A company needs to analyze what are the various accounting services it needs and which of those can be outsourced. Driving efficiency is high on the priority list for CFOs who want to outsource Finance and Accounting processes without losing control over the whole process. At the same time, accounting services to the USA are gradually expanding to new areas, niche industries, and companies of all sizes unlike how it used to happen in the past. Therefore, outsourcing can be quite an ordeal for someone who has never had to outsource accounting services before. We have decided to collect some of the most popular accounting and financial services provided to the US to help you make up your mind –
This is a special branch of accounting which keeps track of the company’s financial transactions. The transactions are recorded, summarized, and presented in a financial report such as an income statement or balance sheet YoY, or as and when requested.
This involves the companies recording their employees’ compensation which includes gross wages, salaries, bonuses, commissions, etc. after withholding the various taxes. In addition, this service also provides the productivity index of the resources with respect to the compensation paid.
This includes the application of online and internet technologies for business accounting functions. It is the electronic enablement of lawful and traceable accounting processes which were traditionally manual and helps to bring your company up to speed with the latest regulations while ensuring the records remain clean and organized.
The companies specializing in this service use their accounting skills to investigate fraud while analyzing the financial information uncovered from a legal perspective. Forensic accounting services not only detect and eliminate frauds but also help to plan processes so as to prevent any such future references.
This is a specialized field of accounting where accountants focus on the preparation of tax returns as well as tax planning for future taxable years. Unlike most countries, the United States has a comprehensive set of accounting principles for tax purposes, and therefore the companies providing these services must not only be competent but also well-read in US accounting laws.
This involves preparing general-purpose financial statements including balance sheets, income statement, cash flow statements, etc. Although more backend-office work related as compared to pure accounting work, this service represents the purpose of financial accounting and hence necessitates careful choosing of the service provider.