Archive for July, 2009
Financial Accounting and Reporting and Accounting and Bookkeeping Services
Brooke Thom recently asked:
Maintaining a comprehensive, accurate, detailed, transparent yet cost effective accounting setup for any business can be quite a challenge. That is where we step in.
We at KNR understand your need for understanding the running of your business transactions and also understand that you need to stay “in the loop”. Our consultants are at your disposal, to guide you and educate you at every step about what needs to be done to keep your business running smoothly. Whether you want assistance in setting up accounting systems for your enterprise or require year end accounting services, we are there to provide the best services for your business.
Accounting Consulting Services
KNR ’s accounting consulting services are the result of years of experience put to practical use, which have provided impetus to many business ventures. Our team of consultants works dedicatedly to provide you with the best accounting consulting services , inclusive of financial accounting and reporting. We carry out the entire accounting and bookkeeping services that your business requires, depending on your business needs.
Capital being one of the main ingredients of a company’s structure, a company’s success depends highly on its management. Financial accounting and reporting can be a confusing and highly time consuming process. Outsourcing accounting and bookkeeping services will help you in cutting down costs and diverting resources to other objectives.
Financial Accounting and Reporting
Financial accounting and reporting is an important process in the successful running of any business. It mirrors the success or failure of an organization. It is through this tool, that the public, investors, creditors, government agencies, tax agencies and employees come to know of the worth of the business.
Financial accounting and reporting is important both for internal and external users.
Within the company, it becomes a necessity because of the following reasons:
• Basis of formulating budgets
• Required for internal audits
• Is an important source of information for stake holders
• Measuring current performance against past performances
• Means of making amends if any, judging from past experiences
• Gives a clear picture of the financial standing of the business, increasing employee expectations of returns
• Means of providing information to policy makers to create and implement plans
• Aids in determining areas of deficiency, thus helping in cutting costs
For external users too, financial accounting and reporting is of extreme importance:
• Gives a clear picture of the financial standing of the business to potential investors, helping them in deciding whether or not to invest in a particular firm
• Gives adequate information to existing investors about the future of their investments
• The financial statements are the main criteria for creditors to take decisions about extending credit to firms
• Financial statements are a mandatory tool for tax agencies and are required for external audits
KNR accounting consultants are financial experts who understand the minutest details of accounting and carry out the entire accounting process for you. We provide you with accurate and timely accounting consulting services that help you in maintaining financial data most efficiently.
Accounting and Bookkeeping Services
With the aid of expert accounting professionals, KNR provides you accounting and bookkeeping services that help you stay abreast with your standing in the market. With all your financial data available at a snap of your fingers, you’ll be ever ready to make financial decisions without fumbling or worrying about the accuracy of your accounts. KNR provides computerized accounting and bookkeeping services , which enable you to access information in the easiest and quickest manner.
KNR is known for its professionalism and reliability. KNR ’s accounting consulting services enable you to judge the net worth of your enterprise. Our consultants would give you detailed analysis of your financial status, setting up an accounting system design that is the best fit for your business.
Companies spend hundreds of dollars in setting up account departments for dealing with the preparation of financial reports. Setting up a reliable financial accounting team is not only time consuming, but also expensive. Financial accounting and reporting is carried out by our experienced accounting team, which completes all your accounting needs from start to finish. From making profit and loss accounts, trial balances and balance sheets to carrying out audits, we do it all. KNR consultants carry out the job with perfection, saving you a great deal of money and hours of quality time. Our services enable you to invest your time and money in other aspects of your business, taking a great deal of pressure off you in performing painstaking accounting procedures because our specialized team does that for you in the shortest times span, giving you accurate and prompt results. At any given point in time, you would be able to pull up all information about your assets, liabilities, incomes, expenses, gains and losses. Our consultants would give you detailed reports that you would be able to comprehend completely, affording you a bird’s eye view of your financial structure and standing. Financial statements form the basis of financial decisions. Thus, by providing financial services as and when you want them, KNR allows you to run your business the way you want, at the same time enabling you to keep complete control of your enterprise’s resources.
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Maintaining a comprehensive, accurate, detailed, transparent yet cost effective accounting setup for any business can be quite a challenge. That is where we step in.
We at KNR understand your need for understanding the running of your business transactions and also understand that you need to stay “in the loop”. Our consultants are at your disposal, to guide you and educate you at every step about what needs to be done to keep your business running smoothly. Whether you want assistance in setting up accounting systems for your enterprise or require year end accounting services, we are there to provide the best services for your business.
Accounting Consulting Services
KNR ’s accounting consulting services are the result of years of experience put to practical use, which have provided impetus to many business ventures. Our team of consultants works dedicatedly to provide you with the best accounting consulting services , inclusive of financial accounting and reporting. We carry out the entire accounting and bookkeeping services that your business requires, depending on your business needs.
Capital being one of the main ingredients of a company’s structure, a company’s success depends highly on its management. Financial accounting and reporting can be a confusing and highly time consuming process. Outsourcing accounting and bookkeeping services will help you in cutting down costs and diverting resources to other objectives.
Financial Accounting and Reporting
Financial accounting and reporting is an important process in the successful running of any business. It mirrors the success or failure of an organization. It is through this tool, that the public, investors, creditors, government agencies, tax agencies and employees come to know of the worth of the business.
Financial accounting and reporting is important both for internal and external users.
Within the company, it becomes a necessity because of the following reasons:
• Basis of formulating budgets
• Required for internal audits
• Is an important source of information for stake holders
• Measuring current performance against past performances
• Means of making amends if any, judging from past experiences
• Gives a clear picture of the financial standing of the business, increasing employee expectations of returns
• Means of providing information to policy makers to create and implement plans
• Aids in determining areas of deficiency, thus helping in cutting costs
For external users too, financial accounting and reporting is of extreme importance:
• Gives a clear picture of the financial standing of the business to potential investors, helping them in deciding whether or not to invest in a particular firm
• Gives adequate information to existing investors about the future of their investments
• The financial statements are the main criteria for creditors to take decisions about extending credit to firms
• Financial statements are a mandatory tool for tax agencies and are required for external audits
KNR accounting consultants are financial experts who understand the minutest details of accounting and carry out the entire accounting process for you. We provide you with accurate and timely accounting consulting services that help you in maintaining financial data most efficiently.
Accounting and Bookkeeping Services
With the aid of expert accounting professionals, KNR provides you accounting and bookkeeping services that help you stay abreast with your standing in the market. With all your financial data available at a snap of your fingers, you’ll be ever ready to make financial decisions without fumbling or worrying about the accuracy of your accounts. KNR provides computerized accounting and bookkeeping services , which enable you to access information in the easiest and quickest manner.
KNR is known for its professionalism and reliability. KNR ’s accounting consulting services enable you to judge the net worth of your enterprise. Our consultants would give you detailed analysis of your financial status, setting up an accounting system design that is the best fit for your business.
Companies spend hundreds of dollars in setting up account departments for dealing with the preparation of financial reports. Setting up a reliable financial accounting team is not only time consuming, but also expensive. Financial accounting and reporting is carried out by our experienced accounting team, which completes all your accounting needs from start to finish. From making profit and loss accounts, trial balances and balance sheets to carrying out audits, we do it all. KNR consultants carry out the job with perfection, saving you a great deal of money and hours of quality time. Our services enable you to invest your time and money in other aspects of your business, taking a great deal of pressure off you in performing painstaking accounting procedures because our specialized team does that for you in the shortest times span, giving you accurate and prompt results. At any given point in time, you would be able to pull up all information about your assets, liabilities, incomes, expenses, gains and losses. Our consultants would give you detailed reports that you would be able to comprehend completely, affording you a bird’s eye view of your financial structure and standing. Financial statements form the basis of financial decisions. Thus, by providing financial services as and when you want them, KNR allows you to run your business the way you want, at the same time enabling you to keep complete control of your enterprise’s resources.
