ACCOUNTS PROCESS OUTSOURCING

In today’s pursuit for elevated performance, there are many options for businesses wanting to create competent and streamlined Accounts department. Various service providers are creating intuitive tools that can truly automate and optimize repetitive and error-prone activities such as data entry, verification, matching, and documentation.

While traditionally, organizations may prefer an in-house invoice process and accountants on their own payroll, Accounts Process Outsourcing (APO) is often a better alternative because it relieves organizations of the burden of long-term liabilities and commitments to technology ownership. Unlike an in-house Accounts operations, an outsourced service is guided by competitive forces that drive operational, financial, and customer service excellence. This is why today’s buyers of accounting services have so many options—if paper and manual data entry creates a bottleneck, they can outsource the invoice receipt-to-ERP process; if cost or productivity is a problem, they can outsource data entry, processing and analyzing for less expense.

Ultimately, entrepreneurs are faced with a critical decision concerning Accounts department automation: Should they continue to process invoices and do all the non-core accounting work internally and invest in an in-house system, or should they outsource the non-strategic Accounting activities to a provider and gain automation that way? We, at ForeStep hope to answer that question by illustrating how an organization can leverage outsourcing to partially or fully optimize their Accounting business process. We can discuss and advise what drives organizations to choose outsourcing over an in-house operation and technology, as well as the various segments of the Accounting process that organizations can and should outsource. We can also ensure the benefits outsourcing can bring to organizations.

In Accounting function, the results of outsourcing are cost savings, efficiency, better customer service, stronger controls, and greater visibility into business activities.

By outsourcing your accounting operations, you can gain immediate following benefits -

• Better quality work through expert staff qualified in accounts and finance domain
• Completion of work at pre-set schedule
• Automates the process and creates a Paperless Workflow at your end
• Major costs savings
• Dedicated staff at your disposal, off your Payroll

The related services can further be listed as-

• Accounting Entries
• Accounts Payables
• Accounts Receivables
• Payroll Processing
• Bank Reconciliation
• Suppliers/Customers ledger reconciliation
• Calculation of Statutory dues and taxes
• Preparation and Filing of Business Tax Returns
• Preparation of Periodic Management Reports
• Addressing Audit Queries