Key characteristics of good offshore accounting company

Accounting jobs are often synonymous with boredom. They are comprehended as sitting at one’s desk, going through the same old account books and financial statements. An accountant is perceived as someone who is involved in hardcore number crunching and nothing else. Well, this was somewhat true but a decade ago. Because as an accounting professional you do so much more than just number crunching.

You create a financial strategy, give strategic advice, comply with the latest tax regulations, take actions to save money for the client, boost revenue in their business and the list has just started. But accounting in itself is a constantly evolving industry and has so many subcategories, so you cannot thrive by limiting yourself to the stagnated accounting skills. To grow, innovate and become an exceptional accounting professional, you need to learn and develop your skills continuously.

With the advent of technology, accounting jobs are perceived in the global arena today. Accounting jobs are one of the most glamorous and coveted profiles in the world of finance. So what exactly has changed it? Let’s take a tour.

It used to be that ‘keeping books’ for business was literally a paper-based process involving ledger, lots of columns and a pencil to record a business essential financial data. In the digital age, however, even the smallest business can benefit from a wide variety of offshore accounting companies in the market. They not only help you keep your data secure but also help you gain insight into your business that you couldn’t see in paper form. with automation conquering all spheres of a profession, can accounting jobs be left behind?

USEFUL READING :- Not getting enough time to focus on your business

Today the mundane work of accountants such as bookkeeping, receipts, and voucher reviewing, scanning invoices, etc. can be done with just one click. There are many OFFSHORE ACCOUNTING COMPANIES out there who take care of this process-driven work leaving a lot of time for the accountants to focus on strategic areas of corporate finance.

All this brings us to one conclusion. How do we choose an offshore accounting company!

Because finding the best accounting cloud service for your business can be a challenge, with an explosion of shrink-wrapped software products and online application offerings. To choose an OFFSHORE ACCOUNTING COMPANY, you need to understand your business and its accounting needs and assess the products available today. Well to start with every cloud service has its own common and distinct features. It solely depends on your needs to figure out which one suits the best for your business.

What an OFFSHORE ACCOUNTING COMPANY should actually provide?

QUALITY OF SERVICE:

Cloud accounting is spreading its roots at a very high rate in this era. Hence the quality of service plays a vital role in cloud applications and majorly accounting. Now OFFSHORE ACCOUNTING COMPANY takes care of the management of applications and allocation of required resources to such application thereby providing better performance, authenticity and higher computing.

COST EFFECTIVE:

For many accounting businesses, the cost is the final factor deciding how to invest. When it comes to the price of computing, cloud computing services are the most cost-effective and efficient when compared with on-premises servers. Long story short with the cloud you pay for the actual work done instead of the capacity to do work.

GOOD INFRASTRUCTURE AND LATEST TECHNOLOGY:

Good infrastructure and the latest technology are always attractive. Instead of keeping books OFFSHORE ACCOUNTING COMPANIES provide you with the latest technology of cloud services which will free you from the hassle of bookkeeping making your accounting much more sophisticated.

HIRING SKILLED TALENT:

Cloud computing is basically beneficial to those businesses that have grown to the point that they need to consider setting up an internal finance team to take care of compliance and internal reporting, costing, monthly reports, projections, etc. So what these OFFSHORE ACCOUNTING COMPANIES do is provide you with a one-man army which takes care of all your manual work.

EFFECTIVE COMMUNICATION CHANNEL:

While work becomes easy with these companies, it is also a real privilege to be able to work closely with clients and help them realize their goals which simply cannot be done effectively without cloud technology.

RELIABILITY AND STABILITY:

The perceived reliability of cloud security is one of the highest obstacles to cloud adoption and is largely attributed to the fact that you do not own or control the system your data is stored in. But these OFFSHORE ACCOUNTING COMPANIES make sure each member in the hierarchy has their own login credentials making it as safe as it can get.

CLIENT CENTRIC:

Large enough to meet all your financial needs and small enough to know your name when you call

Also being able to access financial data and information quickly in real-time is always welcome.
We at CapActix empower your business to make informed decisions sooner rather than later.

Also with CapActix, sharing your documents for outsourcing your accounting tasks is easy, secured and trailed. We use an SSL encrypted document management portal wherein you can upload your data and the employees can access it for preparing your books of accounts. Alternatively, if you don’t want to upload your data on our cloud, we can host CapActix on your cloud. With this alternative, you don’t need to share documents with us as they are stored on your server and we can check it with viewing rights and access permission to necessary files to prepare your accounts.

