Accounting Outsourcing Services for Small Businesses

Company Profile

Accounting outsourcing services are a key strength area for us. Outsourcing accounting is a growing trend among small medium businesses as it provides a cost-effective way for organizations to improve their finance and accounting functions? We are a specialist finance and accounting service provider and have served hundreds of businesses over the last twelve 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. Our Outsourcing accounting services are customized to address the needs of small businesses. 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 accounting outsourcing 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 in accounting outsourcing field. We have both experience as well as skills to make outsourcing accounting work for a small business.

Our Credentials
  • 300+ clients served since 2006 across North America in all major states
  • High client satisfaction – Most of our clients have been with us since 8+ years
  • Senior management team with rich outsourcing and management experience since 2003 in global companies
  • Staff with at-least four years of relevant outsourcing experience
  • High expertise in QuickBooks (Pro, Premier, Enterprise and QB Online), Xero, NetSuite, Yardi, AppFolio, OneSite, MRI and Sage
  • Spacious office set-up with modern facilities, high speed internet, backup power supply and dual monitors
  • Data confidentiality maintained through multiple measures
  • Multiple US phone numbers for easy communication

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

Accounts Payable
  • Creation of purchase orders (POs)
  • Entry of invoices including 2/3 way matching with POs and packing slips
  • Disbursements processing- entering checks, ACHs and transfers
  • Accounts payable reports including aging report
  • Set-up of vendors in accounting system with proper documentation
  • Vendor coordination and query resolution
  • Vendor compliance tracking- insurance certification, lien waivers etc.
  • Vendor reconciliations
  • Miscellaneous accounts payable tasks

Accounts Receivable
  • Creation of sales orders
  • Billing services: creation of sales Invoices including itemized invoices, time-sheet based invoices, construction draw invoices etc.
  • Customer receipts processing/cash application services
  • Aging of receivables and receivables tracking
  • Set-up of customers in accounting system with proper documentation
  • Email based collection support
  • Miscellaneous accounts receivable tasks

Reconciliations
  • Bank account reconciliations
  • Credit card reconciliations
  • Mortgage account reconciliations
  • Escrow account reconciliations
  • Line of credit account reconciliations
  • Merchant account reconciliations
  • Inter-company reconciliations
  • Petty cash reconciliations

General Accounting
  • General ledger maintenance
  • Monthly accruals of recurring expenses and utilities
  • Prepaid amortizations
  • Maintaining month end closing schedules
  • Monthly review of select balance sheet accounts
  • Preparation and filing of sales tax and franchise tax returns

Payroll Processing Services
  • Payroll processing including gross and net pay check calculations based on FUTA, SUTA, SS, medicare, garnishments, and 401(k) deductions
  • Updated employee records and legal regulation
  • Live time access to view and analyze all payroll
  • Keep record of cash required before payroll processing
  • Timely deposit of all federal, state and other payroll taxes
  • Electronic filing of all state and federal payroll returns

Inventory
  • Periodic physical inventory to books inventory reconciliation
  • Set-up and maintenance of inventory item list in accounting system
  • Tracking of inventory losses and inventory control
  • Clean-up of inventory lists by inactivating items, removing duplicate items etc.

Travel and Expense (T&E) Management
  • Employee list/database management
  • Scrutinizing and validating invoices against existing T&E policies
  • Processing of T&E claims as per documented procedure
  • Travel and expense accounting including entry of travel and expense bills, mileage accounting, employee reimbursements

Fixed Asset Maintenance
  • Updated fixed asset register with new asset additions, dispositions and write-offs
  • Reconcile fixed asset and other associated sub-ledgers to general ledger
  • Calculation of depreciation based on different depreciation rates and methods
  • Preparation of journal entries such as – expensing of fixed assets, depreciation entries, asset purchase/sale and write-off of old or fully depreciated assets
  • Accounting for sale/disposal of assets

