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 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.

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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.

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Preparation of Business Plan for a Successful Business

Planning is first step towards conversion of ideas into a business strategy. It helps to effectively achieve the goal by proper allocation of resources. Business plan is one such step towards planning where the entrepreneur converts his idea on paper.

A business plan is any plan that works for a business to look ahead, allocate resources, focus on key points, and prepare for problems and opportunities.

Business Plan helps to visualize your business and forecasting the future based on present deployment of resources.

Here are some of the tips to write a good business plan:

1. Know your Audience:
Business plan written with a target audience in mind can be much helpful as you can prepare the business plan as per the knowledge and level of understanding of Audience.

2. Important parts of Business Plan:
A good business plan should have a proper flow of information and should be classified into various parts.
Generally a good business plan should be divided in following parts:
• Executive Summary of business plan
• Product Service
• Management team
• Target Market and competition
• Implementation schedule
• Milestones to be achieved
• Threats and opportunities (SWOT Analysis)

3. Structure of business plan:
A well defined business plan should have a proper structure and logical flow of ideas. It aims at convincing the reader of successful business in future.

4. Clear definition of milestones and time frame for achievement:
With clear strategies business plan should state the time frame for achieving the business goal and tentative schedule for implementation and achieving the goals of business.

5. Emphasize on cash flow:
An effective business plan should emphasize on cash flow of the business. For analysts it is important to have a cash earnings for business rather than just generating a positive gains for the business.
Rayvat Accounting offers business plan preparation services for small and medium sized business helping them to present their business various stakeholders effectively. For more information on our business plan preparation services contact info@rayvat.com and we shall get back to you as soon as possible.

For More Information Visit Us : Accounts Outsourcing

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For The Benefit of Your Company Hire the Outsource Payroll Processing

In any company, payroll is known as the financial records which include the salary provided to the employee, the deduction made as well as the bonus given to the employees. The most usual work for Payroll Processing Service is to write the paychecks for the employees. The company will provide the bank account to the payroll processing company. In general it will deposit the amount of pay funds for the employees in the bank account before the payday comes every month. Than after the company for Outsourcing Payroll Services use these amounts to pay the employees and taxes of payroll.

For a small business, Payroll Processing can devour the marvelous percentage of an entrepreneur’s gross income until and unless one knows how to approach the payroll aspect in a best way. It is too difficult to manage especially for the owners who are already work in limited resources and budgets. Errors occurred when the owners administer the Payroll Services by their own. If you make the mistake to add the someone’s overtime or holiday pay, the employees will get angry. If the paychecks will not go on time, consistently, the confidence of the company can break up. And when the morale drops, the productivity, sales and the income drops. This in turn will harm your business.

So to avoid the number of complications, more entrepreneurs are hiring their payroll services and lessen the burden. There are unique advantages for Payroll Outsourcing like reduction of cost, lower risk potential, confidentiality of data, no penalties, direct deposits of money etc. Also day by day the employment and wage laws change. It is possible that the entrepreneurs or the owner do not know about the law changes as well as they do not have time to understand the new laws. Thus they may be choose the outsource payroll companies. In this way, hiring the Outsource Payroll Service Company is always beneficial and it will reach the company at higher peak.

For More Information Visit Us: Accounts Outsourcing

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Receivables Management for your Business

" Tips for better management of your Receivables"   

 Here are some tips for better management of your receivables:

1.Prompt recording and invoicing:
Record sales as quickly as possible and ensure that the invoices are delivered to client as soon as the product is sold or when the service is completed.This helps in faster conversation from cash after sales transaction.

2.Credit Policies:
Customers should be made to adhere to the credit policies and should be followed up immediately after the invoices are sent.

3.Outsourcing of Receivables:
In case the present staff is not able to effectively manage your receivables it would be a good decision to outsource to third party vendors. This would have a dual advantage of lower cost as well as increase in efficiency.

