /Equipment Ledgers | | | | the same night and uploads the books onto a |
| •· Expenses Ledger | | | | server or sends them to the client via email. The |
| •· Accounts Receivable | | | | client is then able to download the books from |
| •· Accounts Payable | | | | the server by the next morning. |
| •· Bank Account Reconciliation | | | | •2. Remote Access Bookkeeping |
| •· Financial Statements | | | | Process : |
| preparation | | | | In this process, the client has the option of |
| •· Trial Balance | | | | emailing, faxing (to a toll free number), uploading |
| •· Income Statement (Profit and | | | | onto a secure server or just placing the books in |
| Loss) | | | | the computer which can be then remotely |
| •· Balance-sheet | | | | accessed. The service provider then connects to |
| •· Cash Flow Statement | | | | the client's computer using a remote desktop |
| - Computerized processing of all checks and | | | | access service, such as Secure VPN. The client will |
| bookkeeping information | | | | then have access to the updated books next |
| - Bank statement reconciliation | | | | morning right on his computer. |
| - Preparation and review of monthly financial | | | | •3. Application Service Provider(ASP) |
| statements | | | | Bookkeeping Process : |
| - Maintenance of employee and sub-contractor | | | | In this process, the client either sends the books |
| earnings records | | | | via email, fax (to a toll free number) or just |
| - Preparation of all tax processing | | | | uploads the books to a secure server. The |
| - Preparation of year-end W-2 and 1099 forms | | | | service provider then updates the books using |
| - Day-to-day bookkeeping and accounting | | | | any of the preferred Online Accounting Software |
| - Quarterly balancing of books | | | | available, a good example being The client then |
| - Quarterly production of Management accounts | | | | has to just login to the Online Accounting |
| - Quarterly production of Vat returns | | | | Software in order to view the books. |
| - Annual accounts and tax returns preparation | | | | Nearly 35% of all businesses in the United States |
| - Submission to Inland Revenue | | | | outsource their bookkeeping services. The |
| - Expert tax advice to minimize tax liability | | | | improved flexibility, reduced overheads and |
| - Adjustments to year-end accounts | | | | operating costs, cost-effective prices, well qualified |
| With the use of up-to-date accounting software | | | | personnel, high standards of business ethics, |
| such as MYOB and SAGE, QuickBooks (all | | | | quick turn around time and increased ability on |
| versions), Quicken, Peachtree, Intuit ProSeries, | | | | focus on core business issues has made India the |
| Intuit Lacerte, Net Suite, Creative Solutions | | | | most preferred outsourcing destination. |
| Accounting, Master Builder, Business Works etc., | | | | |