Generally, accounting outsourcing will begin at a consultation when the business needs to explain its unique requirements. The outsourcing firm then creates a made to order service plan. Usually, companies upload their financial files to a safe location or give a few permission to their accounting software. Bookkeeping is outsourced to the outsourced team and they prepare financial statements and process payroll and taxes, giving updates at the regular intervals. Video calls, emails, and dashboards are probably the commonest communication mode. Cloud based technology has enabled outsourcing firms to leverage technology to enable in real time collaboration. The setup provides the ability to maintain total financial control while eliminating their labour and operational costs.
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