Rayvat Accounting

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Choosing Correct Industry Code in Return Performance Benchmarks

Australian tax office has huge database of information regarding the industry operations and have benchmarks of performance in various industries. They use various financial ratios in order to compare the performance of individual business with that of industry performance.

You need to ensure that you select correct industry code along with your tax return in order to ensure that you fall under correct business code.

These benchmarks are expectations of ATO from individual businesses and expect the same level of performance than that. Business operating out of benchmark may attract the attention of ATO.

For More Information Visit Us : Accounts Outsourcing Services

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How long am I required to keep my tax records for Australian business

Documentation is at heart of accounting. However question arises as to the time period for which the tax records needs to be maintained.

How long to keep bookkeeping documents :

There is a requirement that you need to keep your tax records for five years from the date you file your tax returns.

However there are certain cases in which you are required to keep the tax records for enhanced time period. For example in case you are availing depreciation on assets, you need to keep records for more than 5 years. You need to keep proof of purchase of asset for period more than 5 years.

Medium of Storage: You can keep the records in electronic form as well. However the same should be easily accessible and should be in English Language.

You need to have a good record keeping system in place in order to avoid any trouble in future. Absence of record keeping can lead to heavy penalties as dis-allowance of tax deductions.

For More Information Visit Us : Accounts Outsourcing Services

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Accounting Business Process Re-engineering

Outsourcing bookkeeping Services to Rayvat Accounting is similar to business process engineering model where there is a complete shift in the manner of how the business is done.

In Business process Re-engineering, there is a fresh pondering on the present business and how the process has been done of late.

Business Process Re-engineering (BPR) is basically rethinking and radically redesigning an organization’s existing resources.

BPR is all about redesigning of the workflow and methodology to a more better model which can decrease cost as well as increase in overall efficiency of the business process. The ultimate purpose of re-engineering is to optimize the overall performance of business and generate superlative profits for the business.

Moving to Outsourcing model can be beneficial to your business if it has been implemented in planned manner.Are you planning to Outsourcing your books and still thinking of when to start on Outsourcing model?

Well we recommend to move on to Outsourcing with start of new financial year. This would have a benefit of easy and smooth transition to outsourcing carrying with a switch in the work methodology.

However we recommend early transition which would give us time to settle the process and make it worthy for you.

Call us to know more how we can redesign your Accounting business processes and help you to excel in your business.

For More Information Visit Us : Accounts Outsourcing Services

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Selecting a Best Outsource Service Provider

Many of my prospective Australian clients ask me if it is Legal to Outsource my Bookkeeping work?

The answer to same is definitely yes.

You can outsource bookkeeping work offshore to get benefits of outsourcing provided you take adequate care and inform the owner of the information regarding the outsourced work.

A written letter of approval is required from the client giving a consent for outsourcing the work to third party.

However the organization outsourcing the accounts is required to take due care and needs to do due diligence in order to ensure all the pieces fall in correct place. Here are some of the points which the outsourcer needs to in order to reap all the benefits by outsourcing the job offshore:

Quality of services: The Outsourcer needs to be assured of the quality services from the outsourced organization.Quality control procedures should be in place with the third party service organizations to ensure qualitative work.

Integrity of third party service provider: The outsourcer needs to ensure that there are proper non disclosure agreements in place for avoiding misuse of information.

Professional Expertise: The outsourcer needs to be ensured of the professional expertise of the service organization.

Resources of the Service Provider: The performance of the third party service provider would depend upon the resources of the service provider and the infrastructure available with the service provider.

Monitoring of work: Outsourcer needs to monitor the work in order to ensure that the objectives of outsourcing are achieved.

Best luck for your new outsourcing relationship!!

The article is written by Rushabh Shah, he is operations manager at Rayvat Accounting. Rayvat Accounting provides Outsource Accounting and bookkeeping services at low cost to Australia and US based clients. For no obligation free trial of Accounting services contact us at [email protected]

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Transition Management in BPO

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 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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Offshore F&A Services to India

There is a recent buzz in F&A sector to outsource their complete accounting departments to professional Outsourcing Firms.

A Research report of "2011 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 Market of Accounts Outsourcing in India is yet to grow in India due to developing confidence in India.

As per a report India is the most preferred destination for FAO Outsourcing.

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 [email protected] and we shall get back to you as soon as possible.

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 [email protected] for a free analysis of your present process and how can we help you manage your receivables at competitive rates.

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Finance and Accounting Outsourcing Trends

Starting of the year for Finance and accounting outsourcing. international economy is slowly and steady from one among the worst recessions fully fledged within the last fifty years. Organizations ar gazing ways that to scale back the prices and be competitive within the market within the returning years. To get over the case firms ar progressively gazing finance and accounts outsource.

