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Bookkeeping

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Page of the site: HOME » ACCOUNTING SERVICES » Bookkeeping

Bookkeeping


    Outsourcing — means contracting certain activities that are not a company's key activities (i.e. bookkeeping, IT management) to outside professional skilled service providers; in other words a business entity chooses to obtain the services of a specialized supplier for a certain business process, for example preparation of balance-sheet. Outsourcing of bookkeeping has become very common in recent years. The market for these services is continuously growing. This is explained by the fact that Russian companies have now realized the benefits of having professional bookkeeping services provided by outside suppliers.
What are the main advantages of outsourcing your bookkeeping?
  • Outsourced bookkeeping is much cheaper as opposed to remuneration paid to your employed qualified accountant. Also you do not need to pay payroll tax, which in 2011 has been raised in Russia up to 34% even for organizations liable to special tax remissions.
  • No need to arrange another workplace for your accountant (you save on office rent, software, computer, printer, stationary and other office equipment).
  • No need to subscribe for specialized beekeeping magazines; spend on training of your bookkeeper at seminars, etc. to improve his or her competences.
  • It should also be mentioned that in spending 40 working hours in the office each week your bookkeeper may become willy-nilly aware of many things that may be confidential and not at all meant for his or her knowledge. This will never happen in case of outsourcing, as the outsider is dealing entirely with the documents that are provided by the company for efficient bookkeeping.
  • No need to hunt for good accountant, hold interviews, get into troubles when he or she catches a cold or decides to quit just before the reporting deadlines.
  • And last but not the least is the fact that you have your Bookkeeping Outsourcing Contract, where you have specifically agreed all terms and liabilities of your service provider.
Bookkeeping services provided to business entity - whatever type of business it is, shall include:
  • producing zero balance-sheet;
  • handling source documents;
  • keeping financial and tax accounts;
  • payroll job;
  • preparation of payment documents;
  • cash transactions and banking;
  • preparation of quarterly and annual balance-sheet;
  • preparation of financial statements and reporting, synthetic and analytic account books;
  • consultations on financial issues.
Efficient bookkeeping is not only required by the legislation but is also an essential of today's business. Well-established bookkeeping is your helping hand in the evaluation of your financial standing. Drawing on your financial records you may decide to review your product policies, change management of your payables and receivables or introduce new practices. This is why neither trouble nor time should be spared to establish efficient accounting system and keep accounts in professional way. Time however is money.
 

Most valuable thing for any company is the time of its managers. It may be transformed in anything – money, skilled staff or any other resources. From this viewpoint the advantages of outsourced bookkeeping will help you to save money, but most importantly – time and efforts. Think about the value of time and rather spend it to yield a profit – by providing your services, manufacturing and marketing your products – and leave it to us to take care of your bookkeeping!



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