Financial Modeling and Analysis
  • Simple to complex business plan formulation
  • Preparation of monthly, quarterly and annual forecasts of key financial parameters
  • Financial analysis like ratio analysis, break-even analysis, NPV and IRR analysis
  • Customer profitability analysis
  • Sensitivity analysis
  • Sales product mix analysis
  • Make vs Buy/Buy vs Lease analysis

Financial Reporting
  • Balance sheet
  • Income statement
  • Cash flow statement
  • Inventory reporting
  • Monthly financial analysis of income statements
  • Expense reports
  • Custom reporting

Management Dashboards
  • Financial dashboards
  • Sales dashboards
  • Detailed expense trend dashboards
  • Portfolio dashboards
  • Employee/Agent dashboards
  • Operational dashboards customized to industry requirements

Budgeting
  • Detailed operating budgets covering projected revenues and budgeted expenses
  • Departmental level budgets/divisional budgets such as marketing budgets, sales budgets
  • Cash-flow budgets at company/ departmental/locational levels using a variety of methodologies

Other Services
  • Set-up of accounting systems and procedures
  • Clean-up and updating of historical transaction records
  • Year end audit support
  • Accounting software transition including set-up of lists (customer, vendor, employee, inventory etc.), chart of accounts and transactions

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

Pricing

Hourly Charges

$11 per hour

Onwards

Junior Accountant

$1500-1700 per month

160 hours dedicated monthly staffing

Senior Accountant

$2100-2400 per month

160 hours dedicated monthly staffing

Client List

1. A vertically integrated, full service real estate company based out of Bellevue, WA. They specialize in commercial properties. The firm has developed and built in excess of 81 properties and have more than 10,000 units under management.

2. A midsized real estate property management firm based out of Beverly Hills, CA. The firm manages over 50 properties, across 9 states, encompassing over 1200 tenants and nearly 1.5 million square feet.

3. A well-known construction and development company in Canada specializing in construction and development of high rise concretes. It is a mid-sized firm and one of British Columbia’s most experienced and respected developers.

4. A construction company in Aspen, Colorado providing general contracting, plumbing and property management services.

5. A 100 year old moving and storage company headquartered in Colorado with multi-state operations. The firms’ revenues are about 50-75 mn and has about 250 employees.

6. A mid-size data warehouse consulting and engineering firm based in OH. They build new data warehouse solutions, optimize existing environments, and offer an outsourced service for point of sale data analysis.

7. A large CPA firm based in Northville, MI. The firm has clients from virtually every business sector from around the US.

8. A mid-sized full service tax firm based in Chicago, IL. The company has a successful track record and is a leading national provider of tax resolution, tax preparation, bookkeeping and accounting services.

Ready to Outsource? What Next

1. Identify the accounting activities you would like to outsource

2. Begin with a pilot phase to test and check our services and understand the process

3. Post completion of pilot phase, expand the process to a full ongoing scale

Outsourcing Roadmap

Typical Outsourcing Scale-Up Roadmap for a Mid-Size Company

Pilot Phase (1st Month)

The first month of service is used to initially explore mutual working and test the effectiveness of our services, fine-tune the process, establish a working relationship, determine service level parameters and gradually scale up the activities done from India.

2-3 Months

Accounts payable- entry of invoices and utilities, check/ACH processing, debit card/CC transactions and miscellaneous activities such as vendor set-up, funding petty cash etc.

4-6 Months

Accounts receivable and cash application services- accounting in AR, aging of receivables, email based collection support, receipting/cash application services and miscellaneous accounts receivable tasks.

7-9 Months

General accounting- bank, credit card, mortgage and insurance escrow reconciliations, general ledger maintenance, month end closing, monthly and quarterly financial reporting for management.

10-12 Months

Dashboard reporting- user friendly and easily readable management dashboards tracking key operating and financial parameters.

* Mid-Size Companies are defined as companies with accounting departments of size 8-10 staff members

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