Outsourcing Hub India

Small business accounting is an organized process which helps in keeping track of the financial activities of a company. Bookkeeping, on the other hand, is a systematic process of keeping a record of every single company transaction. Both the processes are intertwined and important as bookkeeping offers valuable data and accounting empowers the company to make useful business decisions. However, in an attempt to handle accounting in-house, it is not uncommon for small businesses to make accounting mistakes. This article will discuss the mistakes of small business accounting and ways you can mitigate these risks. 8 Small Business Accounting Mistakes to Avoid Poor accounting habits often prove costly to the business because it leads to money loss and places a question on company administration. Read on to understand the mistakes that small businesses should avoid. Considering Profits as Cash Flow You have achieved a deal of USD 50,000. From this, UDS 15,000 is your cost pr

W ell, for one reason that it means one less thing to bother about for the business! Not having to keep track of all the transactions – be it small or big – keeping the books updated is one hell of a task to do on a regular basis. But, as is obvious, outsourcing comes at a price and one needs to be convinced that it is worth for one’s business. On that note, let us now go about some advantages of outsourcing the accounts maintenance of the business. Here’s why there is an immense need for  outsourcing accounting  in today’s corporate world – Big, medium or small – whatever the scale of a business is, today’s customization accounting software can be effectively implemented for any of them. Outsourcing the manually processes to automation is an intelligent step because it means a onetime investment and lifetime’s benefits. Also automation means less manpower costs, fewer human errors and standardization Accounting practices can be murky and this only means lower visibility and lesse

Commercial leases have to capture every possible detail. They tend to get too long with boring and lifeless legalese, but each of those clauses are important. However, company’s senior management can’t spend too much time reading/scrutinizing them. This is a classic example of the gap between what the users need and what they have. To efficiently read and quickly process  commercial leases , you can create a “lease abstract”. It is a shortened form of the agreement that summarizes all important points for a quick read. Your game plan for creating a Commercial Lease Abstract Modern real estate firms extract key business facts from the leases and insert it into the real estate software. Abstracts of the lease complement the software; they must be done right because the software depends on the accuracy and accessibility of data in them. They are also your backup in case the software malfunctions or goes offline. Let experts take care of the lease abstraction process Your i

Most entrepreneurs start their business with a passion to sell their product or service. Everything else involved in a business comes afterwards. When the firm is in its nascent stage, a company can afford to spend time on its core activities while multitasking with its non-core activities. However, as a company starts growing, it should work on building a sound customer base, company should focus on marketing, research and development, procurement, advertising and sales. It really can’t afford to divert its activities towards the non-core activities like bookkeeping and accounting services. This is particularly true when the budget allocated to manpower procurement is limited and the scarce resources should be optimally allocated. In times like these, it makes sense to outsource your accounting services. Some studies have also suggested that the total savings for an outsourced bookkeeper versus an in-house bookkeeper is 62%. This is savings by a huge margin! Outsourcing as a

Accounts Payable (AP) is the amount of money which a firm is supposed to give a person or a company that provides them with goods or services. Therefore, it is quite significant to manage these accounts smoothly and efficiently, which can be provided by Accounts Payable Outsourcing which is a service provided by Offshore Accounting and Taxation Service Providers. Accounts payable activities include vendor contract management, invoice entry and payments, issues statutory services and creditors reconciliation. The issues in payment account can cause a hefty amount of financial as well as reputation damage to a company. The following are the errors caused in payments account and the solutions to them: 1. Manual Data Entry Error A simple human error in data collection for accounts payable may cause losses and also spoil relations of the company with suppliers. Since the amount of error is 88% in the total manually handled accounts, it can be concluded that it can occur mor

We understand that a real estate investor is burdened with loads of work which includes managing one or more properties, their maintenance, finding reliable tenants, and ensuring the overall profitability of the business. With all these responsibilities  real estate accounting  or bookkeeping tends to take a back seat. However, accounting for all the financial transactions is a crucial aspect of any business. Failing to keep a track of the income and expenses can prove costly and also increases your burden during the tax filing season. But do not worry, we have a list of practical tips and techniques that will help any real estate investor to be on top of their rental property accounting: Separate Personal and Business Accounts The first and the most basic tip to keep in mind is to separate personal and business accounts. Rental property owners tend to pay for management of their properties through their personal accounts. Although this sounds easier, it mixes your pers