whatsapp

Frequently Asked Questions

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.

1. What are the benefits of outsourcing Accounting and Tax Preparation services to BMCSaAS?

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

  • Increased availability of Qualified Personnel, secure online access, faster turn around time and higher customer satisfaction.
  • Cost is the most important advantage and by outsourcing and preparation of tax returns to us, you can save at least 60 percent over the current cost.
  • Simultaneously, you can reduce your need of increasing staff during year end, for special pay outs and peak tax season.
  • The opportunity cost in term of savings can be significant. Outsourcing allows your staff members to concentrate on high-end services like financial, estate or retirement planning. This makes sense for CPA Firms like yours to leverage the outsourcing advantage and offshore routine accounting tasks to an Alliott Partner like BMC SaAS.

2. How Does Online Bookkeeping Service work?

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.

3. How can I outsource Accounting services to BMCSaAS?

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:

Server-based System

  • Scan and upload your source documents to secure FTP server
  • Email the FTP details to us along with the back-up file of the accounting software
  • We update your books on the same day and upload them back to the server

Remote-access System

  • Place source documents in your own computer
  • We log in to your system using a secured VPN, and update your books
  • You can then access the updated books from your own computer
  • Using Application Service Providers
  • Scan and upload your documents to an ASP interface
  • Our team logs in to this interface using the access details provided, and updates your books
  • You can then login and view the updated books from your end

4. Why should I choose BMC SaAS to outsource Accounting Services?

Outsourcing accounting services to us offers you multiple advantages. Key among those are:

  • The prime advantage is the 'COST FACTOR'. You will be spending not more than 1/3rd of what you spend now on your Accounting and Taxation related work
  • No Infrastructural or administrative hassles
  • Increased productivity and efficiency
  • Easy access to skilled resources
  • Less dependency on internal resources
  • Less turna round time due to time-zone advantage
  • We have been providing finance and accounting outsourcing solutions to global customers across diverse industries since 2008.
  • Fast turn around time is the USP of our accounting services and we have the expertise and skills to complete large volumes of work accurately and efficiently within the smallest time frames depending however on the complexity and project size

5. What is the pricing structure?

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:

  • Project type and complexity
  • The technology used
  • Required skill and experience level of Accountants
  • The terms of the contact

Charges can be Hourly basis or Monthly fixed.

  • Hourly rates vary between US dollar 12 to US dollar 15
  • Monthly fixed Rates for an exclusive Accountant start from US dollar 2,000 per month and are agreed by mutual discussion based on volume and complexity of the outsourced work.

6. Is BMC capable of working on various software?

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.

7. Do you provide a free trial?

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.

8. What measures do you have for Data Security?

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-

Password
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:

  • Restricted physical access to the processing and server environments.
  • Ensure a paperless system so data cannot be removed from the facility.
  • Virtually restrict internet access on the computers used in operation and data retrieval and transmission is done under the supervision of the project manager. Further, computers without media ensure files cannot be copied and Outlook has been removed from all PC's.

Physical Security

  • A security guard is available at the entrance.
  • Access card required before entering the server room. Access is restricted to only dedicated employees who are allocated the outsourced activities.
  • Returns are prepared in a paperless environment and no source documents, accounting data or tax returns are printed.
  • The printer is limited to printing only the management reports.

Personal Belongings

  • Briefcases, bags and other personal belongings of the employees are not allowed in the service Center.
  • There are no removable media devices and the PC's do not have floppy drives or CD R/W drives

9. Do we enter into a formal contract before we start?

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.

10. What about clarifications that may be required?

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 bmc.outsourcing@bmchatrath.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.

11. After I submit a client's data for processing, what will I get back from BMCSaAS?

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.

12. Do I have control over client files?

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.

12. What do I tell my clients about who is doing their Accounting processingand Tax Return?

The Most important points to convince your client for outsourcing are –

  • We are your Associate under the Umbrella of Alliott group and are a virtual extension of your office in India.
  • Client will get 24X7 service.
  • Cost reduction without compromising with quality, accuracy, security and TAT in any manner whatsoever.
  • Your team can help clients for more value added and higher level services and the jobs can be handled by your extended work Center in India

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.

13. Expected savings when we engage one Bookkeeper on monthly basis.

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 2400
Total Cost (A) (6000+2400) 8400
II. COST OF OUTSOURCING (B) Per month 2000
NET SAVINGS (Value of A – Value of B)6400

Feel free to share your requirement with us

Make your dream project with us and stay tension free.