Audit committees can contribute further to audit quality, ifiar

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Audit committees can contribute further to audit quality, ifiar

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Accounting and finance is a highly specialized operation which is carried out throughout the year in every organization. It is necessary to carry out a proper and organized financial accounting methods and bookkeeping to portray a perfect image of the financial stability of a firm.

With the growing needs of the KPO industry, a Chief Financial Officer needs to spend ample amount of time on the core accounting activities. It is also noted that manual reporting carried out by the internal employees might lead to numerous errors, thus, bringing a downfall to the financial stability.

As per the financial experts, the major tasks/ activities outsourced under Accounting and Finance in a KPO industry includes:

Accounting and bookkeeping services

It generally includes cash accounting, bank and credit card reconciliation, ledger handling, accounts receivable and payable.

Preparation of the tax returns

It includes the examining of the balance sheets and interpreting and classifying the items accurately or filing the tax returns quickly.

Payroll processing

Outsourcing the payroll processing includes setting up the payroll items such as hourly rate, salary, and wages.

Other activities outsourced under the accounting and finance consists of balance sheet reporting, cash flow preparation report, internal auditing services, preparing the income and loss statement, and sales order processing, among others.

Experts believe that outsourcing the accounting and financial tasks can be highly beneficial to all the sectors including the KPO (Knowledge Process Outsourcing) industry.

Minimizing the cost

When you decide to outsource the F&A needs, it will simply assist you to focus on revenue generation and thus, would simplify your accounting process. Experts believe that outsourcing F&A can save a large number of your resources and cash outflow.

Monitoring of the accounting rules

Outsourcing can help to keep a track of the accounting rules, being updated in the industry from time-to-time.

Safeguarding the company during an economic crisis

Today, a lot of changes are taking place continuously in the industry due to the change in economic situations. Outsourcing the F&A process can reduce the burden on the KPO companies.

 Minimal errors

Errors occurring in the process of F&A can be anything, right from wrong calculations to the faulty accounting procedure. An outsourcing specialist will have varied layers of review inculcated into the F&A process.

A recent survey conducted by few of the economic expert state that outsourcing finance and accounting will witness a higher and robust growth for many of the companies, including the KPO industry.

CapActix can provide outstanding deliverables, incredible results, and result-oriented programs in white label bookkeeping outsourcing services. Contact us at +1 201-778-0509 or reach out at [email protected].

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+91 902-340-4337

India : A-306, Privilon, Nr Iscon Cross Road Iscon-Ambli Road, A’bad – 380058

+971 58-249-7106

Dubai : 503 Mohammad Noor Talib Building, Khalid Bin Walid road, Opp Royal Ascot Hotel, Dubai, UAE

+1 201-778-0509

United States : 347 Fifth Avenue Suite 1402-227 New York, NY 10016

+91 902-340-4337

Australia : 45A Booreea Boulevard, Cordeaux Heights, NSW 2526, Australia

+256 772-420-075

East Africa : Plot 604, Coral Crecent Kololo, Kampala Uganda

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Dinesh Suthar
Director – Digital Transformation

Dinesh Suthar
Director – Digital Transformation

Dinesh Suthar, a Fellow member of Chartered Accountants of India and commerce graduate, boasts a decade of industry experience in Tax and Finance roles. Having worked with Shell Oil and Amazon (India / UK), he successfully led numerous finance, audit, and tax process automation projects, resulting in significant time savings. Passionate about leveraging new technologies for business growth, he now spearheads CapActix’s Digital Transformation team, overseeing Finance Digitization and Tax Technologies initiatives.

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