Users can also have different access permissions to files and folders so that non-permitted files and folders are not even visible under their login. Users have a personalized dashboard by their rights and access permission.

And notifications!! How can we forget that? CapActix makes sure to notify clients about all the important tasks pending. With CapActix you can rest assured.

Conclusion:

So now you can outsource your accounting tasks to CapActix Business Solutions without worrying about data security. You can sit back and relax while CapActix does your entire math!!

Wise or otherwise it’s your choice!!

If you are looking for OFFSHORE ACCOUNTING COMPANY, then write to us at biz@capactix.com or call us on +1 201-778-0509

The Perfect Way to Hire an Online Bookkeeping Services to Make your Life Easy

When your company is expanding and you are facing trouble in managing your finances, then this is a clear indication that you should hire online bookkeeping services instantly. Plus, if you are planning to sell your startup business to someone else, then you need to maintain your accounting books systematically.

There might be any reason for you to look for outsourced bookkeeping services, but one thing that you must be confused about right now that would be how to hire the perfect bookkeepers? This is a question of your business’s financial health so you can’t make any decision in haste, you have to unveil all the available possibilities and pick out the best virtual bookkeeping services solution for your business.

Online Bookkeeping Options

If your business is small with around 30-40 employees and an annual turnover of a million-dollar, then you don’t need to hire full time in house bookkeepers. So, to fulfill your small business bookkeeping needs, you have three options ahead of you –

• Hiring Freelancer
• Working with a Bookkeeping Firm
• Appointing Remote Bookkeeping Solution

Each solution has its pros and cons, but if you want complete bookkeeping services company for your business who can handle everything for you like CapActix, then you have to go with the third solution.

How to Hire the Best Remote Bookkeeping Services?

Hiring the online bookkeeping services is the best solution because you will get benefits of both freelancer and company from it. You can enjoy the services of different accounting professionals remotely anytime by outsourcing bookkeeping services. The outsourced bookkeeping services will be a highly affordable solution as lots of manual work is handled with automated tools by them. For small bookkeeping services, it is a great solution and small businesses can hire good bookkeepers by considering the following points.

1. Compare prices

Virtual bookkeeping services usually charge a fixed monthly fee from companies based on their workload. They calculate the monthly bill by taking into account the number of books or accounts made by them. Some online bookkeeping services company offers extra taxation and audit services as well for which they charge separately. Remote accounting companies also help merchants in getting loans and guide them in improving their credit scores.

When you are searching for the perfect service providers to handle your financial work, then do compare pricing policies and methods of each service provider. You should check all the service prices individually and collectively and then compare them with one another. The accounting service providers that offer you the best bookkeeping management service at affordable rates, you should always pick it.

2. Consider the process

The next thing that you should consider is which process is followed by bookkeeping service providers like do they have a special app or do they use emails to connect with you? Also, some of the remote bookkeeping companies are highly automated and can easily import your financial transactions such as credit accounts, bank statements, etc.,

So, when you are looking around for the remote services to manage your accounts, then consider which type of process is followed by them. Try to hire the remote service provider who offers you a complete automation system with the help of the latest technology tools. The automated service provider can help you in filing your taxes by sharing all the financial information with you digitally.

3. Completion of work

Generally, outsourced bookkeeping companies are highly equipped to handle bulk work and deliver it on time. That’s because just like bookkeeping services company, they have multiple accounting professionals working with them around the clock which isn’t possible in the case of freelancers. This way you can ask them to deliver as much as work you want on short notice.

However, before hiring the online remote bookkeeping services, you should ask the following questions – how many accountants are working with them around the clock? How frequently can they examine or update different accounting books? Will they be able to deliver reevaluated books on time? These questions will help you in deciding whether the company can deliver your work on schedule or not.

4. Experience and Certifications

If you want to enjoy good quality work without an error, then you have to check the experience level of the online bookkeeping services company. The experience shows that whether a company can handle pressure and still deliver quality work. You should ask about the training and education level of the employees working with remote companies. You should also check whether the company offers training and education to their staff related to the latest bookkeeping tools or not.

Also, make sure to check the certificates of bookkeeping service providers as certifications help in understanding whether the company is aware of the latest accounting rules and regulations. It doesn’t matter how many certifications bookkeeping companies possess, having the CPA designation is mandatory.

5. Check online presence

In today’s digital world, you can easily access the performance and experience level of the remote company by checking their online presence. You can check the company’s website, social media pages, customer reviews and ratings to examine the company’s performance. From the online presence of the company, you will be able to get a fair idea about its functionality and popularity.

