Account Reconciliations

What are Account Reconciliations?

Account Reconciliations are utilized by accountants to ensure account balances are correct between accounts during the end of a particular accounting period.

Accountants perform account reconciliation by using the following steps:

• Comparing of account balances between various independent systems
• Verifying statements and reports for accuracy and investigate discrepancies when identified
• Taking action to correct these identified discrepancies.

This process is an important internal control in the financial reporting process. Public companies are required to perform this process as part of their financial close.

What is the process for Account Reconciliations?

This account reconciliation process is generally carried out after the close of a financial period. Accountants go through each account in the general ledger of accounts and verify that the balance listed is correct and accurate. This involves comparing the general ledger account balance with other independent sources of this data, such as bank and credit card statement.

When discrepancies are found, accountants investigate these discrepancies and take appropriate corrective action. This may involve making journal entries to correct balance errors. All information found, analysis performed, and actions taken are stored for audit purposes. The account reconciliation process must be completed before a company can certify the integrity of its financial information and issue financial statements.

How Does Account Reconciliation Software Work?

Account reconciliation software automates all steps in the account reconciliation process. It takes in data from all sources of financial information such as ERP systems, bank files or statements, credit card processors and merchant services, etc. It then compares account balances between these sources, and identifies any discrepancies so that they can be investigated by accounting staff. This removes the burden of manually performing this task placed on accountants, and frees them to focus on analysis of discrepancies.

Account Reconciliation Software Features Include:

• Automated review and approval workflows, with proper segregation of duties
• Reconciliation templates and checklists to standardize processes
• Integrated storage of supporting documentation for easy review and audit
• Link to applicable policies and procedures for easy reference

What Solutions Does Practice Eye Offer for Account Reconciliations?

The Practice Eye Reconciliations product is designed to streamline all aspects of the account reconciliation process. It adds both proper controls and automation to account reconciliations.

This product imports data from any source, and is compatible with all major ERP systems. Configurable validation rules allow for auto-certification of low-risk accounts. This significantly reduces the workload of accounting staff. When discrepancies do exist that require analysis, customizable templates, checklists, and integrated storage for supporting documentation ensures that reconciliation processes are standardized across the organization. Centralized dashboards and automated workflows also provide full visibility into the status of the account reconciliation process.

We product further automates processes by enabling comparisons and validation of transaction-level account data. This allows accountants to view the exact transactions that are not matching in various systems and statements, significantly reducing the time spent locating discrepancies. This is particularly useful for high-volume reconciliations, such as credit card reconciliations.

When correcting journal entries are required, the Pratice Eye product automates this portion of the process as well.

Please see below for articles related to account reconciliation, the account reconciliation process, account reconciliation software, and account reconciliation solutions offered in the Practice Eye Finance Controls and Automation Platform.

Ledger maintenance

The integration of information from a variety of sources into a program’s financial reporting system is essential to providing accurate and timely results.  Freedom Services utilizes a sophisticated general ledger system that is both flexible and capable of accepting data from a number of different mediums.

Practice Eye can:

• Prepare accounts to help in completion of self-assessment tax returns;
• Produce financial statements to file at Companies Registration Office and abbreviated accounts to ensure the minimum amount of your financial information is made public.

Accounts are prepared to agreed timescales and deadlines. But we can do more than just report the history of what’s already happened…

• Identify areas where we can assist in minimizing your tax liability;
• Identify areas of the business that give you the most opportunity to make improvements;
• Use the accounts to help you measure where you are in meeting your goals and what actions you need to take.

We take the time to explain your accounts to you so that you understand what is going on financially within your business, helping you to plan for the future. Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.

Top tax saving tips for small businesses

There are following tips from Practice Eye for small business that they follow to save tax :

