Accounting & Book Keeping Outsourcing

 Every company needs some type of accounting aid to help prepare their financial records. Since companies cannot entirely eliminate their accounting operations, many have opted to outsource their accounting divisions to offshore countries, mostly India (High-skilled jobs in finance). These outsourcing companies have the ability to perform quarterly and annual accounting and bookkeeping tasks, all which could be done here, for less money (Finance and Accounting Outsourcing). All areas that are involved in accounting are currently being outsourced including financial statement preparation, internal auditing, and account reconciliations (Finance and Accounting Outsourcing). In some cases, only parts of a companys accounting sector are outsourced. In such cases, outsourcing is being used to aid a companys current staff (Finance and Accounting Outsourcing). Every company needs to know the advantages and disadvantages of outsourcing before they make a decision.

The main reason companies are deciding to outsource is that it saves them a ton of money in training and recruiting costs (Finance and Accounting Outsourcing). The people performing these accounting jobs overseas are getting paid far less than those doing the same job here in America, and working longer hours as well. Outsourcing is also beneficial because it saves companies the process of setting up and maintaining a separate accounting department (Offshoring Finance Jobs). This helps to save overhead costs for such companies. Since accounting and tax laws are being changed so frequently here in the US, it is much easier for CPA firms to outsource their accounting services to other countries (The Benefits of Outsourcing). This saves companies the hassle and cost of retraining their employees every time the laws are changed (The Benefits of Outsourcing).

Payroll Outsourcing

Payroll outsourcing is a very common and growing practice these days. Payroll is an important business function that deals with the process of paying employees for services rendered. Payroll outsourcing can be defined as the accomplishment of a payroll task by some external agency. There are many reasons why companies outsource payroll, but the most prominent benefit lies in the fact that it often saves money. Basic payroll outsourcing services include calculating paycheck and tax obligations for each employee, printing and delivering checks, and providing management reports.

Every business owner knows that handling payroll can be a headache. Preparing payroll internally can cost valuable hours of employee time every pay period, and require expensive accounting software and training.

Besides, the person handling payroll of an organization internally needs to keep up to date with changes in personnel, deadlines, and tax requirements on an ongoing basis. Payroll outsourcing is an affordable way to take away these burdens, because it is a time-saving and cost-effective alternative to internal payroll processing.

Payroll actually commences with the worker signing up with a company. A typical payroll report contains items such as gross hourly wages and gross salaries, bonus payments including stock given as a bonus, overtime pay, severance pay, per diem and travel allowance, and contributions to deferred compensation by employees.