These are the basic five points that every small business bookkeeping services seeker should consider. However, if you are looking for an easy way out, then you can hire CapActix Business Solutions to outsource some good quality bookkeeping work. That’s because they offer fair prices, automated work, experienced staff and timely delivery with an amazing online presence. To know more about our services, contact us via email at biz@capactix.com or can call on +201-778-0509.

Why partnering with Virtual accounting team or online accounting is good for you

Digital disruption has changed the way we do business. Virtual accounting at first sounds fishy to any non-tech savvy owner. Of course, accounting details are confidential and you would want an in-house team to oversee the financial operations of your business. Owners still are skeptical to outsource bookkeeping and accounting services in the virtual space. They worry primarily about data security, access to real-time data and losing control over confidential information. In the early business stage, you can do with a single accountant looking after your finances. You would realize, as your business grows, that bookkeeping and account management is an arduous task. This important task is highly recommended to be performed by professionals rather than an individual. It facilitates you with better financial controllership and flawless accounting practices.

With almost everything being done online and cloud-based, virtual accounting certainly has advantages worth considering. Let’s have a look at them each.

Independent and reliable reporting

Compare to In-house accountants, virtual accountants are more independent as they neither have direct contact with your business stakeholders such as Debtors and Creditors nor have direct control of your business operations. In most cases, fraud occurs when your in-house accountants create an alliance with your stakeholders which is difficult to track and control. Because of this, most organizations specifically NGOs prefer to hire virtual accountant rather than establishing an in-house accounting department.

Expertise and knowledge of virtual accounting team

When you outsource accounting to the virtual team, you have domain experts there. Based on their wide experience and comprehensive knowledge, they know what businesses need today. They pay attention to the tiny details which are most likely to be avoided by in-house bookkeepers. Virtual accounting services bring in more in-depth and astute financial acumen than an in-house team which leads to business profitability.

Time-saving and Cost-effective

It just does not save time but money too! We know it sounds great. Doesn’t it? Yes, Virtual accounting allows you to focus on your core strategic tasks and simplify your work process. Moreover, the cost of the in-house team is way higher than having a virtual team. You, therefore, are likely to save a bunch of money.  

Accuracy and Real-time access to data

You have access to real-time data all the time. Virtual accounting services enable your businesses with insightful financial reporting. It also analyses your historical data to plan to build stronger financial policies. Overall, it makes you more pro-active about your business to grow.

Latest technology

In the current digitalized era, technology keeps upgrading. In Accounting not only the software, storage media but also the method of bookkeeping get affected by the change in technology. In the era of competition, it is imperative to be updated in terms of the use of technology. Most businesses with an in-house accounting team face mainly two issues; A. keeping pace with changing technologies B. continuous updating of the account team’s knowledge. Virtual accountants are a solution to this problem as it becomes affordable for them to keep pace with changing technology and updating themselves with the latest trends by appropriate training at regular intervals.

24/7 access

You have assistance at your disposal all the time. The virtual accounting team has 24/7 availability to take up all your queries and resolve them. This is one of the biggest perks of virtual accounting. Apart from that, having constant access to critical information gives better control over your finances. If you are not good with technology, the virtual accounting team makes it easy for you. It trains you on bookkeeping and accounting software and other areas where you need to. Basically, your virtual accounting team is your point of contact for everything.

Data security

Data security is a major concern for business owners. It is of utmost importance for any virtual accounting team to protect the confidential information of clients. CapActix ensures safe transfer and storage of your financial data on our secure and encrypted cloud server. We are ISO 27001:2013 certified company and providing assurance to our clients about the security of their sensitive financial information and records.

Conclusion:

Don’t make accounting a hurdle for your business. Leave it to the experts and let them do a job. CapActix enables your business with accurate online accounting and accurate financial forecasting. If you are looking for reliable accounting services to scale up your business growth, please write to us at biz@capactix.com or call us on +1 201-778-0509

What is Cloud Accounting? 6 Reasons why cloud accounting is good for your business and how it helps you grow.

You must be living under the rock if you have not heard of cloud computing. Most of the businesses today are shifting towards cloud technology. This is the paradigm shift, we have been witnessing over the past years. It facilitates business operations with more efficiency and accessibility.

