If you are looking for Outsourcing Accounting and Book Keeping for your Startup or established company, then you must go through the following. Hiring an appropriately skilled finance and accounting professional in Bhubaneshwar, Odisha with right knowledge base to manage company’s accounts, prepare financial statements, handle bank accounts, summarize financial data to arrive at the balance sheet and generate varied reports is a tedious task for most entrepreneurs, start-ups and small enterprises.
Popularly, financial accounting and book keeping is an insider activity and a private affair for all concerns in Bhubaneshwar, Odisha. But honestly, is this core job well taken care off? Do the organisations/Startups use essential accounting, book keeping and financial management skills, experience and update themselves with the latest accounting standards and notifications issued by ICAI or Income Tax or MCA to maintain their books of accounts? Surely, there is a doubt to this belief.
Latest facility available for small to medium scale businesses in Bhubaneshwar, Odisha to beat this challenge is to outsource their business accounting and book keeping needs at a reasonable cost. More than a third of business concerns are getting their books of accounts outsourced and are far more relaxed under experienced and reliable hands. Thus, this enormous task is accomplished in a cost efficient and qualitative manner. However, establishments are more concerned about any holistic effect on their organisation or Startups after getting the job outsourced and just like any other facility this is also gradually gaining popularity.
Advantages of Outsourcing Business Accounting and Book keeping in Bhubaneshwar, Odisha
Cost effective Accounting and Book Keeping Services – As per the most common contention outsourcing accounting service is an expensive affair. Though, upon summing up the total amount spent on office supplies, stationary, salary, taxes and benefits given to full-time/part-time employees is measured up with the total cost paid to hire such service from third party, it was analysed that the total cost paid in keeping full time employees in Bhubaneshwar, Odisha was much higher. In nutshell, with Business accounts outsourcing in Bhubaneshwar, Odisha, productivity and quality is not bargained rather hiring is a cost effective deal for business entities.
Save on Hiring time and costs – Hiring a specialised personal and then providing training as per the requirements of the organisation or Startups, incurs expenditure both in terms of time and money. Against to it the Finance and Accounts and book keeping outsourcing services in Bhubaneshwar, Odisha are a readymade solution to perfect book keeping task. Thus it is complete freedom from the tedious task of recruiting, training and providing necessary resources.
Saves on Time – Error free maintaining books of financial accounts and staying updated as per latest schedules may be involving, so, upon accounts outsourcing in Bhubaneshwar, Odisha, the facility time so consumed of the key management personnel is saved straight away and can be utilised for formulating business strategies, building relationships etc. which surely reaps better results.
Adept professionals – Companies engaged in Accounts and book keeping outsourcing in Bhubaneshwar, Odisha, need to live up with the competition in the market so they make sure to maintain higher level of expertise in their work force. To add more to this, since they provide specialised services, they can focus on merely one task and save energies diverted in multi-tasking.
However, it is a rigorous task to train a person to that level of efficiency or hire a highly qualified professional seems not economically viable as well for an individuals, Startups or organisation so Business Accounts outsourcing is an handy solution for Startups in Bhubaneshwar, Odisha.
In line with urgency – Business Accounting activity in Bhubaneshwar, Odisha is not about uniform work load spread across twelve months, the pressure scales up and down as per the need and urgency. It is a strenuous task to pace up with regular employees, however Accounting outsourcing companies are able to sustain such pressure because they work in an efficient manner and are well equipped with professional work force.
Use of latest technologies – Use of Accounting Automation Software in Bhubaneshwar, Odisha is common at commercial front and is an efficient tool against human errors, probability of internal sham and detecting errors at an early stage. These service providers have highly qualified professionals who are tech friendly. This is a catch for the discrete individuals appointed as accountants, they may or may not be well versed with technological advancements.
