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Magic of Outsourcing of Accounts

Home Idea Of ATS

Outsourcing services:

Let’s have an idea of what exactly Is the requirements of having An Accounts team.

  • Deep diving into Product cost
  • Basic Book keeping (Sales/Purchases/Receipts/Payments)
  • Basic Tax compliance (GST output/Input/TDS Deductions and Returns filing)
  • Basic Management Reporting (Revenue/ Expenses/Profit..etc)

If volume is less

If volume is More

One guy can handle, but requires better Tax skills for Tax compliances

Need to add the resource along with the volume, and to hire a Senior for Taxation

Even after doing the above, there is scope for betterment by doing Financial Planning & Analysis
It requires highly Paid Professional, also Basic Accounting should be Perfect to perform FP&A

Issues of getting above things done:
  • Finding Right talent to do the same
  • Getting the Right things from the candidate
  • Affordability of cost of In house team.
  • Issues with the Complications in Tax litigations.
Let’s have an Idea about Outsourcing:
  • Responsibility of better performance will be on Agency
  • Tax Compliance…etc will be handled by Professionals
  • Negotiable Charges for the Services
  • No issues as to Quality of Candidates/Their performance…etc
  • You can Insist for Inhouse team to some extent.
Check Points:
  • Basic data has to be stored in own software of the company
  • There should be In-house team for the basic data maintenance
  • All tax compliance..etc only has to be done by the Agency
  • Tax litigations has to be handled by Agency with no extra charge
  • Ther should be Data safety agreement

Over and above, it’s better to get Financial Planning&Analysis (FP&A) done by the same agency. And, that’s where benefit lies, by Outsourcing the Accounts.
Lot of benefits from FP&A one can get at an Affordable and Optimal cost, as its shared service

COMPARISION:
In-House

Costly if you need FP&A too

Comfortable as its In house team

Need to get things done from employees

Need to handle the employee retentions. Etc

Outsource

Affordable as its shared service

Can insist for Inhouse team,

It will be on the Agency to deliver the better

It will be on agency to handle Man power