What is Outsourcing Bookkeeping
Outsourcing, in layman’s terms, means hiring someone from a source that is placed outside of your own company. Someone can be a company, can be an individual, and varies in every circumstance. Now, Outsourcing Bookkeeping and Accounting would refer to that someone being hired for a service that requires the expertise of accounting. This indirectly leads to a lot of instances where the company benefits from. For instance, outsourcing someone for a task can make way for some free time which could be better utilized in several other tasks inside the company. Economics is also a primary benefit.
How are outsourcing bookkeeping and accounting services help businesses?
Several companies, businesses, and especially startups find it difficult to outsource candidates who can bring multiple values and skills to the table. Hiring an individual satisfying most of the required points and necessities is tough. But outsourcing provides numerous benefits which are worth the investment of time and energy.
A few of its primary benefits include cost-saving, time-saving, bypassing the even longer and tougher process of recruitment, providing automation, and also, one might end up hiring someone who is a professional and highly skilled accountant.
Nowadays, almost 30 to 40 percent of startups and small businesses are hiring accountants, as the concern is that they are mostly overpaying their taxes. Instead of creating a mess or being penalized, the best option is to use that time and resource to benefit the company in other ways. While outsourcing an accountant specialist in most cases helps improve the accounts of the company.
Which are the best companies for outsourcing bookkeeping and accounting services
Listing the 5 hot-seller companies that specialize in providing quality standard accounting services :
1. MindSpace Outsourcing Services Pvt. Ltd.
MindSpace was founded in 2007 and offered a wide range of services. Ranging from bookkeeping outsourcing to accounting outsourcing services to individuals and SMEs which are based in the US, UK, Canada, Ireland, and Australia. They are Certified Quickbooks Pro Advisor 2009 -2014, Xero Certified, and Sage Level 1 Certified. MindSpace is also a member of the American Institute of Public Bookkeepers.
- Chart of Account Set up
- Bookkeeping Catch up
- Expense Coding
- Payroll for US, UK, and Australian Clients
- Migration from Quickbooks and Xero
- Financial Report Preparations
- Sales Tax, BAS, and VAT return preparations
- AR & AP Management
- Year-End Accounting
- Tax returns Preparations for US, Canadian, and the UK.
Softwares used: Quickbooks, Xero, Sage, MYOB, Great Plains, Caseware, Intacct, Digita, Proseries, Drake, Iris, Buildium, Kashflow, Clearbooks, Wave, ReceiptBank, BGL360, Mclowd, and many more.
“Whoever we serve, our shared commitment is to provide a personal service of high quality and integrity. A service that will assure us of our clients’ future loyalty and support. Our well-chosen and qualified personnel are trained in the US, UK & Australian GAAP’s, promoted by a team of well-qualified and experienced Chartered Accountants.”
2. CapActix Business Solutions
CapActix is an ISO 9001:2015 & ISO 27001:2013 certified company outsourcing complete accounting & finance solutions for a diverse range of industries. Founded by Chirag Koshti and Bharti Kakadiya, CapActix brings businesses to the next level by making their functioning smooth & efficient.
- Accounting & Bookkeeping
- Tax Preparation
- AR & AP management
- Inventory management
- Bank & Credit Card Reconciliation
- Payroll processing
- Virtual accounting
- Preparation of financial statements
- Management reporting
- Cost Accounting & analysis
- Virtual CFO
- Special purpose CFO
Flexible Hiring, the remote staff operating at all levels, the speed with quality, trained and experienced people, weaponry of tools and technologies, etc., are some qualities that make them stand out from the rest in the field.
“Our competent remote team can perform all the accounting & tax preparation tasks with just 1/3 of your existing cost at a charge-out rate starting from $8 per hour. Moreover, freeing up your existing compliance team can open doors for providing more consulting services to your clients’ business.”
3. Shoolin Consultancy
Shoolin Consultancy takes into consideration all business sections starting from a start-up, SMEs to Corporate, etc. Through its exceptionally experienced group of expert partners, they began with a small idea of offering customized support of an advisor, CFO, and Compliance official for your Company at a reasonable cost. Shoolin functions as innovation-driven business administration; stage with an intent to help fire up a wide range of business people to effortlessly begin and develop their business, being entirely consistent at a moderate expense.
- Project Consulting
- IT Recruitment
- Contractor management
- contingent workforce
- Project Consulting
- Digital Transformation
- project delivery
- scale operations
They are confident in the estimation of long-haul connections. They see every client relationship like an organization and believe that their flourishing is an after effect of clients thriving.
“Our in-depth understanding of different cultures, markets, and geographies enables us to provide nimble, responsive, tech-centric, and attractive top talent. We’re passionate about delivering our Services & Solutions from small businesses to large enterprises.”
4. Especia Associates LLP
Founded by Harshil and Sajal Goyal, Especia provides end-to-end solutions to all startup challenges. “We work from start to finish” is the tagline that this company and all its members live up to. Most of the team members are CAs and CS who work together to provide workarounds for any and all hindrances that startups face. Along with 360-degree confidentiality and security, Especia also mentions highly skilled and experienced professionals providing services pan India as its USP.
- Project Finance and Business Loans
- Expatriates Tax Management
- Secretarial Compliance- XBRL
- Tax advisory & Legal Support- Bulk ITR Filing
- Accounting Solutions Outsourcing
- Payroll Processing Outsourcing
- Business Entry Support
- Physical Verification of Assets & Inventory
- ISO Certifications
Especia’s core competencies are in the field and subjects like Accounting Solutions Outsourcing, Payroll Processing Outsourcing, Physical Verification of Assets & Inventory, Business Entry Support, Secretarial Compliance-XBRL FILING, Tax advisory & Legal Support-Bulk ITR Filing, etc.
“As an organization, we render the best valuation, accounting, and secretarial services. Corporate laws are witnessing a rapid change to bring transparency and raise the level of governance in the working of companies. We make your investment ready to reach greater heights in your business journey. You get all the services pertaining to your growth under the same roof.”
5. Savage & Palmer
Mihir Lunia and Rehan Netarwala started Savage & Palmer for the sole purpose – to help entrepreneurs all around scale without hassle. Every entrepreneur makes a conscious decision to keep everything they have on the line before starting their own business. Afterward, they face the challenge of setting things up and ensuring different departments run smoothly so they can scale operationally. This is where Savage & Palmer provides walkthroughs for entrepreneurs, facing the hindrances in the path to ensure that running a business is a cakewalk.
- Calculation and Filing of Taxes
- Review and MIS Reporting
- Internal Audit
- Due Diligence
- Payroll Activities
- End-to-End Accounting
- Debtor Collection Services
- Digital Marketing
- Search Engine Optimisation
- Performance Marketing
- Website Development
- Google Analytics
- Company Secretary
- GST Services
“We at Savage & Palmer enjoy helping entrepreneurs run and scale their businesses with our wide range of Startup & SME solutions, from Digital Marketing to Accounting & Taxation. Our mission is to EnableEntrepreneurship by being a one-stop solution for business owners so they can focus on growing their business while saving time and money. “