Offshore Accounting And Payroll Services

Published Date: 02 Nov 2017

Surge in technology, virtual offices, new risks and challenges in today's business environment and the growing issue of finding highly skilled talent has made outsourcing non-core tasks inevitable for companies worldwide. To out-perform competition and maximize profitability in today's rapidly changing global business scenario, businesses are partnering with companies who re-define the financial process and ensure strategic optimization for higher performance and overall business growth.

Business Process Outsourcing allows you to:

Focus on core activities and business goals

Greater efficiency & reliability of bookkeeping

Assurance of the expertise of the outsourcing company

Maximize productivity and minimize costs (upto 50% or more)

Close your books faster

Stay in absolute control & also save valuable time

Intuit provides competitive outsourcing services to CPAs and Small & Medium Business Enterprises. Our outsourcing services are focussed to reduce the burden of non-core functions and enable business efficiency, cost savings, improved time responses to allow clients to concentrate on maximizing their productivity and profitability without having to add to their staff and support infrastructure. Intuit offers you outsourced accounting, book keeping services and other business support services at a cost substantially lower than the cost of doing it in-house.

We maintain highest standards of confidentiality and security to protect client information ensuring absolute privacy. We work with well known software programs like QuickBooks, Peachtree, Great Plains, Tally and other popular accounting applications.

Bookkeeping services include:

Monthly Trial Balance, Profit & Loss Account, Balance Sheet

Accounts payable management (vendor bills and payments)

Accounts receivable management (customer invoices and collections)

Bank Reconciliation

Electronic document management

Inventory management

Revenue reconciliation with bank deposits

Payroll Services

Businesses can simplify the payroll process by engaging an outsourced provider to manage the entire process cost-effectively and efficiently. Our payroll services have the potential to save you substantial business costs.

Our services include:

Accurate paydays

Accurate federal, state and local tax calculations

Direct deposits

Professional payroll processing – pay checks and pay stubs

Prepare employee earnings statements, completed with current pay period and year-to-date wages, taxes, and adjustments.

Complete payroll - Client prints, signs and distributes pay checks

Prepare department summaries of month-to-date payroll data in addition to customized reports specific to Client

Secure online employee access to payment records

Wage garnishments

Controller Services

A Financial Controller guides companies towards greater efficiency and profits whilst reducing costs and keeping the company compliant. Many businesses refrain from hiring a Financial Controller to avoid exorbitant costs. With this role missing businesses may fail to prepare, forecast and analyze operating budgets.

Intuit’s Controller services provide you with the access to knowledgeable CPA expertise for your business needs as and when required and can be scaled up during peak periods and scaled down during off-peak period as per the discretion of our clients.

Our controller services include the following:

Supervision and review of accounting staff’s work

Ensuring all revenue earned and expenses incurred during the particular period are recorded properly

Fixed asset management

Reconciliation of all balance sheet accounts

Preparation of all adjusting and closing entries

Preparation of financial statements

Implementation of cost-saving protocols and controls

CASE STUDY

The Company

The client is an American CPA firm catering to SME and Large enterprises. They were finding it tedious to manage one of their client’s accounting function - a transportation management services company with over 2500 customers and 5 centres. The accounting functions were carried out in a custom based accounting software. The company was looking for a firm that could process the transaction in a cost-effective and timely manner.

The Challenge

The client on a rapid growth path had a no accounting systems in place. Each centre had an independent account and the accounts were consolidated end of the month. Apart from the time delays, the account was not giving the real picture and real time information. The most challenging task was to process the document on the same day and process the payment on the following day.

After an in-depth analysis, they decided to evaluate outsourcing as an alternative.

The Solution

Intuit made an approach to study the present accounting system, processes and costs involved in outsourcing and presented to the client. A dedicated team of qualified accountants were engaged and end-to-end solutions were given to the client. The team identified the different types of paperwork involved in the whole process and listed the different kinds of transactions. This helped in reducing additional costs related to the process. The responsibilities included bookkeeping, MIS, payroll, payables and compliances. The live run started and is running successfully with a quicker and accurate turnaround.

The Result

The company is now having real time accounting and accurate MIS on payables & inventory that are vital in the retail industry. On-time reports on product-wise/outlet-wise profitability help the company re-align product ranges. The payment cycle and delivery reception process improved drastically due to the speedy processing of documents. The customer's operational costs reduced to a great extent by opting for Intuit’s offshore services. Intuit capitalized on the difference between the time zones of the two countries – India and the USA – to successfully process all the necessary transactions before the next business day.

For more details please email us at [email protected]

For more information on our services please visit www.intuitconsultancy.com