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Efficiency, Scalability, Low Investment Expansion, Cost-Effective, Growing Business Strategically, Virtual Team – all these terms have one similar identity and are all related to Outsourcing. Almost every company operating in the United States has outsourced a considerable amount of their operations to other nations, such as India, the Philippines, and the UAE, to enjoy low labor costs and outstanding expertise.
Accounting and Bookkeeping are the backbone of any business as they record every financial transaction and business event and keep them organized to analyze and evaluate firm performance.
Accounting is the foundation of preparing financial statements and tax filing return forms and reports. It keeps track of every organizational department’s expenditures, revenues, assets, liabilities, and investments. It also maintains and builds long-term business relations with customers, suppliers, and vendors.
Accounting is the in-depth concept around which the entire company revolves. It is like a father to a son who oversees his son’s activities, keeps track of expenses, and helps make strategic decisions. In this blog, we will walk you through the types of services you can outsource to your Accounting Outsourcing Company.
Additional Services Offered by Accounting Outsourcing Firms
Bookkeeping and Comprehensive Account Management
Accounting Outsourcing Service Providers handle comprehensive bookkeeping and account management work, from classifying and recording transactions to analyzing them to prepare balance sheet financial statements and evaluate your business performance.
You will get timely reports from weekly to bi-weekly and monthly to assess the progress of the implemented strategies and fine-tune processes and methods to achieve short-term goals and objectives.
Outsourcing bookkeeping and comprehensive accounting responsibilities will free your internal teams, and they can work on lucrative activities. Also, you don’t have to hire seasoned accountants and bookkeepers.
You can outsource the work in any season and stay worry-free as they will deliver you assigned tasks within the committed timeframe of premier quality and 100% accuracy. It helps you build your strong reputation and provide your clients with error-free work.
Financial Reporting
Outsourcing Accounting Providers also offer Financial Outsourcing Services that includes analysis of accounting books, general ledger, and balance sheet to prepare financial reports and statements, facilitating tax filing returns preparation.
They also evaluate financial ratios, make audit reports, perform portfolio analysis, forecast budget, fixed asset management, bank statement reconciliation, and more. You will get comprehensive support and relief from financial management responsibilities.
All the reports are prepared in compliance with federal and state laws and regulations. You will get highly accurate weekly, bi-weekly, and monthly reports according to your client’s request.
Tax Preparation Services
Apart from Accounting, Bookkeeping, and Financial Outsourcing Services, you will also get comprehensive support for Tax Preparation Services, including tax filing returns statements forms, eliminating unnecessary transactions, and formulating a well-documented report to determine a net payable amount.
They pay meticulous attention to every transaction and scrutinize the entire statements for 100% accuracy before you submit them to tax authorities. At Prime Offshore Accounting, we provide Tax Preparation Outsourcing Services.
As a highly professional Outsourcing company, we adopt the industry’s best practices, and all the reports comply with financial and state tax laws and regulations. We implement all credits, deductions, and exemptions to help our clients get maximum tax benefits and help them strategically plan for the upcoming tax year.
Audit Support
Auditing is the chief aspect of every Tax, Accounting, and CPA firm as it helps to detect errors in accounting books by thoroughly assessing them to ensure they are 100% error-free and present financial statements accurately in compliance with GAAP.
It helps businesses evaluate the progress of their implemented financial strategy, accordingly take decisions, and outline a roadmap for the next financial year. Financial Audit is indeed an arduous and time-consuming complex task.
It is wiser to outsource rather than keep it in-house and spend substantial investment in highly experienced human resources and time preparing auditing reports.
At Prime Offshore Accounting, we have veteran financial experts who proficiently handle multiple projects and auditing work of tax, accounting, and CPA firms. They employ their expertise and knowledge to deliver 100% precise audit reports and save you considerable time, which you can divert to primary business activities.
By leveraging our experience and resources, you will give your clients audit reports of the highest quality, integrity, and conformity.
