6 Top Outsourced Accounting Services by Globusfinanza

Outsourced accounting services involve hiring external professionals or firms to handle a company's financial tasks and responsibilities instead of maintaining an in-house accounting department. 1)Bookkeeping: Daily financial record-keeping, including tracking expenses, revenues, and reconciling accounts. This foundational service ensures accurate and up-to-date financial records. 2)Financial Statement Preparation: Compiling balance sheets, income statements, and cash flow statements. These documents provide crucial insights into a company's financial health. 3)Tax Preparation and Filing: Handling complex tax regulations, preparing returns, and ensuring compliance with local and federal tax laws. This service helps businesses minimize tax liabilities and avoid penalties. 4)Payroll Processing: Managing employee salaries, deductions, and tax withholdings. Outsourcing payroll reduces errors and ensures timely payments. 5)Accounts Payable/Receivable Management: Overseeing incoming and outgoing payments, invoice processing, and vendor relations. This service improves cash flow management and maintains positive relationships with suppliers and customers.