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Start-Up Accounting
Priyankar Baid recently asked:
Start-ups are an integral part of a vibrant economy. They contribute significantly (disproportionate to their size) towards new idea creation, new technology and exciting products and services. Since Start-ups work in an environment of low resources and limited funding (generally), all their focus is geared towards the core activities of a business. This could be either sales or marketing or research and development.
Support functions like accounting, IT, and HR are usually make-shift arrangements or ignored completely. However accounting is one function that can be ignored at one’s own peril. Good Accounting is the means to a greater end- informed decision making and better controls. Information gleaned from a good set of books can give valuable insights into- how assets can be utilized, how sales can be analyzed and how expenses can be managed and inventory be streamlined better.
For example, an accounting system of an equipment manufacturing company that generates revenue trends for different income streams can lead to useful insights like service revenues are growing faster(though on a smaller base). Similarly, it can probably also show that service revenues are far more profitable than product sales. Hence the company can work towards selling more service contracts (and subsidize the equipment sales). Accounting system can give you more information that just how much money your firm makes!
Given the importance of accounting systems in decision making, its’ important that an entrepreneur always works towards establishing better accounting systems in his/her company , right from the early days.
I have listed below the five guidelines for start-up accounting:
1. Buy for the near-future rather than the present
Choose an accounting package that can not only meet your immediate needs but also handle the expected growth in near future. I have seen many companies use a basic version of accounting software, only to spend much more money doing a tedious migration to a larger software after some-time.
Thumb-rule- buy a accounting software which is one version higher than the version that just meets your current needs.
2. See your accounting costs as an investment, not as an expense
Most start-ups use a semi-qualified internal member or an over-worked part-time bookkeeper to keep their books. The perceived simplicity of popular accounting software further owners use semi-qualified bookkeeping help. These strategies can back-fire frequently and substantially! I have handled many such assignments where the expenses are all messed up and entered in hundreds of different accounts, assets are booked as expenses and owner’s personal expenses are mixed with business expenses. The effort and costs of this post-mortem correction is substantially greater then the time taken to create a new set of books.
A good set of books from the initial days goes a long way towards managing things when the big growth happens. They also help a start-up keep tab of its most precious asset- its cash-flows!!
The increased popularity of outsourcing accounting provides start-ups with a cost-effective and valuable tool to have their cake and eat it too-great accounting at an economical price.
3. Spend time with your accountant to chart out a good accounting system
Areas include creating a structured chart of accounts, establishing important internal sales, purchase, disbursements and expense reimbursement procedures. Setting up a chart of accounts is a very important accounting activity for a start-up. Poorly created chart of accounts with insufficient/duplicate/multiple expense accounts create a big head-ache (and a costly accounting prescription to fix it).
Plan out the revenue items and accounts, expense items and accounts(and sub accounts), and handling of credit card and merchant account transactions clearly. It helps to create a check-list and ask a lot of questions. For e.g. do you need to track freight along with cost of goods sold(a direct cost) or as a general expense(indirect cost), do you want to book rep commissions under sales or as expenses, do you want to track sub-contractor expense separately or under direct costs. You may have to go through a few iterations before you arrive at a good fit.
4. Don’t do yesterday’s accounting the day after!
Many start-ups handle accounting on a rewind/flash-back mode. They realize a few weeks/month before the tax-deadline that their books are only a set of papers and bank statements that have not been touched for quite some-time. This results in a last minute dash to book everything and somehow create a set of financials for the tax-preparer to work on. This hurried processing can result in costly omissions and errors. For e.g. expenses are hurriedly dumped in some general accounts with little memo/additional information keyed in. Many of these expenses could be tax-deductible but your tax-preparer wouldn’t know till he sees them!!. He is very likely to miss them in the maze of the general/dumping grounds(accounts).
5. Establish reporting signage in your business highway
Reports are like a dashboard in a car. They can serve multiple purposes. A Cash-flow report like a fuel gauge indicates when cash is running out, income statement like the speedometer tells us whether there is momentum in the business and balance sheet is like an odometer tells us the complete story so far!.. So have a good dashboard and look at it regularly as you drive along the business highway
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Start-ups are an integral part of a vibrant economy. They contribute significantly (disproportionate to their size) towards new idea creation, new technology and exciting products and services. Since Start-ups work in an environment of low resources and limited funding (generally), all their focus is geared towards the core activities of a business. This could be either sales or marketing or research and development.
Support functions like accounting, IT, and HR are usually make-shift arrangements or ignored completely. However accounting is one function that can be ignored at one’s own peril. Good Accounting is the means to a greater end- informed decision making and better controls. Information gleaned from a good set of books can give valuable insights into- how assets can be utilized, how sales can be analyzed and how expenses can be managed and inventory be streamlined better.
For example, an accounting system of an equipment manufacturing company that generates revenue trends for different income streams can lead to useful insights like service revenues are growing faster(though on a smaller base). Similarly, it can probably also show that service revenues are far more profitable than product sales. Hence the company can work towards selling more service contracts (and subsidize the equipment sales). Accounting system can give you more information that just how much money your firm makes!
Given the importance of accounting systems in decision making, its’ important that an entrepreneur always works towards establishing better accounting systems in his/her company , right from the early days.
I have listed below the five guidelines for start-up accounting:
1. Buy for the near-future rather than the present
Choose an accounting package that can not only meet your immediate needs but also handle the expected growth in near future. I have seen many companies use a basic version of accounting software, only to spend much more money doing a tedious migration to a larger software after some-time.
Thumb-rule- buy a accounting software which is one version higher than the version that just meets your current needs.
2. See your accounting costs as an investment, not as an expense
Most start-ups use a semi-qualified internal member or an over-worked part-time bookkeeper to keep their books. The perceived simplicity of popular accounting software further owners use semi-qualified bookkeeping help. These strategies can back-fire frequently and substantially! I have handled many such assignments where the expenses are all messed up and entered in hundreds of different accounts, assets are booked as expenses and owner’s personal expenses are mixed with business expenses. The effort and costs of this post-mortem correction is substantially greater then the time taken to create a new set of books.
A good set of books from the initial days goes a long way towards managing things when the big growth happens. They also help a start-up keep tab of its most precious asset- its cash-flows!!
The increased popularity of outsourcing accounting provides start-ups with a cost-effective and valuable tool to have their cake and eat it too-great accounting at an economical price.
3. Spend time with your accountant to chart out a good accounting system
Areas include creating a structured chart of accounts, establishing important internal sales, purchase, disbursements and expense reimbursement procedures. Setting up a chart of accounts is a very important accounting activity for a start-up. Poorly created chart of accounts with insufficient/duplicate/multiple expense accounts create a big head-ache (and a costly accounting prescription to fix it).
Plan out the revenue items and accounts, expense items and accounts(and sub accounts), and handling of credit card and merchant account transactions clearly. It helps to create a check-list and ask a lot of questions. For e.g. do you need to track freight along with cost of goods sold(a direct cost) or as a general expense(indirect cost), do you want to book rep commissions under sales or as expenses, do you want to track sub-contractor expense separately or under direct costs. You may have to go through a few iterations before you arrive at a good fit.
4. Don’t do yesterday’s accounting the day after!
Many start-ups handle accounting on a rewind/flash-back mode. They realize a few weeks/month before the tax-deadline that their books are only a set of papers and bank statements that have not been touched for quite some-time. This results in a last minute dash to book everything and somehow create a set of financials for the tax-preparer to work on. This hurried processing can result in costly omissions and errors. For e.g. expenses are hurriedly dumped in some general accounts with little memo/additional information keyed in. Many of these expenses could be tax-deductible but your tax-preparer wouldn’t know till he sees them!!. He is very likely to miss them in the maze of the general/dumping grounds(accounts).