Payroll Processing
Accounting Services Outsourcing Companies have a dedicated workforce of Payroll Administrations who handle Payroll Management activities. It means that apart from accounting, bookkeeping, financial services, tax preparation, and audit, you will get needed support for Payroll Management and broaden your expertise and service offering basket.
You can achieve scalability by leveraging resources, technology, and infrastructure to get Payroll managed by highly skilled Payroll Specialists. They will assist you with regularly recording employees’ information, leaves, absenteeism, and bonuses.
They maintain them systematically so you can access them at your convenience for assessment. They also compute net salary by considering all aspects, including payroll taxes, leaves, remuneration, and allowances.
Once you have reviewed and approved the payroll reports of employees, they will disburse salaries on your behalf through your company’s bank account from their end to save you time.
It means you don’t have to recruit human resources personnel for Payroll Management. You can hire Payroll Experts from Business Processes Outsourcing Companies like Prime Offshore Accounting and focus on other business areas.
At Prime Offshore Accounting, we provide comprehensive Payroll Management Outsourcing Services performed by our Payroll Administrators and Processors team. They professionally handle every client of tax, accounting, and CPA firms in the United States. We provide weekly, bi-weekly, and monthly reports on your request.
We even process employees’ payroll on your behalf. We send an email confirmation after sending payroll reports, tax statements, and salary payment confirmations for transparent communication.
Business Advisory Services
Accounting Outsourcing Services Companies also provide extensive support to the clients of tax, accounting, and CPA firms through comprehensive business advisory services. They comprehend your accounting and financial statements and strategies to formulate a lucrative plan to help you attain short-term goals and objectives.
At Prime Offshore Accounting, our Business Advisory Consultants have helped several clients with well-grounded strategies and advisory services.
As a highly reliable Business Advisory Services Outsourcing Company, we specialize in key business areas, such as financial planning, business valuation, treasury management, mergers and acquisitions, and more.
It helps our clients operating tax, accounting, and CPA firms in the USA widen their service offerings, provide their clients tailored business advisory services, and build long-term clientele relations.
Regulatory Compliance
Navigating regulatory compliance is complex as CPA, tax, and accounting firms face constant challenges. Outsourcing accounting firms have expertise in providing adroit support in helping you navigate intricate regulatory compliance of federal and state government.
They assist you in overcoming challenges by ensuring all the accounting, financial, tax, audit, and payroll reports, statements, and documents shared are 100% compliant, from SEC filings to federal and state government requirements.
At Prime Offshore Accounting, we have a dedicated team that manages and oversees whether all regulatory obligations of our clients are met or not. They are well-versed with federal and state government compliance regulations, policies, and laws to serve our clients with supreme regulatory compliance services and decode the challenges and hurdles faced.
Conclusion
After reading the blog, you will have fully comprehended the different services offered by outsourced accounting companies to ensure businesses get numerous services at a one-stop destination. Also, you would have been acquainted with the benefits of each service.
At Prime Offshore Accounting, we provide all the services mentioned in the blog: Accounting, Bookkeeping, Tax Preparation, Payroll Management, Financial Services Management, Business Advisory Services, Regulatory Compliance, Audit Services for CPA and accounting firms, invoice processing, Accounts Payables, and Accounts Receivables.
We have a dedicated team to perform all the tasks in each service basket we offer. It helps ensure the timely delivery of assigned tasks, as they are carried out by experts specializing in their respective roles. We provide economical pricing and hourly rates for our services. You can opt for our free one-day trial to get a brief about our working style and the accuracy of the output.
We aim to help you achieve scalability and widen your expertise in the local market with our services. You will save massive costs on infrastructure, hiring a seasoned workforce, technology, tools, and software. You will overcome the difficulties of recruiting a reliable staffing shortage. We will deliver you all seasonal work on time to build a solid reputation.
Partner with us as your Business Process Outsourcing Provider by requesting a free consultation and quotation.
