Cleanup and Historic Accounting Services

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‚Äôs 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.

Monthly Accounting Services

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

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

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