Outsourcing Financial and Banking Services to India

There are several activities in a business that are not integral to it and these processes can be successfully managed through outsourcing. Several financial and banking services can be handled expertly by offshore companies. India is an extremely popular outsourcing location and has proven capable of managing a range of processes of varying complexity. India service providers are competent, professional, skilled, and the cost advantage will speak for itself. Here are some of the financial and banking services that can be outsourced to India.

Payroll Processing Services

Computerized professional payroll processing software Indian Service Providers to prepare your payroll and payroll tax returns. They can even take care of all required tax deposit requirements. Information can be transmitted to them by telephone, fax or e-mail. Your payroll checks are delivered by courier or available for pick up.

Write-Up Services

Indian Service Providers can use your accounting records such as check registers, cash receipts and sales journals, bank statements and other items, to reconcile your bank accounts, create a general ledger and financial statements. Whether your system is manual or computerized they can accommodate your needs. They also provide:

• Timely financial statements with comparatives to budget and to prior years, percentages and ratios of key financial data plus charts and graphs providing visual representations of your business.
• They can also provide a low cost modular computer write-up software for use on your in-house computer system that will

1. print your checks,
2. reconcile your bank,
3. track and control your payables,
4. bill and control your receivables
5. and even do your payroll, depending on the modules you desire.

This program interfaces directly with the Indian vendor's own professional accounting software and transfers all of your transaction information to them on a single diskette each month. Information can even be transferred by modem. They will train your staff and support the program.

General Ledger Services

The General Ledger is perhaps the most important component of any business set of books. It contains a summary of every transaction and adjustment needed to prepare financial statements and tax returns. It is the key map to your audit trail, whereby any item in your tax return can be traced to the original supporting documentation. Many companies are moving towards greater in-house accounting responsibility with off the shelf or customized user friendly comprehensive accounting software. With proper training and adequate software you can prepare your own in house accounting reports and bank account reconciliations.

Indian Service Providers can step in and provide services starting at whatever point in the accounting process you wish. You can provide them with journals or an unadjusted trial balance and have them make the necessary adjustments to prepare accurate general ledgers, financial statements and tax returns. If you wish, they can help you develop your own system further by training or assisting your staff in making the monthly adjustments necessary to prepare your own in-house general ledgers and financial statements.

Financial Statement Preparation

Indian Service Providers can prepare financial statements for any type of business or for personal financial purposes. These statements may include

• Balance Sheets,
• Statements of Equity,
• Profit and Loss Statements and
• Statements of Cash Flow.

Indian companies can prepare formal accrual basis statements in accordance with Generally Accepted Accounting Principles (GAAP) established by the American Institute of Certified Public Accountants. They can also

• prepare statements on a cash basis which is another form of financial presentation.
• design and prepare internal management reports addressing specific issues and needs. Most statements will include comparatives with your Budget and prior periods reflecting variance amounts and percentages
• statements are frequently accompanied with graphs and charts providing visual representations depicting many different perspectives of your operations, showing changes and trends over periods of time and relationships between key factors of your business.

Tax Preparation Services

Indian companies can prepare virtually any tax return required by your business or personal situations. Nearly all returns are prepared with professional computer tax preparation software and printed on Laser Forms.

These are some additional financial services that can be outsourced to India

• Credit Decision
• Accounts Servicing
• Account Reconciliation
• US GAAP Reporting
• Account Setup
• Credit/Debit Card services
• Check Processing
• Mortgage loan servicing
• Collections
• Customer Account Management
• Treasury Operations Management