Here is the article for easy and illustrative understanding for the beginners who wish to start with Accounting , Bookkeeping Outsourcing with us. If you have any question or hesitation, please feel free to contact us , we shall help you to understand more about the process.
1. Introduction
- Accounting Transcription means sending the raw data through internet for outsourcing at a distinct place, processing of data and again re-transmitting the processed data to the principal in a prerequisite manner
- Any Professional Accountant having knowledge of Accounting Standards, Accounting Policies, International accounting and taxation can handle the work of another country without much difficulty
- Basic Accounting Principles of Double Entry System remain the same throughout the world , Across all the software of the world.
2. Objective
- The very purpose of outsourcing the work of book keeping and accounting by an US accountant to an Indian accountant is primarily the huge difference of the exchange rate. As a result the US market finds this avenue cheaper and save a lot whereas the Indian accountant finds it remunerative.
- Another important benefit is that practically the office functions for nearly 24 hours due to the timing difference. So the US accountant can assure his client to finish his job over night and provide thereby the quickest possible service with pin-pointed perfection.
3. Accounting Transcription
- Preparation of Books of Accounts
- Preparation of Bank Reconciliation Statement
- Maintaining accounts receivables, accounts payables, etc.
- Monthly MIS Reports
- Preparation of Income & Expense Statement etc.
- Preparation of invoices
- Payroll reconciliation
4. Payroll transcription
- Calculation of employer and employee tax.
- Preparation of payroll on the basis of time sheets.
- Reconciliation of the payroll as well as the payroll taxes.
- Preparation of monthly, quarterly and annual returns.
- Maintenance of personnel records.
5. Methodology of work
- US counterpart will get each and every basic materials needed for preparation of books from its clients.
- After the receipt of all the basic material i.e., bank statements, deposit vouchers, payment vouchers, invoices, payrolls, etc, the same will be scanned and securly shared with Indian Counterpart.
- Uploading/ Sharing of source data as PDF files on server along with back up file for accounting software in which the accounting entries are to be passed
- Indian counterpart will access the information provided and start the work
- A brief study of Client Work papers of previous year is done so as to deal with the Job in hand.
- The books are built up on different basis I.e, daily, weekly, monthly, quarterly, half yearly and annually depending on the nature of work as well as requirement of the client.
- After the processing as well as the review India office will send the status report of work along with missing information, if any to US office.
- After the receipt of work status from India office, US office will review the work and if due to the specific requirement of the client any changes are required to be made, US office will inform the Indian office and accordingly the work will be done, improvised, altered, etc
6. Infrastructure
- Adequate office space and Infrastructure
- Secrued Servers with restricted access
- Workstation with dual monitors
- Firewall & Anti Virus Systems
- Leased Line for Internet facility
- Professional Accountants (Chartered Accountants) and assisting accounting personnel
- International security policies in place
7. Pre-requisites from US Office
- Detailed explanation of work specifying the customization of work according to your requirement
- Provision of client’s profile such as Nature of Business etc for whom the accounting data is to be processed
- Providing the Secure Access to data and accounting software
8. Softwares
- QuickBooks Desktop
- QuickBooks Online
- Sage / PeachTree Accounting
- EasyAcct
- Accounting Relief
- Great Plains
- Proseries Tax Return Software
9. Costing
Do write us at info at outsourcedbookeeping.com for the Costing with specification of your accounting needs.
