Accounting means collecting, classifying, and presenting the financial data of a business in a set format. Accounting outsourcing means assigning the task of accounting for your business to a third party.
Types of Accounting
Accounting is not limited to a particular type of transaction. Some examples of different types of accounting are:
- Financial Accounting, which deals with preparation of financial statements such as profit & loss account and balance sheet. This form of accounting is for the use of third parties such as government, suppliers, shareholders etc.
- Management Accounting, which deals with financial information as well as its use by the management. A major part of management accounting is the use of costing techniques for optimizing costs of a business. Some examples are Just In Time (JIT) accounting, make or buy decisions, ABC analysis etc.
- Forensic Accounting, which deals with gathering evidence for litigation purposes.
- Project Accounting, which tracks the flow of financial progress of a project.
Benefits of Accounting Outsourcing
By outsourcing the accounting part of your business, you will be able to:
- Focus on your core area, that is, your product or service.
- Minimize costs of accounting errors, since we will use only our best resources for your accounting needs.
- Increase your revenue. This is because you do not have to worry about the accounting part of your business. Therefore you can put a greater effort in expansion of your business.
- Customize and change the accounting plan as per your needs.
Documents for Accounting Outsourcing
We will need different types of documents for different types of accounting. But there are some basic documents which are needed for accounting. They are:
- A statement of Bank Account(s).
- Credit card receipts which act as proof of payment.
- Employee time cards which act as proof against payment to employees.
- Sales orders and purchase orders.
- Supplier invoices.
- Details of purchasing needs of business.
- Cash receipts.
- Service provider invoices.
- Cash vouchers.
There are some additional details and documents that we may need at later stages. We will specify the requirements in detail once you finalize the accounting plan that you need.
Fee for Accounting Outsourcing
Our all-inclusive packages for business accounting start from Rs. 3999. Moreover, we also offer customized plans to suit the specific needs of your business.
Timeline for Accounting Outsourcing
Accounting is a round-the-year activity. Therefore, there is no fixed timeline. We will take care of all your accounting needs from start to finish.
How PocketLawyer Can Help?Do you need any help with accounting outsourcing for your business? You can find a one-stop hassle free solution at PocketLawyer.
At PocketLawyer, you can post your requirement and get the best price quotation of lawyers as well as other professionals. These professionals are experts in accounting and can provide you their best services at affordable price.
Need any further help? Contact us now.