There is a growing movement towards outsourcing more and more business processes. The latest joining the trend is Third Party Accounting Services.
Such third pary services ensure that you are freed from the burden of keeping a track of recording your transactions and instead monitor the operations. Also, such service providers are extremely qualified and experienced and can help you in various ways, such as, design chart of accounts, designing scheme of entries, capturing all statutory data at point of occurance, ensure proper and adequate documentation, establish checks and controls, update you with latest statutory happenings etc. Not only this, sometimes you may not have a computerised accounting system at all, in which case such service providers can maintain all your data on their systems.
All the business processes (Sales, Collection, Debtor Management, Purchases, Payments, Creditor Management, Fixed Asset Management, Inventory Management, Payroll, Treasury etc) can be seamlessly integrated with the accounting system to ensure true and fair reflection of all transactions. However, such integration requires guidance of an experienced person to ensure that various requirement - both internal and external - are captured and documented, to minimize transaction recording and processing costs.
All these services can help you significantly reduce the accounting costs for your organisation while ensuring that professional standards are constantly met, thereby giving you with a leaner and a more competitive organisation.
Such third pary services ensure that you are freed from the burden of keeping a track of recording your transactions and instead monitor the operations. Also, such service providers are extremely qualified and experienced and can help you in various ways, such as, design chart of accounts, designing scheme of entries, capturing all statutory data at point of occurance, ensure proper and adequate documentation, establish checks and controls, update you with latest statutory happenings etc. Not only this, sometimes you may not have a computerised accounting system at all, in which case such service providers can maintain all your data on their systems.
All the business processes (Sales, Collection, Debtor Management, Purchases, Payments, Creditor Management, Fixed Asset Management, Inventory Management, Payroll, Treasury etc) can be seamlessly integrated with the accounting system to ensure true and fair reflection of all transactions. However, such integration requires guidance of an experienced person to ensure that various requirement - both internal and external - are captured and documented, to minimize transaction recording and processing costs.
All these services can help you significantly reduce the accounting costs for your organisation while ensuring that professional standards are constantly met, thereby giving you with a leaner and a more competitive organisation.
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