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    Ensuring safety when outsourcing accounting and bookkeeping tasks

    Posted On May 9, 2014 BY Madhu Jain

    Bookkeeping and accounting is the backbone of a company’s financials, income and expenditure both. It paves way for the business planning and long term financial planning. It is extremely important to maintain clear and appropriate book of accounts. Even slightest of misappropriation in handling the accounts would lead to greater troubles.


    Ensuring Safety When Outsourcing Accounting And Bookkeeping Tasks

    It is imperative to ensure cent percent safety while selecting a firm for outsourcing accounting and bookkeeping tasks. Following are some of the points that make the best company for outsourcing accounting and bookkeeping tasks. These are very elementary verification tools but very important.

    • Credibility of the firm – Credibility check of the firm is the first activity that has to be performed after zeroing in on the list of service providers. 360 degree verification is must before entrusting the bookkeeping and accounting task. At our company we perform a total verification.
    • Expertise verification – has a team of dedicated experts that serve the customers with quality. This would help in ascertaining a firm’s expertise in the domain and would consist of the profile check of experts involved. By doing this a certain level of confidence upon the competency of the firm could be understood.
    • Reputation checks – It is necessary to understand the market reputation of the firm and the opinion of their clients about the services provided to them. If possible, their clients should be interviewed for which the business unit may take help of some independent consultants. This step is carried on by the company.
    • Top priority should be paid to confidentiality management- We always pay attention to this aspect. The service providers maintain a backup of the financial statement of the client just in case of any data loss. Hence it becomes the responsibility of the service provider to secure the data and maintain its confidentiality. Still, for the benefit of the business, the business unit too should ensure that the outsourcing firm has the capacity to do so.
    • A memorandum of understanding should be signed before contracting out the task which should clearly mention the terms of references and deliverables that have to be met. In order to delineating the deliverables, the business unit should have clear understanding of the services that they are expecting from the firm. is a professionally managed accounting solution provider which maintains higher standards of excellence and professionalism. The services are designed to assist small and medium enterprises across the globe. partners with any organization based on its business requirements. Bookkeeping, accounting, business advisory, management of accounting software, budgeting and financial plans for management requirements and taxation are some of the domains which are the strongholds of It is a 13-years-old reputed company founded by likeminded finance professionals. Variety of services is provided for the benefit of business enterprises. Founded in India, the company now has clients in the United States, the United Kingdom, Australia, Europe and Singapore.