5. Establish reporting signage in your business highway
Reports are like a dashboard in a car. They can serve multiple purposes. A Cash-flow report like a fuel gauge indicates when cash is running out, income statement like the speedometer tells us whether there is momentum in the business and balance sheet is like an odometer tells us the complete story so far!.. So have a good dashboard and look at it regularly as you drive along the business highway
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Accounting Careers: Promising Opportunities and Tips
Gargi Nath recently asked:
Accounting or accountancy is one of the most promising types of profession today. It is always in demand and the career opportunities here are huge. If you are considering a profession as an accountant, then you will definitely see that this will change your professional life.
First of all, you have to know how you can start in the accounting field. Here are some tips that will be able to point you the right way to success.
The first thing that you have to do is decide on the field of accounting that you are interested in. There are basically lots of different fields in the accounting career and you will surely find the right one.
It is also a good idea to research about information related to accounting or accountancy, such as the college or university you are going to take the course in. You have to consider that companies are quite picky when it comes to the college or university that accountants graduated in. Also, by doing this, you will be able to know which college or university offers quality education particularly on accountancy.
Try consulting accounting professionals and teachers who are knowledgeable about the subject. They will be able to give you a lot of information coming from their experience.
If you plan on pursuing a career in accounting, then you have to enroll in a bachelor’s degree in accounting. Even if you are good in accounting, you can never have a good job if you don’t have at least a bachelor’s degree.
After graduating, don’t set your ambitions too high. Always remember that everyone starts small and work their way up to their goals. Start off as a junior accountant or as a trainee. This will not only give you a chance in the accounting career, but it will also provide you with valuable experience as well as knowledge about accounting.
Always remember that accountancy is a continuing education. As much as possible, you have to update your knowledge about accounting in order to keep up with the standards of the industry.
As mentioned before, there are lots of career opportunities in accounting. There are many fields of accounting and it is up to you to choose which one you want to take on as a career.
After college, you will be able to qualify for a certified public accountant or as registered public accountant license. Even though you can still get a job as an accountant even if you don’t have any license, you have to remember that more opportunities will open up if you have one.
In this profession, you can become an auditor, a management consultant, a financial officer, an analyst, and even as a tax accountant.
Being independent or being a freelancer in this field can also be a promising career. However, you do need a good network of contacts in order for you to earn more money and get more experience.
You can also try other specializations in accounting, such as forensic auditing where you will be responsible for investigating crimes related to company’s finances as well as tax fraud.
Another great career choice for accountants is by simply becoming a teacher of accounting. This is a very rewarding career choice.
As you can see, there are quite a lot of career opportunities for accounting or accountancy. All you need to do is follow the mentioned tips and you can be sure that you will be well on your way in to becoming a successful accountant in the field you choose.
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Accounting or accountancy is one of the most promising types of profession today. It is always in demand and the career opportunities here are huge. If you are considering a profession as an accountant, then you will definitely see that this will change your professional life.
First of all, you have to know how you can start in the accounting field. Here are some tips that will be able to point you the right way to success.
The first thing that you have to do is decide on the field of accounting that you are interested in. There are basically lots of different fields in the accounting career and you will surely find the right one.
It is also a good idea to research about information related to accounting or accountancy, such as the college or university you are going to take the course in. You have to consider that companies are quite picky when it comes to the college or university that accountants graduated in. Also, by doing this, you will be able to know which college or university offers quality education particularly on accountancy.
Try consulting accounting professionals and teachers who are knowledgeable about the subject. They will be able to give you a lot of information coming from their experience.
If you plan on pursuing a career in accounting, then you have to enroll in a bachelor’s degree in accounting. Even if you are good in accounting, you can never have a good job if you don’t have at least a bachelor’s degree.
After graduating, don’t set your ambitions too high. Always remember that everyone starts small and work their way up to their goals. Start off as a junior accountant or as a trainee. This will not only give you a chance in the accounting career, but it will also provide you with valuable experience as well as knowledge about accounting.
Always remember that accountancy is a continuing education. As much as possible, you have to update your knowledge about accounting in order to keep up with the standards of the industry.
As mentioned before, there are lots of career opportunities in accounting. There are many fields of accounting and it is up to you to choose which one you want to take on as a career.
After college, you will be able to qualify for a certified public accountant or as registered public accountant license. Even though you can still get a job as an accountant even if you don’t have any license, you have to remember that more opportunities will open up if you have one.
In this profession, you can become an auditor, a management consultant, a financial officer, an analyst, and even as a tax accountant.
Being independent or being a freelancer in this field can also be a promising career. However, you do need a good network of contacts in order for you to earn more money and get more experience.
You can also try other specializations in accounting, such as forensic auditing where you will be responsible for investigating crimes related to company’s finances as well as tax fraud.
Another great career choice for accountants is by simply becoming a teacher of accounting. This is a very rewarding career choice.
As you can see, there are quite a lot of career opportunities for accounting or accountancy. All you need to do is follow the mentioned tips and you can be sure that you will be well on your way in to becoming a successful accountant in the field you choose.
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Build a Career in Accounting: Go for Online Accounting Degrees
Timmyandreuje recently asked:
The field of accounting has also offered promising career opportunities for the professionals. The demand for the accounting professionals has further gone up after the implementation of SOA in the year 2002. In order to meet the demand, along with the regular programs, a number of universities have also come up with B.S. in Accounting programs online. This article brings out all the necessary information relating to online programs in B.S. in Accounting. Read on in order to learn more.
The year 2002 brought out a notable change in the accounting job market in US. Following some corporate and accounting scandals, the U.S. Congress passed Sarbanes-Oxley Act (SOA), which set forth new standards for the organizations for disclosing their auditing practices. The act, in turn, opened up good career opportunities for the accounting professionals, particularly in USA, who are well acquainted with SOA. Due to its promising prospect, the field of accounting has been attracting students this field in a good number. In order to meet the growing demand of qualified accounting professionals, a number of universities have come up with a number of programs in accounting which also include B.S. in Accounting program. Good news for the working professionals – many of those universities are also offering B.S. in Accounting through online.
The reason why online B.S. in Accounting programs are getting popular in these days in its flexibility. You can complete your degree at your own pace, and you do not have to attend regular classes as well. Therefore, it gives you a unique opportunity to continue with your current work while pursuing the course. Not only that, online B.S. in Accounting programs can also help those to earn a bachelor’s degree in accounting who haven’t managed a seat in the regular program.
There are a number of universities that offer B.S. in Accounting online. In fact, you will find plenty of options while choosing your program. Some of the B.S. in Accounting programs may also have some specializations as well. You can choose from B.S. in Accounting, B.S. in Accounting / Auditing – Forensic Accountancy, B.S. in Accounting / Government – Nonprofit Accountancy, B.S. in Accounting / Managerial Accountancy, B.S. in Accounting / Tax Accountancy, B.S. in Business / Accounting, B.S. in Management / Accounting Management, and B.S. in Accounting / Public – General Accountancy from Kaplan University, BS in Business / Accounting from University of Phoenix, BS – Professional Accounting from Ellis University – Online, BS in Business – Accounting from Capella University, Bachelor of Science in Accounting from WIU Interactive Online, BS Accounting from Herzing College Online, etc. Several other universities like University of Maryland University College, Bellevue University, Western Governors University, Post University – Online, Strayer University, etc. also offer B.S. in Accounting programs online.
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The field of accounting has also offered promising career opportunities for the professionals. The demand for the accounting professionals has further gone up after the implementation of SOA in the year 2002. In order to meet the demand, along with the regular programs, a number of universities have also come up with B.S. in Accounting programs online. This article brings out all the necessary information relating to online programs in B.S. in Accounting. Read on in order to learn more.