Simply put, Cloud accounting is moving the financial data of your business from traditional on-premise software systems to SaaS-based accounting software. It is an online accounting through a web browser where your data is stored in the cloud. There is no requirement of accounting software in-house as you can use it remotely via cloud applications. Businesses are undergoing this major transformation owing to certain benefits. In this blog, we have enumerated some of the key reasons to adopt cloud accounting.

Anytime, anywhere access to your accounting data

Perhaps, the biggest advantage of cloud-based accounting services is you can access your accounting data anytime, on any device. It makes your work faster and smarter. It also allows other departments and branches of your company to access the same data. It enables employees to better collaborate that leads to more productivity.

Automation

Automation is a need of an hour. Focusing on the core business task should be the utmost priority for any business. Dealing with crunching numbers all the time is a tedious task. Automation eliminates most of the manual accounting tasks you do day in and day out. There is a great scope of error in bookkeeping and it is no easy to keep the track of all transactions and reconciliation especially in case of large scale businesses. Accounting automation ensures the authenticity of your financial data that you can rely upon.

It just does not save your time but improves productivity. Automation processes financial information and presents the data with business insights. With astute analysis and reports, it helps you make profitable business decisions.

Integration

Cloud accounting software is flexible and you can customize a great deal as per your business needs. There are third party accounting tools and applications which you can integrate seamlessly with your existent system. For example, if you connect it to your bank, then you can easily import all the transactions and bank statements directly on your accounting software.

We recommend using such online accounting tools and apps for all the critical tasks. Another example is the barcode scanning app that makes it easy to register sales invoices in the system without manual data entry or any human effort. Hire our cloud accounting software consultant to know the right tools that perfectly suits your business.

Data security

The biggest concern about cloud computing is data security. Many business owners, especially non-tech ones, are still skeptical about it. However, the truth is that your data is more secure on cloud than your on-premise systems. Nobody can have access to your data except authorized personnel. If your laptop is stolen, the information cannot be leaked as it needs a password to log in to the system. So basically your financial data is encrypted and password protected. It’s similar to net banking. There is nothing to worry about!

Zero maintenance cost

With the cloud, there is no need for installing and maintaining on-premise software. Moreover, you don’t even have to update software. Cloud-based software upgrades automatically with every latest feature and functionality. It saves you both time and money!

Auto backup

Accounting data is extremely critical for companies. Cloud infrastructure does not just protect the data but stores it on a secure online platform. You don’t have to worry about software crash or bugs as it automatically backs up your data on all the devices you use to access financial information. Your financial data is likely to be lost at the time of natural disasters, but it makes no difference in the cloud platform. It safeguards your data all the time in all the circumstances. It does not hinder your work and hampers productivity. In short, all the data is saved and accessible all the time.

Conclusion:

Accounting is a demanding profession and dealing with data is an overwhelming task. Cloud accounting makes it easy for you to manage, access and control your data without compromising on security and privacy. It speeds up day-to-day accounting operations and allows you to focus on your core financial tasks. We strongly recommend businesses to automate accounting for more efficiency.

We, at CapActix, provide the expert accounting software consulting services to find out the right set of cloud software and tools for your business. Email us at biz@capactix.com or call us at +1 201-778-0509 for QuickBooks accounting, XERO Accounting or other cloud accounting software consultancy.

What is bank reconciliation? 8 reasons to reconcile monthly to aid establishing a sound internal control system

Many businesses today, struggle with financial control. They must adopt uncompromising standards to ensure all the company’s records from ledger to balance sheet is correct and verified.

Bank reconciliation is validating your transactions and balances. It helps you identify discrepancy and remove them from your records. We know it is a very repetitive and mundane task. But it is an extremely important aspect for any company. It basically reviews all the transactions and ensures they reflect on the bank statement. A good bank reconciliation practice does not just help establish a sound internal control system but also leads your business towards profitability. You know where your business stands in terms of finance. It enables you to better financial planning for the future.

Here are some of the reasons why you should consider bank reconciliation seriously:

Identification of errors in bank records of a company or bank statement

Bank reconciliation eliminates differences in your accounting records. It essentially compares your internal transaction to your account balance. It ensures each transaction goes through the bank records and appears on the bank statement. It tracks down all the differences between accounting records and payment receipts. This is a critical task and has to be done with the utmost diligence to keep fair records of all your accounts.

Control mechanism and helps to prevent unauthorized withdrawals

As they say, “prevention is better than cure.” Bank reconciliation creates a control mechanism to oversee all the financial transactions of your company. With rigorous verification, you check on the deposits and withdrawals of your bank accounts that prevent fraudulent transactions.

