Outsource Accounting Services Provider
Last Updated – 20th September 2023 5 Minutes Read
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Outsource Accounting Services in Bangalore – Clod Based Accounting
S3 provides cloud based accounting services to its small and medium sized clients, many of whom, are Indian Subsidiaries of MNCs. We maintain book-keeping and accounting activities on the online version of the QuickBooks accounting package, which can be accessed by any authorized member of our client’s team, from anywhere in the world.
Due to our using the online version of QuickBooks package, it becomes very easy for our client to access the accounting database, on a real time basis. This is a typical cloud based accounting service that we offer to our clients, based on QuickBooks accountingpackage.
This cloud accounting package is found to be extremely useful by start-up companies, small companies and medium companies or enterprises and especially, for companies that are operating on a small scale or medium scale basis, in India.
By using cloud based accounting, the owner and senior executives of our clients will be able to access their accounting data, any time, any where, on a real time basis. Cloud based accounting is also real time accounting.
What is Cloud based Accounting?
Cloud computing makes you run your company’s entire IT operations with an internet connection and a browser. The concept of cloud computing helps you run your company’s IT applications on the internet without having to actually invest in them by buying, installing and running these expensive servers. The operating systems, applications and other programs are hosted on the cloud and remain out of sight and the cloud is managed by the cloud vendor for you.
So similarly, the cloud based accounting software is the software that is hosted on these remote servers and runs on them, instead of being installed and run from your Desktop. So, to run your day to day accounting programs, you access your web browser and the internet. The main advantage of using cloud based accounting solutions is that your business data stays secure on the servers, and you can be able to access it anytime from anywhere, if you are connected to the internet. So, in a way cloud accounting software frees the user to from having to install and maintain complicated applications and programs on their personal desktop and several other computers in the company. The hard drive of your desktop is not the central hub anymore; rather business financials are accessed from any device by connecting to the internet. Accounting applications on cloud is also called “Online Accounting or Web Accounting”. Cloud based accounting services are best suited for small business who cannot afford huge infrastructure and expensive IT applications.
Benefits of moving to the cloud
Cloud based accounting services provide huge benefits to the business and end users too
- There is no initial expenditure on the IT setup or infrastructure, but a monthly fee is paid to the Cloud Vendor who maintains your applications.
- You have access to the data from anywhere through any device, which provides for enhanced business agility and great convenience.
- There are no cumbersome upgrades that have to be done to the software being used, as it is always done by the Vendor who is taking care of your hosting and maintenance and you always access the latest and upgraded version of the software.
- The Cloud based accounting services also ensure you unlimited data storage on the cloud as the data is not stored on hard disks or internal networks.
- The security levels that are provided by the Cloud based accounting service providers is any day higher and more up to date compared to the security features provided on the desktop. Data is stored in an encrypted format and most secure on the cloud. It is also ensured that there is no loss of data if there is any hardware or software malfunctioning.
Bookkeeping and Accounting are some of the cloud based accounting services offered by S3 Solutions, who are one of the leading Cloud based accounting companies in Bangalore. They offer these services to the MNC Indian Subsidiaries and some medium and small sized clients.
Accounting and Tax Services
Tax filing and maintaining accounts is an important part of running a business in India. The processes must pertain to a number of laws and regulations so that the company can thrive in the highly competitive commercial scene.
Accounting involves analyzing and recording business transactions, which are integral functions to keep the business afloat. These functions differ according to the type of the business, business environment, experience, and management status of the company.
There is no wonder that a company with better management facilities will have a smooth accounting process. But what about the small and medium sized businesses that cannot afford to maintain an in-house account management team?
S3 Solutions has got the perfect answer to alleviate all your worries. We will take the responsibility of all your accounting and tax-related woes.
At S3 Solutions, many of our clients are Indian subsidiaries of MNCs who find the Indian laws to be a difficult territory to navigate. Our team of experts will take care of your accounts and tax with the help of our cloud-based accounting services.
Why is Accounting Important
Your regularly updated financial records will ensure seamless running of your business.
- Unbiased Opinions for Start-ups:
Any start-up with plans of expanding business should pay heed to unbiased opinions. This gives them an idea of their future goals and identifies all the scopes of possible improvements.
Accountants are capable of giving you such unbiased opinions. All sorts of positive and negative feedback shared by accountants should be taken into consideration for the betterment of the business.
- Performance Evaluation:
Updating your financial records regularly paints a clear picture of the tasks carried out by each department of the company. It also helps you to determine the financial position of your business.
A clear understanding of the financial status helps you to gauge the standing of your business in the commercial environment. Accordingly, you will be able to invest in the parts that need major improvements.
Our accounting services at S3 Solutions will help you maintain a record of all your income, expenditure, and gross margin.
With us, you will be deft in assigning your budget for the company keeping up with the comprehensive past records we can provide. This is also helpful for outlining future projects.
