Top 5 Services Your Company?s Accounting Department Should Outsource

Accounting is one area which every company has to maintain but mostly not part of their core business. It is also one of the areas that keep changing every year and the company has to aggressively keep up with the changes in the tax code. This includes managing your books till you finish up with paying taxes. For a company to survive in an environment where mistakes are costly and dependent on how well they can play the accounting game correctly, they should have an outstanding accounting department. This could either be in-house or completely outsourced to some good service providers.

Accounting is a critical component of your business and care should be taken to employ the best and the bright. These accountants should be ahead of every tax and book keeping game. They should stay abreast with every tax code changes. More so over they should be capable of finding ways to save more for the company. But having an in-house team for this is often very costly given the price of publications to subscribe and the time it takes to go through complicated laws. The best would be to outsource this task and have a limited in-house staff to oversee the operation. This is one area where a separate expert entity makes a lot more sense and you can rest assured that the team is keeping up with the changes and saving you money and help you run the core business without distractions.

Here is the top 5 list of accounting areas that you should outsource to the experts:

1. Book Keeping: this involves maintaining your sales ledgers, purchase ledgers and cash books.

2. Payroll: This is a lot complex than you think, choosing the right software and constantly keeping up with the tax codes is by itself a very complex task. In this age the base salary is just one component, the majority is based on performance and achievements. These factors are highly volatile, and add a different equation to payroll processing. Outsource this first if you have more than 20 employees.

3. VAT: Value added tax is one of the very complex tax regimes which every company should seek advice with professionals. The customs and excise is a very task intensive area and having in-house experts for small companies who do a lot of imports and exports is a costly misuse of scarce resources. You should find out the folks who can keep up with the complex tax changes and who can ensure the returns you file are accurate without any overpayments or underpayments. The overpayments are one time loss, but underpayments will come back to haunt you.

4. Financial Accounts: The financial accounts should be maintained and shown at very strict time limits. This is usually a race against time. If you have an in-house team, they may perform this well in normal situations. But sometimes there may be some audits where the time to resolve issues will be a big pressure point and your in-house staff cannot just take it. It is better that a good service provider manages this area for you.

5. Company formation and corporation law: This is one service which is wildly popular for its outsourcing ability. You can easily get the services of a good company to take care of the company formation and registration aspects. You need someone to talk to the tax authorities on your behalf. They should also be very well versed in the particular industry segment your company is in. This ensures the tax opportunities and relief available for your company can be fully utilized and proper structure could be employed.

There are a few more that could be outsourced but these are the major areas you may want to evaluate in your next board or company meeting.

If you need an Accountant in Essex you may want to visit the resource filled website auxesiaonline.co.uk. These folks have some good fee structures on an hourly, fixed or percentage basis. Get educated with a small consulting on how to outsource accountingwith these folks before you begin the next cost-saving company meeting that you want to hold.

Author is a Freelancer and writes content for many good websites like Aplora Web Solutions. You can reuse the content but you should reuse in it's entirety with all links active.

---

Leadership Style: What Makes A Good Boss?

In today's competitive environment, companies realize that a good boss... Read More

Innovation Management ? how does the user benefit?

Creativity can be defined as problem identification and idea generation... Read More

Attract and Retain Positively Great Employees - An Action Plan for Employee Training

Everyday a business owner, CEO, or manager somewhere is complaining... Read More

Difficult Employees-Poor Performance - 10 Tips for Dealing with it in the Workplace

I personally struggle with the term 'managing people' - because... Read More

Assessing Managers for International Competence

How do you select staff for international assignments? It's an... Read More

Bye-Bye Boring Meetings! Make Yours Remarkable!

It's the middle of the night. You've woken up with... Read More

One Simple Idea to Grow Your Business

Perhaps the most common theme I've heard in working with... Read More

Turnaround or Terminate? How to Deal with Problem Employees

Do you struggle with a "problem" employee? If so, join... Read More

Employee Surveys: a Strategic Tool for Positive Change

Do you want to measure your workers' level of satisfaction?... Read More

Internal Prisons: The Thief of Productivity and Quality in our Workforce

As a professional speaker, one of my biggest challenges is... Read More

Argue Your Way To Business Success

"Jack" (not his real name) is a vice president of... Read More

Personnel Access Poses a Continued Risk

The Security Consultant's Perspective...Implementing Personnel Security Initiatives should be the... Read More

Managing Creativity

Creativity Starts Here!The ability of an organisation to create new... Read More

Enhancing the Motivational Climate of Your Workplace

It has been well documented that employees' productivity and job... Read More

Innovation Management ? what are the practical impediments?

Creativity can be defined as problem identification and idea generation... Read More

How to Find the Right Virtual Assistant for You

If you search on Google for "virtual assistant", you'll find... Read More

Project Management - Preventing Project Slips

Can Project Managers prevent projects from slipping?Ask a techie to... Read More

Managing Meetings

Plan/prepare - lack of purpose causes aimless meetings. Know why... Read More

Your Blueprint For Business Success

Before you start your own business one of the first... Read More

Building A Stellar Business One Employee At A Time

Top businesses that continually lead their industry clearly understand a... Read More

Succession Planning for Your Business - 7 Key Benefits

A core activity in many successful businesses, Succession Planning is... Read More

The Survey Feedback Process for Organizational Development and Change

THE PURPOSE OF SURVEY FEEDBACK:In globally competitive environments, organizations are... Read More

5 Ideas To Leverage The 3 Stages Of Career Development In Your Organization

In most industrialized nations, the average age a student graduates... Read More

Communicating When A Crisis Strikes

How would you handle communication if your business or practice... Read More

Motivating For Higher Performance

Employee motivation is probably the most important single manageable factor... Read More

Entitlement Programs Kill Productivity

In articles I've written over the years, I have used... Read More

Use Noncompete Agreements To Protect Your Business

Q: One of my former employees has launched an online... Read More

Innovation Management: The Power of Emotional Attachment

Creativity can be defined as problem identification and idea generation... Read More

Poly Bags and Pallet Shrouds - Just Get it Right

For many companies, procuring the right packaging, such as Poly... Read More

Management Team Section of Business Plans

Writing an award winning business plan is a great skill,... Read More

Avoiding The Sheep Dip

It is a sad fact that many employees are still... Read More

10 Resolutions For The New Year!!

Each year many people create a list of resolutions designed... Read More

Plan for Business Success - 6 Reasons to Succession Plan

Succession Planning provides many valuable assets to your business. Yet... Read More