Accountant as an advisor – Professionals working with Financial Accounts outsourcing companies are exposed to working with more than one client in different domains at a time, as a result they are exposed to various status quo pertinent to that particular client. They transform into excellent advisors about matters other than book keeping i.e. about accounting software, taxation or even financial planning which is a value added advantage for the organisation or Startups availing such services.
Who should opt for Business Accounts and Book keeping Outsourcing Services in Bhubaneshwar, Odisha
- Companies or Startups in Bhubaneshwar, Odisha which do not need a full time accountant.
- Companies or Startups in Bhubaneshwar, Odisha which have a limited budget for the said position.
- Companies or Startups in Bhubaneshwar, Odisha of which Nature of business is seasonal hence induction of a full time employee is an added burden.
- Companies or Startups which need technical assistance for accomplishment of government regulations.
Such Companies and Startups must take into consideration their goals and objectives prior to getting the Accounting and Book keeping outsourced to a service provider companies in Bhubaneshwar, Odisha. Apart from efficiency and quality, some other critical points should be in cognizance, some are discussed below:
- Identifying the exact work to be done by making sure the type of financial records to be maintained by the organisation, norms mandatory to be followed while book keeping and other tasks, the in-house employee is expected to perform. This will assist in spotting the right kind of professional for your establishment.
- Make a comparative study of both the alternatives and opt for the most cost effective method. Only financial efficacy should not be the foreground of comparison but the quality of work, time consumption, personal involvement, arrangement of resources and other technical factors should also be included to arrive at a prudent decision of outsourcing Accounting and Book keeping in Bhubaneshwar, Odisha.
- While selecting Aristotle as your service provider for outsourcing Accounting and Book keeping one must seek recommendations from the market and lay major thrust on the ability to deliver consistently and quality work should be rated the highest.
- We are dealing with more than one client at a time, so privacy of data and secured transactions cannot be compromised. This is very important because all the confidential data and cash flow information is discussed to these professionals in detail. Thus the most reputed firm in terms of confidentiality and goodwill must be prioritised.
- Each business has its own cycle of operations. This means not all thorough out the year the work load is evenly distributed. So a flexible service level agreement should be made to manage all urgency challenges.
Conclusively, outsourcing business accounting and book keeping in Bhubaneshwar, Odisha is the latest facility provided to the industry and is advantageous to many business organisations or Startups. They can avail this service wisely keeping in consideration the various points discussed in detail including cost, quality and timely delivery and confidentiality of the project.
Process of Business Accounting and Book Keeping Outsourcing in Bhubaneshwar, Odisha
Business Accounting and Book keeping is a key function of recording each transaction and failure to accomplish it may precisely drift down the organisation or Startups. Business Accounts and Book keeping Outsourcing in Bhubaneshwar, Odisha is another tool for establishments which feel that in house accounting may not be as efficient and lack the expert touch and is a way too draining, so they get the task outsourced and seamlessly focus on their core process.
This Business Accounting and Book keeping Outsourcing in Bhubaneshwar, Odisha is a stepwise process and needs all the detailed data transfer related compliance to be fulfilled perfectly for better results. At the first place a system is designed for data transfer from the client to the service provider and a timed flow chart is prepared for various tasks to be accomplished on the approval of the client.
Secondly, the resource entrusted to perform the task for the client is provided a brief about the task along with getting him/her introduced to the client for future interactions. Later data is shared via Emails, Google Drives or Dropbox on weekly or daily basis as per the urgency, requirement and pact of the service. This data provided is processed on an accounting software to generate the required reports and other documents, accuracy has to be taken into consideration while uploading such information on the software for exact results.
Finally a review of all such activities is done at prescribed intervals, such interaction is essential between the customer and the client as this creates harmony among two parties involved and hence a good work environment.
From the process of business accounting outsourcing used by many Startups or established organisations discussed above it is evident that a crisp MIS provides edge to the growing startups or mature organisation in many ways:
- It helps in effective operations control, management control, strategic planning and processing of transactions can be accomplished with better ease.
