Benefits of Outsourced Accounting Services

As a business owner, you’re always busy in maximizing your production and performance. Certain aspects of running a business needs real time and cost constraints that can keep you away from focusing on your core business needs. One of the areas that require your full attention is your finance department. The more profit you pull in, the more invoices and account receivables you have to handle and more complicated every bit of financial management becomes.

Hiring a Finance and Accounting management requires the utilization of specific technologies that will save the firm’s money.

Outsourcing Accounting Services is an excellent way to grow your business without running into financial problems. Here are 5 reasons why you need to outsource your financial management.

1. Controlling Overall Costs: Even in accounting, little costs add up! You are not going to have as much profitability and productivity if you aren’t tracking your costs, invoices and other costs. Outsourcing financial services will help smooth out your cash flow.

2. Creating a Financial Management System: If you don’t have a solid financial management system in place, then you cannot grow properly. An outsourced financial service takes a critical look at your accounts, files, current third party systems in place and provides a foundation for future growth.

3. Integrating Accounting Solutions to your existing infrastructure: You won’t require the complete accounting service, if you already have a solid financial infrastructure in place. The outsourced financial management services know what technology systems to put in to supplement the existing system.

4. Creating Expense Policies: Another area that an outsourced financial management takes care of is your financial policy. A solid expense and a proper funding policy can provide complete detailed information on how the funds can be used, instead of letting the employees and departments spend the funds randomly.

5. Going through accounting backlog: If you have paperwork and file-work mess and you don’t know where to start, an outsourced financial service provides you with the manpower to get your books in order.

10 Benefits of Outsourced Accounting Services:

• Save time money and minimize overhead costs
• Get access to expert accounting services
• Be assured your finances are in order
• Get access to financial data and records in real time
• Reduce the risk factor
• Keep your finances private and confidential
• Automate and go green since everything is on software
• Ensure payroll and tax liabilities are done timely
• Accurate reporting of your income and expenses
• Become proactive and scale your business

Spectra, leading provider of Accounting Services in Delhi NCR has a strong team of accounting professionals with core competencies in setting up of centralized accounting processes & its management thereof. We develop tailor made accounting processes, systems and controls based on the Client requirements.

Get in touch with us for all your accounting needs!

AR / AP Services

Accounts Receivable

To manage cash flow for meeting the company’s working capital requirements is always prime focus for very organization to ensure seamless finance operations. To forecast the future working cash flow, it is important to know at any given point of time the status of receivables and payable along-with the time lag. Most of the time the reason for negative cash flow is due to unsystematic coordination and non-understanding customer process of Invoice processing.

Spectra manages your AR process (Accounts Receivable process) effectively through dedicated process experts who works in close coordination with the client’s payable team by creating a SOPs for each customer so as to minimize time taking in resolving queries at very first level . A full-fledged AR process cycle and related subset of processes help easy work flow and improved core functional assistance.

Accounts Payable

In every company vendor Invoice processing process / Accounts payable process has to pass through various stakeholders for approvals before it is finally paid. In the entire process vendor has no visibility of the status of outstanding invoices. In the whole process vendor and company both spend a lot of energy in follow-up / explaining the exact status of invoice and payment schedule.

For any finance department, tracking each and every vendor invoice status on real time is difficult because it travels through different departments in the company for approvals. To overcome this challenge, Spectra has developed a mechanism with the help of technology, process mapping and manual interface to track down or monitor the invoice status through Vendor Help Desk services.

Initiation regarding receipt of Invoices through Centralized Vendor Help Desk by electronic mode.

• Forward Invoice to respective department or departments for approval as per the approval hierarchy.
• Inform invoice related discrepancies to vendor and seek clarification.
• Forward vendor clarification and resolve query with concerned department.
• Ask vendor to re-submit the discrepant invoice.
• Forward approved invoice to finance department for cheque preparation / online transfer.
• Inform vendor about payment schedule.
• Monitor turnaround time for payment as per SLA.
• Keep record of correspondence with vendors.
• MIS reporting at regular intervals.

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Accounting Services

Spectra has a strong team of accounting professionals with core competencies in setting up of centralized accounting processes & its management thereof. We develop tailor made accounting processes, systems and controls based on the Client requirements. Our business approach is to create a satisfied customer by delivering set accounting processes.  It is often seen small and medium companies do not have skilled resource and requisite expertise to manage accounting processes in systematic way. Spectra understand the constraints of small and medium companies to mange accounting internally, therefore, Spectra come up with accounting / book keeping end to end solutions for small and medium companies. Spectra methodology is first to migrate the existing accounting date to off site location and deploy a  dedicated team of qualified and experienced accounting professional for future operation so as to deliver accounting services such as MIS reporting on payable, receivable, billing expense etc. on real time basis. Spectra accounting / book keeping services are cost effective and gives value to the customer  in term of cost, quality, effectiveness and efficiency. 

Setting up of Accounting System and Management

• Bills payable, processing & disbursement.
• Reimbursements Expense, processing disbursement.
• General Ledger Accounting & MIS
• AR Reconciliation and Collection from Clients

Accounting Outsourcing of your non-core business functions to third party experts can be an effective strategy to preserve limited capital and scarce management time. Factors driving the decision to outsource Accounting / Book keeping are as follows;

• Reducing overhead and personnel costs
• Controlling capital expenditures
• Engaging experts with specialized skills

Benefits of Accounting Outsourcing

• More time for your Core Business
• Cost savings
• Access to accounting experts
• Timely and accurate reports
• Satisfaction Guaranteed 

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