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Outsourced Accounting
The Outsourced Accounting team manages the organization's financial activities. It maintains accurate financial records, ensures regulatory compliance, and provides financial information for decision-making and external reporting purposes.
West to East Business Solutions LLC handles accounting for medium and large businesses in both private and publicly traded sectors.
Accounting Services
Utilizing outsourced accounting saves time, money and gives access to a team of professionals with years of experience.
Financial Reporting
Prepare financial statements, including income statements, balance sheets, cash flow statements, and statements of equity. These reports provide a snapshot of the organization's financial performance and position.
General Ledger Management
Maintain the general ledger, which is the central repository for all financial transactions. Record and classify transactions, ensure accuracy and completeness, and reconcile subsidiary ledgers to the general ledger.
Budgeting and Forecasting
Assist in the budgeting process by gathering data, analyzing trends, and collaborating with other departments to develop accurate financial forecasts. Monitor budget performance, provide variance analysis, and recommend adjustments as needed.
Accounts Payable
Manage the accounts payable process, including reviewing and processing vendor invoices, ensuring timely payment, and maintain accurate vendor records. Reconcile vendor statements and address any discrepancies.
Accounts Receivable
Oversee the accounts receivable function, ensuring timely and accurate customer invoicing, tracking payments, and following up on outstanding balances. Manage collections and credit control processes.
Cash Management
Monitor and manage the organization's cash flow. Track cash inflows and outflows, prepare cash flow forecasts, and optimize the use of available cash to meet the organization's financial obligations.
Financial Analysis
Perform financial analysis to assess the organization's financial performance and trends. Interpret financial data, identify areas of improvement or risk, and provide insights and recommendations to management for informed decision-making.
Internal Controls
Help establish and maintain internal controls to ensure the accuracy, integrity, and security of financial data. Implement controls to prevent fraud, perform periodic audits, and ensure compliance with accounting principles and regulations.
Tax Compliance
Ensure compliance with tax laws and regulations. At West to East Business Solutions we calculate and remit taxes owed, and work closely with external tax accountants, auditors and tax authorities during audits or inquiries.
Fixed Asset Management
Record, track, and depreciate organization's fixed assets. Ensure accurate and up-to-date asset records and reconcile physical assets to accounting records.
External Audit Support
Collaborate with external auditors during the audit process. Provide the necessary financial information, reconcile accounts, address inquiries, and assist in the resolution of any audit findings.
Compliance Reporting
Prepare and file financial reports required by regulatory bodies, such as the Securities and Exchange Commission (SEC) or other industry-specific regulatory agencies. Ensure compliance with reporting standards and deadlines.
Benefits of Outsourced Accounting Services
Partnering with an outsourced accounting firm has many benefits for any company, allowing them to focus on other areas of their business. Outsourced accounting enables companies to streamline financial operations, access specialized expertise, and scale their business effectively. Here are four different ways that outsourced accounting can assist a company:
>>Cost Savings: Outsourced accounting services can provide significant cost savingscompared to maintaining an in-house accounting team. Companies can avoid theheadache of hiring, training, and retaining full-time accounting staff, as well as the costs ofmaintaining all the accounting software and systems. By taking advantage of the simplicitythat an outsourced firm provides, companies can access top-tier financial talent andresources at a fraction of the cost.
>>Access to Expertise: Outsourced accounting firms employ teams of highly skilled andexperienced professionals. These experts possess in-depth knowledge of accounting principles, tax laws, and industry-specific regulations, ensuring that companies receive accurate financial guidance that complies with all tax laws. Additionally, outsourced firms stay up-to-date with the latest accounting software technologies and best practices, providing companies with cutting-edge solutions.
>>Scalability: As companies grow and evolve, their financial needs can change rapidly.Outsourced accounting firms offer services that can keep up with new developments,allowing companies to adjust their accounting support based on their changingrequirements with ease. Whether a company is a startup, experiencing rapid growth, or undergoingrestructuring, outsourced accounting providers can seamlessly scale their services, ensuring that the appropriate level of support is always available.
>>Focus on Core Business: By outsourcing accounting functions, companies can focustheir internal resources on other areas, such as product development, innovation, andcustomer service. Relieved of the burden of managing their many financial tasks,companies can concentrate their efforts on driving growth, exploring new marketopportunities, and delivering exceptional products and services to their clients.
"Outsourcing Accounting services is a great solution in today's world. It brings global resources togethers for your convenience."
Sheila Rockwell, Senior Accountant West to East Business Solutions