Bookkeeping Services

Financial statements are important for making competitive business decisions. It’s not just about the bank statement, it’s more about self-evaluation. The statements give you a clear idea of your business performance and it shows you where you stand. Not for anyone else but it’s important for you to know where you are heading to.

To differentiate between Bookkeeping and accounting is like figuring out who said, Vladimir Putin or Tywin Lannister, “It is extremely dangerous to..

Profitability is the bottom line for any business. Accounting helps in assessing whether the business is doing profits or not. It keeps financial statement of company’s revenue and expenses up-to date to be assessed on real time basis. The accounting department is responsible for accounting services and financial backing for the organization it belongs to. This department records accounts payable and receivable, inventory, payroll, fixed assets and all other financial elements.

Your current liabilities reported in the balance sheet are accounts payable. Now in order to close the books, monthly and yearly, you need to reconcile your accounts payable. Usually, accounting staff of any company uses a general ledger balance (total sum) and a subsidiary balance (details of accounts) to assess the total of all accounts payable.

Have you ever wondered, how much the resources your HR team spends answering to repetitive employee inquiries such as payroll-related questions, time-off requests, and personal information updates, cost you as an organization?

Payroll tax management is often dreaded and seen as a huge source of frustration, among the entrepreneurs. As payroll is a part of well-regulated business obligation, where even federal government legalities are involved, it demands more caution. A single instance of negligence or poorly maintained payroll record may make the taxation extremely difficult and full of risks.

Some of the reasons why outsourcing bookkeeping services has paced up among the non-profit organizations and NGOs.

Disorganized books will constantly make your feel stressed out and ultimately deviate you from focusing on the core tasks. Hiring a professional bookkeeping will reduce your stress and make the financial records more organized.

How ignoring account reconciliation hampers operational efficiencies? To understand this, let us take an instance – if a company receives a check from one of its clients, but fails to deposit it in the bank, on time.

Every business, whether a start-up or a large enterprise; hardly undermines the importance of having accurate and reliable account reconciliation. While, a large number of businesses have to juggle core and non-core activities, they often opt to keep non-core activities like account reconciliation, bank reconciliation, credit card reconciliation, inventory reconciliation, bookkeeping, payroll management etc., in the back-seat.

Outsourcing your payroll tax to professionals will help you become a responsible employer and even avoid any heavy penalties or legal entanglements with IRS or the Department of Labor.

Established in 2005, Hi-Tech FPO; is a division of Hi-Tech Outsourcing Services, provides professional bookkeeping, financial accountancy and payroll services to CPAs and Accounting Firms. We have successfully provided accounting and bookkeeping services to CPAs, accounting firms and SMEs across USA, catering to retail, hospitality and professional services sector. Partner with Hi-Tech FPO to help yourself manage non-core functions, and concentrate your efforts on maximizing your core business – positioned for growth.

Disorganized books will constantly make your feel stressed out and ultimately deviate you from focusing on the core tasks. Hiring a professional bookkeeper will reduce your stress and make the financial records more organized. Having bookkeeping will save you valuable hours and money in the long run.

How ignoring account reconciliation hampers operational efficiencies? To understand this, let us take an instance – if a company receives a check from one of its clients, but fails to deposit it in the bank, on time.

Assured data safety and financial stability form the pillars of outsourcing accounting and bookkeeping service company. Moreover, a well-maintained accounts information plays a crucial role in providing a complete perspective about the financial condition.

Whenever you outsource accounting/bookkeeping services to professional service providers, ensure that you have a coherent and process-driven strategy to collate data to guarantee a strong association. Moreover, ensure the database is secured with proper gateways and firewalls.

Before you decide to associate with an outsourcing bookkeeping service provider, it is imperative to understand and clearly outline your specific business requirements. It is important to understand that each business has their own set of limitations and thus, their requirements differ greatly.

There are many reasons which result into payroll penalties. Here’s how outsourcing payroll services helps to stay compliant & avoid payroll penalties?

Managing accounts, along with monitoring and running the rest of business operations, often becomes a daunting task. Small business owners, especially find it difficult to allot their time and resource to non-core area like account management, along with focusing on their core areas.

Whether to outsource or not, should not really depend on the overhead costs But, rather you need to ponder over aspects like – the amount of time saved after outsourcing accounts management OR how better you can utilize that time to leverage your revenues.

Cost is always an important aspect in the decision-making process. It is necessary that all aspects are taken into consideration which can affect the cost of outsourcing accounting and bookkeeping activities.

Outsourced bookkeeping service providers have the knowledge, expertise and resources required to handle these financial operations. Moreover, they even navigate the non-profit organizations and NGOs to continually track the changing tax standards. This further mitigates a difficult tasks for a nonprofit that are usually understaffed and under-budget.

Holistic solution to tax problems has been successfully giving sleepless nights to business owners and their CPAs as their counterparts, where unpaid payroll tax is the main contributor.

It is completely unacceptable to spend productive hours trying to handle accounts and bookkeeping. DIY approach, instead it will lead your business to poor financial management and sometimes to heavy penalties by regulatory bodies. You would not believe but, outsourcing accounting & bookkeeping helps you to stay in IRS good books.

Substantial advancement on quality and efficiency demands you getting associated with an ISO certified outsourcing company. For them these all are standard techniques to have appropriate documentations of procedures, produced by either the outsourcing company itself or their clients. This assists in assuring that there is just a nominal, if not annihilation, of any knowledge gap.