- Transaction wise data aids in clerical transaction processing.
- Timely execution, scheduling, planning and controlling can be done at a junior level of management with the help of MIS.
- At the middle level management, it is used as a tool for short term decision making.
- Formulation of strategic business plans and their implementation at the top level of management in the hierarchy is possible due to the free flow connectivity of the data base created through a competent MIS.
MIS reports in Business Accounting and book keeping outsourcing Services in Bhubaneshwar, Odisha
MIS stands for Management Information system. In the simplest terms, an MIS report can be described as a system that provides important information for the management of your company. MIS reports focusing on raw data, trends, patterns in that data, and comparisons with relevant past data. These are used by businesses to document, save and process data gathered for decision making and implementation of any policy in the Startups or running organisation. Businesses use MIS in a way to contribute in growth of business.
Hereunder are the reasons for having a good MIS in an organisation–
- Information is the sole base for effective decision making
- A well-developed MIS accelerates the sharing of information with the employees, clients and suppliers with handy tools like SMS and Emails.
- It is perfect record keeping to help provide reference for each transaction.
Foremost components of a distinctive MIS for a typical establishment should have the following –
- Business Process
Given below are some examples of different types of MIS reports in accounting and book keeping in Bhubaneshwar, Odisha.
- Sales Report
The marketing and sales division prepares the sales report. It will have a complete sales analysis of different products sold in different geographical areas by the concern. The analysis report is mainly based on the budgeted and actual sales figures. Thus he/she can see a difference between budgeted and actual sales figures, known as sales variance, with reasons.
An organisation or Startups will have to prepare several types of budgets like income and expenditure budget, production budgets, cash budgets etc. Thus these budgets will have much internal information about the organisation.
- Production Report
The manufacturing division gives information about the production targets achieved by the production department. It also gives information about the variation between budgeted production and actual achievements.
- Cash flow statements
It has the exact figures of inflows and outflow of cash during the period of operations. An outline of the source of funds utilised when outflows are more than inflows.
- Funds flow statement
The accounting and finance division prepare this statement. It also gives information about the various sources of funds and their applicable areas during any period.
- Financial statements
In an organization, income statement and balance sheet give financial information not only to shareholders but also to the government and other concerned parties.
Types of Accounting and Book Keeping Outsourcing Services in Bhubaneshwar, Odisha
Business Accounts and book keeping Outsourcing in Bhubaneshwar, Odisha is becoming a popular choice in the industry due to the advantages associated with it. One can proactively engage into long term financial decision making, if peripheral tasks are taken care of in expert hands. This also helps in reduction of overhead expenditure, saving both on time and other resources. By and large each entity has its specific issues to be taken care off due to their individual goals and specific industry requirements. On these basis the customer can select the type of outsourcing services required to handle various accounting functions concurrently.
Accounts Payable/Accounts Receivable management – Popularly known as AR services, many organisations and upcoming startups outsource them to Accounting outsourcing companies in Bhubaneshwar, Odisha, to get themselves freed up and involve themselves in to financial projections, developing newer business models etc.
Such establishments require the service provider to handle all concerns involving-
- Vendor enquiry management
- Order management
- Invoice storing and imaging
- Invoice approval
- Online payment approval
- Bank payment processing
- Client billing and payment
- Debt management
- Collection management
- Cash forecasting needs.
Complete book keeping services – Book keeping is a mundane practice of any Startups or even in establisehd organisation and is repetitive in nature. Outsourcing such a task with highly qualified professionals equipped with latest technological tools maintaining utmost accuracy and secrecy provides freedom to evaluate financial records for errors, reports generated etc in nutshell one can have a complete over view.
Drafting Financial Reports/Statements – A pertinent record of transactions moves further to generate consolidated financial statements which succour generation of cash flow statements and other vital financial reports. These assist to understand budgeting and arrive at informed decisions.
