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Outsourced Accounting: Exploring the Concept

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  For every business owner across the world, it is imperative to learn and understand Outsourced accounting. The concept might be a little daunting if not followed properly. This article is created to reduce the mystery around it. Firstly, it is better to accept that many people face a hard time understanding accounting. It is not expected from any business owner to have a stronghold over accounting. But knowing the basics is never harmful. What is Outsourcing? The term ‘Outsourcing’ means paying a service provider who is not from your company, to perform business tasks. So, you will have complete freedom over the services you want them to provide for you. The fees for each service can be fixed or can fluctuate. This can be considered as a positive thing in outsourcing. The most common is  finance and accounting outsourcing . Outsourcing Accounting Account outsourcing firms  can offer you a long list of services. Some of which includes: Processing payroll of employees Bookkeeping Balan
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Importance of Team and Technology in any Business in online accounting services

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  Running a business is not an easy job. With the lack of resources, businesses can suffer. Many new business owners do not realize this fact. Thus, the business starts crumbling down, and finally, it gets destroyed. Few of the important resources that a business requires are: Access to an accounting staff or accounting services Proper system to run a business Tools The proper team of employees Accounting professionals are specifically required for a business. They can assist an owner while making any financial decisions. They can also point out whether the business is getting financial success or if it is failing. Tracking a business’s performances and analyzing all the numbers is a crucial step. Before outsourcing your finances to an  account outsourcing firm , you need to understand the importance of team and technology. Most business owners overlook this and do not consider this factor. But remember one thing; these factors are the game-changers. You will stay at a state of awe whe
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Everything you need to know about Day Sales Outstanding (DSO)

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  First, it is better, to begin with, the definition of DSO. DSO or Day Sales Outstanding represents the average number of days required for a business to convert credit sales into cash flow. It can be measured monthly, quarterly, or annually. The calculations estimate the average length of the collection period of your business. The article will discuss anything and everything about DSO. You will even learn how to calculate it. And why it is crucial to keep a healthy amount of DSO for your business. Why measuring DSO is important? Keeping track of DSO is the best thing that you can do to your business.  Account outsourcing companies  can prepare monthly reports. These reports can help you keep track of the DSO, and you can measure the direction of the trend's movement. Why is it important to maintain DSO? This idea can be tricky for a lot of people. You might think that ‘People say DSO must be reduced. But it should not be completely zero.’ Well, there are a few things to support
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CA Firms vs Outsourced Bookkeeping services firms

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As a business owner, you have a lot of options related to finances. You can either use your CA firm or use accounting services outsourcing firms . Are you feeling lost? And cannot decide what to do? Go through the article, and all your doubts will be cleared. CA firms First, let us understand the idea of CA firms. They consist of chartered accountants. These firms can become a one-stop solution to all your problems related to finance. They generally do tax, audit, and give financial advice to businesses. The owners of small or medium-sized businesses generally collaborate with them to verify results. The in-house accountant is responsible for making the reports and CA firms validate and check them. Outsourced Accounting Firms The accounts outsourcing companies provide you with a team of experienced employees. They are highly qualified experts and have complete industry knowledge. You can work with these firms closely. They offer you a variety of services that you can customize accordi
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Bigen - Online & Cloud Accounting Services

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Especia is one of the leading Outsourced Bookkeeping services and accounting services firm in Delhi NCR . Since 2010. We are continuously helping Start-ups, Small and Medium Enterprises (SMEs) in managing books of accounts in offline software like Tally, busy or similar software. These are desktop-based software. We have been preparing books efficiently and all compliances are done comfortably. But, now business environment has changed and business owner and CEO are expecting some cloud based solution where they can review financial key data on real time basis and can make decisions according. Based on our experience and lot of feedback from clients, we observed some pain areas. Following are some points or issues raised by entrepreneurs for modern accounting need: Generally, CAs do accounting at uncertain period from Quarter to Year & that’s of no use for any decision making except for Audit & Taxes. Do you know your books can guide you a lot about your business? Say your mar
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10 Ways to Automate Your Business Finance and Accounting System

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If an organization's accounting system is outdated, it might be time for them to automate their company system. Not only can they streamline their financial reporting, but it will also give them peace of mind to know that everything is up-to-date after looking at the financial reports. “Automation does not remove humans from the process” ; it empowers them by providing a solution. Apart from this, automation serves as an auxiliary solution, which, in turn, helps bring efficiency and productivity into an existing financial system. Different Organizations tend to automate their financial method as it helps them in time and cost savings, being audit-ready on time and helps in acquiring total visibility on  accounts payable, account receivable and key financial indicator . Listed below are the top ten ways to enhance the company's performance by automation, therefore improving its financial efficiency. 1. Data Collection and sharing Technology has changed the way of dat
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4 Big Reasons why a Software Should manage your Employees Expenses

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Introduction If there is one thing that every company across the world can unanimously agree on,  “it is the fact that Managing the company's employee expenses is a grueling job. A lot of companies have shifted to computer software, if you are someone who runs a firm and still computes expenses manually, here is a fact for you. According to the Global Business Travel Association, the cost of manually processing one travel expense report of one employee costs $58. Now, if you think that you run a small firm and the cost does not matter, a report by the Aberdeen Group disagrees. That report, about companies with less than 1000 employees, says that considering your firm manually processes 500 expense reports a month, you incur a cost of $210,120 every year. However, the same firm, when using automated expense management, saves over $54,000 a year. And this was just the tangible work cost that was taken into account. Many other factors come into play and make a significant
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