| Outsourced accounting has become more popular | | | | - Providing Monthly reports on receivables and |
| because it gives you not only reduction in your | | | | payables |
| accounting costs up to 60% but also gives you a more | | | | - Preparing monthly bank reconciliations |
| professional and expert service. Your outsourced | | | | - Stock reports on routine basis |
| accountants is much more than your traditional | | | | - Quarterly reporting of profit and loss |
| accountant, they also work as your business advisor. | | | | - Calculating pays and maintaining payroll |
| You get a variety of reports from them which you | | | | - Preparing annual financial statements on GAAP/IFRS |
| may not expect from your traditional accountant. | | | | - Preparing sales tax/VAT returns and filing them |
| Most of the outsourcing firms provide a full-time | | | | electronically |
| accountant on monthly basis which handles all your | | | | - Filing annual returns and all employee related returns |
| acocunting work from bookkeeping, preparing | | | | - CAlculating annual tax return and calculating tax |
| accounts and handling payroll to file your tax returns. | | | | liability |
| You may compare your current cost of accounting | | | | - Anyother accounting related activity. |
| with outsourced one. Typically an offshore full-time | | | | If you are currently maintaining your in-house |
| accountant on monthly basis costs somewhere | | | | accounting department, you should make a |
| between US$800 TO US$1,500, depending upon with | | | | cost-Benefit Analysis. This should include both financial |
| whom you contract, performs following tasks. | | | | and qualitative factors. Outsourced accounting would |
| - Setting up your company's chart of accounts | | | | provide you low cost, high quality solutions to match all |
| - Identifying major transactions | | | | of your accounting and taxes needs. |
| - Recording all finance transactions | | | | |