The year 2002 brought out a notable change in the accounting job market in US. Following some corporate and accounting scandals, the U.S. Congress passed Sarbanes-Oxley Act (SOA), which set forth new standards for the organizations for disclosing their auditing practices. The act, in turn, opened up good career opportunities for the accounting professionals, particularly in USA, who are well acquainted with SOA. Due to its promising prospect, the field of accounting has been attracting students this field in a good number. In order to meet the growing demand of qualified accounting professionals, a number of universities have come up with a number of programs in accounting which also include B.S. in Accounting program. Good news for the working professionals – many of those universities are also offering B.S. in Accounting through online.
The reason why online B.S. in Accounting programs are getting popular in these days in its flexibility. You can complete your degree at your own pace, and you do not have to attend regular classes as well. Therefore, it gives you a unique opportunity to continue with your current work while pursuing the course. Not only that, online B.S. in Accounting programs can also help those to earn a bachelor’s degree in accounting who haven’t managed a seat in the regular program.
There are a number of universities that offer B.S. in Accounting online. In fact, you will find plenty of options while choosing your program. Some of the B.S. in Accounting programs may also have some specializations as well. You can choose from B.S. in Accounting, B.S. in Accounting / Auditing – Forensic Accountancy, B.S. in Accounting / Government – Nonprofit Accountancy, B.S. in Accounting / Managerial Accountancy, B.S. in Accounting / Tax Accountancy, B.S. in Business / Accounting, B.S. in Management / Accounting Management, and B.S. in Accounting / Public – General Accountancy from Kaplan University, BS in Business / Accounting from University of Phoenix, BS – Professional Accounting from Ellis University – Online, BS in Business – Accounting from Capella University, Bachelor of Science in Accounting from WIU Interactive Online, BS Accounting from Herzing College Online, etc. Several other universities like University of Maryland University College, Bellevue University, Western Governors University, Post University – Online, Strayer University, etc. also offer B.S. in Accounting programs online.
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Accountant in Birmingham
accountant.09 recently asked:
It matters not which organisation you are employed by at sometime you will become caught up with the accounts division They’re the people who make up and send out the invoices that keep the business organisation running. Accounts do a lot more than merely that, it should be realized. Unless you’re operating your own business and acting as your own accounts controller, you’d have no way of knowing just whether or not your business enterprise is making a profit or a loss without an accounts department.
Therefore what goes on in the accounts section on a day by day situation? Well, one thing they do that’s extremely important to everybody working there is doing the payroll. All the salaries and taxes earned and paid by each member of staff every pay period have to be recorded. It is also obligatory to register other deductions including individual ones, such as for retirement, holidays, sick pay or health insurance. It’s an important function and and cause some companies to prefer to outsource their payroll department. The accountancy team makes payments by cheque or BACS and registers to whom they were payed out, how much and for what. Accounting departments also keep track of purchase orders placed for stock, including the wares that will be traded to customers or clients. Another essential job is to keep track of indispensable assets such as a business’s holdings and equipment.
The accounting section obtains and registers any payments or currency obtained from clients of the business or service. The accounting department has to make sure that the cash is paid out precisely and banked in the appropriate bank accounts. Accounts also portion out the company money; how much of it is kept on-hand for areas such as payroll, or how much of it goes out to pay what the enterprise owes its banking companies, vendors and other obligations, permitting a proper picture of what extra is accessible for investment funds.
Accountability is an essential necessity for every concern and indeed each person as it allows them to maintain their funds inder check. A commercial enterprise can be in embarrassing difficulties if they don’t understand what they’ve spent, as it will have no clues as to whether it is attaining a profit or in the red. Keeping the finances under control, whether it’s for a vast business organisation or for an individual bank account is an all important regular day to day process
It’s as well to remember that some budgeting is better than none at all. Budgeting provides crucial advantages, like understanding the profit dynamics and the monetary structure of the business organisation. When you understand the financial dynamics it helps in planning for changes in the the next financial quarter. It pressures a good business manager to focus on the areas which need development to increase profit. A well-designed organisation profit and loss report provides the crucial bedrock for budgeting net profit. It’s always a well-thought-of notion to look ahead to the future year. If nothing else, at least enter the numbers in your profit report for sales volume, sales costs, product costs and other disbursements and discover how your projected net profit appears for the forthcoming year.
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It matters not which organisation you are employed by at sometime you will become caught up with the accounts division They’re the people who make up and send out the invoices that keep the business organisation running. Accounts do a lot more than merely that, it should be realized. Unless you’re operating your own business and acting as your own accounts controller, you’d have no way of knowing just whether or not your business enterprise is making a profit or a loss without an accounts department.
Therefore what goes on in the accounts section on a day by day situation? Well, one thing they do that’s extremely important to everybody working there is doing the payroll. All the salaries and taxes earned and paid by each member of staff every pay period have to be recorded. It is also obligatory to register other deductions including individual ones, such as for retirement, holidays, sick pay or health insurance. It’s an important function and and cause some companies to prefer to outsource their payroll department. The accountancy team makes payments by cheque or BACS and registers to whom they were payed out, how much and for what. Accounting departments also keep track of purchase orders placed for stock, including the wares that will be traded to customers or clients. Another essential job is to keep track of indispensable assets such as a business’s holdings and equipment.
The accounting section obtains and registers any payments or currency obtained from clients of the business or service. The accounting department has to make sure that the cash is paid out precisely and banked in the appropriate bank accounts. Accounts also portion out the company money; how much of it is kept on-hand for areas such as payroll, or how much of it goes out to pay what the enterprise owes its banking companies, vendors and other obligations, permitting a proper picture of what extra is accessible for investment funds.
Accountability is an essential necessity for every concern and indeed each person as it allows them to maintain their funds inder check. A commercial enterprise can be in embarrassing difficulties if they don’t understand what they’ve spent, as it will have no clues as to whether it is attaining a profit or in the red. Keeping the finances under control, whether it’s for a vast business organisation or for an individual bank account is an all important regular day to day process
It’s as well to remember that some budgeting is better than none at all. Budgeting provides crucial advantages, like understanding the profit dynamics and the monetary structure of the business organisation. When you understand the financial dynamics it helps in planning for changes in the the next financial quarter. It pressures a good business manager to focus on the areas which need development to increase profit. A well-designed organisation profit and loss report provides the crucial bedrock for budgeting net profit. It’s always a well-thought-of notion to look ahead to the future year. If nothing else, at least enter the numbers in your profit report for sales volume, sales costs, product costs and other disbursements and discover how your projected net profit appears for the forthcoming year.
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Make Your Accounting Records Perfect With Accounting Outsourcing
Michelle Barkley recently asked:
Since accounting is all about perfect handing of financial transactions, every business needs to give special treatment to its accounting section. However, most of the businesses try to handle their accounting tasks through their available accounting staff but in cases where this staff is not sufficient enough to tackle this tedious task, help from an accounting outsourcing service provider can be taken. At present, most of the businesses are outsourcing their accounting functions to achieve the desired profit level, as this external help not only saves their time but also allows them to perform other relevant tasks on time. It is quite true that accounting is considered as the most tedious task, as it demands a lot of time and concentration of the concerned person, as slight mistake in any transaction can cause major blemishes in final accounting records. Although, business owners put every possible effort to make their accounting records perfect, but since cash in any organization flows in various directions and sections, tracking cash flow on regular basis becomes quite hard-hitting task for the accountant. On the contrary, taking help from an outsider firm relieves the business owner from this worry and provides him or her with ready to use accounting details.
Accounting records portrays the financial condition of any business; hence it is required to pay special attention to accounting and bookkeeping tasks. Business owners, who cannot make it possible through limited accounting staff, can get great help with accounting outsourcing. Blemishes in accounting records can affect the position of the business, as all decisions are taken only after analyzing accounting and other financial details. Accounting outsourcing helps businesses in crushing such accounting flaws and developing precise and updated accounting records, so that the business owner may better concentrate on his or her core business functions.
