India is known for having both cost as well as technical advantages when it comes to outsourcing IT services and processes. India has emerged as one of the most preferred country for outsourcing various services globally. These include supply chain management, sales, marketing, customer care, legal, Human resource etc besides Financial Services and E-Accounting services.
The WORC outsourcing is well established and thriving. It is respected for providing quality services at significantly lower costs with world-class infrastructural facilities. WORC E-accounting company provides with expert off-site, remote e-accounting, financial services outsourcing and accounting services outsourcing, working in close association with your needs and specifications.
Various financial services / accounting services offered by WORC are:
Accounts Payable: The process helps client to track payments originating across different locations and in different currencies. It helps to efficiently settle payment issues with vendors.
Accounts Receivable Management: The process includes managing as well as tracking the client's receivables in different locations. It also helps to manage the limit of credit extended by the client.
Tax Processing: The process includes keeping proper tax data and auditing it and also maintenance of various documents and forms relating to taxation.
Cash Management: The process includes checking the cash flow statement of the company. It also includes checking the liquidity of the company, managing current assets like cash, inventories, bills payable and receivables etc.
Risk Management: The process includes services like monitoring the risk factor of various investments, looking after the returns, looking after at the viability of projects a company undertakes. It also includes making quarterly reports of investments and sending it to the company.
Claims Processing: The process includes checking of documents supporting the claim, storing online data of claims and their redressal.
Bookkeeping is the process of recording, classifying and summarizing financial transactions of an organization in a form, which is easily understandable. It entails making records of day to day financial transactions of an organization. Corporates are outsourcing bookkeeping service to specialists and hence save time, improving efficiency by concentrating on more important issues.
Types Of Bookkeeping Services
Single Entry System: The single-entry system of bookkeeping is an 'Informal' bookkeeping system emphasizing on the determination of profit and loss in organizations. A daily summary of all the cash receipts and cash payments is made in this kind of bookkeeping system. There is only one entry for each transaction. This system suffers from various drawbacks and hence is no longer in use. A check book is an example of single-entry bookkeeping system.
Double Entry System : The Double-entry bookkeeping system is a 'Formal' bookkeeping system in which every financial transaction is recorded twice. The double-entry system has built-in checks and balances and is more accurate than single-entry system. It is self-balancing. This system is a complete accounting system and focuses on the income statement and balance sheet. Almost every organization follows the double-entry bookkeeping system.
Benefits of Outsourcing Bookkeeping Service:
Organizations can concentrate on more important issues . Reduction in manpower requirement for maintaining books of accounts. Specialized personnel maintaining the books of accounts reduces chances of errors. An organization can check its financial transactions and position anytime