What follows is an overview of the various receivables and accounting tasks that are being outsourced today. I recommend reading through the entire page, even the sections that do not initially seem relevant to your needs. You may find a new idea for outsourcing that you had not considered.

Receivables Outsourcing

The use of third-party collection agencies has been an accepted practice for over 100 years, but recent changes in technology and business practices have dramatically expanded the scope of that financial and accounting outsourcing.

Today, even small businesses can outsource payments, receivables and accounting, often without their customers knowing that they are dealing with an outsourcing provider.

Save time, money and hassle when you outsource your receivables. You can drastically reduce the time that you spend on training, administration, and chasing down overdue accounts. Increase your overall collection rate and reduce the aging of your accounts.

Finance and Accounting Outsourcing

Let's take a brief tour of typical accounting functions that are being outsourced. Where do your needs fit and how could outsourcing some of these functions impact your bottom line?

Outsourcing Bookkeeping

The accounting software that you are already using, whether it's QuickBooks, MYOB, or Peachtree is also being used by many outsource providers. There are, of course, dozens of other programs such as Microsoft accounting, Simply Accounting, etc. etc.

You can rest assured that there is an outsourcing company somewhere in the world that is using your system. You simply need to do some online research to find one. Your provider will be able to produce reports, graphs, and other analysis documents to help you in your bookkeeping.

Accounts Payable

You do not need to outsource your entire accounts payable processe. You can pick and choose the function based on your needs and cost-analysis. Simply find a company that privvdes what your need.

Accounts Receivable Outsourcing

Again, you can outsource either all or part of your accounts receivable tasks. A growing trend is to outsource only the smallest accounts that collectively take up the most time and energy. In other words, you could keep the largest customers inhouse and outsource your smaller ones.

When outsourcing your recievables, you should expect - at minimum - to decrease your invoice payment time and increase your cash flow. Expect that even offshore and foreign porviders will be schooled in country and industry-specific best practices.

Tax preparation outsourcing

Companies as far away as India, Bangledesh and China have certified accountants with expertise in US, UK, and Australian Tax laws. A recent review has shown companies with expertise in tax compliance, tax preparation, value added tax service and filing monthly, quarterly, and annual tax payments.

Account Reconciliation

Automate your bank account reconciliation process. Identify fraudulent acitivites.

Financial Analysis Outsourcing

Let outsourced financial analysis professionals generate financial reports and graphs based on your requirements. These reports can include data ratios, trends, areas of opportunities and expansion. Gain a more thorough understanding of your overall financial picture and gain the tools to communicate it more effectively to others.

A related task is to outsource the preparation of your business plan or proposal.

Accounting Consultancy Services

You may have some short-term consulting needs that can be met overseas. For instance incorporation, registration, representation and adive for setting up the correct type of business entity.

An outsourcing company should also be able to help you set-up the approprate business entity in a foreign country. They can guide you through the entire set-up process, and act as your registered reperesentative in that company.

Customized Accounting Services

Customized accounting services are available for any need, no matter how "niche" or unique your business model is. Take the time to research companies and competencies and you will succeed in getting your needs met.