Financial Planning and Analysis – Businesses require their service providers to help them out with:
- Audit support
- Cashflow forecast report
- Generation of management reports
- Bank reports
- Data collection and interpretation
- Financial data analysis
- Planning budgeting and forecasting
These reports are tools to predict future, identify valuable and defaulting clients, estimating capital required for future growth, strategies needed to minimise expenditures etc.
Controller services –Major controller service requirements of businesses are –
- Audit reporting
- Cashflow analysis
- KPI reporting
- Review of product line/services
- Review of performance indicators
Cost Accounting –Cost accounting function goes close by with the manufacturing, marketing, supply chain and R & D functions and needs to be outsourced so as to keep pace and scale up and down as per growing business needs.
Forensic Accounting – Outsourcing services successfully conducted by expert resources facilitates gears to the organisation against the perils of data breach, internal fraud and inconsistent security programs with in the establishment.
Tax Reporting and Filing –A proficient accounts outsourcing company assists the client to make sure all the compliances done are as per the latest changing rules and formats assigned by the government. It keeps patrons aware of the immediate penalties and tax benefits as per present tax laws and also helps to design the model which can nullify the effects of potential changes to be brought in near future.
Payroll Accounting –Such outsourcing services are needed by the companies to rule out possibilities of errors around calculations for payrolls and income tax returns which may invite penalties to the establishment.
How to Choose the Accounting and Book keeping outsourcing Company in Bhubaneshwar, Odisha
Micro managing of each and every aspect of any business concern leads to, deviating the focus from the core activity of the concern. Outsourcing of Business Accounts is a better opportunity and a new normal with more and more small to big sized enterprises and start-ups availing such services which is in unison with growing technological advancements. But selecting a perfect Accounting and Book Keeping Outsourcing Service Provider is tricky and following metrics should be taken into consideration while wrapping up with one:
Prior to hiring a service provider, the firm should be tested on the basis of its proven track record which it would have built up over a period of time in the industry. Look for number of years of operation, and number of clients. The finest way to evaluate is to seek recommendations from the active market clients around one’s own business. Consistency in performance since the time of inception of such firm helps in laying initial trust with the Service Provider and later the real time performance of the firm is the road builder. Just in case the service provider is not an experienced player then quality management of the concern is something one should look up to.
Proficiency of the Service Provider
It is expedient to arrange for a skillful staff from the service provider capable enough to perform the task to be done. In case the firm provides a resource who is expert in handling more than the mundane book keeping services then it is an overall gain on the value in addition to the payment done because at the same price the client is seeking the services of a financial analyst as against only that of an accountant. So diverse tasks will be mono controlled and is apt for the scaling of the accounting requirements. There are other service providers equipped to handle complex tasks such as financial analysis for decision support. In the end, you are better off with someone who can scale up the variety of work that can be handled.
Outsourcing of accounting services in Bhubaneshwar, Odisha exposes most of the private and sensitive information to more than one party and there is a possibility of loss of security of such information. The Accounting and Book keeping Service provider company in Bhubaneshwar, Odisha should be able to demonstrate that they are using robust and secure information technology systems. Firms, who are competent in maintaining the trust with in their patrons are the promising players.
Carrying out a cost check erstwhile initiating to work with a service provider is a wise step. All the costs involved beginning from the hiring of an accountant, salary, other benefits, stationary, infrastructure provided and the equivalent cost of time devoted to the employee to customise his services as per the requirements of the establishment should be totaled and this value to be weigh against the expected fee to be paid for the services of the Provider. The least value option to be selected. A service provider with a low price does not necessarily translate into the best option. A safer approach would be to perform additional checks on quality – a sample output or a paid pilot project would be a good option.
Above suggestions are sufficient to review the efficacy of the tertiary firm with which a business concern wants to engage with, but another aspect is that the company should be at the first place be able to outline the Key Performance Areas around which the entire isometric is to be designed. This will help to locate the exact service which the Startup or organisation is targeting to and will finally lead to the right choice being made and justify the resources used.
