Business Owner Tip: 6 Accounting Tasks You Can Outsource

One of the major buzzwords in the 21st century is definitely outsourcing, a practice that allows the small business to compete with larger organisations and in this article, we look at some of the accounting tasks that you can outsource to a 3rd party provider.

Entry Of Financial Records

You can hire a third-party provider of accounting services that include entry of financial records. If all your business data is on the cloud, it is easy to give a 3rd party secure access to the data they need. Simply create a username and password for the accountant, and they can remotely access the data they need to do the job.

Accounts Payable & Accounts Receivables

This is essential if you want to have smooth cash-flow. You can outsource to a local accounting service, who can make sure that your books are up to date at all times. This is just one of many accounting services that a 3rd party can provide and if you set up a business in a foreign country, outsourcing to a local accountant is the best way to manage all your financial transactions.

Payroll

Of course, paying your employees is a critical aspect of managing any business and this is one service to outsource to a local accountancy business. The 3rd party provider can work with any payroll software to ensure that your workforce is paid accurately and on time.

Basic Bookkeeping

Keeping records of all financial transactions is an essential task and not one that you can afford to overlook. Even getting one week behind can cause problems, which is why you should use the services of a local bookkeeper, preferably from the Thailand lawyers or any international law firm who help a foreign business such as yours in setting up your business and having it registered in the country. These lawyers belong to a reputable law firm that assigns a team to ensure your records are up to date. Don’t take chances when it comes to basic bookkeeping; outsource to a local provider or have the trusted international law firm ensure all your bookkeeping tasks are covered.

Filing Tax Returns

This is one service you can’t afford to forget, as there are financial penalties for businesses that file their tax returns late. If your accountant has access to your cloud, then he or she can complete your tax returns according to the timeline.

Bank & Credit Card Reconciliation

It is important to keep bank and credit card reconciliation, and this is one service that you can outsource to a local provider. Doing this is one way to form an accurate picture of profit-loss, empowering you with up-to-date information.

Outsourcing your bookkeeping and accounting is the most cost-effective way to have critical tasks completed, especially if you are running your business in a foreign country. If you are planning to form a new business in countries such as Thailand, it is essential that you make contact with a law firm that has experience in helping foreigners to set up businesses; such a law firm also can put you in touch with local accountancy providers to ensure that your books are kept up to date.