1. When setting up as a sole trader, you can claim against your profits for items used in your business even if they were purchased prior to commencement of trade.
2. A director of a limited company can withdraw a total of £38,474 during 2014/2015 without having to pay any additional income tax or national insurance.
3. The Annual Investment allowance at 100% is increased from 250,000 to 500,000 for 2 years from 5 April 2014 It is essential to plan purchases carefully to maximize the relief available, particularly where the accounting year end spans the date of the change.
4. Consider your method of drawings from the business. If a limited company, paying a small salary up to the personal allowance and the balance as dividends is normally the most efficient method, however this is not always the case.
5. Put any mobile phone you have in the business name and all costs of the phone are deductible (you do not have to split business vs non-business calls).
6. In most cases it is best to run your own vehicle personally and claim mileage using HMRC authorized mileage rates, where you trade via a limited company this will avoid large taxation charges on the use of company cars in most cases.
7. If you work from home you will be able to claim a deduction to cover part of your home running costs. HMRC allow (a modest) £4/week flat rate without requiring any evidence. If you spend a significant amount of time working from home then it is likely you will be able to claim more using the “appointment method”. Please contact us for further information if you would like help with this.
8. Married couples/civil partners should ensure that their finances are arranged to utilize each personal allowance £10,000 basic for 2014/15 (£10,660 for those born before 05/04/1938 and £10,500 for those born between 06/04/1938 and 05/04/1948) and lower rate tax bands (£31,865 for 2014/2015). It might be sensible to transfer income producing assets to a spouse to take advantage of their lower taxable income.
9. Make contributions into a pension scheme. Pension contributions tend to be deductible expenses for the company, and suffer no immediate tax charge on the individual. Where an individual’s adjusted net income for 2014/2015 is more than £100,000, their personal allowance will be reduced by £1 for each £2 of excess. Consider making individual pension contributions to preserve personal allowances. Individuals could save £4,000 in 2014/2015 at 40 per cent, or more if relief is available at 45 per cent. This is because adjusted net income is reduced by individual pension contributions. However, the impact of pension anti-forestalling rules and the reduced annual allowance needs to be borne in mind. It may therefore be advantageous to transfer income-producing investments to a spouse.
10. Use a salary sacrifice scheme to pay for employees childcare costs of up to £243 per month tax free. Childcare voucher schemes are tax free for the employee and the business operating the schemes incur no Employer’s National Insurance. For higher rate taxpayers joining schemes after 6 April 2011 the level of the tax exemptions may be limited but this will be determined by a “basic earnings assessment” carried out by the employer.
11. Capital Gains Tax – you each have an exemption for Capital Gains (£11,000 for 2014/15). It makes sense to use this if you can. If you intend selling assets, it may be worth transferring them into joint names or spreading the disposal over 2 years. The rate at which Capital Gains Tax is payable will depend on a number of factors but broadly basic rate tax payers will pay 18% and higher rate taxpayers will pay 28%. In some circumstances the capital gains tax rate can be reduced to as little as 10%. With the capital gains tax rates significantly lower than the 45% top band of income tax there are a number of planning opportunities.
12. Where you work for only one client or a number of clients on short term engagements you may have to consider the impact IR35. IR35 was legislation introduced to ensure that there was no avoidance of tax by the use of limited companies. Broadly where the relationship between the worker and client would have been one of employment had the limited company not have been imposed between the worker and the client then IR35 could apply. This would mean that there would be significant extra national insurance charges etc. imposed on the worker. Factors suss as the use of a substitute, holiday pay and mutuality of obligation would be some of the relevant factors used to ascertain whether the worker comes within IR35. Please contact us to discuss if you think that this may be relevant to you.
13. Automatic penalties are now imposed if you do not file your Self Assessment Tax Return on time. Do not forget there is an automatic £100 fine if you do not file your return by 31 January following the end of the tax year (by 31 October if you are filing paper returns). Further daily penalties mean that a tax return that is over 6 months late costs cover £1,300.

Pros and Cons of Double-entry Bookkeeping

The double entry bookkeeping principle is profoundly important in the world of accounting. It is essential that students of accounting gain an understanding, from the outset, of this principle that is more than 500 years old.

Essentially, the principle is that for every financial transaction there are two effects – one debit effect and one credit effect.

This best way to explain the double entry bookkeeping principle is to give an example of transactions from the books of the imaginary organization called Lots of Fun Pty Ltd.

Pros

• Companies are able to maintain a complete record of every transaction classified as assets, liabilities, expenses, revenue, capital and recorded accordingly.
  • Allows companies to prepare financial statements easily as it is a scientific system of recording business financial transactions in a set of accounting records.
  • The trial balance helps to maintain the accuracy of all books of accounts.
  • The financial position of a company can be ascertained at the end of each accounting period, through the preparation of the balance sheet.
  • The matching principle allows companies to accurately assess the profit earned or loss suffered during a period together with details by the preparation of Profit and Loss Account.
  • It provides checks and balances, which prevents frauds and misappropriations as complete information about assets and liabilities are recorded.
  • Solicits comparative study of results of one year to another to ascertain reasons of change or for decision making purposes.
  • Affords complete information for purposes of control permitting accounts to be maintained in as much detail as necessary.

