In order to run smoothly and make informed business decisions, the owner of the firm needs an accurate and well-maintained set of books. Most small to medium businesses have trouble keeping a clean set of books, as this requires regular update of books, proper allocation of expenses and adherence to commonly accepted accounting principles.
Key Benefits
- An absolute necessity at the time of filing taxes. By not having a clean set of records, a business may penalize itself by overpaying taxes
- Helps business owner better manage the cash flow, and have a complete understanding of the financial situation.
- A clear set of books provides a solid picture of the company’s financial situation required at the time of debt or equity funding or presenting before investors
At OutsourcingHubIndia, we help businesses, clean and organize their books and get them up to date. Once up to date, we can implement a cost effective accounting system that is easy to manage and easy to maintain. In addition, we can also maintain the accounting system and books, once the clean-up is done, so that you can concentrate on your business, without worrying about accounting and reporting.
A detailed list of our Cleanup and Historic Accounting Services is defined below.
Please email sales@outsourcinghubindia.com or call 1- 646-367-8976 for a no obligation customized cost benefit analysis of outsourcing opportunities in your organization.
Our 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
- Fixing vendor payments and credits not applied correctly
- Review of unpaid bills report for any additional corrections, updates, or changes
- Fixing customer payments and credits not applied correctly
- Write off non collectable invoices
- Clear incorrect balance in the Undeposited Funds account
- Review of accounts receivable aging summary report for any additional corrections, updates, or changes
- Reconcile bank and credit card accounts
- Review missing checks
- Locate discrepancies in bank reconciliations
- Reclassify historic transactions that have been incorrectly recorded
- Review of working trial balance for data entry errors, misclassifications and prepare list of suggested adjusting journal entries to correct these mistakes
- Troubleshoot prior account balances that have been changed.
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
|
36000
|
18000
|
|
Payroll Taxes (8%)
|
2880
|
|
|
Overhead Costs (10%)
|
3600
|
|
|
Total Cost
|
42480
|
18000
|
|
Staff Accountant/Sr. Accountant
|
US Employee
|
India Cost
|
|
Annual Salary
|
50000
|
25200
|
|
Payroll Taxes (8%)
|
4000
|
|
|
Overhead Costs (10%)
|
5000
|
|
|
Total Cost
|
59000
|
25200
|
|
Financial Analyst
|
US Employee
|
India Cost
|
|
Annual Salary
|
60000
|
31200
|
|
Payroll Taxes (8%)
|
4800
|
|
|
Overhead Costs (10%)
|
6000
|
|
|
Total Cost
|
70800
|
31200
|
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
|
$1500
|
$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
