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Numbers can frustrate you, especially when things simply don’t add up.
Understanding your business’ finances is at the core of every small business as it allows you to look into what can be improved for your operations and create more room for better margins.
You would need an accurate financial report to determine all of this.
It is important to document all of your financial reports and that could consume time and human resources to do so.
Most small businesses do not hire their accounting team as maintaining one can become costly and most small businesses do not keep up with the expenses of maintaining one.
More than one-third of small businesses currently rely on offshoring firms to do most of their business processes which include finance and accounting.
In 2019, over 52% of small businesses have had the intention to do so.
Companies depend on outsourced accounting firms to handle their accounting needs.
According to the 2018 Client Accounting Services, nearly 80% of companies reveal that they perform better with a dedicated offshore partner that can assist them with their accounting needs.
You can get a range of services from offshore firms, including basic accounting services and more complex accounting procedures.
After reading this article you should be able to identify what are the types of accounting services your business needs.
One of the significant benefits of having your external accounting team is that it can help your business scale by saving time and effort as well as bringing in the right accounting expertise that can help you polish up your finances.
Accounting services bring in the right support that you need to streamline your financial tasks easily so that you can focus more on finding opportunities to increase your profitability.
If you’re now considering hiring an outsourced team, here are some accounting services for small businesses.
Get to know more about what each service entails and how it can help expand and scale up your small business faster.
General Bookkeeping entails the management of your cash flow. It is recording all financial transactions made by your small business.
This is the fundamental accounting service that you can get through your offshoring firm. Expert bookkeepers record, classifying, and organizing every financial transaction made by the business.
One of the most popular types of accounting services that you can avail of is tax accounting services.
This service is vital for any business regardless of its size and most especially during your early years as a business.
It mostly deals with the preparation of tax returns and tax payments.
It focuses on income, qualifying deductions, and any investment gains or losses.
This keeps your small business in compliance with government taxation policies and it will also avoid any penalties which can become more costly for your small business.
To ensure that your business can scale up further and mitigate any potential risks.
The role of an internal auditor ensures that your business's internal control process is always implemented. It is important as it determines any gap within your business and protects your assets, especially as you scale and grow them while running your business.
Offshore accounting firms specifically offer this type of accounting service, as it's costly to maintain an in-house auditor. You can get more affordability, flexibility, and expertise through an offshore internal auditor.
Another type of basic accounting service that you can avail of through your offshoring firm is a bank reconciliation, and this is highly important to keep your transactions as accurate as possible.
Bank reconciliation is a type of accounting service where a business’ record of accounts is matched with the actual balance in their bank statement.
This also includes matching bank statements, business expense reports, customer invoices, and client payments to your actual money on hand.
Offshore accounting teams can help you do this in a more precise manner, as they are dedicated to ensuring that your financial records are kept up to date.
Accounting firms can help you manage your accounts payable to ensure that you do not miss a deadline with your suppliers.
This will help you strengthen not only your outbound cash flow but also your relationship with your suppliers.
Keeping your accounts receivable in line with your payables can lead to a healthy cash flow that can eventually generate more profitability for your business.
One of the most tedious and time-consuming accounting services is payroll accounting especially when you are a small business as you need to ensure that your employees are paid on time and the proper employee taxes are applied as you continue to engage with them.
Basic accounting services usually include payroll accounting as this lifts off the heavy workload of timekeeping and management from small business owners.
Any small business needs to ensure that its financial reports are intact and dealt with precision, as this affects the owners’ decisions on whether and how to scale their businesses.
Important reports like balance sheets, income statements, financial statements, and cash flow reports are some of the most basic financial reporting that your dedicated offshore accounting team can do for you.
Accounting firms can also help you create analysis breakdowns for debt planning and reduction to ensure that your small business’ financial state is as solid as it can become.
There are many more roles and advantages that you can get from acquiring different types of accounting services made for small businesses.
The key is to ensure that all your financial documentation is recorded properly and that your business cash flow is always kept in a healthy state.
Your dedicated offshore accounting team can also help you find the right solutions to improve the profitability of your business based on your current financial standing.
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