Outsource2india’s Financial Accounting Services

Organizations, irrespective of size, are increasingly looking to outsource their accounting requirements for a number of reasons such as: cost reduction, regulatory compliance, industry consolidation, reduction of environment complexity, and access to new technology and management processes.

To compete and succeed across the long term in this ever-changing global environment, many visionary executive leaders have chosen to outsource part or all of their accounting and finance requirements.

Outsourcing gives your company access to a higher level of expertise than you normally could afford especially in the field of Accounting services.

Accounting Services from Outsource2india

It is predicted that the worldwide market for outsourcing of financial and accounting services will grow from $11.2 billion in 2004 to $17.2 billion in 2008.

In 2008, the market for outsourcing of financial and accounting services will then represent approximately 15% of the worldwide outsourcing market.

The reason for this quantum leap in the growth of financial and accounting services is the fact that medium-sized enterprises would want to acquire the same advantages from outsourcing that larger enterprises are already enjoying.

To compete and succeed across the long term in this ever-changing global environment, many visionary executive leaders have chosen to outsource part or all of their in-house functions. This enables the company to focus on core competencies inline with their mission and not expend management's resources on internal finance, information technology etc. Outsourcing gives your company access to a higher level of expertise than you normally could afford especially in the field of Accounting services.

There is clear logic in support of Financial and Accounting outsourcing. This is exactly what Gartner analyst Michael Montonen, speaking at the recent Gartner Outsourcing Summit, said "CFOs should look at F&A outsourcing to reduce the time they spend on tactical issues; improve their processes, systems, visibility, and flexibility; save money; and gain more effective Sarbanes-Oxley compliance."

Moreover while the off shoring of transactional processes generally yields a 20%-25% cost reduction in the overall Finance and Accounting functions, the off shoring of key processes has the potential of a 35%-40% reduction in costs. In transactional processes, 60%-80% of the cost savings arise out of labor-arbitrage opportunities.

It is universally acknowledged that India produces more Chartered Accountants than any other country, but the uniqueness of recruiting accountants in India is the high standard of the Chartered Accountancy exams, which accountants have to write in order to become a certified accountant. The Chartered Accountancy exams in India is one of the highest in the world and follows rigorous norms.

Outsource2india’s Accounting Services

1. Financial Accounting

GAAP (Generally Accepted Accounting Principles)
Financial models customized on case-to-case basis

2. General Ledger Accounting / Bookkeeping

Updating Chart of accounts
Maintaining ledger accounts
Generating Trial Balance and closing accounts
Preparation of financial statements - Month end / year end / final statements

3. Accounts Transaction Management

Revenue Processes
- Accounts Receivable Processing
- Sales Order processing
- Customer Invoicing
Disbursements Processes
- Accounts Payable Processing / Vendor file maintenance
- Travel and Entertainment Expenses Accounting
- Cash Disbursement processes
- Processing Letter of Credit related documents

4. Billing Services

5. Payroll

Salary/loan administration
Benefits
Superannuation
Deductions
Reimbursements
Database maintenance
24/7 employee access to income and tax details

6. Banking Services

Bank Reconciliation
Cheque Processing
Debit and credit card processing
Banking Transactions

7. Budgeting & Forecasting

8. Tax Services

Tax Strategies
Tax Implications
Tax Compliance
Tax returns Preparation

9. Fixed Asset and Capital Accounting Processes

Compute depreciation tables and schedules and record depreciation
Valuation adjustments and write off accountancy
Work-in-progress accounts Maintenance
Resolve fixed asset accounts and ledger entries

10. Migration of Legacy systems

11. Financial Reporting

12. Cost and Inventory Accounting Processes

Maintain inventory records / Stock Accounting
Cost Estimation
Variance analysis performance

Outsource2india has the infrastructure and skill-sets to support and facilitate your needs.

O2I has the required bandwidth and state of the art facilities to allow creation of scalable databases, enabling of financial and accounting services while staying within the ambit of security and web enabled framework security requirements.

Outsource2india has recruited people with an extensive amount of industry experience. Chartered accountants (certified public accountants) and MBAs recruited from leading financial services institutions and statisticians with doctoral degrees contribute to accurate financial and accounting services.

Our accounting experts are well equipped to handle the stringent Sarbox (Sarbanes-Oxley) compliance specifications. Also new account creation services will be delivered to specific regulations (such as KYC, Anti Money Laundering, and OFAC).

Please contact Outsource2india here with your outsourcing requirements.