Why ARISTOTLE for Accounting and Book Keeping outsourcing Service in Bhubaneshwar, Odisha
Aristotle Consultancy is a fervent heterogeneous association of proficient resources actively involved in providing end-to-end financial services to our clients including financial accounting, reporting, generating of various reports, tax filing etc. We provide Accounts and Book Keeping outsourcing services to Startups, small and medium scale organisations, which succours them to reduce their overhead costs and double up their efficiencies.
We have been continually assisting each of our clients to deal with their specific challenge areas like accounting, reporting, MIS and analytics as well as all direct and indirect tax compliances by providing them a unique solution model specially designed for them. We are surely an asset to our clients and provide exceptional benefits. Apart from being a traditional chartered accountants firm our company has been mechanically involved in touching the nitty-gritty issues of clients from the scratch i.e. the point where basic record of the transactions.
Here’s to why only Aristotle Consultancy is the one stop solution to your Business Accounting and Book keeping Outsourcing Company in Bhubaneshwar, Odisha hitches:
- Without cutting corners, our clients seek cost saving advantage by getting their work outsourced to us as against technical resource hired by themselves, which may prove to be an expensive affair in the long run due to the various peripheral costs attached in hiring and providing appropriate infrastructure to get the task accomplished.
- We being equipped with the industry best work force with appropriate experience including CA/CS/CPA/Book keepers/Accountants etc who are under constant training, guidance and support from the firm, guarantee all our patrons highest quality of services and hence satisfaction.
- We are the best in the industry as we have been developing flexible, innovative and transparent engagement models for all our clients as per their requirements. Most industries face a challenge of requirement of work force unevenly thorough out the year, which can be taken care off by our consultancy as a scaling up and down option.
- We have access to world class technology and infrastructure which makes sure to provide us with a cutting edge over or competitors across the industry and promising and futuristic services to our clients.
- With over a decade of experience we stand tall for providing financial services, end-to-end book keeping and accounting services both on shore and off shore as per laid by the client. Our prime focus is to maintain high standards of services for our clients and we are committed to do the same.
- Our professionals are hands-on with Tally, Busy, Quickbooks, Zoho, FreshBooks, Sageline, ERP, Oracle packages and many more which provides high level of expertise at the work phase.
- Data security for our clients is our primary aim and we take every step to ensure the same. In no case the data so shared by our client can be sold, used or leaked from our end and we have been able to maintain an image of the same in the industry. Our experts are highly skilled and trained in this regard. We have been Standards for Attestation Engagement 16 (SSAE 16) certified. It certifies a service organization’s internal control on the parameters of client data security & confidentiality. SSAE16 serves as a gold standard for internal control worldwide
- It is our considerate effort to manage all the state of affairs hassle free. All the prices of the services are fixed and there is no binding contract with the client, hence making things work smoothly.
Thus Aristotle Consultancy has a ten years track record as a Accounting and Booking outsourcing Company in Bhubaneshwar, Odisha; serves more than 350 clients worldwide and is accredited with ISO 9000:2008 and SSAE 16 certificates for compliance with quality management and information security management standards; has a senior management team with rich experience in finance/accounting and is a competitive vendor. Please speak to us is you are planning outsource any of the following services.
Regular updation of accounts
Annual Audit Report including resolutions to queries raised by auditors
Accounting of fixed assets and Depreciation
Preparation of MIS reports including P&L statement, Balance sheet, receivables and payables.
Looking after tax compliance including TDS related filings
Setting up and managing chart of accounts
Book Keeping for expenses ledger, general ledger and asset ledger
Maintaining records of cash flow of your business
Managing Account receivable and payable
Periodic reports on travel voucher and other reimbursements by employees
Handling PF, PT, TDS, ESIC, LWF, and other compliance required