Outsourced Accounting processes usually requested were payroll, assets and accounts due outsourcing processes. rising method trends in finance and accounting outsourcing ar monetary designing and analysis.

Demand for Outsourcing Accounting continues to be considerable

There area unit still several untapped Finance and accounting outsourcing chance areas, a recent study estimates that there area unit fewer than 800 live engagements and solely one-in-six enterprises outsourcing transactional accounting activities to a 3rd party service supplier.

Recovering economy rekindles outsourcing motives The F&A BPO market was at its peak between 2004 to 2008; interest cooled throughout the recession as enterprises targeted on shorter-term survival measures and place amendment initiatives, like BPO End-to-End Finance and Accounting (F&A) Serviceson the backburner. However, with recovery beneath method, several businesses area unit localization attention on international outsourcing opportunities as a way to scale back expense. Studies estimates that, additional enterprises area unit currently assuming to get into associate degree F&A BPO model over future year, with robust motivation returning from mid-market organizations.

More evolved Finance and Accounting deals A key trend seen these days is that variety of shoppers UN agency have already entered the finance and accounting outsourcing area ar currently moving on the far side ancient outsourcing areas and practices. Their previous expertise has been a useful learning ground. they’re additional conscious of what to try to to, and additional significantly, what to not do. As a result, they’re that specialize in putting in a much more evolved source surroundings.

Businesses set-up accounting systems, clean-up existing books and implement outsourcing agreements. His firm focuses on providing accounting and reportage services to Small businesses in Australia

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Manage your Receivables Account Effectively

Accounts Receivables management becomes an important aspect of your business when the it is in growing phase. Outsource 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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How Remote Bookkeeping Can Benefit Your Business

Bookkeeping is the term which is used to manage 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. Accounts Outsourcing and 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 Online Bookkeeping for small business, 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. Remote Bookkeeping 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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Experience New Age Accounting with Quick Books and MYOB

There are ample of applications available having a variety of capabilities and features based on business requirement.

The few example of applications are QuickBooks, Quicken, Net suite, MYOB etc.

QuickBooks is widely used by Accountants worldwide. QuickBooks is accounting application which includes services that aid with receiving customer payments, making superannuation payments, remote payroll assistant and outsourcing, bank integration as well as integrating Google tool for marketing.

It may be customised internally by the organization or the company using it or may be purchased from the third party package. QuickBooks Bookkeeping can improve email functionality through Outlook express and Microsoft Outlook. The application has the capacity to generate more than 100 reports that permit the business owners to go through year over year income and expenses trends. Setting up this application right from the beginning will save your time and allow you to get more information through it.

MYOB is an important accounting program for Bookkeeping in Australian Market. It has its own powered services which gives the services that aid with bank integration, bill paying, account management as well as receiving the payments. It is very easy to use and flexible. In MYOB the data can be hosted in local network as well so the owner can always access it even if the internet is down.

Both QuickBooks and MYOB include a company data auditor which makes the checking system before tax is prepared. Both programs give the recurring transaction. Both programs enable you to modify and delete previous pays if it is required. The security in both programs is good.

Rayvat Accounting provides you the Bookkeeping Services for your SME business on both this applications to help you know your business better by better accounting.

For More Information : Outsource Accounting

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Outsource Accounting and Finance Services

Outsource Accounting and Finance Services: The department in any corporation or personal business that is answerable for the daily management of funds and cash of the corporate is called the accounting department. This department is all known as the heart of the organization because it is accountable for however the company’s cash is spent, and if the funds of the corporate don’t seem to be managed properly, the business would merely fail. The department deals with daily payment of transaction billing, taxes, and other finance related matter at an awfully high volume on a usual.

Therefore, the existence and also the strength of this department are extremely vital. With the extraordinary competition within the market, corporations would like sensible management of funds and techniques to succeed. Also, companies are looking for strategies to reduce costs and increase productivity of their companies, due to this the companies willing to Outsource Accounting Services. Few facts have given rise to appearance of Finance Service Agencies.

Few advantages of Outsourcing Accounting Services: By Outsource Accounting Services to outdoor agencies, companies are able to give more focus on their productivity whereas the agency manages the company’s finance.

Companies are able to reduce the burden of work and keep focus on greater quality of work.

Off-shoring monetary services, taxation, back workplace transactions process and allied operations of your company won’t solely build these processes trouble free however additionally prevents valuable money. Utilize the experience of a financial service provider and which will help your business to achieve good financial results.