Accurate Cash Flow planning

It keeps you updated with regards to your cash flow regularly. It helps you make more accurate cash flow predictions and planning. Bank reconciliation services enable you to better utilize working capital for your business.

Helps in avoiding Overpayment

If you have paid for the same invoice more than once to vendors and suppliers, reconciliation notifies it to you that the amount has been paid twice. It monitors your expenditure and saves money.

Prevents frauds

The safety of your accounts is at stake if you are not supervising them on a timely basis. This is even more pertinent in the case of bigger accounts. It is good to detect the possible threats that could compromise your accounts before it is too late. Banks and card reconciliation services highlight abnormalities in your banks and credit card accounts. You can prevent your bank accounts from any unauthorized access and cancel the card the moment you detect the fraud transactions. This can only be possible when you implement a system that regularly reconciles your accounts.

Reputation management

It is embarrassing when your check bounces. Reconciliation keeps you updated with your account balance before you sign off the check.

A sound internal control system

It establishes the sound internal control system which every business needs for financial operations to run smoothly. Bank and card reconciliation services help you check all the transactions going in and out of your accounts and verify them as well. It detects errors and rectifies them. Receiving invoices is not enough. You have to ensure that checks are cleared and money is deposited. Reconciliation keeps a check on all your debit and credit transactions to keep accounts balanced.

Year-end procedure for bank balance confirmation

There are chances, especially in the case of big businesses that bank balance in your cashbook and bank accounts don’t match. A transaction might be recorded differently. Reconciliation assists you to remove those inconsistencies by monitoring deposits and withdrawals daily. If you don’t reconcile your accounts at least once a month, it would be a humungous and tedious task for you to authenticate the bank balance amount at the end of the year.

Conclusion:

Every business should implement concrete bank reconciliation practices. It does not just identify and remove your problems but makes you aware of the financial position of your business.

CapActix offers sound bank reconciliation services to bring you clear understandings of your transactions and finances. It reduces the chances of fraud and protects your bank accounts. If you are looking for reconciliation services, please write to us at biz@capactix.com or call us at +1 201-778-0509

Tips to consider while choosing accounting outsourcing company

Outsourcing means hiring a service provider from outside of the company. Nowadays, outsourcing your firm’s accounting is being vital and it has great benefits as well. For the very first, you can save money because internal accounting becomes expensive. Further, in today’s aggressive business atmosphere, organizations are adjusting costs versus benefits in each key choice. Management heads have understood that keeping every single operational activity in the house may not be the most effective practice. That has offered to ascend to business capacities being redistributed at a lot higher rate than before. These days, outsourcing the accounting and payroll functions is no special.

Organizations without the resources or framework to deal with the accounting and finance services  inside regularly seek help from the different organizations for that mastery. For small companies, it is fruitful since they are regularly ill-equipped to ingest these capacities into the activity. This is likewise appealing to bigger organizations that need to save the expenses of holding the workforce. If the correct association is picked for redistributing, the works can some of the time be redone and some bit held with the organization.

Outsourcing is not such a common decision such a simple buying or selling things, but it must be seen from a long haul association viewpoint among you and the organization. Consequently, a lot of ideas and due perseverance should go into picking a top-quality accounting outsourcing company.

Here is a list of some tips to consider while choosing

• How services provided– When you are going to choose an outsourcing company, you should check thoroughly. Turning off a part of accounting just and keeping the rest for in-house preparing will just prompt complexities in union and conclusion of an asset report. Thus, guarantee that the re-appropriating organization can take full charge of the all outsourced accounting services required of your business. Complex heads, for example, creditor liabilities and receivables, bank ad charge card compromise and upkeep of records ought to be over the rundown. Deals expense figuring and documenting of profits, just as the computation of different charges including business and individual duty, should likewise be dealt with by the office.
• Experience and reputation regarding this service– It is not sufficient if you have an agreement with an outsourcing office just, you need to guarantee that they have the required proficient mastery in accounting administrations. Accounting is a multifaceted undertaking best left to bookkeeping re-appropriating organizations with a great reputation and long periods of experience in this field. Research the market and check their certifications and notoriety. Experience the rundown of organizations that as of now profit their administrations. Check tributes to get a reasonable thought of their ability. Keep in mind, it is your organization accounts that are at stake and every single last detail must be tied up before granting an agreement.
• Programming utilized and information safety efforts embraced – This is essential, ensure that the accounting re-appropriating organization that you at last pick utilizes the most recent in accounting programming. You would then be able to be guaranteed of the precision and speed of information handling. It should likewise be perfect with the one you have embraced in your business. This will help inconsistent exchange and transfer of information, solicitations, and reports between the re-appropriating organization and your frameworks. Further, all revised reports should be accessible on your Internet-empowered gadget with the goal that you can get to your financials consistently before taking any vital business choice.
• A lower amount is not always the best deal– because you have a genuinely reasonable offer does not imply that you have the best in this line. You should not settlement to spare a couple of dollars over the long haul. Verify the various significant advantages and disadvantages before landing at a choice with this factor being at the base of the rundown.

