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Transition of business to outsourcing model

Once you have decided to outsource your bookkeeping and Accounting the shifting to outsourcing model from traditional model to outsourcing model has to be done in phased manner. This would ensure maximum benefits from outsourcing model.

                                                      Transition of business to outsourcing model
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Transition to outsourcing model is done by specialized transition team who would plan the transition and implement the same in phased manner.

Generally transition takes around 90 to 180 days to complete and achieve all the benefits of Outsourcing.Here are some of the points which would help in effective transition to outsourcing model:

Communication: To communicate with the End client and knowing the requirements of the client.

  •     Communication before transition
    Rayvat Accounting team shall explain the transition methodology and give the required information to the customers to make them ready for transition. It is more focused on convincing the clients for smooth transition to new systems and process. It effectively communicates need for change.
  •     Post transition Communication:
    Post transition communication seeks to get input/feedback from the client and devise the strategies to help the client to smoothly adopt the new system.

A checklist should be developed to help in conducting client service interviews. The findings of client service interview would be well documented in order to ensure that we completely understand the client requirements and cater them according to their needs.

Additional Service Benefits Explaining the client of the additional services Rayvat Accounting shall provide in addition to the outsource accounting services which the customer used to get previously. For e.g., Additional reports which we can generate for the clients which can be used by client to have a better decision about his business.

Training: Proper training would be given to the end client to help the client to get accustom to the outsourcing methodology.

Service Level Agreements: Rayvat Accounting would sign a Service Level Agreement with the end client to ensure that the roles and responsibility of the client and Rayvat Accounting are well defined. It seeks to have all the client expectations in Service Level Agreements.

Take Over: The team would take over the work from the staff of previous accountant in phased manner and handle it over to the Indian Transition team.

Feedback: Constant feedback would be taken from the client to ensure that the client is satisfied with the services.

Ticket raising and Support: Transition team can raise a ticket and support question for the team in United States on behalf of the client.

Quality Control: The information provided to the client would be routed through the transition team in united states providing a two way review of the information sent to the client.

Audit: They shall perform a regular check the ledgers to ensure that the accounts are error free.

You can view more about our outsourcing methodology.We at Rayvat Accounting Specialize in Accounting and Bookkeeping leveraging on cost difference between India and developed countries like Australia and United States.

Preparation of Business Plan for a Successful Business

Planning is first step towards conversion of ideas into a business strategy. It helps to effectively achieve the goal by proper allocation of resources. Business plan is one such step towards planning where the entrepreneur converts his idea on paper.

A business plan is any plan that works for a business to look ahead, allocate resources, focus on key points, and prepare for problems and opportunities.

Business Plan helps to visualize your business and forecasting the future based on present deployment of resources.

Here are some of the tips to write a good business plan:

1. Know your Audience:
Business plan written with a target audience in mind can be much helpful as you can prepare the business plan as per the knowledge and level of understanding of Audience.

2. Important parts of Business Plan:
A good business plan should have a proper flow of information and should be classified into various parts.
Generally a good business plan should be divided in following parts:
• Executive Summary of business plan
• Product Service
• Management team
• Target Market and competition
• Implementation schedule
• Milestones to be achieved
• Threats and opportunities (SWOT Analysis)

3. Structure of business plan:
A well defined business plan should have a proper structure and logical flow of ideas. It aims at convincing the reader of successful business in future.

4. Clear definition of milestones and time frame for achievement:
With clear strategies business plan should state the time frame for achieving the business goal and tentative schedule for implementation and achieving the goals of business.

5. Emphasize on cash flow:
An effective business plan should emphasize on cash flow of the business. For analysts it is important to have a cash earnings for business rather than just generating a positive gains for the business.
Rayvat Accounting offers business plan preparation services for small and medium sized business helping them to present their business various stakeholders effectively. For more information on our business plan preparation services contact info@rayvat.com and we shall get back to you as soon as possible.

For More Information Visit Us: Accounts Outsourcing

Finance and Accounting Outsourcing Trends

Starting of the year for finance and accounting outsourcing. international economy is slowly and steady from one among the worst recessions fully fledged within the last fifty years. Organizations ar gazing ways that to scale back the prices and be competitive within the market within the returning years. To get over the case firms ar progressively gazing finance and accounts outsource.
Outsourced Accounting processes usually requested were payroll, assets and accounts due outsourcing processes. rising method trends in finance and accounting outsourcing ar monetary designing and analysis.

Demand for Outsourcing Accounting continues to be considerable
There area unit still several untapped Finance and accounting outsourcing chance areas, a recent study estimates that there area unit fewer than 800 live engagements and solely one-in-six enterprises outsourcing transactional accounting activities to a 3rd party service supplier.

Recovering economy rekindles outsourcing motives
The F&A BPO market was at its peak between 2004 to 2008; interest cooled throughout the recession as enterprises targeted on shorter-term survival measures and place amendment initiatives, like BPO End-to-End Finance and Accounting (F&A) Services on the backburner. However, with recovery beneath method, several businesses area unit localization attention on international outsourcing opportunities as a way to scale back expense. Studies estimates that, additional enterprises area unit currently assuming to get into associate degree F&A BPO model over future year, with robust motivation returning from mid-market organizations.

More evolved Finance and Accounting deals
A key trend seen these days is that variety of shoppers UN agency have already entered the finance and accounting outsourcing area ar currently moving on the far side ancient outsourcing areas and practices. Their previous expertise has been a useful learning ground. they’re additional conscious of what to try to to, and additional significantly, what to not do. As a result, they’re that specialize in putting in a much more evolved source surroundings.

businesses set-up accounting systems, clean-up existing books and implement outsourcing agreements. His firm focuses on providing accounting and reportage services to little medium businesses in australia

Confidentiality of Information in Outsourcing Industry

Outsourcing industry is facing a challenge of breach of confidentiality by the outsource service providers.Some of the information transferred involves confidential information which can have financial threat for the owners of information.There is a high probability that the information may be leaked when sharing it with the third party service providers.Confidentiality is important in cases where cross border transfer of work is involved as it becomes difficult for transnational entities to legally sue each other for breach of confidentiality terms.Various ways and methods have been devised to ensure confidentiality of client information. There can be legal, procedural or technical categories of privacy protection.

– Signing of Non Disclosure Agreement :
Accounts Outsourcing service provider needs to sign non disclosure agreement with the client to ensure that the information is not leaked to third party with our prior consent of the data owner

– Transfer data over Secured network :
The data should be send and received over a secured VPN network in order to prevent eavesdropping of the information. Firewalls schedule be installed on the workstations to protect data from malawares and viruses.

– Training to employees :
Employees need to be trained in order to ensure that they do not leak the information unknowingly to third party. Non disclosure agreement needs to be signed with the key employees of third party service providers.

– Employee level access defined :
Each employee has to be granted specific level of access to the client information. Privacy and security policies should be communicated to the employees.

– Backup of Records :
A proper backup of data should be maintained in order to prevent mass loss of information or loss of data due to corruption of data. This can prevent risk of lost or stolen data. Automatic backup of data at regular intervals can help in preventing any maladies.