How to Outsource Your Accounts?
Here is a stepwise methodology for outsourcing your accounts to Rayvat Accounting.
Step 1: Document Requisition
- We have designed a checklist of documents that would be required from the client’s end for the accounting
- The client needs to follow the checklist and give all the required documents.
- Click here for a checklist of information.
Step 2: Document Handling (Document Imaging)
- These documents comprise of physical invoices and all the physical paper which you would receive from
them by paper. Client would make a bunch of the documents and send you the documents.
- You can employ someone to just file the documents and scan each of them in a folder.
- The scanned documents would be received by us through File transfer Protocol or via Dropbox.
- There are many documents which would come through the client by web such as bank statements
and invoices that are received in an email.
- You can give us the documents through the File Transfer Protocol or via dropbox.
Step 3: Document Processing
- In India, we would sort the documents in relevant folders and have a naming convention for the
documents in order to easily identify the documents. Like we can have BS_01.01.2013_to_30.01.2013
for bank statements.
Step 4: Data Entry of Documents
- The documents would be entered into QuickBooks, MYOB or Xero Accounting Platform We can store
the scanned copy of the source document along with the entry to make it easily accessible and it leaves
an audit trail for the entry.
To view some of the tips on MYOB for your business click here.
Step 5: Review of Entries
- All the entries would be cross-checked and reviewed with the source documents.
Step 6: Review of Accounts
- We would personally review all the information and have a look at the entries in case any of them appears
to be of abnormal nature.Step 7: Reporting
- We can have following reports for the clients and mail them in order to help them appreciate where their
business is performing.
Some of the reports which we can provide are:
1. Timely receivables report with aging analysis.
2. Management information reports as required by you at timely intervals.
3. Monthly analysis of accounts to help you judge where your business goes.
4. Monthly Financial Statements including Profit and Loss Account and Balance Sheet
5. Timely updates and suggestions for effective management of working capital.
- We can have customized reports based on the client’s needs and requirements.
- We can have a standard Service Level Agreement with the client in order to understand exactly what
their reporting needs are.
Step 8: Finalization
- We would receive a list of queries from your side and your tax consultant.
- We would resolve each of the queries and get back to you with complete work.
- View our checklist on finalization.