Outsourcing bookkeeping to Rayvat Accounting is similar to business process engineering model where there is a complete shift in the manner of how the business is done.
In Business process Re-engineering, there is a fresh pondering on the present business and how the process has been done of late.
Business Process Re-engineering (BPR) is basically rethinking and radically redesigning an organization’s existing resources.
BPR is all about redesigning of the workflow and methodology to a more better model which can decrease cost as well as increase in overall efficiency of the business process. The ultimate purpose of re-engineering is to optimize the overall performance of business and generate superlative profits for the business.
Moving to Outsourcing model can be beneficial to your business if it has been implemented in planned manner.Are you planning to Outsourcing your books and still thinking of when to start on Outsourcing model?
Well we recommend to move on to Outsourcing with start of new financial year. This would have a benefit of easy and smooth transition to outsourcing carrying with a switch in the work methodology.
However we recommend early transition which would give us time to settle the process and make it worthy for you.
Call us to know more how we can redesign your Accounting business processes and help you to excel in your business.
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In this money minded world, generally Business Finance indicates the finance area in which you have to deal with the decision making of finance as an entrepreneur or enterprises. The key point in business finance is to increase the business at corporate level. Many people have to take financial risk and manage it. Though it is different from managerial finance in which you have to take the decision for financial firms including the corporations, the basic concept for business finance would be appropriate for all types of financial firms.
The Small Business Financing refers the goal to provide the funds or any assets for starting up the new small venture. The business owner obtains or brings the money keen on an accessible small business to current finance or the future activities of the business. It should be done in the proper way that it can manage the risk and take the profitability with consideration of all limitations.
The funding or financing can be of the long term or short term. It depends on the sources of nature through which the funds are coming. The short term and long term designs the money structure of the business enterprise.
The finance can be at the global, regional or the firm specific level. The enterprise’s financial system is used to track the all financial activities of the firm. At the regional level, financial system enables the borrowers and lenders to exchange the money or funds. In the Global Finance, the system includes institutions, regulators, borrowers as well as lenders at the broader range which can act at the international level. It is a worldwide network.
By concluding this, the most important thing at the initial level is to keep your business buoyant so the firm can earn the profit. Do not ignore the small details when starting up the business. It can be break your ideas.
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The first question which comes in our mind that what is account receivable management and why it’s needed in any company or any organization? I can give you the answer. Account Receivable is the money that is payable to you by the customers you have for the services or supplies. It is created when a customers purchase any of the service or goods the company have and they do not pay the money at the time of purchase. In the other words we can say that the company has the sale of a service or any kind of products without collecting the payment buy the customer. The company who has account receivable management has issue the invoice for their products later on. So it might be create the problem to receive the money from the customers and the account department might be in risk of any of the company.
But on the other side account receivable will be recorded in any kind of business and it might be beneficial to the company. Once the invoice is sent to the customer, they have to do the payment within 30 or 60 days. If the company has too many Accounts Outsourcing receivable, the company may not have that much of cash it needs to pay day by day bills. It is very important to maintain the account receivable for the strong business.
There are three characteristics which we consider in Accounts Receivable and that is economic value, the element of risk and the futurity. You should carefully analyze the element of risk. We can say, in the cash payment there is no risk but in the credit payment, the chances of risk may be increase.
There are many factors that affect the account receivable management and they are given below:
• The terms and conditions which is used to while giving the credit payment to the customers
• The credit sales volume
• The policies and the practices the company have for their customers
To maintain the account receivable department, it is mandatory to follow each customer on daily basis. The person who handles this department has to call the customers and remind them about the invoices and the payment left by them. To do this kind of process you will get the payment early than expected and it may not harm the profit of the company. Therefore you have that much of cash on the hand when you will have to pay it to your vendors. So it has some advantages as well as disadvantages also.
Outsource Bookkeeping Services are very useful in various countries like US, UK, Canada, Singapore etc. If you want to start any kind of small or large business, one thing is very important for it i.e. regularly updated book keeping. Purchasing of Bookkeeping software and to train the people for bookkeeping is very costly nowadays. The companies, who do not know about bookkeeping, can take the benefit by outsourcing to India. It will remove the requirement of Accounts Outsourcing division in any organization and the organization can get entry in the professional services of bookkeeping in the market by 40-50% of the cost.
