Several questions come to the mind of CPAs purposing to outsource Accounting and Bookkeeping activities.
B.M.Chatrath & Co. (BMC) has been an Alliott Member for over Twenty Five Years. Alliott is an international group of Independent Accounting, Law & Consulting firms with 160 Members in some 70 countries.
We have listed below the frequently asked questions and our answers to make your job easier to convince your client for outsourcing their Accounting activities.
Outsourcing is little more than an extension of the division of labour, as economists are often quick to point out. In the move toward increased efficiency, it is part of the natural economic process to try to find better, more efficient and less costly ways to do things. Outsourcing is a major technique that companies use to cut costs.
We become the virtual Accounting Division or your personal bookkeeper for your clients business and reliable resource for you. Using the latest technology, we help to develop policies and procedures to streamline your Accounting process, which increases the overall efficiency of your business operations.
We offer various benefits like
1. Updating the records and logging out: We will update your records in front of you on your computer and logout as soon as we finish.
Outsourced Bookkeeping will help you with the Daily Tedious work of business process including:
a. Downloading of bank statements & check scans
b. Updating your transactions in Quick Books from bank statements
c. Reconciliation of transactions and payments
d. Updating of accounts receivable and account payables
e. Update of payments received through PayPal, bank statements and deposits into checking accounts.
f. Bank Statement reconciliation.
2. Connecting securely to your computer: In the second stage, we will connect to your computer by using a remote desktop access service for which you can give us limited access independent purpose.
In order to outsource finance and accounting services to us, you can either call or mail us your requirements. Once you are satisfied with our prices and quality, you can send your files in any of the following ways:
Outsourcing accounting services to us offers you multiple advantages. Key among those are:
BMC's accounting and tax preparation services are based on the complexity of the accounting and tax work involved.
However, what is certain that the prices are competitive and there is a Free Trial offer.
Our prices are highly competitive and help you save at least 60% on your operating direct and overhead costs. Our usual rates per hour or monthly fixed rates depend on a number of factors, like:
Charges can be Hourly basis or Monthly fixed.
We are specialized in the following software:-
1. We have expertise in Quick Books Online, QuickBooks Desktop versions (Certified Intuit Pro Advisor), Peachtree, Quicken, Intacct and Easy Acct for Accounting and Bookkeeping
2. Bill.com for processing bills
3. Hubdoc.com for processing Credit Cards Transactions and Expenses Processing.
In case your organization uses different finance and accounting software, we have the skills and expertise to work on the software of your choice and employ it effectively.
We provide a free no obligation 30 days trial to demonstrate our capabilities. This Trial period is very useful as it is utilised to clarify various issues which may arise from both sides.
We take data confidentiality, copyright, and privacy very seriously, and ensure that any client related information is not published, distributed, sublicensed, sold or disseminated to third-party at any cost. Additionally, we make our employees sign confidentiality agreements, service-level agreements, & non-disclosure agreements at the onset of every project to ensure complete safety of our client's data. Our Financial Data Security Policies are as under-
Our password protected logins restrict access to registered users. User passwords are invariably encrypted in the SQL database and a log is maintained of all users that access the system.
Non-disclosure / Confidentiality Agreements
All employees sign non-disclosure/confidentiality agreements. Each employee is bound by the agreement and not allowed to share information from engagements with anybody nor are they allowed to share the information with the co employees unless there is a question related to the preparation of the engagement. Preparers and reviewers are allowed toshare information only through their direct supervisors.
Secure Service Centers for Financial Services Outsourcing
We have in place a comprehensive service Center security policy that is implemented to ensure secure financial services outsourcing. The security measures adopted include:
Yes, we have a contract format which we shall send you once you decide to hire our services. Necessary changes can be made in the format to suit both sides.
The US CPAs Association has also recommended such contract between the outsourcing organization in US and the Offshore Service provider.
You can send us a mail to address any of your doubts. We shall, normally, get back to you within 24 hrs.
You can contact us at any time by sending a mail at email@example.com or call us at our 24x7 call phone number + 91 9810261802
We also adopt the same procedure when we have any doubts needing clarifications on any data or information provided by you.
We will create separate electronic files for each type of sourced document. These documents will be stored in secured electronic folders, properly organized to track the flow of the particular task or task group.
The information on the sourced documents will be keyed into your processing system and after completion, we will inform you by email that both sourced documents and electronic data are ready for you to download and review.
Yes, you are always in control as your firm maintains the original hard copy of your clients' records. Additionally, you can access the electronic files from anywhere on the Internet to see the status of each assigned task.
Once the assigned task is complete, it is securely transmitted to you in a file format compatible with accounting software being used by you. If necessary, the data can easily be modified online by your staff or your BMCSaAS team.
The Most important points to convince your client for outsourcing are –
While our accountants will prepare the accounting records and tax returns, it is your firm who will be dealing with the client. All these records shall be subject to your final review, approval and will be communicated only by you to your client.
Monthly(Estimated) US dollar
I COST OF IN-HOUSE BOOKKEEPER(PERMANENT) Per Hour Salary you pay (30 days * 8 hrs * say 6000
average US dollar 25 per hour)
Add: Benefits @15% of 6000 900
Add: Overheads @25% of 6000 1500
Total Cost (A) (6000+2400) 8400
II. COST OF OUTSOURCING (B) Per month 2000
NET SAVINGS (Value of A – Value of B)6400
Make your dream project with us and stay tension free.