4.Follow-up of Receivables:
Timely follow-up of the receivables would help in faster collection and reduce the amount of bad debts. You can hire an agency to have a timely
follow up of receivables.

5.Ageing Analysis:
Business should do regular ageing analysis and thereby getting an overview of where the receivables management stand.

 6.Competitor Analysis:
Business should also analyze the present credit practices of competitors to know the recent trends in collection.

7.Automation:
Automation of business process can prove to be cost advantageous. We can provide Automation with Software’s like intuit Quick-books freeing up your majority of time. Quick-Books can do automation for you.

8.Quality of Receivables:
Business should ensure that the receivables are of high quality and would not default. Various tools like bank guarantee, letter of credit etc. can be used for reducing the default risk of receivables.

9.Mode of payments:
Business should accept payments in as many ways as possible which makes it easier for the business to pay on time.

We at Rayvat Accounting would help you to manage your receivables effectively. You can drop a mail at info@rayvat.com for a free analysis of your present process and how can we help you manage your receivables at competitive rates.

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Manage your Effective Accounts Receivables

Accounts Receivables management becomes an important aspect of your business when the it is in growing phase. Accounts Receivables Management can act as a savior when the business is facing working capital crunch.

How we manage your receivables:

• You can consider us an extended member of your team.
• We would document all the calls made on your behalf and all email communications done for your business.
• The staff is fully trained in managing your receivables

We would give you a complete report of:

1. Ageing of your receivables
2. Follow up done by us
3. Responses of the clients
4. Report of Disputed Amounts

Advantages of working with us:

Cost Benefit:
1. Cost Benefit: We provide services at highly competitive by outsourcing model.
2. At Rayvat Accounting we shall provide you timely reports to help you analyze the current status of your receivables.
3. Better Receivables Management can help in better working capital turnover and thus help the business to thrive.
4. In most of the cases the receivables are left untouched due to overworked staff and business
5. We shall comply with fair policies for converting your receivables to cash by realistic, prompt as well as pragmatic approach towards receivables management.
6. We shall always ensure to maintain reputation and goodwill of your enterprise.

We would surely reduce unnecessary ageing of your receivable by outsourcing your receivables and thereby better management of working capital.

For More Information Visit Us: Accounts Outsourcing

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Virtual Bookkeeping Services for Small Business

Bookkeeping is the term which is used to manage Outsource Accounting division of any organization. It is a disciplined process generally happening in monthly bases consisting of preparing reports, entering transaction into the journals and making the money adjustments. Purchasing of Bookkeeping software and to train the people for bookkeeping is can be a costly process.

Such companies, who do not have the capability to manage bookkeeping services, can take the benefit of outsourcing bookkeeping. Outsourcing Bookkeeping can save money on overhead and insurance, payroll taxes, employee benefits etc. As an Australian Bookkeeping Company, we provide you the wide range of service for outsource bookkeeping.

Small businesses often face the challenge for growing the business and costs piling up. Once considered to be done by huge companies, outsourcing bookkeeping services as a non-core function is now being done broadly by many small businesses. For Remote Access Bookkeeping, it is better to find a qualified Professional Bookkeeper or Bookkeeping Consultant who can keep all records of accounting with accuracy and help you to avoid the potentially expensive mistakes.

By hiring a Professional Bookkeeper with experience and training, you can focus on marketing and operational aspects to run the business. It will help you to increase the profit and concentrate on streamlining operations.

Have you ever been wondering How to do Bookkeeping? We are providing you some guidelines that run your bookkeeping and your business smoothly. The guidelines which company should take care while doing the bookkeeping are mentioned below:

• Keep and file the all important business documents up to date.
• The money which comes into or out of the business should depart through the bank account of business or the petty cash.
• Keep the financial records and accounts of business and personal separate.
• Stay on the top of customer invoice.
• Keep the use of software if you want.

Virtual Bookkeeping Services for Small Business can help you to take the benefit of saving your costs by outsourcing to us. We provide you the bookkeeping services which would help you to increase the profit in your business.

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