| Bookkeeping service is a core component of any | | | | reviewing the 1099 forms, quarterly balancing of books |
| successful business. This kind of services keeps a | | | | and handling expenses ledger. |
| track or records all the financial activities which include | | | | All the outsourcing companies are known for their |
| transactions and accounting. Bookkeeping services | | | | strict security policies which ensure complete |
| and accounting are jointly known as bookkeeping | | | | protection of data. Appropriate measures are taken so |
| practices. | | | | that confidential client information is never publicised. |
| A number of outsourcing companies are known to | | | | There are three basic ways of data transfer in |
| extend their bookkeeping services to different | | | | bookkeeping services. All of them are safe. They are |
| companies and even to Certified Public Accountants. | | | | known as the application service provider or ASP |
| Undoubtedly this service is known to help in the growth | | | | bookkeeping process, server based or FTP |
| and development of the company. Softwares like | | | | bookkeeping process and remote access |
| MYOB, QuickBooks, Sage, Peachtree, Quicken and | | | | bookkeeping process. According to a recent survey, |
| Creative Solutions Accounting are used in this area. | | | | almost 35% of the businesses in United States depend |
| Most of the outsourcing companies employ highly | | | | on the Indian Outsourcing companies for bookkeeping |
| qualified people who are knowledgeable and have | | | | services. |
| considerable expertise and experience in this area. | | | | As for the Indian companies, they value their |
| Most of them are well-acquainted with the latest | | | | customers and customise their packages according to |
| software's which have made the work easier. Some | | | | the needs and demands of the clients. Indian |
| companies have a single service system while others | | | | outsourcing companies offer numerous advantages |
| offer bookkeeping package. | | | | like, customised security policies, well qualified experts, |
| Most of the packages are customised and are | | | | and low operating costs. Most of the overseas clients |
| developed to suit the preference of the clients. | | | | appreciate the service which leaves them with ample |
| Bookkeeping services can be classified into different | | | | time to focus on other areas and channelise their |
| groups like accounts reconciliation, inventory recording | | | | resources and competencies to increase the profit |
| analysis, general bookkeeping, cash flow statement, | | | | margin of the company. Manual bookkeeping services |
| financial statements preparation, journal entry, balance | | | | easily records any data corruption, correct the errors |
| sheet, preparation of W-2 at the end of the year and | | | | and also files the duplicate copies of data. |