Accounting Outsourcing Services for Small Businesses

Company Profile

Accounting outsourcing services are a key strength area for us. We are a specialist finance and accounting service provider and have served hundreds of businesses over the last ten years. Our services range from simple cash based update of books (cash accounting) to a full range of accounts payable, accounts receivable and general accounting services. Small businesses face multiple constraints that need to be factored in while transitioning work to India. These include lack of supervisory staff at US end, undocumented and unstructured processes, busy schedule of owners, inconsistent accounting practices and sometimes inaccurate historical records.

Our expertise in outsourcing accounting helps us handle and manage these issues well. We maintain a special team of small business accountants, who have a broad range of accounting skills and are not function focused. For instance, an accountant working with large companies may have depth of knowledge in a specific accounting function such as accounts receivable or accounts payable and may have good expertise in following a well laid out client process. However, he/she may not have accounting expertise in handling scenarios where substantial clean-up of historic records is required, where an accounting process has to be set-up from scratch, or in scenarios of limited data. Small business accounting requires a specific skill set and experience. We have the experience and skill to make outsourcing work for a small business.

Our representative list of outsourcing accounting services for small businesses is outlined below:

Please email sales@outsourcinghubindia.com or calls 1-646-367-8976 for a no obligation customized cost benefit analysis of outsource accounting opportunities in your organization.

Our Services

Complete On Time Customer Invoicing
  • Prompt raising of sales/customer invoices based on timesheets, customer purchase orders, sales orders and goods dispatch reports
  • Quick processing and emailing of customer invoices and customer statements

Get Accurate Customer Receivables through

  • Timely processing of sales receipts, bank deposits and income related documents
  • Consistent email based collection support and mailing of receivables reports

Pay Vendors on Time through
  • Timely entry of purchases/expenses and accounts payable processing
  • Regular reminders of outstanding bills

Know your current bank balances

  • Daily/weekly bank reconciliations to ensure current and updated bank balances in books
  • Daily/weekly reconciliations of credit cards and merchant accounts

Pay your employees on time
  • Process payroll based on timesheets and attendance reports
  • Calculation of federal and state liabilities such as FUTA, SUTA, Medicare and Social security
  • Prepare payroll checks or payroll transfer sheets
  • Book suitable payroll entries in the accounting system

Get Accurate Financial Reports
  • General ledger maintenance including accrual entries, transfer entries, payroll entries based on payroll reports and other entries
  • Quick monthly closing of books
  • Aging and collection reports
  • Monthly/quarterly financial statements such as income statement, balance sheet and cash flow statements

Year end Accounting Services
  • Yearly closing of books including amortization of prepaid balances, yearly accruals, depreciation and other entries
  • Yearend audit support and/or CPA taxation support
  • Preparation of yearly financials-income statement, cash-flow statement and balance sheet

Cleanup and Historic Accounting Services
  • Clearing backlog of un-posted historic transactions
  • Correction of existing miscoded GL entries such as expenses booked in asset accounts, wrongly booked income etc.
  • Clean-up of chart of accounts through removal of duplicate and unused accounts and systematic structuring of accounts
  • Adjustments of already posted entries according to accounting standards
  • Reconciling historic accounts with bank , credit card, merchant account, mortgage, line of credit, vendor and customer statements

Tax Returns Filing Services
  • Individual & Corporate Online Returns – UK Only
  • Preparation and filing of sales tax returns
  • Preparation and filing of payroll returns

Client List

To view Our Client List, Click Here

Testimonials

To view Our Client’s Testimonials, Click Here

Software Expertise

SOFTWARE
EXPERTISE LEVEL
QuickBooks (QB) (QB Pro, Premier, Enterprise and QB Online)
High
Xero
High
NetSuite
High
Peachtree
High
Great Plains (Microsoft accounting software)
Medium
Easy Accounting
Medium
Caseware and Multiledger
Medium
Sageline
High
FreshBooks
High
ERP and Oracle packages
Medium to High
ProSeries and ProFx
High
Ultratax
Medium

Cost Saving Comparison

Bookkeeper/Jr. Accountant
US Employee
India Cost
Annual Salary
34000
16800
Payroll Taxes (8%)
2720
Overhead Costs (10%)
3400
Total Cost
40120
16800
Staff Accountant/Sr. Accountant
US Employee
India Cost
Annual Salary
48000
22800
Payroll Taxes (8%)
3840
Overhead Costs (10%)
4800
Total Cost
56640
22800
Financial Analyst
US Employee
India Cost
Annual Salary
55000
30000
Payroll Taxes (8%)
4400
Overhead Costs (10%)
5500
Total Cost
64900
30000

All figures in USD

Note

  • Employee benefit costs in US not included in the comparison
  • Overhead cost includes cost of leasing computer hardware and maintenance related , software like accounting package licenses, training, floor space, and electricity among others
  • Offshore cost are only estimates; includes wages, infrastructure, training and technology cost
  • US Salary figures are average figures for New York

Pricing

Details
Platinum
Gold
Silver
Bronze
Minimum monthly hours
160 Hours
80 Hours
50 Hours
25 Hours
Monthly transactions
800-1400
500-800
200-500
< 200
Entry of invoices (AR)
Entry of bills (AP)
Bank & line of credit reconciliation
Credit card & merchant account reconciliation
Payroll
Payroll return
Monthly financials- Income statement and balance sheet
Year end preparation
Simple financial analysis
QuickBooks installation and setup
Tax Return
Senior accountant review
CFO review and advice
Turnaround Time
1 Business Day
1-3 Business Days
3-5 Business Days
1 Week
Charges
$1400
$800
$525
$275

Note

  • The above charges are indicative charges for standard accounting services to be performed by a junior accountant
  • Prices are subject to change based on the complexity of the business.
  • Payroll includes filing federal and state payroll tax returns and W-2 filing at year-end.
  • Turnaround time refers to work that could be done in one day had the staffing been at the full accountant level

Contact Us

Company Name*

Contact Person*

Contact No.*

Country*

Email*

Comments

Enter Code :captcha