In the worldwide, India is the best country for outsourcing the bookkeeping services. Do you think that we can get many benefits from it? I would say yes , we can get the benefits from it . There are mentioned as under:
• The expense on bookkeeping can reduce up to 50%
• Increase the bottom line with less staff
• The focus on the business can increase
• Appoint an enthusiastic online bookkeeper with honesty
• The chances of the training program for accountant would be reduce
• The data would be more confidential and secure with the latest technology
There are many bookkeeping services that will be outsourcing to India. There are many software used in India for Outsource Bookkeeping Services. There is one software named QuickBooks for accounting and it is widely used. It is very useful for multiple users and it has regularly updated with no legal issues. It can increase the efficiency and also the profit in the company.
This service of outsource bookkeeping is very much secure at its level. There are two different methods for it. One is Online Bookkeeping and the other is offline bookkeeping. I offline bookkeeping, the client has to send all the scan documents and upload it on the website of the company. Than when the company receives the data, it will send for approval and you may able to get confirmation from the company. While in the Online Bookkeeping, the clients have to give the details of their server and the company operator will directly do the work.
In the conclusion, we can say that the outsourcing bookkeeping services are very secured and beneficial in India as well as outside the India.
With Ongoing evolution of new technology and standardisation of the business practices the business across the globe are moving across various destinations.Moving across different nationalities helps business to arbitrage on the cost opportunities as well as get skilled pool of manpower.Hence now the game is changing from long term unsatisfied business relations to more dynamic and satisfied business relations.
Where the client asks for constant improvement in the present process and keeps on analysing different opportunities and constantly improving the present process.The game is going to be more exciting in coming years due to adoption of standardised accounting noems like IFRS and XBRL.There is a constant urge for standardisation of business practices as well as reporting for more transperancy and comparability.
Almost 90 countries have signed for International Financial Reporting Standards (IFRS) and still many countries have it on their cards.Many developing countries are joining the league and following IFRS.XBRL is developing fast as business reporting language.It standardises the reporting of various entities to ensure that every entity reports on one platform.
US securities Exchange and U.K’s HM Revenue & Customs already require the reporting on XBRL format. India has also adopted XBRL for financial reporting to ministry of corporate Affairs.Standardisation of reporting helps local talent to come to the global markets and work at an international level.This would inturn help in cross country funding of capital with increased transperancy.
Transition period might be a challenge for the business entities as well as regulators. Considerable amount of resources needs to be invested in people in order to transform from old systems to new ones.However the benefits of the change are much more relevant in long term and can prove to be worthy of investments.However free movement of information is a prerequisite for achieving this goals in a short term.
Various laws like PIPEDA legistation of Canda and EU data protection Act are preventing free movement of information across the globe.But that cannot be sustained for a long time and these challenges are to be overcomed in long term.The urge of business enterpreneurs to be more cost efficient would ultimately push towards free movement of information across globe.
As noted economist C.K Prahalad rightly said: now it is a vague question “will there be globalisation?” the question to this should be ” How arbitrage on the benefits of Globalisation?”A decade would make world a global village with equal opportunies for every nation and every individual. The competition would be fierce in the near future and
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Outsource Accounting and Finance Services
The department in any corporation or personal business that is answerable for the daily management of funds and cash of the corporate is called the accounting department. This department is all known as the heart of the organization because it is accountable for however the company’s cash is spent, and if the funds of the corporate don’t seem to be managed properly, the business would merely fail. The department deals with daily payment of transaction billing, taxes, and other finance related matter at an awfully high volume on a usual.
Therefore, the existence and also the strength of this department are extremely vital. With the extraordinary competition within the market, corporations would like sensible management of funds and techniques to succeed. Also, companies are looking for strategies to reduce costs and increase productivity of their companies, due to this the companies willing to outsource accounting services. Few facts have given rise to appearance of Finance Service Agencies.
Few advantages of Outsourcing Accounting Services
By Outsource Accounting to outdoor agencies, companies are able to give more focus on their productivity whereas the agency manages the company’s finance.
Companies are able to reduce the burden of work and keep focus on greater quality of work.
Off-shoring monetary services, taxation, back workplace transactions process and allied operations of your company won’t solely build these processes trouble free however additionally prevents valuable money. Utilize the experience of a financial service provider and which will help your business to achieve good financial results.
On an ultimate note, India is a well-known destination for Outsourcing accounting and finance services in the world take benefits of it and join hands with Rayvat Outsourcing Accounting Company India Ltd which provides the professional services of Outsourcing Accounting and finance Service to the clients since many years.