On an ultimate note, India is a well-known destination for Outsourcing accounting and finance services in the world take benefits of it and join hands with Rayvat Outsourcing Accounting Company(India) Ltd which provides the professional services of Outsourcing Accounting and finance Service to the clients since many years.

For More Information: Accounts Outsourcing

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Cross Border Transfer of Work to Virtual Environment in Era of Cloud Computing

In era of cloud computing, remote operations, majority of the work would move from onsite to the virtual environment. This would also result in work being transferred cross border in order to gain from the cost advantages between eastern and western countries.

It has been almost a decade for the Information Technology work (like software development, web development) has moved to virtual world leaving back the barriers of location.

It is beginning of a new era for cross border accountancy just like the Information Technology Sector.

However there are challenges for Accounting Sector which needs to be addressed. Some of them are:

a) Network Security.

Bringing the data on network can have increased risk of eavesdropping and compromising on confidentiality of client information

b) Knowledge Expertise.

Accountants have specialized knowledge of certain definite national laws and regulations. In order to go cross border new expertise has to be gained.

c) Legal Requirements.

SOX and other regulations have stringent requirements for outsourcing of accounts related work.

d) Professional and Ethical Conduct of Accountants.

Local regulations of the CPA’s govern the professional and ehical conduct of the accountants.

e) Managing Cultural Diversities and Knowledge of International Laws.

There might be communication gap due to different cultures.

I would like to invite member’s comments who hold any view regarding cross border transfer of work.

For More Information Visit Us: Outsource Accounting

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Confidentiality of Information in Outsourcing Industry

Outsourcing industry is facing a challenge of breach of confidentiality by the outsource service providers.Some of the information transferred involves confidential information which can have financial threat for the owners of information.There is a high probability that the information may be leaked when sharing it with the third party service providers.Confidentiality is important in cases where cross border transfer of work is involved as it becomes difficult for transnational entities to legally sue each other for breach of confidentiality terms.Various ways and methods have been devised to ensure confidentiality of client information. There can be legal, procedural or technical categories of privacy protection.

- Signing of Non Disclosure Agreement : Outsourcing Service provider needs to sign non disclosure agreement with the client to ensure that the information is not leaked to third party with our prior consent of the data owner

- Transfer data over Secured network : The data should be send and received over a secured VPN network in order to prevent eavesdropping of the information. Firewalls schedule be installed on the workstations to protect data from malawares and viruses.

- Training to employees : Employees need to be trained in order to ensure that they do not leak the information unknowingly to third party. Non disclosure agreement needs to be signed with the key employees of third party service providers.

- Employee level access defined : Each employee has to be granted specific level of access to the client information. Privacy and security policies should be communicated to the employees.

- Backup of Records : A proper backup of data should be maintained in order to prevent mass loss of information or loss of data due to corruption of data. This can prevent risk of lost or stolen data. Automatic backup of data at regular intervals can help in preventing any maladies.

For More Information Visit Us: Accounts Outsourcing

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Catch the Benefits by Outsourcing Tax Returns of Small to Large Size Business

The process of preparing the income tax return for a person other than the taxpayer is called as a Tax Return Preparation. It may be done by the person who pays the tax with or without taking the help of online services or any kind of software. Also it may be done by the certified accountant, an attorney or an enrolled agent.

Preparing an income Tax Returns on your own is little bit a tough task. Organization looks forward to manage their tax return preparation by Accounts Outsourcing experts. Timeliness, cost, efficiency, profits are considered as most crucial factors in outsourcing return preparation. More and more accounting firms and CPA are opting for Outsourcing Tax Return Preparation. Online filling system for tax return preparation is also available. For standing in the market in line with current demand, Rayvat Outsourcing offers you the tax return preparation service.

The benefits of Outsourcing Tax Return Preparation are marvelous and they are mentioned as below:

• Arrangement for outsourcing can accommodate new engagements that come up during periods of peak demand • Increases the Speed of Tax Return Preparation • Increases the domain knowledge for financial process • Data is secured and confidential • It also helps you to focus on critical business aspects like new customers and financial analysis • Fast turnaround with no defeats

Rayvat Accounting specializes in Tax Return Preparations work. It will help you to manage your tax return.

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Benefits of Outsourcing Payroll Processing

For a small business, Payroll Processing Service 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 work in limited resources and budgets. Errors occur when the owners administer the Payroll services by their own. 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 business.

So to avoid number of complications, more entrepreneurs are hiring their Payroll Service Providers and lessening the burden of in-house payroll. There are unique advantages for Payroll Outsourcing like reduction of cost, lower risk potential, confidentiality of data, no penalties, direct deposits of money etc. Employment and wage laws change frequently. 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 help the company to reach at higher peak.

For More Information Visit Us: Accounts Outsourcing