- Statutory Compliance:
Accounting services will assist the businesses to keep up with statutory compliances required of them by the state and central governments. Professional accountants will take care of liabilities such as income tax, GST, pension funds, etc.
Non-compliance often calls for legal consequences that can bring down the company entirely. It will be subjected to huge penalties and disrepute. S3 Solutions helps you to avoid this by providing the best accounting services.
- Financial Statements Filing:
Financial statements are a necessary part of the company’s share in the stock exchange. They are also required for filing direct and indirect taxes. Filing financial statements often is a hassle but for professional accountants, this is an easy task to handle by cooperating with the Registrar of companies.
A company’s financial statements are a reference for prospective clients who wish to invest in the company. S3 Solutions helps you to achieve this with ease.
Why Should You Outsource Accounting and Tax Services to S3 Solutions?
S3 Solutions has carved out a niche for itself in the accounting and tax domain and has been helping companies from different industrial sectors streamline their operations.
We regularly assist companies from the IT, ITeS, Services, Real Estate and various other sectors with our state-of-the-art accounting and tax services.
At S3 Solutions, we understand the importance of impeccable accounting and tax services and that these are quintessential for scaling your business.
You can focus on your core operations and employ all your resources in reaping maximum profitability while we help you in making accounting and taxation processes well-organized and seamless for your business.
Outsourcing accounting services from professional firms like S3 Solutions aid your company in a number of ways.
- Cloud-based accounting services
- Professional work quality
- Flexible working hours
- All Services Under the Same Roof
- Fraud Prevention
- Cost-effective alternative
- Focus on Business Goals
- Complying with commerce and labor laws
- Motivate Your Employees and Clients
- Cloud-Based Accounting Services:
S3 Solutions uses only the top-notch technological approaches in our services. Our cloud-based accounting software with Quickbooks helps our client’s authorized members to gain access to their financial records from wherever and whenever.
- Professional Work Quality:
Our team of bright and promising individuals is the best in their fields. The professionalism makes S3 solutions a deliverer of consistently high performance levels on the regular. We only appoint certified accountants who will help you get the maximum benefits of all our services.
- Flexible Working Hours:
Outsourcing accounting services from S3 Solutions guarantee you flexible work hours. You can contact us whenever you need and we assure you that someone from our team will be available to address your concerns.
Many small to medium-sized businesses do not work within fixed hours per day. These are especially web-based brands, entertainment businesses, grooming companies, and the hospitality sectors. S3 Solutions is the ideal accounting outsource for these companies.
- All Services Under the Same Roof:
Accounting involves several tasks like management and analysis of finances, bookkeeping, auditing, payroll activities, and tax management among others. Outsourcing accounting services from S3 Solutions allows you to choose the package suitable for your business.
- Fraud Prevention:
Confidential information about your business can be exploited by in-house employees. By outsourcing accounting services, such risks can be avoided. At S3 Solutions, we have a spotless record that can vouch for our dedication to safeguarding your interests.
- Cost-effective Alternative:
Using in-house accounting services from highly skilled professionals is a costly affair. Outsourcing accounting services from S3 Solutions is a low-cost alternative that helps you to manage your funds more effectively.
- Focus on Business Goals:
With S3 Solutions, let go of all your worries about accounts and taxes. Being anxious about such ancillary yet integral matters can affect your company’s performance. Our efficient approach allows you to concentrate entirely on your business-related goals.
- Complying with Commerce and Labor Laws:
Outsourcing accounting services from a professional firm like S3 Solutions ensure that your company adheres to all the norms and laws laid down by the government.
Our professionals are well-versed in the national and regional laws to prevent any case of default that may lead to the ruin of the business.
- Motivate Your Employees and Clients:
Employee dedication goes hand-in-hand with client retention.
When your employees see that your company’s accounts are in good hands, it will drive them to cooperate better. Goodwill is always valued above everything else in every industrial sector.
Cooperation of employees will satisfy your clients. You can retain clients better with their increased trust in your business.
This will open up the workflow that will extinguish your employees’ fear of running out of work. It is a cycle that can only be maintained by good accounting similar to what we provide at S3 Solutions.
What are the accounting and tax services offered by S3 solutions?
Accounting is a stressful task integral to every company irrespective of its size. Without it, a company will be unable to function properly. S3 Solutions offer the best accounting services in the form of the following tasks:
- It is always advisable to employ modern technology to make tax solutions easier. Our cloud-based accounting services with QuickBooks will help you access your accounting tasks anytime anywhere.
Its customizable features will also aid you to obtain credible financial reports and statements to show your clients and employees just at the click of a button.
- On the behalf of your business, we deal with the summary, analysis, preparation, and reporting of financial statements and transactions.
