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Updated by Joanna James on Feb 11, 2018
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Joanna James Joanna James
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List of Financial Services Needed to run a Smooth Operation – Best Facilities for Your Company

Good financial services are needed to run a business smoothly, profitably and efficiently. Figuring out which services are necessary is a tedious task. Our list will guide you on choosing the best.

1

Out Source an Appropriate Financial Consultant and Service Provider

Decide on your company's needs. Most firms look for BPO, BPM and back office financial services. As such it is now a popular trend to outsource finance and accounting services. Most of the blue chip and smaller individual companies enjoy smooth operations and easy management due to the invaluable services and tailor made packages on offer. You can check with H-Connect or other global business partner firms for comprehensive details of necessary services. Following is a list of records you can ask an outsource company to maintain.

2

Fiancial Statements

Financial statements are invaluable records to keeping track of your companies past performances and profits. These will include the following; profit and loss accounts, balance sheets, depreciation schedules, taxation returns including income tax, group tax, fringe benefit tax, business activity statements and other such supporting documents.

3

Maintain Cash Records

As tedious as this task may be outsourcing the service will ensure the company records are maintained and your employees are focused on more productive tasks. Cash records should include cash receipt journal, bank deposit books, cash payment journal, cheque butts and petty cash records.

4

Financial Analytic Services

In order to stay ahead of the game today's competitive business world requires you to outsource data analytic services. With more businesses being data driven the need for this service is crucial when it comes to everyday decisions pertaining to your business. Here's what you enjoy; analysis and forecast of key dimensions and trends, analysis of income versus expenditure, financial analysis, reconciliation of forecasted budgets against actuals, variance reporting etc.

5

Record to Report Services

This service ensures you have your financial data as and when you need it. The outsource company will provide indexing and storage services which lead to invoice and document validation, transaction recordings in the general ledger, maintaining schedules on balance sheet, preparation of monthly and annual financial statements, customised management of financial records and many more. The benefits are fast, accurate and cost effective facilities that follow the latest trends in the business world as well as providing an increased focus on your business activities.

6

Procure to Pay Services

From the point of an order being paid to payment received all actions are covered via procure to pay services. The outsourced finance and business management company will in this instance generate PO and debit notes, prepare a payment budget and schedule, process payments in various currencies, analyse vendor age and set up new supplier profiles within the system.

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