Accounting outsourcing is all about perfect management of accounting details and data that are used for making crucial decisions and evaluating the exact position of the business. Basically, outsourcing refers to a process that employs human resources from outside to perform any specific task; in fact, when it comes to faultless accounting management, every business owner considers outsourcing as a beneficial move. Accounting professionals that are hired through this process, do not occupy any place in the client’s organization and work independently from their own office that not only makes the accounting process hassle free but also trims down the operational cost of the client’s company.
Professionals hired through accounting outsourcing process, perform every accounting task on daily basis and also prepare weekly and monthly reports to keep the business owner informed about every accounting transaction. Basically, this process includes daily accounting tasks such as listing of day-to-day transactions, keeping record of daily transactions, reporting and recording. Since all accounting records are used for tax assessment, well maintained accounting section helps the business owner in arranging all necessary records to file his or her business tax on time. Therefore, it can be said that outsourcing your accounting task to an efficient firm can add more value to your business efforts.
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Since accounting is all about perfect handing of financial transactions, every business needs to give special treatment to its accounting section. However, most of the businesses try to handle their accounting tasks through their available accounting staff but in cases where this staff is not sufficient enough to tackle this tedious task, help from an accounting outsourcing service provider can be taken. At present, most of the businesses are outsourcing their accounting functions to achieve the desired profit level, as this external help not only saves their time but also allows them to perform other relevant tasks on time. It is quite true that accounting is considered as the most tedious task, as it demands a lot of time and concentration of the concerned person, as slight mistake in any transaction can cause major blemishes in final accounting records. Although, business owners put every possible effort to make their accounting records perfect, but since cash in any organization flows in various directions and sections, tracking cash flow on regular basis becomes quite hard-hitting task for the accountant. On the contrary, taking help from an outsider firm relieves the business owner from this worry and provides him or her with ready to use accounting details.
Accounting records portrays the financial condition of any business; hence it is required to pay special attention to accounting and bookkeeping tasks. Business owners, who cannot make it possible through limited accounting staff, can get great help with accounting outsourcing. Blemishes in accounting records can affect the position of the business, as all decisions are taken only after analyzing accounting and other financial details. Accounting outsourcing helps businesses in crushing such accounting flaws and developing precise and updated accounting records, so that the business owner may better concentrate on his or her core business functions.
Accounting outsourcing is all about perfect management of accounting details and data that are used for making crucial decisions and evaluating the exact position of the business. Basically, outsourcing refers to a process that employs human resources from outside to perform any specific task; in fact, when it comes to faultless accounting management, every business owner considers outsourcing as a beneficial move. Accounting professionals that are hired through this process, do not occupy any place in the client’s organization and work independently from their own office that not only makes the accounting process hassle free but also trims down the operational cost of the client’s company.
Professionals hired through accounting outsourcing process, perform every accounting task on daily basis and also prepare weekly and monthly reports to keep the business owner informed about every accounting transaction. Basically, this process includes daily accounting tasks such as listing of day-to-day transactions, keeping record of daily transactions, reporting and recording. Since all accounting records are used for tax assessment, well maintained accounting section helps the business owner in arranging all necessary records to file his or her business tax on time. Therefore, it can be said that outsourcing your accounting task to an efficient firm can add more value to your business efforts.
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Accountants And Their Origins
Daniel Owen recently asked:
An accountant handles the disclosure, measurement or provision of assurance about financial information. This information is then used to help investors, managers, tax authority’s maker resource allocation decisions. Accountants are practitioners of Accountancy.
A certified financial and accountancy expert in many countries is the designation accountant, or the more specific terms used such as professional account or qualified accountant. Different countries have their own examination and training systems to keep the quality of trained accountants in their jurisdiction. This is also true in other legally restricted professions like lawyers and doctors. There are a vast number of professional bodies all over the world for accountants.
Originally accountants only worked only in public practice for example: Selling advice and services to business and other individuals from professional accountancy firms. However today many accountants work within private corporations, government bodies and financial industries.
The word “Accountant” is derived from the French “Computer’ which took its origin from the Latin “Computare.” As a proof of its derivation the word was formerly written in English “Accomptant,” but in process of time the word which was always pronounced by dropping the ” p ” became gradually changed both in pronunciation and in orthography to its present form.
An accountant was originally a person employed in connection with the keeping of accounts, and this term became also applicable to those who, being skilled in accounts, devoted their energies to making the examination and the stating of accounts their special occupation. From the word “Accountant” the term Accountancy, is derived. New York University was the first to give accountancy an established place in the university curriculum by creating a “School of Commerce, Accounts, and Finance,” which was the first school of accountancy in the world.
The requirements for entry in the profession of accounting vary from country to country.
Accountants may be licensed by a variety of organizations, and are recognized by titles such as Chartered Certified Accountant, Chartered Accountant, Certified Public Accountant, Certified Management Accountant, Certified General Accountant and Certified Practicing Accountant. Many countries recognize two or more accounting bodies. There is, however, no legal requirement for an accountant to be a paid-up member of one of the many Institutes and other bodies which are effectively a form of professional trade union. Unlike the Law Society, which can legally stop a solicitor from practicing, accountancy institutes do not have such authority. Generally, certain specialized areas of accountancy such as auditing and insolvency are tightly regulated. However, in Ireland it is a criminal offense for a person who is not a member of a recognised professional organisation to practice under the title “Accountant.”
The Certified Management Accountant (CMA) designation is unusual in the United States in that it does not have a statutory basis. However, it is accepted by industry and by its peer associations. In Canada the Canadian CMA designation is recognised under provincial/territorial legislation.
In the UK, there are no license requirements for an individual to describe himself/herself or practice as an accountant (except in the areas of audit or insolvency) but to use certain titles requires membership of one of the many appropriate professional bodies.
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An accountant handles the disclosure, measurement or provision of assurance about financial information. This information is then used to help investors, managers, tax authority’s maker resource allocation decisions. Accountants are practitioners of Accountancy.
A certified financial and accountancy expert in many countries is the designation accountant, or the more specific terms used such as professional account or qualified accountant. Different countries have their own examination and training systems to keep the quality of trained accountants in their jurisdiction. This is also true in other legally restricted professions like lawyers and doctors. There are a vast number of professional bodies all over the world for accountants.
Originally accountants only worked only in public practice for example: Selling advice and services to business and other individuals from professional accountancy firms. However today many accountants work within private corporations, government bodies and financial industries.
The word “Accountant” is derived from the French “Computer’ which took its origin from the Latin “Computare.” As a proof of its derivation the word was formerly written in English “Accomptant,” but in process of time the word which was always pronounced by dropping the ” p ” became gradually changed both in pronunciation and in orthography to its present form.
An accountant was originally a person employed in connection with the keeping of accounts, and this term became also applicable to those who, being skilled in accounts, devoted their energies to making the examination and the stating of accounts their special occupation. From the word “Accountant” the term Accountancy, is derived. New York University was the first to give accountancy an established place in the university curriculum by creating a “School of Commerce, Accounts, and Finance,” which was the first school of accountancy in the world.
The requirements for entry in the profession of accounting vary from country to country.
Accountants may be licensed by a variety of organizations, and are recognized by titles such as Chartered Certified Accountant, Chartered Accountant, Certified Public Accountant, Certified Management Accountant, Certified General Accountant and Certified Practicing Accountant. Many countries recognize two or more accounting bodies. There is, however, no legal requirement for an accountant to be a paid-up member of one of the many Institutes and other bodies which are effectively a form of professional trade union. Unlike the Law Society, which can legally stop a solicitor from practicing, accountancy institutes do not have such authority. Generally, certain specialized areas of accountancy such as auditing and insolvency are tightly regulated. However, in Ireland it is a criminal offense for a person who is not a member of a recognised professional organisation to practice under the title “Accountant.”
The Certified Management Accountant (CMA) designation is unusual in the United States in that it does not have a statutory basis. However, it is accepted by industry and by its peer associations. In Canada the Canadian CMA designation is recognised under provincial/territorial legislation.
