How Outsourced Accounting Works

 

Companies have the option to prioritize their core business activities by outsourcing support functions such as accounting.

 

Accounting activities include bookkeeping, inventory costing and related internal controls, financial statements preparation, fixed asset controls, assessment of taxes and preparation of guides for payment of taxes, assistance in the processes of importing products, and bookkeeping of fiscal books.

The corporate area also works in parallel with accounting in a way that comprises of opening, altering, and shutting down the services of a branch or subsidiary which can all impact the financial position of the company.

Outsourced accounting firms also perform the classification of all the documents of the company, issue reports such as balance sheets, cash flow statements, and income statements. They can provide insight on Human Resources and Payroll, making monthly payroll calculations, give advice on admissions and layoffs, calculate charges, contributions, and taxes, and follow up on conventions and collective agreements of work and obligations that may arise.

Finally, we also offer outsourced accounting support in the fiscal and financial areas. We perform bookkeeping of incoming and outgoing invoices with tax calculation, manage cash flows, record payments and receipts, as well as reconciliation of financial statements.

There are many the benefits to outsourcing accounting activities. It has become somewhat of a standard practice to outsource non-core activities due to the numerous tangible and non-tangible benefits. Financial audits run smoother with an experienced accountant on your team since he understands what auditors are looking for. Synergies can be created thanks to advice that can be given on taxes, human resources, corporate finance and other areas of your business. All in all, approaching specialized professionals to take care of the accounting needs of your company will ensure management’s total dedication to growing the business and increasing profitability.