What is Outsourced Bookkeeping?
Outsourced bookkeeping means entrusting your daily financial record-keeping to a third-party service provider.
Our team of professionals handles all the details of your financial transactions, ensuring accuracy and compliance.
This frees you up to manage your operations and strategize for the future, knowing your financial house is in order.
The Role of a Professional Bookkeeper A professional bookkeeper does much more than just record numbers.
They maintain systematic and accurate records of all financial transactions, including sales, purchases, receipts, and payments.
They categorize these transactions, reconcile bank statements, manage accounts payable and receivable, and prepare initial financial reports.
Essentially, they lay the foundation for all your financial understanding and decisions.
Bookkeeping vs.
Accounting While often used interchangeably, bookkeeping and accounting are distinct.
Aspect Bookkeeping Accounting Definition Recording day-to-day financial transactions Analyzing, interpreting, and summarizing financial data Primary Focus Accurate data entry and organization of financial records Interpretation and analysis of financial data for decision-making Key Activities Recording sales, purchases, receipts, and payments Preparing financial statements, tax planning, and financial forecasting Tools Used Ledgers, journals, bookkeeping software (e.g., Tally, QuickBooks) Financial reporting tools, ERP systems, and accounting software Skills Required Basic knowledge of finance and attention to detail Advanced understanding of finance, taxation, and business strategy Objective Maintain accurate and up-to-date financial records Provide insights into business performance and ensure legal compliance Compliance Role Supports basic compliance by recording data Ensures regulatory compliance through proper analysis and reporting Performed By Bookkeepers Accountants or Chartered Accountants End Output Organized transaction records and ledgers Financial statements, audit reports, and tax filings When Needed Daily/Weekly Monthly/Quarterly/Annually Benefits of Outsourced Bookkeeping Outsourcing your bookkeeping offers small businesses numerous impactful benefits.
1.
This makes outsourced bookkeeping services a highly cost-effective option.
2.
By delegating these tasks to our experts, you reclaim precious time and energy, allowing you to focus on growth.
3.
Access to Experts on Demand Outsourcing provides immediate access to a team of experienced and qualified bookkeepers and financial professionals without the hassle of recruiting or training.
This is a key advantage of outsourcing bookkeeping services.
4.
With outsourced bookkeeping services, you have a scalable solution.
You can easily adjust your services to match your growing needs, ensuring your financial operations keep pace with your business expansion without requiring you to hire more staff.
5.
Make Smarter Decisions with Clean, Accurate Financial Reports Timely and accurate financial data is crucial for informed decision-making.
These reports provide clear insights into your business's financial health, helping you identify trends, opportunities, and areas for improvement, ultimately leading to smarter business choices.
In-House Accountant vs.
Outsourcing The choice between an in-house accountant and outsourcing bookkeeping services depends on your business's size, budget, and specific needs.
Aspect In-House Accountant Outsourcing Cost Higher fixed costs, including salary, benefits, and office space Generally lower and flexible, based on the services used Control Direct control over daily accounting operations Less direct control relies on the service provider’s processes Expertise Limited to an individual’s skills and experience Access to a team of experts with diverse skills Scalability Limited by the number of employees and capacity Easily scalable to match business needs Technology Depends on the company’s investment in accounting software Uses the latest software and technology provided by the outsourcing firm Confidentiality Higher due to internal handling Requires strong agreements and trust with the third-party provider Flexibility Fixed working hours and processes Flexible hours and customizable services Availability Available during working hours only Often available extended hours or 24/7 support Compliance Updates May require training and updates Provider stays updated on regulations and compliance Focus on Core Business May be distracted by administrative tasks Frees up management to focus on strategic business functions Our Complete Range of Bookkeeping Services for Indian Businesses Outsourcing your bookkeeping to India not only reduces costs but also gives you access to skilled professionals who ensure accuracy and compliance.
Easyfilings offers end-to-end bookkeeping services tailored for startups, SMEs, and global businesses.
Here are the key tasks you can outsource to Easyfilings: Daily Transaction Recording: Maintain accurate records of all income, expenses, and bank transactions with real-time updates.
