Outsourcing Your Small Business Accounting
by Pankaj Kumar |May 28, 2019
You all must be aware of the hard-work and efforts put by an entrepreneur in their small business, to make its business survive in the global world of competition. Small business isn't straightforward to manage.
Small business is generally considered where the employees and size of business operations are limit innumber. Small business is usually owned by a single person called enterprener.
Small business continuously demand for administrating existing resources and business operations in an organized way, so that there will be maximum output but in minimum input. Sometimes the business operations are difficult to supervise by the single owner. After some time period of the business, it becomes tough to overlook upon business expenses, incomes or profit or gains, by the single owner.
The trend of outsourcing bookkeeping and accounting services is also gone into the small business. The small entrepreneurs also outsource their accounting services to the accounting outsourcing firms. Outsourcing small business assist the owners to govern their firm efficiently and they can specialize their core activities without any alternative stress of accounting and bookkeeping services.
The circumstances prevailing in the business continuously accord you with signal that will insight best time of outsourcing your small business accounting. These can be:
- You notice issue in managing your expenses, or your expenses are increasing in comparison to the profits.
- You are missing your deadlines.
- Your profit has gone up in meantime.
- Your small business accounting work is ignoring the other core activities.
- You find difficult to manage your time.
- Work life balance is missing in your scheduling.
- Business operations have become difficult for you to manage due to your market expansion.
- Accuracy in your output work is missing
While you are outsourcing your small business accounting work to the outsourcing services firms, you will be benefited for longer time, helping you in streamlining your core business. Other than this, you are benefited with:
- Highly Accurate Services
- Affordable Outsource Accounting Services
- Reduction In Errors Or Frauds
- Data Processed Through Highly Updated Software
- Timely Extract Of Accounting Information
- Bank Reconciliation Services
- Accounting Done by Highly Expertize Staff of Outsourcing Firms
While outsourcing your small business accounting and bookkeeping assignments to the outsourcing firms, you are facilitating with the accuracy in the data processing and your final reports are highly reliable and information is easy to access.
In the outsourcing of small business operations, clients are provided with the following benefits, by the outsourcing accounting and bookkeeping firms:
Annual statements are financial reports which are generated at the end of the accounting year. It includes:
- Income Statement: Profit & Loss Account is also known as Income statement of the company. It reflects the net profit or loss gained by the company in the whole financial year. Generally, it is the statement of all income and expenses incurred by the company in the calculation year.
- Balance sheet: It is also known as statement of financial position of the company as it reveals the financial performance of the company form the list of assets, liabilities and equity. It is a tabular form of data given for 2 previous financial. It may also be called list of extracted balances from the ledger of assets, liabilities and equity only.
- Cash Flow: Change in cash and cash equivalents of the firm are reflected through the cash flow statement. The reason of inward and outward flow of cash can easily be seen in the cash flow and it includes activities like Operating, Investing and Financing.
Bank is said to be an important assets of the firm, and it is essential that its balance must be matched to the transactions incurred in a specified period. Balance is matched with the help of bank reconciliation and it is very easy way to tally all the input transactions.
General Ledger is a type of account which shows all the accounts used in accounting process by a firm. It displays all the accounts relating to assets, liabilities, equity, income or expenses of the enterprise.
By using this account, one can sort, find, organize, store and summarize all the transactions at one point.
Payroll reports are the recording of the wage pay of all the employees in the business enterprise. They are processed through the pay check or regular checks into the bank. It ensure that all the payment made to the employees is clear or not.
Outsource Your Small Business Accounting and Bookkeeping with Us
We appreciate the amount of hard-work that small business put in order to survive in the competitive market. At, Bright Outsource Bookkeeping, we put all best efforts in providing your clients our best outsourcing bookkeeping facilities. We will provide you with our basic need of your small business at very affordable prices, other than any other outsourcing enterprises in the market.
We are transparent with our approach and methodologies.
We generate the all the financial reports according to your requirements and you have to pay only according to your services and on the basis hours pay.
- Weekly Reports
- Monthly Reports
- Quarterly Reports
- Yearly Reports
You are welcome at any time for making placements for your work or for resolving any query.
- Software we use
- Accounts Receivable Services
- Accounts Payable Services
- Payroll Services
- Restaurant Bookkeeping
- Accounting and Bookkeeping Services for CPAs