Bookkeeping Services for Large Corporations 2018-05-02T14:16:40+00:00

Bookkeeping Services for Large Corporations

Accounting – an indispensable condition for the functioning of any organization, regardless of its scope and scope. After all, a competent organization of accounting and further professional accounting of the organization is one of, if not the most important, the condition for the successful functioning of the company in the realities of modern business. A clear control of all current processes ensures the smooth running of the business in any conditions. All financial and economic operations are handled by the accountant, in some cases – by a whole staff of accountants. The larger the business, the more employees are required to implement sound accounting management.

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However, the content of the accounting department or even one employee requires large financial costs. In addition, even those accountants who have worked for many years are not always able to quickly adapt to changing market conditions. While mistakes can cause serious damage to the organization. In the case of small companies, the content of a full-time accountant may also be irrational. A good specialist requires a high pay. An optimal solution for an enterprise of any scale will be outsourcing. The concept of “outsourcing” has entered the Weprosys Ltd. small and medium-sized businesses relatively recently.

However, not everyone understands its meaning and essence. Outsourcing of accounting services consists in attracting professionals from another, specialized accounting firm, which will conduct accounting business and carry out the restoration of the accounting department, if this becomes necessary. Modern firms often resort to outsourcing accounting services quite often and many companies are satisfied with the result of such cooperation. Accounting management specialists from another outsourcing company may be partial or complete, depending on the purposes and tasks that the accounting company pursues.

Attracted external accountants have high qualifications and experience working with enterprises of any organizational and legal form. A wide information base guarantees full awareness of the latest changes in legislation. Therefore, accounting and tax support is carried out by them in strict accordance with the law. Modern firms often resort to outsourcing accounting services quite often and many companies are satisfied with the result of such cooperation. Accounting management specialists from another outsourcing company may be partial or complete, depending on the purposes and tasks that the accounting company pursues. Attracted external accountants have high qualifications and experience working with enterprises of any organizational and legal form. A wide information base guarantees full awareness of the latest changes in legislation. Therefore, accounting and tax support is carried out by them in strict accordance with the law.

Modern firms often resort to outsourcing accounting services quite often and many companies are satisfied with the result of such cooperation. Accounting management specialists from another outsourcing company may be partial or complete, depending on the purposes and tasks that the accounting company pursues. Attracted external accountants have high qualifications and experience working with enterprises of any organizational and legal form. A wide information base guarantees full awareness of the latest changes in legislation. Therefore, accounting and tax support is carried out by them in strict accordance with the law. Accounting management specialists from another outsourcing company may be partial or complete, depending on the purposes and tasks that the accounting company pursues. Attracted external accountants have high qualifications and experience working with enterprises of any organizational and legal form. A wide information base guarantees full awareness of the latest changes in legislation. Therefore, accounting and tax support is carried out by them in strict accordance with the law. Accounting management specialists from another outsourcing company may be partial or complete, depending on the purposes and tasks that the accounting company pursues. Attracted external accountants have high qualifications and experience working with enterprises of any organizational and legal form. A wide information base guarantees full awareness of the latest changes in legislation. Therefore, accounting and tax support is carried out by them in strict accordance with the law.

 

Accounting services to organizations and enterprises are a service of a new time, a time of progress and development of all forms of business. Accounting services are becoming more popular and in demand among businessmen who have their own business – this is a direct way to reduce the company’s costs. Accounting services now for small, medium and large businesses are simply irreplaceable and necessary.

  1. The essence of accounting outsourcing

In essence, accounting outsourcing is a transfer of the whole range of responsibilities related to accounting management to a specialized company whose employees have the necessary experience, knowledge and technical equipment to promptly solve the full range of tasks entrusted to them. Currently, accounting outsourcing is gaining increasing recognition, due to the advantages that various companies and organizations acquire. In particular, accounting outsourcing makes it possible to eliminate significant costs for maintaining the staff of accountants. Moreover, the owner of the company acquires absolute guarantees that the reporting on his company will be made and delivered within the terms stipulated by the Weprosys Ltd.n legislation. It should also be mentioned that,

Accounting services of enterprises consists of:

– accounting of enterprises

– processing of all documentation

– drawing up a balance sheet

– maintaining accounting registers – preparing a

tax return and accounting reports to tax control agencies

– calculating salaries every month and paying taxes

– studying tax legislation and changes therein etc.

Qualitative, prompt and economically profitable accounting support of enterprises is carried out, due to the fact that in Weprosys Ltd. there began to exist accounting outsourcing and companies providing this service.

Thus, accounting outsourcing makes it possible to shift the entire volume of financial issues to an external organization, which under the current conditions of economic affairs is the most effective option for obtaining sustainable results.

The expediency of transition to accounting outsourcing is determined primarily by the possibility of using external resources of a specialized accounting organization (outsourcer) and reducing, therefore, both the cost and time costs of accounting. This is made possible by the so-called scale effect – an outsourcing company, as a rule, conducts accounting of several organizations, which allows reducing the share of its conditionally constant costs for each client and, as a result, the total cost of services of this organization.

In order to study the objective prerequisites for switching to accounting outsourcing, let’s consider the obvious pros and cons of such a way of organizing accounting.