In the UK, there are no license requirements for an individual to describe himself/herself or practice as an accountant (except in the areas of audit or insolvency) but to use certain titles requires membership of one of the many appropriate professional bodies.
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Explanation of T-account, Debit and Credit, and Double-entry Accounting System
Igor Voytsekhivskyy recently asked:
All accountants know several terms that create basis for any accounting system. Such terms are T-account, debit and credit, and double-entry accounting system. Of course, these terms are studied by accounting students all over the world. However, any business person, whether an investment banker or a small business owner, will benefit from knowing them as well. They are easy to grasp and will be helpful in most business situations. Let us take a closer look at these accounting terms.
T-Account
Accounting records about events and transactions are recorded in accounts. An account is an individual record of increases and decreases in a specific asset, liability, or owner’s equity item. Look at accounts as a place for recording numbers related to a certain item or class of transactions. Examples of accounts may be Cash, Accounts Receivable, Fixed Assets, Accounts Payable, Accrued Payroll, Sales, Rent Expenses and so on.
An account consists of three parts:
- title of the account
- left side (known as debit)
- right side (known as credit)
Because the alignment of these parts of an account resembles the letter T, it is referred to as a T account. You could draw T accounts on a piece of paper and use it to maintain your accounting records. However, nowadays, instead of having to draw T accounts, accountants use accounting software (i.e., QuickBooks, Microsoft Accounting, Peachtree, JD Edwards, Oracle, and SAP, among others).
Debit, Credit and Account Balance
In account, the term debit means left side, and credit means right side. These are abbreviated as Dr for debit and Cr for credit. Debit and credit indicate on which side of a T account numbers will be recorded.
An account balance is the difference between the debit and credit amounts. For some types of accounts debit means an increase in the account balance, while for others debit means a decrease in the account balance. See below for a list of accounts and what a debit to such account means:
Asset – Increase
Contra Assets – Decrease
Liability – Decrease
Equity – Decrease
Contribution Capital – Decrease
Revenue – Decrease
Expenses – Increase
Distributions – Increase
Credits to the above account types will mean an opposite result.
Double-entry Accounting System
A double-entry accounting system requires that any amount entered into the accounting records is shown at least on two different accounts. For example, when a customer pays cash for your product, an account would show the cash received in the Cash account (as a debit) and in the Sales account (as a credit). All debit amounts equal all credit amounts provided the double-entry accounting was properly followed.
Having a double-entry accounting system has benefits over regular, one-sided systems. One of such benefits is that the double-entry system helps identify recording errors. As I mentioned, if one amount is entered only once in error, then debits and credits won’t balance and the accountant will know that one or more entries were not posted fully. Note, however, that this check will help spot errors, but will not identify all cases of errors. For example, equal debits and credits will not identify an error when an amount was posted twice, but was posted to wrong accounts. Keep this in mind when analyzing causes of errors in accounting records.
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All accountants know several terms that create basis for any accounting system. Such terms are T-account, debit and credit, and double-entry accounting system. Of course, these terms are studied by accounting students all over the world. However, any business person, whether an investment banker or a small business owner, will benefit from knowing them as well. They are easy to grasp and will be helpful in most business situations. Let us take a closer look at these accounting terms.
T-Account
Accounting records about events and transactions are recorded in accounts. An account is an individual record of increases and decreases in a specific asset, liability, or owner’s equity item. Look at accounts as a place for recording numbers related to a certain item or class of transactions. Examples of accounts may be Cash, Accounts Receivable, Fixed Assets, Accounts Payable, Accrued Payroll, Sales, Rent Expenses and so on.
An account consists of three parts:
- title of the account
- left side (known as debit)
- right side (known as credit)
Because the alignment of these parts of an account resembles the letter T, it is referred to as a T account. You could draw T accounts on a piece of paper and use it to maintain your accounting records. However, nowadays, instead of having to draw T accounts, accountants use accounting software (i.e., QuickBooks, Microsoft Accounting, Peachtree, JD Edwards, Oracle, and SAP, among others).
Debit, Credit and Account Balance
In account, the term debit means left side, and credit means right side. These are abbreviated as Dr for debit and Cr for credit. Debit and credit indicate on which side of a T account numbers will be recorded.
An account balance is the difference between the debit and credit amounts. For some types of accounts debit means an increase in the account balance, while for others debit means a decrease in the account balance. See below for a list of accounts and what a debit to such account means:
Asset – Increase
Contra Assets – Decrease
Liability – Decrease
Equity – Decrease
Contribution Capital – Decrease
Revenue – Decrease
Expenses – Increase
Distributions – Increase
Credits to the above account types will mean an opposite result.
Double-entry Accounting System
A double-entry accounting system requires that any amount entered into the accounting records is shown at least on two different accounts. For example, when a customer pays cash for your product, an account would show the cash received in the Cash account (as a debit) and in the Sales account (as a credit). All debit amounts equal all credit amounts provided the double-entry accounting was properly followed.
Having a double-entry accounting system has benefits over regular, one-sided systems. One of such benefits is that the double-entry system helps identify recording errors. As I mentioned, if one amount is entered only once in error, then debits and credits won’t balance and the accountant will know that one or more entries were not posted fully. Note, however, that this check will help spot errors, but will not identify all cases of errors. For example, equal debits and credits will not identify an error when an amount was posted twice, but was posted to wrong accounts. Keep this in mind when analyzing causes of errors in accounting records.
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Outsource Your Accounting
Pauline recently asked:
Owners/CEOs of mid size enterprises have two challenges:
(a) Facilitate growing their enterprises without compromising on the “nimble footedness” that got them to where they are and yet put in place processes that are absolutely necessary to enable to the business handle volumes far bigger than their current size; and
(b) Keep costs trimmed and aligned to business volumes
In other words, be capable of growing with processes that are necessary to scale up; and yet remain profitable without ballooning overheads.
Outsourcing your back office processes, especially accounting services, is a step in the right direction. Increasing pressure on profits is driving more and more midsize enterprises to look at outsourcing to cut costs and improve competitiveness in market place; something that Fortune 500 enterprises have been doing with success for the last ten years.
Can accounting be outsourced?
You would be surprised at how easy it is to outsource accounting.
o You keep your accounting system in your computers in your premises.
o You scan all incoming documents and store them as digital images.
o Your accountants, located outside your enterprise, access your computers in a safe/secure way, read the documents, process them according to your business rules and update your accounting records.
o When you enter your office, your inbox contains reports that you can print and read; checks you should print and sign; and queries that require resolution.
Just that simple!
Your first decision: What to outsource?
Your finance function comprises:
(a) CFO function focused on maximizing stockholder wealth by helping you make right decisions on pricing, resourcing, investment, funding and dividends; by ensuring your business generates the anticipated cash and this cash is deployed in the right direction
(b) Management accounting who help you plan the business; provide analytical support
(c) Treasury which manages the cash and
(d) Financial accounting which
a. maintains the books of accounts,
b. processes sales orders, sales invoices and receipts; monitors accounts receivable
c. processes supplier invoices and payments; monitors accounts payable
d. processes payroll, expense claims etc
e. prepares financial statements and other internal reports
Financial accounting (or any part of it) can easily be outsourced. This would step up service quality. A hare that runs for its life always runs faster than a lion running for its lunch; independent third parties would always be more focused on service (without losing emphasis on control) than in house accountants.
Your second decision: Who should do your work?
You should look for someone with experience in serving midmarket enterprises. TaurusQuest (www.taurusquest.com) have unique strengths here.
TaurusQuest have a track record in serving midsize enterprises in the United States; and have been ranked 4th worldwide in providing finance/accounting services to midsize enterprises by the Black Book of Outsourcing.
We understand small and mid market enterprises better:
CEOs of mid market enterprises are looking at outsourcing of back office processes as a strategy to remain competitive (against larger players and peers) and protect their margins.