By hiring a professional and reputed outsourcing accounting company, you can get abundant benefits like money-saving, expertise and many more.

If the way toward choosing an outsourcing company appears to be overwhelming, you are most likely doing it right. An exhaustive thought of all the significant factors with a look past the conspicuous criteria is the best way to arrive at the best choice for your business and your particular conditions. If you want to try our services, then drop an email at biz@capactix.com or can call on +201-778-0509 for instant queries.

Points To Consider Before Choosing An Accounting Partner

When it comes to choosing the right offshore accounting partner, there are many options. But, you can’t go for any random firm because for professional results, you need to hire a professional accounting partner. So, if you are looking for small business accounting services, the below tips are for you. These are a few things you need to consider before finalizing the deal with any of the accounting firms.

Setting a goal

For people, who are just starting with their business, setting up a goal is a crucial thing. Some of the firms can offer help in setting your business goals. Moreover, if a firm is providing this service, make sure if they are charging some additional fee or offering it for free.

Experience & size of the firm

Experience counts more than anything because it tells us that the company has been able to stand in the competition. The size of the firm grows with time, and so is the experience which is a big factor in knowing the quality of their work. You can check the reviews of their previous clients to be sure.

Certification & qualifications

You can’t get the best services from a firm which gives training. The certifications and qualifications of the experts working in the firm matters a lot because if your business is a small one, you need better advice, which only an experienced person can give.

The closeness of their services to your business

They will be providing you with accounting services which include many jobs. It is better to understand the type of services they offer or the type of companies they deal with because then you will get better services. Ask them about the kind of clients they deal with and see if you fit the rank. If you don’t find the right match, you may end up spending an extra amount.

Confidentiality and Security

Have you ever considered anything more important than the security of your data? If yes, it’s time to change your preferences. Make sure you ask about their privacy policy before providing further. Things like where the information is stored and how it is used are important to know before hiring the services.

Use of advanced technology

New technologies keep on emerging and make our lives easier by providing us the ways to do better. Know the software your firm will be going to use to make sure that they are updated with the latest and can provide you with the best services.

Ease of access to your data

Your accounting firm will be going to handle your data, but it’s you who needs it. Either propose your conditions or know their policies about the access to your data. Will you be provided with real-time access to your data? Understand how you need it and how they offer you, and if everything combines well, you are good to go.

Advice

There is a difference between providing services and providing consultations. Sometimes, the firm might not be interested in giving feedback about your needs, and they will only do your work. So, the thing, it is up to you that what type of accounting partner you want? If you have the knowledge, go for any, but if you don’t have that much experience, it is better to find one that offers in-depth counseling for all your financial responsibilities.

Audit Support

It is a big favor your accountant can do to you. The internal revenue service audits are stressful when there is no one to represent you. So, if you need help with this, find a firm that offers an accountant to help you in such situations. Some of the firms can even provide their offices.

Portfolio

We all know what collection means and what is its importance. In the case of hiring an accounting firm, you need to check the portfolio to see what is the best they can offer and what can you expect. If your expectation doesn’t match, it is better to look for another than giving a try and wasting time.

References

We have done this for every small and big thing for years, and you can do it here too. Google has reviews for some firms, but a real-time reference is something you can trust better. Ask your friends, family members, and people you know by business relations about their service providers and choose the right one.

Fees

Every firm has different criteria for charging to their clients. Some of the accounting service providers can charge for the whole package and others can charge you per task and phone call basis. You can also be charged on a per-minute basis. So, the best thing is to discuss with your team and find out what will work best for you before going for anyone.

Availability & point of contact

How often do you need to meet or talk to your service provider? Because the work is yours, it is better to give preference to your needs rather than following the policy of firms. Ask about the available hours or days from the accounting firm. Also, make sure you clear everything about the “how to contact” terms.

How Outsourced Bookkeeping Services Can Help in Growing your Business?

