Think about paying nominal prices; think about Asia. The continent offers a vast resource as far as outsourcing is concerned. With a large numbers of businesses opening everyday worldwide, this is how the balance is struck in the field of bookkeeping.
According to logistic surveys, labor costs are cheap in India. No, not physical labor, but the cerebral ones. This alone defines why bookkeeping needs are best taken care of in India; all those who opted for it got access to a highly technological bookkeeping environment with performances that match! To afford a similar one at any first world country, you need to be bigger than a medium-capital company. Anything that’s latest in accounting and bookkeeping services is a hallmark of the Indian companies; with employee-trained professionals, specialized services are directed towards single entry, double entry as well as towards online bookkeeping.
While you may ask – “How far the fees for single entry bookkeeping can go down; something this simple and uncomplicated just requires the transactions to be entered into a single column.” Of course, though very similar to checkbook register maintenance, it is a mechanical job that needs precision. Date, description and amount – all three columns require trained people for entering figures consistently into them without losing concentration. And if you ask the importance for such a tedious job, it is just that they suit small businesses better and leaves grounds for more columns lest they need to be added for different types of revenue and expenses. To the initiated, this also proves such stuff holds good for calculating the daily and weekly accounts; for monthly, quarterly and annual accounts maintenances and for everything else requiring detailed financial information on spreadsheets, what you need is a Double Entry Bookkeeping System. It helps in calculating an exact financial position of a business; helps avoiding mistakes and errors for which no bank statement reconciliation is required; establishes a link between the balance sheet and the net income and keeps an exact track of liability and asset accounts, including inventory, accounts receivable and accounts payable. Unlike the single entry system, individual values are also not left out but are managed through debit and credit entries.
However, you may now ask why not going for the double entry system only? It’s because a double entry system requires more time and effort and cannot be afforded on a daily/weekly basis. And if that makes you think to hire an offshore service for the smaller jobs and a local one for the annual accounts, know that there’s something now called an online bookkeeping system; it aids in storing all business and source documents and related data in web-based applications at your beck and call on a 24/7 basis. So what’s the point in ending up spending more?
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4 comments:
Great job. Very well said!
There are two types of bookkeeping systems used in recording business transactions: single-entry bookkeeping system and double-entry bookkeeping system..
Business Accountant
At the point when utilizing money bookkeeping, a record of a deal is not continued the record until money is physically gotten. An option strategy for recording the exchange must be utilized. Regardless it ought to be composed down at the season of the deal understanding. There might be a different book or only an arrangement of receipts, yet deals must be recorded some place regardless of the possibility that full installment is not got at the season of exchange. For bookkeeping purposes, this is viewed as an agreement that is a future consent to make a buy. When all the money is gotten, in any case, the records are effectively exchanged to the wage
accounting and bookkeeping services
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