In modern times, entrepreneurs have realized that need of the hour is to outsource the day-to-day accounting and finance related activities for professional management, skill and expertise and cost reduction. Many have successfully implemented in their businesses and yet some are finding it difficult to outsource for various limitations. This is why there is resistance in outsourcing and owners choose to develop in-house finance and accounts departments.
With below mentioned few limitations and how we overcome it, an attempt is made to assure the entrepreneurs that outsourcing is possible.
Real Time Accounting
One may think that he/she may need an invoice generated immediately or a list of accounts receivable or payable in few minutes and for that reason an accountant is required who sits in the same office because the bookkeeper remotely working may see the e-mail later or cause delay due to pre-occupations. We solve this by providing dedicated skilled personnel to provide or process information anytime you need. Further, we provide an ease of communicating over WhatsApp calls or WhatsApp message for faster response. The experience we give is as good as calling your accountant over intercom line sitting next to your cabin and getting things done.
Exchange of Information
Information sharing can be tedious at times and thus spirit of communication with bookkeeper not in your office weakens the process. We step into your company as accountants and use your emails and storage drives and all emails exchanged with customers and vendors relating to invoices, payments etc. are taken into consideration for accounting. One will not be required to share it to our emails or hot on our storage systems. We also follow set practices for email management to ensure that all actionable tasks are identified appropriately and marked as completed with proper trails for future references.
Communication with Vendors, Customers and Auditors
Being a messenger between accountant and third party is cumbersome. We design processes and set protocols for communicating with vendors and customers for invoices, payments or receipts, ticket raising and redressals. Entrepreneurs only need to be present while creating systems and setting procedures and thereafter we function independently. We take care of invoices overdue and payments being made timely. We not only do routine accounting, but also take it to the level of finalization with all the yearend accounting entries. We directly communicate with auditor in terms of audit documents, supporting trails and query redressal in such a manner that only material transactions flagged having financial implications are brought to entrepreneurs.
Budgeting Forecasting and Treasury Management
One may need an in-house accountant so that status of receivables, payables and funds in hand can be discussed and planned sitting opposite to each other. Remote Accountants may not be able to address the planning needs and merely do accounting of closed transactions. We design templates for reporting to management regarding the funds expected to be received and paid in a week or fortnight so that funds can be optimally managed. We also prepare various budgets, regulates outflows and trigger actions when deviating which in fact saves a lot of time. We do micro budgeting which is essentially a part of the yearly budget and regulate each micro budget so that appropriate actions can be taken early. If yearly monitoring is done and at the end of year you discover something, nothing great can be done.
Strengthen Internal Process
At times outsourced accountants are seen as third party by the other members of the company who may be looking after sales and marketing, procurement, production, etc. Linkage between finance and accounts department with these other departments is essential and one may fear irregularities or disconnects when accounting is outsourced. We build internal control procedures to strengthen overall information flow and build rapport with other members in the company by creating mutually convenient and overall beneficial processes. We believe in adapting first if results are as expected and make changes only when genuinely required so as to ensure the resistance does not grips in.
Reactive and Proactive Approach
Generally, it is perceived that when one outsources the operations, the approach is reactive to what the entrepreneurs asks for. Value addition on proactive basis lacks which can cost to the business in one or more ways. We try to maintain a proactive approach by not only doing the bookkeeping but also keeping an eye on what is happening with the business from a macro level in the form of various management information reports that we circulate to entrepreneurs from time and time. By doing so, awareness about the information of business remains at both the ends and corresponding initiatives or actions can be taken timely.