Business owners are constantly looking for tools that can help them in growing and expanding their business to its full potential. For this, they even try different methods like outsourcing important services. In business, bookkeeping services are one of the most vital services which are rapidly outsourced by businesses nowadays.

It is very difficult for small business owners to hire full-time in-house bookkeeping staff to manage their work. That’s why small business bookkeeping services are very high in demand and bookkeeping services company like CapActix is trying their level best to provide affordable accounting services to their users. Apart from the small-scale businesses, medium, and large businesses can take advantage of outsourced bookkeeping services as this practice is loaded with tonnes of benefits.

How Outsourced bookkeeping services will help in growing your Business

These are a few ways in which outsourced bookkeeping services can help in growing your business into a successful venture.

1.    More time to focus on your work

When you have given the important responsibility of maintaining your accounting books to professionals, then you can divert more time on fulfilling the requirements of your clients in a better way. You can improve your services and can provide more valuable work for your clients. By making your one client happy, you can retain that client with your company for a longer period and will also receive positive referrals from your satisfied client. All this happened because you have given more attention to your client’s requirements by delegating the bookkeeping work.

2.    Improved level of efficiency

If you are running a startup in the newly developing economy ecosystem, then you need to stay focused and have to increase your efficiency level. The high level of efficiency can’t be achieved if you are surrounded by different accounting books all the time. To achieve your business objectives, you have to invest your time on other important work and let outsourced bookkeeping company in India handle your financial burden.

3.    Less chance of errors

Being a business owner, you aren’t trained to manage bookkeeping system that means you have to spend double time in updating your accounts. However, by bringing outsourced bookkeeping services to handle your workload, you will be able to get clear and accurate accounts in no time. Moreover, sometimes to comply with Tax Laws, business owners have to create multiple accounts and manage different books that get very overwhelming for one person. That’s why by using the services of experts, you can reduce the chance of making mistakes in your accounts.

4.    The facility of highly trained professionals

If you hire a full time bookkeeping professional for your company, then it is going to be way more expensive than hiring an outsourced bookkeeping company. Moreover, by hiring a complete company you can utilize the services of differently trained professionals altogether. Like, you can use the services of accountant and tax consultant by hiring one outsourced finance company whereas appointing both professionals individually is going to burden your pocket more.

5.    Latest bookkeeping tools

To manage your accounting books digitally, you have to purchase different software and even have to regularly upgrade them as software becomes obsolete shortly. So, by outsourcing bookkeeping services, you are getting the benefit of all the latest technologies and processes are available in the market. When your accounts are being prepared by professionals on the latest software, then you won’t locate any errors in your books which will eventually help your business grow financially.

6.    On-time work completion

Once you have hired the bookkeeping service provider to manage your work and a fixed date for the completion of work, then you don’t have to worry anymore. As the outsourced company will deliver your work on time no matter what. That’s because they have a full team of accounting professionals with them. Whereas if you're in house accountant fell ill or have to take leave, then there is no guarantee that your work will be completed on time.

7.    Don’t need to hire in house bookkeeper

By hiring the outsourced company to perform your bookkeeping duties, you won’t ever have to hire in house employees for the job. This means that you can save money on paying employee overheads, holiday pay, payroll taxes, infrastructure cost, and training cost. This practice can add a huge portion to your profits that you can use to expand your business further.

8.     Elimination of bias system

Sometimes when you have your accounting team and other office employees working together, then there are quite high chances that an accountant can be influenced by other team members to make some biased transactions without your knowledge. This will harm your business reputation and present the fabricated picture of your financial condition. So, when you have appointed outsourced bookkeeping company, then there won’t be any chance of biased management of accounts.

There’s no doubt that outsourcing your bookkeeping services will free up your valuable time so that you can focus on growing your business by using different strategies. But, for this, you have to find the best bookkeeping services in India who can manage your confidential accounts with the utmost efficiency. Your search for the best-outsourced bookkeeping services company can take you to the CapActix website as we offer neat and high-quality bookkeeping services to our clients. If you want to try our services, then drop an email at biz@capactix.com or can call on +2017780509 for instant queries.

Top 10 Practices followed by successful CPA firms

Accountants are considered as conservatism and dislike changes. But change is the only constant in the world. Progressive CPA firms are always starving for adopting changes. Practices followed by them become industry standard practice and adopted by others. We highlighted the top 10 practices followed by successful CPA firms.

