Accounting Outsourcing: Delegating the Flow of Finances to Professionals in a Co st-Efficient Way Business is composed of a set of interrelated system that

will ensure the smooth flow of business process and convert capital to revenue efficiently. It is impo rtant for a business owner to consider each component as if it is just the exist ing system inside the process. Thus, utmost importance and consideration must be given to each process component, which includes the accounting process. That is why we have tax lawyers. That is why we have public accountants. That is why we have financial managers. It is because of the accounting process. It is the measurement and the disclosure of essential financial information that will help public accountants, financial managers, tax authorities, investors, a nd other decision-makers to effectively allocate their financial resources to ea ch business process, thus maximizing the conversion of a business working capital to huge revenues. Accounting involves processes in which important financial in formation of a particular business is recorded, summarized, evaluated, and inter preted. Furthermore, since money is one of the biggest factors that may affect t he existence of a business in a certain market, accounting is given utmost atten tion and consideration at all times. In accounting alone, there are several aspects that a business owner must consid er. There you have the cost accounting, the cash-basis accounting, financial acc ounting, internal fund accounting, management accounting, project accounting, an d others. And the list continues to expand. In other words, you might conclude that accounting is a serious and a critical m atter that must be handled by a group of people who have the technical expertise in dealing with the accounting as well as financial issues. Realizing this real ity, more and more business organizations hand the accounting aspects of their b usiness process to third-party organizations, or most commonly known as accounti ng outsourcing. Accounting outsourcing is considered to be one of the more effective management tool, thus many companies often incorporate outsourcing as one of their strategi es in business planning. As a matter of fact, the Outsourcing Institute reported that the concept of a CRO (Chief Resource Officer), a professional outsourcing executive manager, is widely-acceptable in larger corporate organizations. Howev er, you need not to be a large corporation to benefit from accounting outsourcin g. Even small and medium-sized enterprises can provide better service and produc e high-quality products in a more cost-efficient way if they will outsource thei r non-core business processes, including the accounting aspect. By decreasing th e demands on your administrative personnel, you will be able to free them from a dditional responsibilities and they will be able to support areas directly to yo ur sales, clients, and to the marketing task of your business. Accounting outsourcing firms can execute your accounting and bookkeeping tasks i n all frequencies (monthly, quarterly, and annually) or can supplement your pres ent administrative staff to lessen the responsibility. Here is a summary of the services you can acquire from outsourcing your company s accounting process: Preparing cash disbursement checks; Preparing input credits and bank deposits; Preparing company payroll;

Preparing tax deposits and bank reconciliation; Preparing financial statements; Preparing payroll tax returns; and Evaluation and review of financial results on different frequencies. With accounting outsourcing, you will be able to see the benefits of having a co st-efficient business operation. With your accounting process at the hands of ou tsourcing professionals, you can focus to the core of your business and convert every cent of your working capital into hundreds to thousands of dollars in gene rated revenues and profits.