Accounting and bookkeeping services in India are often taken as same services in business. A lot of minds would be in the dilemma of “Isn’t a bookkeeper an accountant?”. Well, there is a huge difference in both terms. So, what’s the difference between a bookkeeping service and accounting service?
Difference between Bookkeeper and Accountant
So the major difference between the two is the fact that bookkeeper focuses on support role and includes duties like creation on invoices and data entry. The technical need of business like taxes, business planning and doing month end closing entries is taken care by Accountant.
It’s also said that Bookkeeping is a must have for small business either by hiring an in-house bookkeeper or by subcontracting outsource bookkeeping service firm. Accounting services are very different than bookkeeping services accountants are focused on the big picture while bookkeepers are focused on the details and the daily operation of the business both services are important and provide different benefits for the corporation.
Bookkeeping services are the services that encompass the controlling and organizing source documents in accurate and correct manner while accounting services involve determining the best setup and control for a bookkeeping system like cash flow monitoring and budgeting.
Outsourcing Bookkeeping Services in India
Outsourcing bookkeeping services in India has become a popular choice for businesses around the world. India has a well-established reputation for providing high-quality, cost-effective outsourcing services, including bookkeeping. There are several reasons why outsourcing bookkeeping to India may be advantageous:
1. Cost Savings: One of the primary reasons businesses outsource accounting and bookkeeping services in India is cost savings. Labor and operational costs in India are generally lower than in many Western countries, allowing businesses to access skilled professionals at a more affordable rate.
2. Skilled Workforce: India has a large pool of well-educated and trained professionals in the field of accounting and finance. Many Indian outsourcing firms employ qualified accountants who are familiar with international accounting standards. Startup Accounting Services in India support small and medium sized businesses.
3. Time Zone Advantage: The time zone difference can be an advantage for businesses. Tasks can be assigned to the outsourcing partner at the end of the working day in one country, and progress can be reviewed the next morning. This can lead to faster turnaround times.
4. Focus on Core Competencies: Outsourcing bookkeeping and accounting services for small business allows businesses to focus on their core competencies and strategic objectives. By delegating non-core functions to a specialized service provider, companies can improve efficiency and productivity.
5. Use of Technology: Indian outsourcing firms often leverage advanced accounting software and technology to ensure accuracy and efficiency in bookkeeping processes. This can result in improved data management and reporting capabilities.
6. Scalability: Outsourcing offers scalability. As your business grows or experiences fluctuations in workload, an outsourcing partner in India can easily scale its services to meet your changing needs.
7. Data Security: Reputable outsourcing firms in India adhere to international standards for data security and confidentiality. They implement robust security measures to protect client information and ensure compliance with data protection regulations.
Trusted Bookkeeping Services Company in India
When considering outsourcing bookkeeping to India, it’s crucial to carefully select a reliable and experienced outsourcing partner like Anbac Advisors. Conduct thorough research, check client reviews, and assess the expertise and infrastructure of the outsourcing firm before making a decision. Clear communication and well-defined service level agreements (SLAs) are also essential to ensure a successful outsourcing arrangement while outsourcing bookkeeping services to India
Benefits of Bookkeeping and Accounting Services for Small business
As the business grows, the business owner gets to know that it’s not cash, but time that’s most difficult to come across. Most of you think is there actually a need of outsourcing bookkeeping services? Therefore I would like to acquaint you with the benefits of outsourcing bookkeeping services for small businesses.
1. Focus on business – when you outsource your accounting tasks to bookkeeping agency, you are not only just handling over the work but also you pass on all the responsibility attached to it. So there it lies a differentiation in managing and monitoring.
Now bookkeeping doesn’t limit you to solely write the account or record the statistics, it goes on the far side, as deep as the bottom of all the sheets of all the departments and overheads. Whereas outsourcing a skilled bookkeeping company, the most recent tools and technology will be at your disposal. Such tools which will offer you with useful insights concerning your payment, backup the crucial information of your business and plenty of such proceedings, that you can’t imagine to handle together with your own team.
2. Experts at your service – While opting with outsourcing, a vast pool of expertise opens up for you, leaving behind the hassle of checking or correcting the books. It also eradicates the limitation of hiring an in-house person. The most crucial thing is your bookkeeping would be managed by people enriched with years of industry experience.
3. Reduce Cost – The most crucial term you would save is the time. Rather than paying for full time staff, you need to pay only for the hours that you require and with little or no overhead and no infrastructure expenses.
4. Focusing on core business – By not spending the time on details, you can actually focus on your core business or that reasons you went into business for yourself and leave the work to the experts.
5. Avoid Tax Penalties – Incorrect accounting records can impose penalties on you during tax session. Accounting service provider gives accessibility to the latest accounting software, reducing the error rate.
6. Fraud Prevention – Accounting services professionals will keep all your business payments, profits, expenses and financial development on track with their efficient management and expertized skillsets. If you will have a detailed record of all the financial statements such as balance sheet and profit and loss statement, it helps you in fraud prevention and accessibility to authentic data and also future decision making.
We at Anbac Advisors, are a team of expert CAs, CS, Lawyers working together for your accounting and bookkeeping services in India. We believe in providing our clients a seamless accounting experience so that they can focus on their business growth.
Our Services also include Legal and Audit Compliance, India Market Entry Strategy, Legal Structuring, Fundraising Platforms for Startups, Global Tax and Legal Structuring, Business plan, Virtual CFO services, Company Registration in India, Trademark Registration in India, Financial modelling and Company Valuation Services, Government tie-ups and Grants and Due diligence, Legal Advisory in India, Strategy Consulting in India
Key tags: outsource bookkeeping services India, accounting and bookkeeping services in India