1. Strong client relationship management

It is rightly said that the Client is King of the market. The ultimate objective of all the hard work we do is to satisfy and develop a strong relationship with our clients. Strong relationship management doesn’t stop at mere delivering services but includes giving a personal touch to the professional relationship such as greetings at important events and festivals. Seeking service feedback and client’s advice for improvement of services also plays an important role in engaging client. Each client is different and some sort of customized treatment according to the preferences of the client helps in increasing the comfort level.

2. Focus on development of consulting services by outsourcing accounting services & tax preparation services

Consultancy services are always more lucrative than compliance services. Consultants are considered specialists in solving any problem. Consultants provide customized and unique solutions to the problem. All these create a huge gap between the fees of consulting services and compliance services.

Successful CPAs always outsource their compliance tasks which are process-oriented and doesn’t require much intervention after setting proper processes and check controls. This gives them time to focus on developing consulting areas of practice.

3. Exploiting opportunities of cross border trade-off of services to decrease the cost

Evolution of internet & communication means Cloud computing, digitalization of documents, etc. have changed the way the office function. Nowadays most offices also allow work from home or remote places. When you think of work from a remote place, the distance of that remote place doesn’t matter, whether it is 5km away from 5000 km away.

While we all know that there is a vast difference in cost of execution of work in different parts of the world, it is always in the interest of the CPA firms to use services of service providers from a country like India who can provide the same quality of services at a much lower cost. CPA firms have used this formula to increase profitability over the past few years.

4. Smart packaging of services

Business owners are always looking for one-stop solutions for all they need so that efficiency can be achieved with peace of mind. CPA firms are now focusing on widening their portfolio of services so that clients can get all types of services under one roof.

Moreover, bundling (packaging) of various services offering to the client is also a very successful formula. For example, preparing the package for Accounting services, Tax preparation services, and Virtual CFO services and offer a single quote to the client gives him relief on the ambiguity of scope of work for a particular service or service provider.

5. Emphasize on value-added services and providing creative solutions to clients

Everyone likes and appreciates something extra. The formula of value and cost need not be the same. Something which doesn’t cost you much but is valuable to others.

Successful CPA firms don’t miss providing some value-added advises to good clients. This gives a great sense of satisfaction to clients. This can also be seen as a demo of other advisory services. For example, if you give some value-added business advice to your accounting client or tax client, he may give you some work related to consultancy services.

6. Creating a niche in a particular industry or service line

The formula of “Jack of All” is old now. Most of the thought-leaders suggest businesses to focus on their niche and create expertise. In the current trend, CPA firms hire experts of targeted domains and get premium for expert advice. You should be laser-focused on your niche to reach a reputable place in the target market which will create a reward for you.

7. Matching steps with technological advancements

We are passing through the fourth industrial revolution. All three previous revolution has not much directly affected the service industry but this one is considered to be affecting the service industry and accountancy is not an exception. Major disruption affecting accountancy industries are

Blockchain

Artificial Intelligence

Robotic Process Automation

Cloud computing

Good CPA firms have already started implementing these technologies into their practice to gain the advantage of early movers and grab the opportunity.

8. Robust marketing strategy

Whether you are selling goods or services, awareness among buyers is a must. Term Marketing is used for educating potential buyers about the features and benefits of targeted goods or services. In earlier times, there was no concept of marketing for professional services but this got changed with time.

Successful CPA firms are investing considerable money in marketing their services and expertise through Search Engine Optimization, Seminars, Webinars, content marketing, video marketing, etc.

9. Create Extreme trustworthiness

Accountants are considered to be a symbol of trust. Business owners share their confidential data with the accountant. It takes time to earn trustworthiness but it takes no time to lose it. Even a single incidence of breaching of trust can make your practice from top to bottom.

CPA firms should implement a proper policy for data storing, data sharing, data security & IT security. CPA firms should also get themselves audited for ISO to ensure the adequacy of the procedure.

10. Standard Operating Procedure for practice management

Standard operating procedure (SOP) is time-consuming but inevitable for long term ROI. The main benefits of SOP include clarity of job roles and responsibilities among people, consistency in the execution of tasks, minimize the time in the transition of roles and training new people, etc.

An SOP is one of the most important assets of any service organization. Successful CPA firms should have developed good SOP.

We at, CapActix have an expert team available to understand accounting, reporting, tax and compliance requirements of your CPA Firm. Our online accounting and remote staffing solution will take all your accounting burden and add value to your CPA Firm Practice. We are a prominent accounting outsourcing company for CPA Firms based in India. If you are looking to outsource, you can reach us on biz@capactix.com or call us on +1 201-778-0509