Cons

• Double-entry bookkeeping system is complex and harder to understand.
  • The overall cost of maintaining the double-entry system can be high, especially if companies have books of accounts maintained at different places and need to hire additional employees to keep track of books for each department. Costs will further go up as books of accounts become complex in nature.
  • Significant amount of time is required to be spent on recording and maintaining double-entry books of accounts, as every entry needs to be entered twice and cross-checked.
  • In case an entire financial transaction is not recorded in the books of accounts, the error of omission cannot be detected and the trail balance will still tally despite the mistake.

Common Problems With Payroll Management

Despite the variety of HR software, tools, and resources there are still common problems with payroll management that must be consistently addressed. As a payroll management professional you have probably encountered all of these – and more! – with varying degrees of success in resolving them.

Optimizing Your Payroll Management Process

In a recent survey more than half of the businesses polled stated that there is room for improvement in their payroll process. The most common payroll errors were organizational consistency in the payroll process, incorrect tax withholding, over and under payments, as well as many other areas.

While up-to-date software can enable HR, payroll, and employee data to be less overwhelming, if storage and processes are not well organized,  you are open to errors. And this can back up your payroll department back by several days.

Five Problems With Payroll Management

Here are five common problems with typical payroll management processes for companies doing payroll in-house, and some tips on how to resolve them:

 

1. Administrative Overwhelm

Many businesses, especially smaller ones, still carry out their payroll process in-house and manually. A manual payroll system typically requires a great deal of paperwork. A manual process also creates an administrative burden for your and your HR staff.

Errors in data entry, for example, can create payment issues and the misapplication of rules. This can resolved by using an integrated software. In fact, a great initial solution is to simply invest in payroll software, which can be far more cost-effective than hiring additional staff to handle a growing manual process.

Another approach that even smaller businesses can afford is to outsource your payroll management. This allows some or all of your payroll and HR processes to be managed by a professional firm.

 

 

2. Organizational Issues

A related problem is one of simply keeping all of your important payroll and employee records and information organized in an effective and accurate manner. Sometimes it is simply a matter of work flow: keeping files and documents in a central location and creating uniform filing processes.

Gradually minimizing, or even eliminating, paper forms and files can be an effective solution, This, too, can be accomplished by using a payroll software that has all your human resources and payroll functions integrated. But whether you retain a manual approach or invest in a robust payroll software package, it is important to analyze and re-think your organizational process.

3. Incompatible Software

If you haven’t experienced it already, you may find that not all payroll programs are compatible. For example, the program used for your employee profiles or records may be different from the system you use for pay and benefits. And what about the program used for your employee performance?

Finding and investing in a program that can integrate all of these functions will streamline your overall process, reduce the amount of time spent tracking and with data input, and even allow your entire department to become cost-effective.

4. Tracking Employee Absence

Manually tracking your employees’ vacation and sick days can be a task fraught with potential for mistakes. Paper time cards and even simple digital time sheets are notoriously prone to misuse and unintended errors. In addition to the payroll, tracking which employees are not available due to various types of absence, is critical for effective planning and optimum productivity.

Having an efficient and even digital timekeeping system can eliminate most, if not all, tracking and time card problems for your payroll management process.

5. Compliance Issues

The California legislature recently passed a number  and amended many others. Most of these changes already took effect on the first of January this year. As a result, it’s important to review their current policies and practices to ensure compliance and provide for any required new workplace postings.

Accurate and timely management of compliance practices are required for every business and every payroll professional. This is especially crucial for businesses to avoid costly complaints and government investigations and penalties.

Fortunately, an outsourced payroll solution can mitigate this risk. a reputable payroll management services provider, can not only relieve you of the burden of your ongoing and changing compliance demands, but can potentially prove to be a more cost-effective solution, as well.

Considering Outsourcing As A Solution

Payroll management is a business function that, along with taxes and other HR functions, is often outsourced. This means your HR team can concentrate on more important matters, such as increasing productivity and employee engagement.

However, as a business owner or manager, it is quite common to think of “outsourcing” in terms of an “expense”. One of the first questions that come to mind is usually, “What’s it going to cost?” But outsourcing can actually be a very cost-effective move, and one that can free up valuable time and resources within your organization.

It should, in fact, be viewed as an investment and our company is provide best outsourcing solution in India and UK.

Manage your accounts as a small business

You don’t really need to be a maths wiz to successfully run a small business, all you need is a basic understanding of bookkeeping and finance.

Bookkeeping

It takes time to get this right but if done correctly your business will be in a great position. There is always a choice, so bookkeeping can be done manually or using modern accounting software online. Various tasks like dealing with invoices, recording expenses, monitoring outgoings and paying employees can be very time consuming. If you haven’t got the time to do it all yourself, just find someone, or a service, to do it for you.

Annual accounts

The yearly financial performance of your business must be presented in a formal record and in a prescribed format – this includes sales, costs, assets (things like stock or machinery or equipment) and amounts owed. The due date for submitting accounts depends on whether you operate as a sole trader or a limited company.

You can choose when your accounting year is to end, but since taxable income for sole traders is calculated on an 6 April to 5 April basis – and accounts are needed to back up the tax return – it makes sense for sole traders (and partnerships) to have an accounting year that runs from 1 April to 31 March. The relevant accounts need to be completed before the following 31^st January, to be used when completing your self-assessment tax return due on that date.

For limited companies you can more or less choose your accounting year to suit yourself and your business but you still need to complete and file accounts every year with Companies House.

Corporation tax

All UK limited companies pay this, and it is currently charged at 20 per cent on any profit generated within the year up to £300,000 – it is slightly higher for companies with profits above this mark. A corporation tax return must be completed, with tax due for payment to HMRC with-in nine months of the accounting period.

Self-assessment income tax

To calculate your personal income tax on all your income for the year (6 April to 5 April) you must unfortunately fill out another form. This form must be completed, filed and any tax paid no later than the 31 January following the previous 5 April tax-year.

Income tax rates

A tax-free personal allowance of £9,440 (until April 2014) is available to everyone, and approximately the next £32,000 of ‘basic rate’ income above this personal allowance is taxed at 20 per cent. Any income above this falls into the ‘higher rate’ band, and is currently taxed at 40 per cent, which then goes up to 45 per cent for earnings above £150,000. Anyone earning over £100,000 also starts to lose their personal allowance.

Additionally, out of employment (salary and wages) income comes national insurance, which is payable at various rates and thresholds. In the case of a limited company, dividend income is taxed at lower rates and there is no national insurance to be paid.

VAT

Irrespective of your business structure, you must register for VAT if your annual turnover (sales) is £79,000 or more – registration is optional if turnover is below that. You will charge your customers at the standard 20 per cent rate of VAT, which means that you must add 20 per cent to your sales invoice values and then keep this amount aside from what your customers pay you. You will then be able to reclaim any VAT you have paid on business-related purchases and expenses and you must pay the net amount of the two – VAT on sales less VAT on expenses – over to HMRC. VAT returns and payments are due on a quarterly basis.

PAYE

Income tax and national insurance needs to be calculated, deducted from the gross wages and salaries of your staff and paid over to HMRC on their behalf. This is a monthly payment that’s deducted from your employee’s gross salaries, meaning that there’s no cost to your business.

National Insurance is deducted at a rate of 12 per cent for employees, although both income tax and NI only kick in once a certain earnings limit is reached. Employer’s national insurance is also charged at a rate of 13.8 per cent on the gross salary, again within certain thresholds – this is not deducted from their salaries and so it represents a real, additional tax cost to your business.

You need to look for if you’re outsourcing your accounts

In small businesses, owners often tend towards keeping account functions in-house. It can be quite a dilemma to consider outsourcing this function. Unfortunately a lot of businesses consider only the cost while making this decision and not the benefits. However, there are some highly positive aspects related to outsourcing which must be weighed against the costs.

