Is getting your business’ financial matters among your New Year’s resolutions this year? Outsourced accounting is a viable solution if you want to get your financial statements, tax returns, and other bookkeeping requirements organized fast and at a low cost. In this blog post, we’ll give you a refresher on this popular outsourcing solution for small businesses.
Outsourced Accounting 101: A Refresher Overview | MCVO Outsourcing Services
What is Outsourced Accounting and Bookkeeping?
Outsourced accounting and bookkeeping is a service wherein a business or individual pays a third-party outsourcing services provider to perform accounting and bookkeeping tasks without hiring the designated accountant as a full-time, in-house employee. Outsourcing companies in the Philippines such as MCVO provide businesses with access to trained and licensed accountants. The outsourced accountants and bookkeepers can work on the client’s orders on an hourly basis. Moreover, businesses can also hire outsourced accountants on a project basis.
Some of the functions you can outsource to an accountant in the Philippines are:
- Payroll processing
- Tax returns electronic calculation and filing
- Management of accounts payable and receivables
- Financial statement drafting and organization
- Ledger balancing
- Bookkeeping
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