Accounting | ARTECHIES | ERP Automation Experts

Why Out Sourcing

Outsourcing enables a company to allocate management resources better, accelerate the capture of savings and guarantee part or all of those savings through contractual commitments to cost and service targets, thereby reducing a company’s risk.

OUR EXPERTISE

Highly Experienced Team

We have an extensive team of Qualified professionals from different fields such as CA, CS, CPA, Lawyers, and other business management experts who possess extensive industry experience.

Diverse Portfolio

Our services are designed to address the unique business requirements of assorted business sectors including but not limited to finance, healthcare, manufacturing, hospitality, technology, telecom and insurance.

Industry Experience

we have worked with different industries and our expertise have added value to each individual business. We worked with SMEs and also Enterprise level companies and have gained immense experience.

Cost-efficient Solutions

provides best-in-class services at 50-60% lower costs as compared to other services providers. Our Finance and Accounting Outsourcing services are aimed to not only help our clients thrive but also help them to save up on the expenses related to such services. We streamline business solutions and provide efficient assistance for the steady and financially-viable growth and expansion of our clients.

Security and Confidentiality

One of the most important aspects of Finance and Accounting Outsourcing services is the security and confidentiality of financial data. We have a robust mechanism for the secure FTP server and encrypted e-mails and multi-layered data storage protection to safeguard the privacy of our clients’ data.

Benefits

With globalisation, businesses across the world have open access to outsource their business requirements to external experts. Companies that opt for Finance and Accounting Outsourcing services benefit in several ways. The primary benefits of outsourcing the finance and accounting activities of a business to an FAO company include:

Adherence to Latest Compliances

By opting for finance and accounting outsourcing services, a company stays up-to-date with the latest changes and notifications in the compliance policies, norms, regulations, and accounting standards. By going through the outsourcing route, a company transfer the worries and responsibilities of tracking and adhering to the latest policies and changes to the Finance and Accounting Outsourcing company, along with the risks inherent to them.

Technological Advancement

Companies that choose Finance and Accounting Outsourcing are able to access the best of technological innovations and accounting software. When the finance and accounting functions are outsourced, a company is able to access the latest software and security measures without paying any extra money.

Finance and Accounting Expertise

When a company outsources its Finance and Accounting needs, it is able to access expert guidance from experienced financial professionals. The quality of its financial management, bookkeeping and accounting also increases as compared to the quality of these activities performed in-house with limited resources.

Reduction in Operational Costs

Outsourcing Finance and Accounting activities also help a business to reduce the operational costs associated with these functions. It is because the company does not require to maintain an in-house team of accounting or finance experts and can cut down its costs significantly.

Expansion of the Company’s Finance and Accounting Operations

A business outsourcing its accounting and financial functions gets the ability to scale such functions up or down as per its business requirements. Finance and Accounting Outsourcing gives a business the needed flexibility to maintain its budget associated with these functions as per its needs and abilities. For instance, a business that only needs part-time assistance can scale down its Finance and Accounting Outsourcing for a short period and again scale up its outsourcing needs when it expands its operations. Financial expertise can be availed by the company at any time, at any level as per its current finance and accounting needs.

Better Quality of Services

Finance and Accounting Outsourcing companies give more emphasis on the quality, safety and confidentiality of their services as compared to in-house teams. This gives a company, the assurance that its financial data would be in safe and responsible hands.

Businesses are able to form long-term associations with the Finance and Accounting Outsourcing service provider. They can leverage the higher quality of services, more subject matter expertise and new insights in its operations to improve their overall efficiency.

Improved Connectivity

Finance and Accounting Outsourcing companies come with the benefit of constant connectivity. Their experts are available for 360-degree guidance to the company round the clock. It means managers can make prompt and efficient business decisions for the business’s growth.

Reduced Liabilities

A business can reduce the risks and liabilities associated with any errors or omissions in the tax compliance of the business. It helps the business to avoid the heavy penalties associated with such non-compliance.

Increased Efficiency

Finance and Accounting Outsourcing brings out the best in a company’s financial management and overall productivity. Since many outsourcing companies use client-oriented technologies and efficiency-based business methods, they are able to support the efficiency standards required by a business.

The increasing competition in the outsourcing industry also leads to outsourcing companies putting their best foot forwards and retain their clients by providing efficient finance and accounting services.

Prevention of fraud

Companies with completely in-house finance and accounting operations are more susceptible to fraud as compared to companies that opt for Finance and Accounting Outsourcing. This is because the risks involved with assigning all the financial responsibilities to a few individuals may increase the change of deliberate errors and data threats.