To outsource or not: The real question to think about is: ‘what can you do with the extra time you will have, if you outsource?’ Can that time be used better, to bring more revenue by meeting, networking and building relationships with your customers? Consider whether you really need to do your accounting in-house or whether it could be outsourced without having any negative effects on the business, your employees and, most importantly, your customers. Perhaps in your small business accounting is a mundane task done in-house because it has always been done like that. Do you have the necessary skills to do the job, or would it be better to outsource to someone with the right skills who can do the same job in less time and in a more cost effective way?

Outsourcing company: There is lot to consider before you can outsource accounting. Check whether the vendor has got the appropriate skills to do the job – take note of qualifications. They should have a pool of qualifications in their company such as ICB (Institute of Certified Bookkeepers), ACCA (Association of Chartered Certified Accountants) CIMA (Chartered Institute of Management Accountants), and AAT (Association of Accounting Technicians). They should also be flexible enough to use various accounting software such as advance spreadsheets, Sage, MYOB, IRIS, QuickBooks and Xero.

Consider how well respected they are in the market and how their current customers grade them. Ask for testimonials. Also, check how quickly they can turn around the job. Are they financially sound? Competitive? And, how flexible is the service level agreement? Check the conditions if you want to end the contract. So our company is up to mark with these standards.

Depending upon services outsourced – such as credit control or bookkeeping – the business will need to provide different information to the outsourcing company. This could be everything from giving information about your debtors for credit control, to raw records – such as invoices and bank statements for bookkeeping. If the business is looking for complete outsourcing (bookkeeping, payroll, VAT and annual accounts), they would need to provide the following:

• Sales and purchase invoices

• Bank statements and loan statements, if applicable

• Pay-in books and cheque book

• Petty cash details

• Details of employees – personal and salary information

• Stock level, if applicable

• Debtors and creditors List

There might be some further information needed, as requirements change depending on the business sector, as well as each individual client’s needs.

Cost

Cost puts off most businesses from outsourcing. This could be because they consider it to be an additional, and therefore unnecessary, cost to the business; however, in reality, the savings can be quite considerable.

These savings can include the running cost of accounting in-house. Businesses can increase revenue as time can now be used somewhere else and the cost of outsourcing is, of course, tax deductible.

Any business seeking to outsource should get a quote from a few companies first to find the most competitive. It is important to pick the right provider, as picking the wrong one can prove very costly later. If the provider is picked solely on cost, it may not be right for your business-specific needs, as the provider might not be qualified to provide certain services and, in turn, you will not receive the right service or advice on time. This can not only get your business in trouble with tax authorities, but can cost the business financially in penalties and having to put it right.

Why Do We Need Accounting?

Accounting’s Importance to Business

So why do we need accounting? Asking that question of an accountant is like asking a farmer why we need rain. We need accounting because it’s the only way for business to grow and flourish. Accounting is the backbone of the business financial world. After all, accounting was created in response to the development of trade and commerce during the medieval times.

Italy is our first recorded source for accounting entries, and the first published accounting work in 1494 was by a Venetian monk. So you see accounting as an organized method for record-keeping has been around almost as long as the trade and business industries. Another interesting fact is the knowledge and principles upon which the first accounting practices were established, have changed very little in the many hundreds of years that accounting has been in use. The concepts of assets, liabilities, and income and the need to reconcile these areas is still the basis for all accounting functions today.

The process for recording those transactions, and the many reports generated by the compilation of that information has evolved over the last two hundred years. Thanks to the creation of computers, many of the bookkeeping functions that are vital to accounting, but somewhat repetitive are performed by data entry clerks, and the reports generated come from the IS Department. The end result is still the same: accounting gives us the financial snapshot we need in order to make solid business decisions about the current status or projected future health of our businesses.

There are two basic categories of accounting: financial accounting and managerial accounting. Financial accounting is comprised of information that companies make available to the general public: stockholders, creditors, customers, suppliers, and regulatory commissions. Managerial accounting deals with information that is not made public. Information such as salary costs, Cost of goods produced, profit targets, and material control information. The knowledge supplied by managerial accounting is for the use of department heads, division managers, and supervisors to help them make better decisions about the day-to-day operations of the business.

Now, what about the “accountability” part of the accounting process? Why do we need that and how do we enforce it? Businesses need to be held accountable for the methods they use to run a business because the potential for greed, theft, and dishonesty exist in every business. You have only to read the current events section of the newspaper to realize how rampant corporate abuse is in business today. We have Enron, HealthSouth, and Martha Stewart examples to show us just how extensive the problem has become. There are specialized areas of accounting, that when correctly enforced, eliminate the possibility for fraud. Auditing and income taxation, when used correctly, force business to account for all business income, transactions, and transfers, and then to pay their fair share of the tax burden. The catch here is that the principles must be correctly enforced.

Accounting is the conscious of the business world. When handled with care and with respect, it performs as expected. When abuse occurs, and the system is circumvented or overridden because of dishonesty and greed, it doesn’t work correctly. Accounting is much like all other systems in place, they are only as good as the people using them.

How Does Tax Return Preparation Outsourcing

Taxation being a extremely particular area requires skills relating to planning, documentation and representation. We give services of experienced professionals at extremely competitive charges. Our network of professionals assists you in selecting the best option. Depending upon the subject matter, We select the right person to make sure that the best possible and well planned solution is achieve for your problem.

Indian taxation environment is ever-changing, which can be demanding for any business. Our Main focus is to identify opportunities for our clients that can help them to manage their affairs in the most tax efficient manner.

Our Tax team has exacting expertise with taxation issue arising from commercial business transactions. By identifying taxation implication at the deal development phase, we can ensure that most tax effective move toward is adopted for each transaction plummeting the likelihood of any future dispute and litigation.

Tax Return Preparation Service

We have experience in both individual tax preparation services and business tax preparation services.

We will observe your balance sheets, interpret and classify each item on it. We will also catalog and interpret P/L items, and interpret the taxability and treatment of various accounts. We can also provide sales tax problem services.
Read More about Tax Return Preparation Services

How Does Our Tax Preparation And Tax Processing Outsourcing Process Works?

1. It starts with sending us scanned documents. We will provide you with our standard format to send the pertinent and required data also in the form of PDF files, mdi or e fax messenger. Once the tax in order images are received, trained tax professionals at our offshore processing facility will data enter the information into our tax software or the tax software of your choice

2. After data entry, the tax return is audit to verify that all the information received has been properly entered and accounted for

3. Next, the returns are transmitted by means of the ASP/FTP to your firm for review. You’ll take delivery of complete returns, counting any questions or comments the preparer thought necessary

4. Once you have the return, your firm can review and finalize, plus add or delete any information as is necessary. We can then update the tax file and send you a final copy for income tax return filing

Cost Benefits of Tax Preparation Outsourcing Services and Tax Processing Services
Tax Returns / income tax return prepared by us or e-Filing of income tax return by us will cost up to 60% less than the average tax preparation cost currently incur by a mainland firm. This cost reduction will not only ensure increased profit margins, but will also provide a important marketing advantage for acquire new customers. By outsourcing tax preparation services to India, you can save on costs by a significant amount, and increase your profits.

Quality Management Processes we Follow

Quality at Practiceeye is a key asset as the metrics involved in measure it are more to do with human capabilities of discriminating a given piece of information. Our organization has institutionalized the fabric of QMS in its corporate culture. In the process of advocate a practical QMS, the next phases are involved:

1. Defining Quality, Quality policy, Quality assurance etc
2. Analyzing / identifying and defining the attributes which are Critical to quality
3. Defining Defect, opportunity and scenario ( CTQ linked)
4. Laying down the quality initiatives to be taken
5. Description of how the Quality Policy laid down is expected to travel along the process chain
6. Laying down the reporting requirements of a QMS. (adherence reports, exception reports)

A quantifiable benchmark enables problems to be pinpointed and can back in identifying traditions and means of civilizing the process. It also encourages acceptance of best practices in relationships with customers,SUPPLIERS and employees. Processes, products and organizational structure are geared towards ensuring that every delivery to the customers passes from side to side our severe quality measures.

Advantages of Stringent Quality Measurement Processes

• Customers benefit as a result of less defects, reduction in rotate time and improved delivery capabilities. These offer value-additions from side to side improvement in the presentation of the systems that have been outsourced, a decrease in the problems and failures, and improved stability
• This results in high levels of customer approval and repeat business from them. implement the processes trains both the organization and people to be logical and process-driven
• Introduction of best-of-breed industry practices and standards thus improves delivery capability
• Focus on quality leads to lower costs and improved good organization within the organization
• A well-coordinated workforce management ensure low overheads and quick ramp up of a bendable team size that can meet tight deadlines

Why Outsource Tax Preparation and Tax Processing Services to Practiceeye?
As mainland tax service costs increase, more and more accountants and companies are opting to outsource tax preparation and tax processing services to help minimize operating costs and maximize efficiency and profits.