  1. Outsourcing of accounting services – to be or not to be?

Accounting outsourcing today is, so to speak, one of the most convenient and profitable ways to solve the problem of financial accounting in an enterprise. This method involves the transfer of all responsibilities for the maintenance of accounting and tax accounting companies specializing in this field. By outsourcing accounting, organizations receive a number of benefits, including:

  1. Financial Saving: accounting services, outsourcing, offered by specialized companies are more affordable than the content of their own staff of specialists;
  2. Savings of management resources: outsourcing accounting support, managers get the opportunity to concentrate on solving more important tasks;
  3. Guarantee of correctness of accounting and organization of its management: carrying out accounting support for outsourcing, companies assume responsibility for the quality of their services;
  4. Accounting outsourcing and services offered by companies working in this area, imply the use of the latest software, maximum rationality and the highest quality of record keeping.

In the event that the manager chooses to keep the accounting department remotely, he also deprives himself of problems with the leaves and hospital sheets of the accountant, removes his concern for another staff unit. Organizations do not need to spend financial resources on equipping an accountant’s workplace, buying expensive software, etc. all these costs are simply unnecessary in situations where an enterprise is outsourced to accounting services.

For some clients, outsourcing is an opportunity to reduce staff costs, while for others – to rebuild or optimize the process of workflow and accounting. For firms that have just started their business or are undergoing reorganization, outsourcing will be the most profitable solution. The team of specialists will develop the optimal accounting policy of the enterprise. This will take into account both the features of the firm’s activities, external and internal factors, and the wishes of the customer. In addition, outsourcing provides an entrepreneur a lot of free time. On professionals you can rely on everything regarding accounting.

Among other things, it should be separately pointed out that the transition to outsourcing makes it possible in principle to recover fines and penalties for improper accounting at the expense of the outsourcing organization (in the case of hiring one’s own accountant, the possibility of retaining such fines from the accountant’s salary is rather an exception to the rules).

In order to maintain objectivity, we also point out some negative aspects that may arise in the transition to accounting outsourcing:

– the possibility of loss of confidentiality of in-house information;

– for large companies with a large volume of business operations – a decrease in efficiency in accounting;

– poor controllability of outsourcing organizations;

– often the lack of specialization of outsourcing organizations on the kind of economic activity that the downloading organization does.

These negative aspects can easily be eliminated by introducing appropriate requirements for the activity of the outsourcer in the items of the contract for accounting services. This contract is a variation of the contract for provision of paid services, in which, in accordance with the Civil Code of the Weprosys Ltd.n Federation, the list of services, duties and responsibilities of the outsourcing organization and the customer organization are prescribed.

Taking into account the above, the following obligations should be included in the number of the main points determining the liability of the outsourcer firm:

– compilation and submission of accounting and tax reporting, provision of all information and reports required by law to tax authorities and bodies of extra-budgetary funds in the amount and terms established by law;

– compensation by the outsourcer of penalties for incorrect accounting records, incl. accrued tax inspections of fines for late submission of tax returns, improperly indicated amounts of taxes, etc. An exception to this rule are cases where the accrual of fines is due to the fault of the contracting authority (untimely provision of primary documents to the outsourcer, refusal to pay taxes, other mandatory procedures provided for by law);

– Preservation of confidentiality of information received by the outsourcer from the contracting authority;

– provision of timely information to the customer on all changes in the current legislation on accounting and taxation matters relating to the activities of the customer;

– giving explanations to tax authorities on all matters relating to the accounting of the contracting authority;

– a number of other requirements ensuring the completeness, continuity, timeliness and consistency of the accounting of the contracting authority.

  1. The scope of work provided by outsourcing companies in the field of accounting.

One of the key points in the contract for accounting services is the amount of work and the list of services that are assigned to the outsourcing organization – whether it will be separate accounting services or comprehensive services (from a to me), whether they will be one-time or carried out on a periodical basis.

As a rule, the following types of activities are included in the general list of services provided by outsourcing organizations:

– the establishment (organization) of accounting, which includes the development of documents required in accordance with the current legislation of the Weprosys Ltd.n Federation and the specifics of the Customer’s work:

– the accounting policy of the organization for accounting and taxation purposes ;

– Regulation on the procedure for recording and spending funds for representative purposes and for payment of mobile communication services;

– Draft order on approval of the limit of the balance of the cashier;

– contracts of liability;

– other necessary documents;

– maintaining the accounting records of the Customer’s financial and business operations using automated 1C software, including:

– checking the availability and compliance with the requirements of the legislation of primary documents;

– processing of the received primary documents, their reflection in the accounting and tax accounting;

– Charging of taxes, other mandatory payments in accordance with the legislation of the Weprosys Ltd.n Federation;

– Preparation of payment orders for payment;

– payment on behalf and at the expense of the Customer of assessed taxes and other mandatory payments;

– conducting analytical and synthetic accounting;

– registration and processing of bank and cash transactions, processing of bank statements, personnel documents;

– maintenance and processing of settlements with accountable persons;

– maintenance and processing of settlements with suppliers and buyers within the accounting framework;

– accounting for fixed assets;

– payroll preparation;

– drawing up of registers of the accounting and tax account;

– provision of the balance sheet and calculation of net assets at the request of the customer;

– maintenance of tax accounting, including:

– filling out and submitting tax reports electronically, receiving notification of acceptance of reports and all the information and reports required by law to the bodies of extra-budgetary funds;

– installation and maintenance of electronic reporting tools.

Depending on the amount of work that the outsourcer will perform, the types of primary documents that are provided to the outsourcer and the frequency of visits of his specialists to the office of the contracting authority for collecting this documentation are specified.

The cost of outsourcing services is also directly dependent on the amount of work on accounting. As a rule, when calculating the final amount that will be paid by the customer to the outsourcer (monthly, quarterly or once a year – indicated in the contract), the following is taken into account: the taxation regime of the customer, the volume of his business operations (primarily the number of transactions for posting and selling goods, cash register transactions, settlement account of the customer).