- Financial and other decision-making processes are often a challenge for new companies. We provide relevant information pertaining to such important steps so that the managers can make informed decisions about the future of the company.
- We provide auditing services to bring into light the financial status of the company.
- We will resolve your accounting and tax issues at the earliest possible. Rebalancing the budget for optimal cash flow management is our specialty.
- A certain set of rules and laws must be followed while preparing the accounts and taxes of your company. This is known as tax accounting and at S3 Solutions, we provide the best tax accounting services.
- Cash flow management is important for any business. It can improve the liquidity, profitability, and cost effectiveness of the business. S3 Solutions helps you with the allocation of your costs and controlling them to manage your cash flow effectively.
- Varying degrees of payroll services are offered by our accounting services. They may include payroll preparation, tax calculation, withholding, and issuing cheques. Our complete payroll services can also be accessed for additional benefits.
- Our professionals are well-versed with all the norms and regulations a company has to comply with. For tax deductions, fixing minimum wages, ESI fund and PF deductions, professional taxes, gratuity, and other employee-related services, we provide the best assistance.
- For any business, tax planning is important in order to ensure proper tax efficiency. We help you to plan your taxes properly so that you can maintain all your financial activities.
- Our experts provide the best consulting services to help you understand your company’s financial stance better. This helps you make important business decisions effectively by getting insight into the future of the company’s growth.
Accounting and Tax Services – Related FAQs
- What are accounting services?
Keeping financial records of all business activities is known as accounting. Accounting tasks refer to several processes of recording, summarizing, analyzing, and reporting all the financial data and transactions.
All businesses need proper accounting to maintain their growth. Such tasks are handled by an in-house accounting team or an outsourced professional team of accountants.
- What are the accounting standards each Indian company should follow?
The Indian Accounting Standards (Ind AS) must be followed by all commercial institutions working in India. They are notified under section 133 of the Companies Act 2013 and fall under the aegis of the Ministry of Corporate Affairs.
The AS has been developed with respect to the economy and legal environment prevalent in India. It also strives to follow the International Financial Reporting Standards (IFRS). At the moment there are 41 Ind AS notified by the MCA.
- What are the key statements generated in accounting services?
Different types of accounting prove beneficial for different types of businesses. But there are three key statements generated by accounting services that are integral to all businesses:
- Income statement:
A detailed income statement provides information about the profits earned and the losses incurred by a company. This can help in determining and calculating the profitability of your company.
- Balance sheet:
Your company’s balance sheet gives a clear picture of its financial status in the commercial scene. It helps to attract prospective investors by providing them an insight into your business operations.
- Cash flow statement:
The balance sheet and the income statement need the cash flow statement to channelize the gap between them. It reports the cash spent during that particular period. This helps the company to regulate and manage its cash flow according to its needs.
Expert Opinion – What is Outsourced accounting services? 5th August 2023
Outsourced accounting services refer to the practice of hiring an external accounting firm or professionals to handle the financial tasks and responsibilities of a business. Instead of employing in-house accountants or maintaining an accounting department, businesses can outsource their accounting functions to specialized firms or professionals who are experts in financial management and reporting.
Outsourced accounting services typically include a range of financial tasks, such as bookkeeping, payroll processing, accounts payable and receivable management, financial statement preparation, tax compliance, and financial analysis. The extent of the services provided can vary based on the specific needs and requirements of the business.
By outsourcing accounting services, businesses can benefit from several advantages:
- Cost Savings: Outsourcing accounting functions can be more cost-effective compared to hiring and maintaining an in-house accounting team. It eliminates the need for employee salaries, benefits, training, and overhead costs associated with an internal accounting department.
- Access to Expertise: Outsourced accounting firms or professionals are highly skilled and experienced in financial management. They bring a wealth of knowledge and expertise to handle complex financial tasks and stay up-to-date with changing accounting regulations and practices.
- Focus on Core Business Activities: By delegating accounting responsibilities to external professionals, business owners and their teams can concentrate on core business operations and strategic initiatives. This allows for increased productivity and efficiency in other areas of the business.
- Scalability and Flexibility: Outsourced accounting services can easily scale up or down based on the business’s needs. Whether the business is experiencing growth or facing temporary fluctuations, outsourced accountants can adjust their services accordingly.
- Technology and Systems: Outsourced accounting firms often utilize advanced accounting software and systems, ensuring accurate and efficient financial management. Businesses can benefit from access to state-of-the-art tools without the need to invest in expensive software themselves.
- Compliance and Accuracy: Outsourced accounting professionals are well-versed in financial regulations and compliance requirements. They can help ensure accurate financial reporting and maintain compliance with tax laws and regulations, reducing the risk of errors and penalties.
Overall, outsourced accounting services provide businesses with the opportunity to offload their accounting tasks to specialized professionals, allowing them to focus on core competencies, reduce costs, and benefit from expert financial management and reporting.
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