Accounting outsourcing: a profitable business strategy
More and more businesses are realizing that accounting outsourcing is a profitable business strategy. Accounting outsourcing is a simple method through which business owners can take care of all their business needs. Most business owners are not people who can take care of the accounting and financial aspect of their business. So in such a scenario the best thing which one can do is opt for accounting outsourcing, a business process which will benefit them. The benefits become more obvious when the business is in its growing phase, is temporary in nature (such as a representative office), or has different reporting needs (such as a WOFE or a Sino-foreign joint venture, which needs to meet both statutory reporting and home/group reporting needs).
Once you have decided to go ahead with accounting outsourcing, your next task is to find out an accounting firm that will handle your work and help you get the best business results. There are many accounting firms and companies that are working towards providing accounting outsourcing and finding out the best company among the lot can be a tough task. The first consideration is what your needs are. Are you looking for someone to do data entry of cash and bank and perhaps just write checks? You might consider someone with less experience. However, remember your company is probably growing and you should seriously consider your future needs. Will you need someone to process payroll? Make general journal entries? Prepare internal financial statements? Do you need someone who can guide you through your financial record keeping needs as your company expands? And do you need someone who can act as your part-time financial controller or consultant? Better to hire someone who is more experienced now as they will be a great asset to your growing company.
If you have all the knowledge about your needs, the next consideration will be simpler: the cost. A bookkeeper who is honest, trustworthy, reliable and knowledgeable is worth their weight in gold. You might find a good honest hard working person, but if they don’t have the knowledge and experience that you need then you only have part of the solution you are looking for. Matching your needs with the reasonable cost is the right way of balancing between the two ends. It is also worthwhile comparing your cost of accounting outsourcing with what you pay to get the same work done by professionals in house.
Russell Bedford Hua-Ander's accounting services
From the very beginning of Russell Bedford Hua-Ander, accounting services have been one of its core businesses and now we have a full range of services for your choice, from simple but sensitive work such as the cashier function to high-level sophisticated controller function.
Cash and bank custodianship: receipts and payments, bank reconciliation, cash report
Expenses handling and reporting (for rep offices)
Complete bookkeeping and reporting (for companies): ledgers, vouchers, journal entry, reconciliation, accounts closing, statutory reporting, group reporting in English language and in pre-defined format/GAAP
Statutory filing of financial report with governmental agencies
Other outsourcing services we provide to large companies can be tailored to the client's specific needs and requirements, examples include data entry, receivables and payables, staff expenses, inventory count, fixed assets management, segment reporting, and accounting software initialization.
Teamwork and review system are one of the most important advantages you can get from accounting outsourcing to Russell Bedford Hua-Ander. This system maximize the level of productivity, knowledge and experience that the client can get and minimize the risk of errors and frauds.
Russell Bedford Hua-Ander accounting services teams regard them not only professionals who perform routine functions, meet deadlines, and answer questions from authorities and clients, but an integral part of the client company/office. Our approach is to think from the client's view-point and to act for the client's benefits.
Offering comprehensive, confidential, and high-quality professional services at reasonable and affordable fee is always our understanding of good services. In this regard, our service level plus very attractive fee will save not only you cost but also your time of choosing the right accounting firm for your needs.