Accounts Payable and Receivable Management: Track outstanding bills and incoming payments to ensure healthy cash flow and vendor compliance.
Payroll Accounting: Manage employee payroll, salary calculations, statutory deductions, and payment tracking seamlessly.
GST and Tax Compliance Reports: Generate monthly and quarterly reports for GST filings and ensure tax-related records are audit-ready.
Financial Statements Preparation: Prepare accurate profit & loss statements, balance sheets, and cash flow statements for reporting and analysis.
With Easyfilings’s expert bookkeeping team, you get reliable, scalable, and secure accounting support—so you can focus on growing your business without worrying about the books.
How Much Does Outsourced Bookkeeping Cost in India?
The outsourced bookkeeping services in India vary depending on the complexity of your business, the volume of transactions, and the specific services you require.
Service Type Description Estimated Monthly Cost (Rs.
) Basic Bookkeeping Recording daily transactions and bank reconciliation Rs.
5,000 – Rs.
10,000 Small Business Package Includes invoicing, expense tracking, and monthly reports Rs.
10,000 – Rs.
20,000 Medium Business Package Payroll processing, GST filing support, and financial summaries Rs.
20,000 – Rs.
40,000 Comprehensive Bookkeeping & Accounting Full bookkeeping, accounting, tax prep, and compliance support Rs.
40,000 – Rs.
70,000+ Per Transaction Pricing Charged based on the number of invoices, bills processed Rs.
20 – Rs.
100 per transaction Annual Audit Support Assistance with audit documentation and reconciliation Rs.
15,000 – Rs.
30,000 (annual fee) How It Works: Simple 4-Step Onboarding for Bookkeeping Services Beginning your journey with outsourced bookkeeping services is straightforward and hassle-free.
Step 1: Initial Consultation and Needs Assessment You Initiate Contact: Reach out to a potential outsourced bookkeeping services provider via the website, phone, or email.
Discovery Call: Schedule a brief, no-obligation call.
Your key pain points and goals.
Information Gathering by Provider: The provider will gather essential details about your business to understand the scope of work and tailor their services.
Step 2: Custom Proposal and Agreement Proposal Development: Based on the information from your initial consultation, the outsourced bookkeeping services provider will prepare a detailed, customized proposal.
This proposal will typically include: A breakdown of the specific services to be provided.
The frequency of service (e.g., daily, weekly, monthly).
The proposed pricing structure (e.g., fixed monthly fee, hourly rate, custom package – outlining the cost).
Estimated turnaround times for reports and updates.
Terms and conditions of the engagement.
Proposal Review and Discussion: You review the proposal carefully.
Ask questions to clarify any points.
Discuss any adjustments or additional services you might need.
Agreement Signing: Once both parties are satisfied, you sign a service agreement or contract.
This agreement will often include a legally binding Non-Disclosure Agreement (NDA) to protect your sensitive financial information.
Step 3: Onboarding and Secure Data Handover Dedicated Account Manager Assignment: A dedicated account manager will be assigned to your business.
If you don't, they'll recommend and set up appropriate software for your business.
You typically won't need to purchase the software yourself.
Initial Document Collection: You'll be guided on the most secure methods for data collection.
This involves providing initial financial documents, which may include: Previous financial statements (if any).
Bank and credit card statements.
Pending invoices (sales and purchases).
Expense receipts.
GST/TDS registration details and past filings.
Payroll data (if applicable).
Secure Data Transfer Methods: You will use secure, encrypted methods for transferring documents, such as dedicated client portals, secure cloud storage, or email with encryption.
Step 4: Ongoing Bookkeeping Operations and Reporting Daily/Weekly Processing: Our team begins the ongoing process of recording all your financial transactions, categorizing them, and reconciling accounts as per the agreed-upon frequency.
Compliance Management: They ensure timely calculation and filing of GST, TDS, and other statutory compliances relevant to Indian businesses.
Financial Reporting: You will receive regular financial reports providing clear insights into your business's financial health.
Connect with an expert to ensure the services meet your expectations and make any necessary adjustments to optimize the process.
Connect with Easyfilings and let our experts handle the legal hassle while you grow your business.
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