05 Ways to Reduce your Accounting Costs – Effective Management Techniques

Freeing up your staff from mundane time consuming tasks will spike up your daily staff turnover while boosting overall profits. A well set up Business Process Management Company will offer well trained staff and error free procedures for 100% accuracy in all accounting ventures. Under Accounts Payable Solutions the following services are offered. Vendor Master Maintenance, vendor invoice processing, payment processing, electronic payment via upload to bank interfaces, vendor age analysis, account reconciliations, expense analysis and providing the services of a supplier help desk.

Finance and accounting outsourcing is an invaluable service in reducing accounting costs as well as maintaining accurate customer files and financial details. Accounts Receivable services include customer master maintenance, customer invoice processing, receipt processing, dispatch of e-invoices and debtors age analysis. These invaluable and accurate services cut down on accounting costs by smoothing out fine corners and keeping all accounts up to date. It provides a win win situation for both customer and supplier. This is why many blue chip companies in Sri Lanka are looking at outsourcing accounting solutions from management companies such as Infomate.

General ledger maintenance services on various platforms are provided by business management companies. These include GL Account reconciliations, bank reconciliations, recurring runs, processing of journal entries, reversal entries, petty cash postings, GL clearing, balance sheet schedules, income and expense analysis, variance analysis, inter-company reconciliations and foreign currency valuations. New systems are successfully migrated from the parent company to the management company through excellent training structures and efficient processing.

This service provides a range of functions such as; asset master maintenance which includes the creation and modification of fixed asset client requirements. Capitalisation services are offered to clients after the purchase of an asset; here the invoice is uploaded to an in house system and all necessary data is maintained. Depreciation – this service is automatic and runs monthly depending on the customers fixed percentage values. Disposal services too are provided for cancelling assets on client's instructions. Asset reports are customized statements pertaining to individual requirements.

A good Business Management Company will look deep into your company and analyse processes and outputs to ensure a smooth service to customers. The analysis will also make sure all operational and strategic processes are well geared for higher output and customer satisfaction. These services include; analysing ratios as per the market and client requirements, summarising of financial statements for senior management, variance analysis against costs and profits, spend analysis which helps limit company expenditures and customer and vendor analysis which proves to be invaluable in maintaining good supplier and client relationships.