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Ans- Following are the benefits of accounting outsourcing 1) It’s cost effective Outsourcing accounting is generally less costly than hiring someone in-house. It saves you the time and money required to recruit and train, and also relieves you from paying payroll taxes, salary, insurance, benefits, time-off etc. 2) Drive core business functions Hiring an internal accountant won’t necessarily drive revenue. Outsourcing accounting allows people to put money toward activities that will increase revenue – developing a website, building inventory, hiring staff in sales departments, improving current products, etc. 3) Use a leading software A powerful and scalable software such as Sage Intacct, can make complicated, time-consuming accounting a snap. A standard software can handle your core or basic financials, but a great software can take on more complex functions like revenue recognition, inventory management, and project accounting, as well as connect to business applications you already use. 4) Access to trustworthy data Good financial data should be the backbone of your business decisions. When you outsource your accounting and gain access to a powerful software, you can collect the data you care about, and build charts and reports around it.
Ans- Not quite, but they do go hand in hand. Bookkeeping is responsible for the recording of financial transactions, whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing financial data. Bookkeeping is very reactive, where you are recording transactions that have already happened. Accounting is more proactive, anticipating future financial needs and planning on how to meet them.
Ans- Bookkeepers who are engaged in bookkeeping services in Rohtak (Haryana) responsible for on-going maintenance of their clients’ general ledgers. Their common responsibilities consist of: Compiling data on a daily basis Categorizing expenses in the general ledger Reviewing the general ledger for accuracy Reconciling bank statements against the general ledger Generating financial statements Accountants who are engaged in accounting services in delhi use the accurate and up-to-date general ledger maintained by the bookkeeper to provide advisory services, such as: Preparing the company’s financial statements Analyzing the company’s financial data Preparing income tax returns Providing tax planning advice Thus accounting is a much broader term in comparison to bookkeeping.