To meet this market demand, we at Practiceeye supply customized tax preparation and tax processing services by by means of the best industry tax software like Drake, Lacerte, Turbo Tax, Ultra Tax or any tax software of your choice. At Practiceeye, we give to to online Finance and Accounting journal, in order to know the latest trends and changes in the financial industry.

Our tax preparation and tax processing service method provides CPAs and Tax service provider of almost any size with a great new way of handling their tax observance workload and meeting filing timing deadlines. This cost-effective solution utilizes secure FTP technology, to move source document in order from customers to our income tax processing amenities in India. This way, we handle the tax processing and tax preparation services of a tax department while you focus on improving your client relationship. We have great experience in US tax preparation and reporting. We use top of the line tax software and technology, such as, Creative Solutions’ Ultra-Tax, Intuit’s ProSeries, ATX and Drake.

Our sleek training procedure ensures that our people are updated with the newest technology, software and workflow process to enhance on-the-job efficiency for tax processing. We subscribe to online financial journals to stay abreast of the latest trend in global sourcing, Finance and Accounting Outsourcing (FAO), and best practices in global business. Our tie-ups with reputed CPAs abroad help to keep our finger on the pulse of global finance, what’s on and what’s coming, and sensitizes us to the special needs of international companies.

Our team of tax experts can also help you with quarterly tax filing services. Get in touch with us today for expert tax preparation services. Read more about the advantages of outsourcing Finance and Accounting Services to Practiceeye and outsourcing VAT return services to O2I. Also, find out how outsourcing financial reporting services to Practiceeye can help you take informed decisions about your future.

For More Info Contact Our Link Tax Return Preparation

Outsourcing Accounting Bookkeeping Services

The giving of the various divisions of the association such as marketing, finance, accounting, administration, and human resource is the key to success, each employee in various divisions plays a crucial role in formative the future of the organization. So if you are planning to set up a new business or still if you are an proprietor of a successful venture you need to ascertain that each division is functioning in a good and accurate manner. Finance and accounting is one such division where accuracy is of greatest importance, where you simple cannot make any mistakes as it will create major confusions and disturb the entire performance of the organization. Hence for businesses which do not have experienced and qualified reserve to do the post accounting outsourcing services can be of great help.

Accounting and bookkeeping outsourcing refers to outsourcing of activities pertaining to accounting and bookkeeping functions. It include outsourcing of behavior such as accounts payable, accounts receivable, credit and collection, bank and other reconciliation, general ledger continuation and financial analysis among others. Accounting and bookkeeping outsourcing has grow to be a key element of outsourcing. Businesses can whichever outsource their entire accounting functions or parts of the accounting functions such as accounts payable and accounts receivable.

accounting and bookkeeping services

Why Accounting and Bookkeeping Outsourcing makes sence-

 

Substantial costs savings, savings anywhere between 40%-50%. Cost cutting can play a vital role in today’s rough economic slowdown.
Flexibility in staffing, you do not need to retain or pay for recruitment if you do not have enough workload. In added words pay for only what your needs are.
Favorable time variation, between India and USA ensure that work gets done faster
Flexibility to produce without enormous investments in Human Resource and communications

Accounting outsourcing services also give you the added advantage of having instant access to updated accounts at any point of time. This comes in practical when you need to review the accounts during chief decision making period or during the tax filing.
Priority on other core divisions of the business such as sales, marketing, client relations
Accounting and bookkeeping outsourcing services of a supposed and dependable vendor (properly research before selecting the vendor) ensure that the financial records of the business are on hand at a short notice hence there is no requirement to adjust accounts once the tax season approaches or for the duration of important decision making. Having accurately maintained accounts of every business transaction is very helpful during the tax season. In addition, the instant ease of use of the records enables the company’s officials to take decisions regarding the future growth of the business. Any opening out or diversification can be well planned only when you know you actual standing in the market and the accounts are the only source for such information.

In today’s technology lead world businesses are looking at new means to run their businesses successfully. Accounting outsourcing is the concepts which combine the technology and business into derive fruitful results.