Accuracy in Financial Statements Prepared By Outsourcing Firms

The term accounting is of utmost importance in any business firm, not concerning its nature and size. Accounting is carried on to know the present position of the business and to scrutinize profitability. This can be possible when the end product of the accounting, i.e. financial statements, has been prepared. The path of future operations of the business entirely relies upon the financial statements of the firm.

Accounting is described as a process of recording, classifying and summarizing monetary business transactions and interpreting the results in the form of financial reports at the end of every financial year. It is a foremost task for any business corporation to prepare their financial statements, preferably after one year, according to the GAAP principles, which are accepted worldwide by all accounting business firms.

The financial statements act as a base for making future decisions and forming future policies and strategies for the business. The decisions are stated precisely only if the financial statements from which the decisions are taken must be created without any personal bias. The effect of every recorded and classified transaction is shown at the end of the specified period in the financial reports.

Outsourcing is emerging immensely in the accounting and bookkeeping sectors. The business firms are outsourcing accounting and bookkeeping services to the outsourcing companies, which are capable of providing highly accurate and reliable data in the form of financial statements.

But have you ever thought why it is so? Why are the financial statement preparation services of outsourcing companies highly accurate and reliable? There can be several reasons for this. We will discuss some of the reasons why the accounting outsourcing companies are highly trustworthy.

• USE OF ACCOUNTING SOFTWARE

The creation of financial statements in the accounting software will habitually be prioritized before hand-made documents. In today’s world of advancement, accounting software is the most integral need for any business firm.

Automation: Accounting software fulfils the requisites of automation in the accounting process, such as banking, purchases, sales, managing the A/R and A/P, payroll, bills, and invoices. Once the transaction is posted into the software, the process is mechanical, up to the generation of financial reports. Hence, the output is error-free.

Integration: Integration allows you to make your software synchronize several business applications with accounting software for automatically flowing transactions into the books of accounts without any delay. For instance, banking transactions can be displayed directly in bank feeds, and the same is true for payroll, bills, invoices, sales transactions, and so on. Hence, the results will be highly accurate in the form of financial reports.

• EXPERTIZE GUIDANCE

While choosing to outsource your accounting or financial preparation services, you are indirectly acquiring the services or expertise team in the way of CA and CPAs. The staff and team of the outsourcing company are highly qualified and experienced in their field, leaving behind no chances of errors in the accounting process, hence giving you highly accurate financial statements.

• SYSTEMATIC APPROACH

Outsourcing firms have a systematic and clean approach towards the methods and procedures of carrying on any assignment. Their primary motive will always be to do one specific assignment at one time by any specified employee. Outsourcing firms will invariably prefer to avoid multi-tasking to avoid the probability of errors in the accounting procedure. As for the same, the results will be highly accurate and reliable. Multi-tasking automatically generates several errors as they have to focus on each task equally.

With the help of these simple ways, the chance of errors/mistakes diminishes in the accounting process. Similarly, the output of the accounting process, i.e. financial statements, will be exceedingly accurate and reliable for the business firm to use the reports for deciding the future policies and strategies for the business organization.

Outsource Financial Reports Preparation to Us for Attaining Higher Accuracy

Do you want higher accuracy and reliability in your financial statements? Then, you don’t need to worry about your business reports. We are here to provide you with error-free accounting procedures and give you correct financial statements. We are very well aware of the need for correctness in the final reports when making designated decisions regarding your business.

Our financial statements preparation services are flexible. You may choose a from time period of

• Weekly
• Monthly
• Quarterly
• Yearly

We offer the following financial reports in our services:

• Balance Sheet
• Profit & Loss Account
• Cash Flow Statement
• A/R And A/P Summary
• Payroll Reports
• Reconciliation Reports
• Sales Reports

For more info, Contact us!