Intelligent Accounting and Finance Solutions

Friday 28 February 2014

Transition of business to outsourcing model

Once you have decided to outsource your bookkeeping and Accounting the shifting to outsourcing model from traditional model to outsourcing model has to be done in phased manner. This would ensure maximum benefits from outsourcing model.
                                       Transition of business to outsourcing model
  Transition of business to outsourcing model










Transition to outsourcing model is done by specialized transition team who would plan the transition and implement the same in phased manner.

Generally transition takes around 90 to 180 days to complete and achieve all the benefits of Outsourcing.Here are some of the points which would help in effective transition to outsourcing model:

Communication:
To communicate with the End client and knowing the requirements of the client.
  •     Communication before transition
    Rayvat Accounting team shall explain the transition methodology and give the required information to the customers to make them ready for transition. It is more focused on convincing the clients for smooth transition to new systems and process. It effectively communicates need for change.
  •     Post transition Communication:
    Post transition communication seeks to get input/feedback from the client and devise the strategies to help the client to smoothly adopt the new system.
A checklist should be developed to help in conducting client service interviews. The findings of client service interview would be well documented in order to ensure that we completely understand the client requirements and cater them according to their needs.

Additional Service Benefits Explaining the client of the additional services Rayvat Accounting shall provide in addition to the outsource accounting services which the customer used to get previously. For e.g., Additional reports which we can generate for the clients which can be used by client to have a better decision about his business.

Training: Proper training would be given to the end client to help the client to get accustom to the outsourcing methodology.

Service Level Agreements: Rayvat Accounting would sign a Service Level Agreement with the end client to ensure that the roles and responsibility of the client and Rayvat Accounting are well defined. It seeks to have all the client expectations in Service Level Agreements.

Take Over: The team would take over the work from the staff of previous accountant in phased manner and handle it over to the Indian Transition team.

Feedback: Constant feedback would be taken from the client to ensure that the client is satisfied with the services.

Ticket raising and Support: Transition team can raise a ticket and support question for the team in United States on behalf of the client.

Quality Control: The information provided to the client would be routed through the transition team in united states providing a two way review of the information sent to the client.

Audit: They shall perform a regular check the ledgers to ensure that the accounts are error free.

You can view more about our outsourcing methodology.We at Rayvat Accounting Specialize in Accounting and Bookkeeping leveraging on cost difference between India and developed countries like Australia and United States.

Tuesday 4 February 2014

Complete Accounting Services in India

There is a recent buzz in F&A sector to outsource their complete accounting departments to professional Outsourcing Firms.
A Research report of “Global Services 100 Study” states that More than 55 percent of F&A contracts offshore F&A services to India. Of more than 20 leading F&A service providers tracked by Everest, 18 have delivery presence in India with close to 80 delivery centers when taken together. In recent years India has emerged as a buyer geography for F&A.
Total F&A Market in India is $12bn as per research by “Hfs Research group”

  •     There is a $2.6 bn market for engagements having a contract value of less than $25 mn as per the estimate of Hfs Research
  •     There is a $7.96 bn market for engagements having a contract value of more than $25 mn as per the estimate of Hfs Research.
F&A Market in India has developed in recent past and there are many developed players in India who compose of The Accounts Outsourcing Market in India is yet to grow in India due to developing confidence in India.
As per a report the most preferred destination for outsource your accounts to India.

The main reasons for development of FAO markets in India are :
  •  Labour Arbitrage due to difference in cost of the people having same skillset.
  •  Availability of Skilled workforce in India and shortage of same in developed nations.
  •  Availability of English speaking work force in India Shift of organizational processes from manual to technology oriented.
  •  Availability of infrastructure, technology and high speed connectivity in developing nations.
  •  Implementation of Information technology laws in developing countries which prevent data misuse. Information Technology Act, 2000 in India helps in protecting the data in virtual environment.
  •  Time lag between eastern and western countries helps in updating data in almost half a day’s time. It helps in completing work in time deadline. For eg. Audit work or Deloitte US is transferred back and forth between Deloitte US and India helping in getting work done in tight deadlines.
  • Reporting norms levelised at global level. (For eg. Emergence of IFRS and XBRL standards).

    We at Rayvat Accounting Specialize in Accounting and Bookkeeping leveraging on cost difference between India and developed countries like Australia and United States.