Bookkeeping service is a core component of any successful business. This kind of services keeps a track or records all the financial activities which include transactions and accounting. Bookkeeping services and accounting are jointly known as bookkeeping practices.
A number of outsourcing companies are known to extend their bookkeeping services to different companies and even to Certified Public Accountants. Undoubtedly this service is known to help in the growth and development of the company. Softwares like MYOB, QuickBooks, Sage, Peachtree, Quicken and Creative Solutions Accounting are used in this area.
Most of the outsourcing companies employ highly qualified people who are knowledgeable and have considerable expertise and experience in this area. Most of them are well-acquainted with the latest software's which have made the work easier. Some companies have a single service system while others offer bookkeeping package.
Most of the packages are customised and are developed to suit the preference of the clients. Bookkeeping services can be classified into different groups like accounts reconciliation, inventory recording analysis, general bookkeeping, cash flow statement, financial statements preparation, journal entry, balance sheet, preparation of W-2 at the end of the year and reviewing the 1099 forms, quarterly balancing of books and handling expenses ledger.
All the outsourcing companies are known for their strict security policies which ensure complete protection of data. Appropriate measures are taken so that confidential client information is never publicised. There are three basic ways of data transfer in bookkeeping services. All of them are safe. They are known as the application service provider or ASP bookkeeping process, server based or FTP bookkeeping process and remote access bookkeeping process. According to a recent survey, almost 35% of the businesses in United States depend on the Indian Outsourcing companies for bookkeeping services.
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