If you are a mid market enterprise, you need to be twice careful in the choice of your vendor for outsourced services. The vendor should understand the need for the enterprise to be flexible and nimble footed in managing the processes and provide an entrepreneurial understanding of your opportunities.
We at TaurusQuest understand small and mid market enterprises better. We recognize that upfront investments need to be small; value realization should be reasonably quick; processes may not necessarily be structured and disciplined.
We have a track record of success in growing with our customers in this segment.
We have been placed fourth worldwide for customer satisfaction and operational excellence in our most important business: providing accounting services to mid market enterprises by a US based publisher of global league tables based on independently conducted customer surveys for 2007.
We were awarded this when we were at the finance/accounting services division of Quscient; now we are an independent corporate entity
We consider this a testimony to our credentials for “delighting” our customers.
Accounting services that can be outsourced:
A wide range of accounting services including:
· Maintenance of:
o books of accounts
o receivables and payables ledger
o cash/bank book
o inventory
· Processing of:
o sales invoices; monitoring collections
o supplier invoices; coordinating payments
o payroll
· Effective control/traction:
o prompt/accurate bank reconciliation
o cash flow forecasts
· Preparation of business intelligence reports
o financial statements
o analytical reports
· Decision Support in
o Pricing for new programs
o Resourcing (both assets and people)
TaurusQuest’s track record in accounting services:
TaurusQuest provides accounting services for more than 40 clients in United States. Some examples:
(a) Complete accounting services for an office space décor and furniture provider in New York
(b) Complete accounting services for a chemicals manufacturer in Chicago
(c) Complete accounting services for an architect practice in Atlanta.
(d) Complete accounting service for a chain of gas station franchises in Tucson
(e) Maintenance of General Ledger for a non government charity organization in Phoenix
(f) Sales invoicing and receivables monitoring for a properties and casualty insurance provider in New York
(g) Supplier invoices processing and payables for a manufacturer of industrial products in Chicago
(h) Branch accounting for a US software services business in Chicago
(i) Preparation of financial statements for professional clients of a CPA in Princeton.
TaurusQuest’s expertise:
TaurusQuest has expertise in:
(a) Aligning accounting systems to business requirements (right granular level of profit centers, cost centers for recording income/expense etc)
(b) Operating business controls (evolution of and compliance with business rules, authority; and validation of evidence)
(c) Accounting standards (we have expertise in US GAAP as well as IFRS)
(d) Operating a variety of accounting systems including Microsoft Great Plains, Quick books, SAP, Oracle Financials etc
Our senior employees have post graduate professional qualifications in finance/accounting. Our frontline service providers have at least an undergraduate degree in finance/accounting.
How does outsourcing work?
An accounting system is eventually about various business documents being inventoried, processed to certain business rules and updated into books of accounts. Outsourced provision of accounting services works as below:
(a) You get a high speed scanner and get all business documents (purchase orders, supplier invoices, goods arrival reports, sales orders, delivery reports, sales invoices, collections, payments, expense reports, payroll inputs) scanned and stored into a computer in your premises (preferably in an off-the-shelf inexpensive document management system)
(b) Your accounting system is stored in a computer (oftentimes the same computer) in your premises
(c) You get the computers connected to internet by using your local ISP (of course you get a firewall to protect your system; we can help you with the technology bit)
(d) We access your computer remotely from our service delivery center, read the scanned images, process/archive the document images, and update the accounting systems.
(e) Your accounting system is ready to provide the information you need. The reports you need are prepared and kept in a safe area for you in the computer.
(f) Depending on the level of sophistication you need, you could get the payments effected online by confirming the checks we have created online for you or print the checks physically, sign and disburse.
(g) You get to use the same accounting system and same processes you follow now. Your data and your documents stay all the time within your premises. We do not house your accounting system or data in our premises.
(h) Our accountants work during your night time; but you get to have at least 2 hours of interface with them each day (oftentimes from 9 am to 11 am your time).
(i) Our accountants work on a “dedicated” basis. You get to work with the same person all the time. We are different in this respect. We believe this increases the bonding between the accountant and the user group.
(j) Our accountants are reachable by closed loop VOIP phones by dialing a US number from your premises. All our senior executives carry blackberry devices; emails are promptly responded.
How much would it cost?
Upfront investment is restricted to: (a) A high speed scanner (b) An off-the-shelf document management system (c) A firewall software (d) A connection to your local ISP
You don’t pay for anything else (including the telecommunication bandwidth to our delivery center).
Recurring costs are confined to our invoices for services. These can be in any format: (a) % of your revenue (b) $ per sales/supplier invoice (c) $/hour of accountant’s time (d) $/month per accountant deployed
According to an analyst, “customers tend to save at least 50% of the total cost (salaries, benefits, facility costs etc) on outsourcing accounting services” from Day One.
Benefits from outsourcing:
· From Day 1 your costs come down by 50%. No big upfront investment.
· Your processes get streamlined. The quality of business processes go up. You become an efficient enterprise.
· Your customers and vendors are delighted because invoices are prompt; statements are prompt; payments are prompt.
· Your management is delighted because analytical reports are prompt.
· You get the benefit of best of breed practice from experts.
Why TaurusQuest?
TaurusQuest is a customer centric organization.
TaurusQuest has been acknowledged as within the top four positions in the world in providing accounting services in terms of customer satisfaction and operational excellence.
We focus on your enterprise value; your competitive advantage; your revenue growth; apart from high quality processes and cost advantages.
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Owners/CEOs of mid size enterprises have two challenges:
(a) Facilitate growing their enterprises without compromising on the “nimble footedness” that got them to where they are and yet put in place processes that are absolutely necessary to enable to the business handle volumes far bigger than their current size; and
(b) Keep costs trimmed and aligned to business volumes
In other words, be capable of growing with processes that are necessary to scale up; and yet remain profitable without ballooning overheads.
Outsourcing your back office processes, especially accounting services, is a step in the right direction. Increasing pressure on profits is driving more and more midsize enterprises to look at outsourcing to cut costs and improve competitiveness in market place; something that Fortune 500 enterprises have been doing with success for the last ten years.
Can accounting be outsourced?
You would be surprised at how easy it is to outsource accounting.
o You keep your accounting system in your computers in your premises.
o You scan all incoming documents and store them as digital images.
o Your accountants, located outside your enterprise, access your computers in a safe/secure way, read the documents, process them according to your business rules and update your accounting records.
o When you enter your office, your inbox contains reports that you can print and read; checks you should print and sign; and queries that require resolution.
Just that simple!
Your first decision: What to outsource?
Your finance function comprises:
(a) CFO function focused on maximizing stockholder wealth by helping you make right decisions on pricing, resourcing, investment, funding and dividends; by ensuring your business generates the anticipated cash and this cash is deployed in the right direction
(b) Management accounting who help you plan the business; provide analytical support
(c) Treasury which manages the cash and
(d) Financial accounting which
a. maintains the books of accounts,
b. processes sales orders, sales invoices and receipts; monitors accounts receivable
c. processes supplier invoices and payments; monitors accounts payable
d. processes payroll, expense claims etc
e. prepares financial statements and other internal reports
Financial accounting (or any part of it) can easily be outsourced. This would step up service quality. A hare that runs for its life always runs faster than a lion running for its lunch; independent third parties would always be more focused on service (without losing emphasis on control) than in house accountants.
Your second decision: Who should do your work?
You should look for someone with experience in serving midmarket enterprises. TaurusQuest (www.taurusquest.com) have unique strengths here.
TaurusQuest have a track record in serving midsize enterprises in the United States; and have been ranked 4th worldwide in providing finance/accounting services to midsize enterprises by the Black Book of Outsourcing.
We understand small and mid market enterprises better:
CEOs of mid market enterprises are looking at outsourcing of back office processes as a strategy to remain competitive (against larger players and peers) and protect their margins.
