Outsourced accounting is a service which provides a full, accounting department experience for small businesses. An accounting department handles the day-to-day transaction coding, accounts payable, accounts receivable, payroll, management financial reporting and many other services.
For a company to effectively outsource responsibilities, it is important to focus on the business partnership as much the logistics. Outsourcing is about managing relationship more than service-level agreements, and is a partnership, not a purchasing project. Maintaining and securing a trusted relationship is essential in outsourcing efforts and is more complex than establishing service levels and relationships.
The costs involved in partnering with an outsourced accounting team depends on multiple factors such as specific requirements, engagement models and more. That being said, outsourced professionals can be as much as 60-70% cost-effective as compared to an in-house team.
We understand that uninterrupted communication is a key element whilst working with teams across borders. At 121 Accounting Solutions, our teams are accessible through all the usual mediums such as email, phone, Skype/ Zoom.
We believe in an output oriented philosophy, hence each team is assigned with a manager who is responsible for monitoring daily, weekly and monthly performance. Subsequently, the client is also free to implement any performance review methodology that works best for the client.
We understand that in this day and age, technology holds paramount importance for accountants. With respect to that, we are equipped with the most up-to-date IT infrastructure. We use internationally renowned software tools required to best suit client needs. Our professionals are extensively trained and proficient in working with software tools such as Xero, Quickbooks, and NETSUITE etc.
Data security is crucial to an accountant and we fully understand that at 121 Accounting Solutions, We manage all our data using highly secure cloud-based servers, thereby ensuring maximum data security. Our professional will only request data that is required to complete the assigned tasks. Once the task is completed the data is cleared from our systems permanently. In addition to that, we are an ISO 9001-2008 as well as ISO 27001 certified organization.