Outsource accounting services to 3Alpha Outsourcing Services for a faster turnaround and accurate service. Assist in financial planning, analysis and reporting, 1099 preparation,etc.See more
Accounting is at the core of all businesses -it’s a crucial function for managing an organization’s resources and skills.
However, there are times when the organization doesn’t have enough manpower to conduct its own accounting, and this is when outsourcing this function is a good idea.Check out these essential features that you should consider if you’re thinking about outsourcing your accounting services.Cost Advantage: Minimizing operation costs is the primary rationale behind outsourcing accounting services for most business owners.
However, never compromise on quality just to save a few dollars — it’s important to maintain a balance between quantity and quality of the services provided by your outsourcing partner.Fair Pricing: If you’re looking at using an outsourced accounting firm, you’ve probably already done the math to figure out what you can afford and what will lead to savings versus hiring an in-house team.
With that number in mind, find out what companies are charging for outsourcing.
Use this data to make an informed decision about which will work best for you.Data Security: A reputable accounting firm will manage your data with utmost privacy and ensure that each transaction is secure.
So ensure that every single detail is written clearly in the agreement, so there’s no room for confusion or ambiguity later, especially about the quality of the services you’ll be receiving.24/7 Access to Your Records: Your outsourced accounting partner may not be available at every hour of the day, but you might need access to your records at all hours.
Under this accounting system transactions are classified both according to their function and nature.”
Integrated accounting should be configured in a way that while it can provide information for cost of each unit, batch or job or any other measurable unit it should not distort financial statements viz., Profit and Loss Account and Balance Sheet.
The purchase of raw material can be directly posted into Stores Ledger Control Account, Work-in-progress Ledger Control Account or Overhead Account in-stead of Purchase account.
Because of auto reconciliation of cost accounting with financial accounting, management reporting will be quick and accurate and it will help in timely decision making.
It simplifies and improves internal control mechanism
All cost related figures are basically derived from financial records so when it is directly linked to financial accounting, it is more reliable and accurate.