Higher Data Security and Privacy

All the data transactions that are done by the Finance and Accounting Outsourcing companies over the Internet are completely protected and confidential. Most FAO firms use VPNs (Virtual Private Network) and encrypted data transfer in order to provide end-to-end safety to the sensitive data of their clients. Other tools like Firewalls and Antivirus software are also employed to ensure that the finance and accounting outsourcing services are provided in the most secure manner. The limited authorisation also allows FAO companies to implement high data security standards.

Innovation

By outsourcing the Finance and Accounting Outsourcing functions, companies can access better innovation and focus more on their strategic operations. The innovative processes offered by FAO firms are low-cost, high-value, and therefore, give a competitive edge to the businesses. A company not only shift from an internal to the outsourced business model but also to innovation.

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OUR SERVICES

1.Book Keeping Services

Book Keeping is a process in which financial processes and accounts are maintained and recorded. Booking is required to be carried out for accounting. Bookkeeping consists of the following:

Bills for the services provided to a different form of customers and clients.
Information on the number of receipts.
Information on invoices provided by the suppliers.
Payment related information to the suppliers.
Monitor the details of payment-related accounts for employees.
Loan Disbursements.

A financial process outsourcing provider will carry out the following bookkeeping services.

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2.Year-End Accounting Processes

Every organisation has to prepare year-end accounting compliances. These compliances are required per the provisions of the Income Tax Act, 1961, and the Institute of Chartered Accountants of India (ICAI). The following processes are carried out by a financial process outsourcing provider when it comes to year-end accounting:

Preparation of Annual Financial Report of the Company.
Compliance with the requirement of the Companies Act, 2013 and the Income Tax Act, 1961.
Verification of Ledger Balances and whether they tally.
Preparation of Profits and Loss Accounts for the end of the year.
Preparation of Management Accounts for the company.
Analysis of Analytics.
Advisory and Support in the preparation of financial statements.

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3. Ind AS Advisory

Ind AS is known as Indian Accounting Standards. These standards have been prepared following the International Finance Reporting Standards (IFRS). Through effective implementation, these standards are required for all forms of organisations to carry out business. Compliance must be adhered to an organisation following such standards. As expert financial process outsourcing providers, Our experts can provide the following:

Advisory services on the adoption of IND AS.
Analysing the difference between the Ind AS and the GAAP (Generally Accepted Accounting Principles).
Training requirements on the key concepts which are adopted by different organisations.
Implementation protocols of Ind AS.
Compiling Financial Statements and Records as per the requirements of the Ind AS.

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4. IFRS Advisory Services

We also provide advice for your business when it comes to Global Accounting and Finance Complaisance. With Ind AS advisory services, we also provide practical advice on the IFRS principles of accounting. If your business or subsidiary has to comply with the above principles, then we can provide you with seamless advice in adhering to the above principles. We provide the following advice:

IFRS principles.
IFRS application.
Different between GAAP, Ind AS and IFRS.
Applicability of IFRS principles in different countries.

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5. Accounts Management

We have skilled professionals who are qualified Chartered Accountants, Company Secretaries, and Financial Professionals to carry out account management activities. Account Management Consists of the following:

Producing half-yearly and full yearly management.
Providing management with the report on the operation of such accounts.
Identifying the areas where risks and present and mitigating the happening of such risks.

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6. Audit Reporting

Audits have to be carried out regularly in compliance with specific laws. As per the requirements of the ICAI, an organisation must compulsorily submit audit within a particular period. An audit is carried out to understand whether the records of financial information are accurate. we carry out the following audits:

Reviewing the Profit and Loss Statement of the company.
Ensuring that there is a reconciliation of assets and liabilities of the business.
Submitting requisite documentation to ensure that compliance is maintained as per the requirements of law.
Assessing the amount of risk in carrying out the audit for the organisation.
Checking the balances in the business.

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7. Annual Preparation of Accounts and Taxes

We have immense experience in handling returns under Accounts and taxes. We provide the following services:

Individual Returns.
Corporate Tax Returns.
Partnership Tax Filing and Returns.
Property Tax Returns.
Capital Gains Tax and Returns.

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8. Ledger Management

Management of debits and credits from an account is considered as ledger management. We provide the following ledger management services:

Customer Payments.
Managing of Receivables.
Managing Different forms of cash flow cycles.
Managing the supply chain in a company.

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9. Preparation of Budget

A budget provides an estimate for your business on the amount of value required for managing different functions. We provide the following services to manage your budget: