It is often challenging and expensive for entrepreneurs, small businesses, and startups to set up an in-house accounting team. In such cases, partnering with an accounting services provider can prove to be highly beneficial. This allows the various aspects of accounting to be customized based on business needs, making Client Accounting Services (CAS) highly economical and convenient.
How to decide if Client Accounting Services (CAS) is right for you?
There is no one-size-fits-all accounting solution. Accounting needs vary based on the business size, present requirements, and future plans.
CAS is suitable for:
- SMEs that need skilled accountants to handle accounting processes cost-effectively
- Businesses requiring help with the year-end financial reports or temporary services
- Companies that require flexible accounting services based on the need
- Growing businesses looking for cost-effective accounting services
What aspects of accounting can you outsource?
1) Managing Accounts Payables and Accounting Receivables
Aligning accounts receivable (AR) and accounts payable (AP) ensures that your business receives and makes timely payments. This is an integral function of accounting that companies can outsource accounting services. Having an expert look at all the details allows for the payment process to be smooth.
CAS allows for up-to-date records to be maintained providing transparency of funds. This includes:
- Invoice generation, expense reports
- Order management and customer payments
- Forecasting and reporting of funds
- Vendor queries and processing
2) Bookkeeping
Cloud-based accounting and digitization have streamlined bookkeeping to a large extent. At Sentient, we ensure our accounting professionals are capable of handling large volumes of data. With relevant certifications and up-to-date information, your business’s accounting is in safe hands. This includes:
- Expense records and ledgers
- Currency and entity consolidation
- Latest software setup for accounting and bookkeeping
- Subscriptions and renewal management
3) Generating reports
All financial documents for cash inflow and outflow need expert supervision. By leveraging our Client Accounting Services, you have a reliable team of certified accountants looking into all the details. This ensures data-backed analysis and reports, which will help in developing financial strategies and budgeting services.
4) Controller Services
The team of certified professionals at Sentient will provide a comprehensive outline of the financial health of your business. These will generate transparency offering a clear picture to all stakeholders. Additionally, our team provides support during audits by providing detailed financial reports and KPI reporting reducing overhead costs.
5) Cost Accounting
When outsourcing your accounting process to our team, we work closely with your business’s R&D and manufacturing divisions. The professionals comprehensively analyze the manufacturing and supply chain to ensure it is cost-efficient and budgeted accordingly. By doing this, the actual cost of the product (along with its manufacturing) or the service is understood and analyzed.
6) Forensic accounting
Our teams are skilled at running through large volumes of data to identify fraudulent or inaccurate transactions. When handling sensitive, confidential data, we ensure data security through breach-proof security.
7) Tax filing and reporting
Having a team of certified professional accountants ensures taxes are accurately filed on time. As professionals well versed in current regulations, we will ensure your tax returns and declarations are filed on time while maintaining compliance.
8) Payroll processing
With the development in technology, we have the latest and most efficient payroll software. Leveraging accounting automation at this juncture allows for a hands-free routine that ensures error-free and efficient functioning.
The benefits of CAS
1) Cost-effective
The cost of CAS is much less than hiring a full-time employee. Companies fail to consider the time spent in looking for professional accountants. Time equals effort and money, both of which can be now spent on mission-critical tasks. With business owners looking to cut down on labor costs, taxes, office supplies, and benefits for full-time or part-time employees.
When companies outsource accounting services, they only pay for what is needed.
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2) Saves time
As businesses grow and expand, the management and key personnel spend time on administrative tasks such as bookkeeping and accounting.
CAS gives time and resources back to the company bringing focus on devising business strategies. This will drive higher revenue and better relationships with customers.
3) Access to expertise
CAS allows companies to hire professionals with the specialized knowledge, certifications, and skillsets required at an affordable price. These professionals need to keep upgrading their skills and qualifications to stay competitive.
In addition, it streamlines the process as only the best and the most effective practices are employed, ensuring faster progress.
4) Scale-up
CAS providers are capable of scaling up the services based on need without any lag. For instance, if the tasks require more than one personnel, the service provider will provide the additional workforce. This eliminates the need for a stringent recruitment process.
With flexible charges, based on need, the hours can be scaled-up or scaled-down without interruption.
5) Automation technologies
Accounting automation software saves time, reduces risks, and minimizes human errors. Automation offers real-time reports that assist in detecting potential problems and mitigating them early. Additionally, it reduces the likelihood of in-house fraud.
As an SME trying to cut down on costs, CAS allows access to the latest technologies and processes. These simplify compliance and improve efficiency.
Sentient Solutions for Accounting
Today’s digital landscape necessitates maintaining relevance. At Sentient Solutions, we are aware of what will have the most significant impact on the company. Our goal is to save your time, effort, and money by supplying information that drives business growth through informed decisions.
Business intelligence drives critical decisions and is a game-changer. We level the playing field through access to competent personnel and advanced technology.
Reach out to us to get future-ready.