Bookkeeping and Accountancy
Bookkeeping and accounting are two functions which are extremely important for every business organization. In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data.
Bookkeeping and accounting may appear to be the same profession to an untrained eye. This is because both accounting and bookkeeping deal with financial data, require basic accounting knowledge, and classify and generate reports using the financial transactions. At the same time, both these processes are inherently different and have their own sets of advantages. Read this article to understand the major differences between bookkeeping and accounting.
Even the most experienced professionals think that payroll can be a headache and trouble.
For many small or big businesses, payroll service providers an attractive and valuable alternative option to in-house processing. If opted correctly, they offer a less expensive, easy means of paying your employees, filing your tax bills, and performing a host of a lot of responsibilities these organization’s sales representatives are extremely eager to tell you about.
While most of the businesses prefer to process pay checks internally, but this is not always cost-effective. At minimum, internal payroll processing needs to purchase a computer or manual accounting program and extensive training to use it.
Outsourcing is the business practice of hiring a party outside a company to perform services and create goods that traditionally were performed in-house by the company's own employees and staff. Outsourcing is a practice usually undertaken by companies as a cost-cutting measure. As such, it can affect a wide range of jobs, ranging from customer support to manufacturing to the back office.
Outsourcing was first recognized as a business strategy in 1989 and became an integral part of business economics throughout the 1990s. The practice of outsourcing is subject to considerable controversy in many countries
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