OUTSOURCED ACCOUNTING & BOOKKEEPING & WHY IT IS IMPORTANT

Outsourced accounting services provide a full, accounting department experience for small businesses, enterprenuers, and startups.

Outsourced accounting providers have a full complement of accounting professionals allowing them to offer a small team of accountants at a lower cost of engagement.

Basically the idea behind outsourcing accounting services for small businesses, entrepreneurs and startups is to provide professional accounting services in the supervision of CPAs/ACCAs/CAs, which cannot be hired by a small businesses owners, entrepreneurs, and startups, because of their high salary demand due to extensive experience in the accounting field. Outsourcing accounting function permits you to engage a professional accountant in almost half the cost you have to give to your full-time professional accountant.

Why it is worthwhile to outsource accounting for small business owners, entrepreneurs, and startups?

The essence of doing business is to earn money while enjoying your personal life, health and most importantly your beautiful family, which was unfortunately not the case while doing job with 9 to 5 routine, but consider if you are doing business and stuck in so badly, that you are not only sacrificing your health but most importantly your relationships and family.

We are aware that the most important thing in business is to secure your revenues while doing your business, whether from on-premises embezzlement and fraud but also from tax and local authorities in shape of penalties due to non-compliance of tax and other legal rules.

Here “Wealth Bridge Consulting” came to team up with you to ease your life and making business and life balance with more focus on your business rather than other issues.

So when you outsource your accounting to “Wealth Bridge Consulting” you save money in terms of hiring a professional accountant at low cost and secondly the secrecy of your accounting record and cash, which was on the risk of accountant sitting in your business premises. The third is the “Time”  the most valuable commodity for an entrepreneur and businessman if you give more time to working for your business rather then working on your business, soon you will lose not only potential clients but also your growing market share.

What Happens When You Outsource To us? 

“Wealth Bridge Consulting” has established a proper mechanism for our clients through which we identify how we proceed further. At “Wealth Bridge Consulting” do not expect to call and start work mechanism, rather we have an assessment procedure to move forward. In this assessment, the client assesses us for the outsourcing of their accounting function and we assess how effectively we offer our services to our valuable clients.

“Wealth Bridge Consulting” process for Clients

The first step in our client assessment mechanism starts from;

1. First Conversation

The first step is to get our client talking. What we’re looking to do here is get to the root of your needs and wants. What has worked for you? What hasn’t? What are you using now, and why did you choose it? Where do we want to take your business?

Once we know the problems then we explain our services and how we conduct our engagements. We explain to you what are we great at? What is it like to work with us? Reassure that we understand the problems you are facing, and we can provide the services or assistance you need to get past them.

2. Client Need Assessment

The second step is “Client Need Assessment procedure” in this step we establish what is desired in this relationship.

During this process, we assess what is needed by us? and assess what resources we need to get started, which ERP Solution or Accounting Software best fulfills your needs. We have expertise in a range of best ERP solutions and accounting software available in the market for small & medium size organizations, entrepreneurs and startups. Like Quick Books, Xero, Zoho, Sage 50, etc.

After this process, we recommend you on accounting as well as tax and other corporate matters that best fulfills your needs keeping in mind your profitability.

And rest is up to you, we are always thriving to provide the best services to our clients to meet their financial goals.

3. Engagement

When you satisfy we have a proper procedure of signing off the engagement. At “Wealth Bridge Consulting” engagement is not merely signing off the engagement letter, rather we have to team up to take your business to the next level. We do not want to be a one-time service provider rather we focus on involving you as well as our team to establish the ownership and responsibilities on both sides of the relationship.

4. Kickoff to Data Capture

The next major phase goes from kickoff to data capture. First, we present all the things we need from you, where to get them and how to get them to us. Next, we set a goal and a critical path to success. The key is to be proactive about asking for critical documentation and details from you. Remember in the start we have to work hard to establish the things we identify from the ” Client Need Assessment” phase. During this process, we have to work as a team and be patient to reach our goal to make you tension free from accounting or other services that you outsourced to us.

Next step is;

5. Training

The next phase of onboarding is to train you. Our training questions are? How we work together, how the firm is structured who the point people are, how to work with the processes and systems we are using, and how you should contact our firm when you need support. We believe that training is not just for clients – everyone in our relationship should always be training as well.

This is our process for making our client onboard to “Wealth Bridge Consulting”.