If you are a mid market enterprise, you need to be twice careful in the choice of your vendor for outsourced services. The vendor should understand the need for the enterprise to be flexible and nimble footed in managing the processes and provide an entrepreneurial understanding of your opportunities.
We at TaurusQuest understand small and mid market enterprises better. We recognize that upfront investments need to be small; value realization should be reasonably quick; processes may not necessarily be structured and disciplined.
We have a track record of success in growing with our customers in this segment.
We have been placed fourth worldwide for customer satisfaction and operational excellence in our most important business: providing accounting services to mid market enterprises by a US based publisher of global league tables based on independently conducted customer surveys for 2007.
We were awarded this when we were at the finance/accounting services division of Quscient; now we are an independent corporate entity
We consider this a testimony to our credentials for “delighting” our customers.
Accounting services that can be outsourced:
A wide range of accounting services including:
· Maintenance of:
o books of accounts
o receivables and payables ledger
o cash/bank book
o inventory
· Processing of:
o sales invoices; monitoring collections
o supplier invoices; coordinating payments
o payroll
· Effective control/traction:
o prompt/accurate bank reconciliation
o cash flow forecasts
· Preparation of business intelligence reports
o financial statements
o analytical reports
· Decision Support in
o Pricing for new programs
o Resourcing (both assets and people)
TaurusQuest’s track record in accounting services:
TaurusQuest provides accounting services for more than 40 clients in United States. Some examples:
(a) Complete accounting services for an office space décor and furniture provider in New York
(b) Complete accounting services for a chemicals manufacturer in Chicago
(c) Complete accounting services for an architect practice in Atlanta.
(d) Complete accounting service for a chain of gas station franchises in Tucson
(e) Maintenance of General Ledger for a non government charity organization in Phoenix
(f) Sales invoicing and receivables monitoring for a properties and casualty insurance provider in New York
(g) Supplier invoices processing and payables for a manufacturer of industrial products in Chicago
(h) Branch accounting for a US software services business in Chicago
(i) Preparation of financial statements for professional clients of a CPA in Princeton.
TaurusQuest’s expertise:
TaurusQuest has expertise in:
(a) Aligning accounting systems to business requirements (right granular level of profit centers, cost centers for recording income/expense etc)
(b) Operating business controls (evolution of and compliance with business rules, authority; and validation of evidence)
(c) Accounting standards (we have expertise in US GAAP as well as IFRS)
(d) Operating a variety of accounting systems including Microsoft Great Plains, Quick books, SAP, Oracle Financials etc
Our senior employees have post graduate professional qualifications in finance/accounting. Our frontline service providers have at least an undergraduate degree in finance/accounting.
How does outsourcing work?
An accounting system is eventually about various business documents being inventoried, processed to certain business rules and updated into books of accounts. Outsourced provision of accounting services works as below:
(a) You get a high speed scanner and get all business documents (purchase orders, supplier invoices, goods arrival reports, sales orders, delivery reports, sales invoices, collections, payments, expense reports, payroll inputs) scanned and stored into a computer in your premises (preferably in an off-the-shelf inexpensive document management system)
(b) Your accounting system is stored in a computer (oftentimes the same computer) in your premises
(c) You get the computers connected to internet by using your local ISP (of course you get a firewall to protect your system; we can help you with the technology bit)
(d) We access your computer remotely from our service delivery center, read the scanned images, process/archive the document images, and update the accounting systems.
(e) Your accounting system is ready to provide the information you need. The reports you need are prepared and kept in a safe area for you in the computer.
(f) Depending on the level of sophistication you need, you could get the payments effected online by confirming the checks we have created online for you or print the checks physically, sign and disburse.
(g) You get to use the same accounting system and same processes you follow now. Your data and your documents stay all the time within your premises. We do not house your accounting system or data in our premises.
(h) Our accountants work during your night time; but you get to have at least 2 hours of interface with them each day (oftentimes from 9 am to 11 am your time).
(i) Our accountants work on a “dedicated” basis. You get to work with the same person all the time. We are different in this respect. We believe this increases the bonding between the accountant and the user group.
(j) Our accountants are reachable by closed loop VOIP phones by dialing a US number from your premises. All our senior executives carry blackberry devices; emails are promptly responded.
How much would it cost?
Upfront investment is restricted to: (a) A high speed scanner (b) An off-the-shelf document management system (c) A firewall software (d) A connection to your local ISP
You don’t pay for anything else (including the telecommunication bandwidth to our delivery center).
Recurring costs are confined to our invoices for services. These can be in any format: (a) % of your revenue (b) $ per sales/supplier invoice (c) $/hour of accountant’s time (d) $/month per accountant deployed
According to an analyst, “customers tend to save at least 50% of the total cost (salaries, benefits, facility costs etc) on outsourcing accounting services” from Day One.
Benefits from outsourcing:
· From Day 1 your costs come down by 50%. No big upfront investment.
· Your processes get streamlined. The quality of business processes go up. You become an efficient enterprise.
· Your customers and vendors are delighted because invoices are prompt; statements are prompt; payments are prompt.
· Your management is delighted because analytical reports are prompt.
· You get the benefit of best of breed practice from experts.
Why TaurusQuest?
TaurusQuest is a customer centric organization.
TaurusQuest has been acknowledged as within the top four positions in the world in providing accounting services in terms of customer satisfaction and operational excellence.
We focus on your enterprise value; your competitive advantage; your revenue growth; apart from high quality processes and cost advantages.
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Danbro Accountants on Track in Building Relationships
Danbro Accounting Solutions recently asked:
Contractor accountant specialists Danbro got off to a racing start with a “getting to know you” event for recruitment agencies.
Many of Danbro’s contractor – or freelance – clients work through recruitment agencies and the Blackpool-based company already has close links with a number of these companies.
On 2 September, Danbro took an innovative step to help it explore ways of working more closely with recruitment agencies, to further improve services to their mutual clients, by inviting agency representatives to the Donnington Park race track in Derbyshire.
The Donnington Park MSVR Blast in the Park Championships featured a packed programme of motor racing entertainment, including two rounds of the British T Car Championship for 14 to 17-year-olds.
Danbro was supporting 16-year-old Joe Hopkins, who stands equal second in the championship points table after the Donnington Park event.
Damian Broughton, from Danbro, said: “We were delighted to welcome around 35 representatives from 11 different recruitment agencies – both new and existing contacts - to Donnington Park.
“We had a very successful day, which has proved extremely useful in building bridges with recruitment agencies towards our shared aim of giving our contractor clients the best possible service. We are delighted to have achieved such a positive and productive result.”
For more information, please contact Danbro on 01253 600140 or visit our website Danbro - Accountants for Contractors
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Contractor accountant specialists Danbro got off to a racing start with a “getting to know you” event for recruitment agencies.
Many of Danbro’s contractor – or freelance – clients work through recruitment agencies and the Blackpool-based company already has close links with a number of these companies.
On 2 September, Danbro took an innovative step to help it explore ways of working more closely with recruitment agencies, to further improve services to their mutual clients, by inviting agency representatives to the Donnington Park race track in Derbyshire.
The Donnington Park MSVR Blast in the Park Championships featured a packed programme of motor racing entertainment, including two rounds of the British T Car Championship for 14 to 17-year-olds.
Danbro was supporting 16-year-old Joe Hopkins, who stands equal second in the championship points table after the Donnington Park event.
Damian Broughton, from Danbro, said: “We were delighted to welcome around 35 representatives from 11 different recruitment agencies – both new and existing contacts - to Donnington Park.
“We had a very successful day, which has proved extremely useful in building bridges with recruitment agencies towards our shared aim of giving our contractor clients the best possible service. We are delighted to have achieved such a positive and productive result.”
For more information, please contact Danbro on 01253 600140 or visit our website Danbro - Accountants for Contractors
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