Outsourcing has long been a cornerstone in the strategic framework of business operation models. In particular, finance and accounting outsourcing, often cited as the most common outsourced business aspect, has emerged as a pivotal element, driving operational efficiency, cost-effectiveness, and enhanced focus on core business functions. As businesses increasingly recognize the multifaceted advantages of outsourcing, the finance and accounting domain stands out for its potential to streamline processes, mitigate risks, and foster sustainable growth. In fact, the global finance and accounting outsourcing market, estimated at US$43.1 Billion in the year 2022, is projected to reach $68.8 billion by 2030, reflecting the growing reliance on outsourcing for optimizing financial operations. North America, especially the United States, which is anticipated to experience considerable market expansion, is expected to play a significant role in this growth.
However, outsourcing transcends mere cost-effectiveness; it is a strategic initiative that brings forth a wealth of expertise and unparalleled flexibility to businesses. Beyond the financial gains, outsourcing to specialists allows organizations to tap into a reservoir of knowledge, ensuring that their bookkeeping is not only accurate but also in compliance with the latest regulations and industry standards. Additionally, flexibility becomes a potent asset as businesses can scale their bookkeeping processes based on fluctuating needs, fostering agility in an ever-evolving market.
Moreover, as businesses integrate outsourced bookkeeping into their operations, the evolution of job card-based systems further enhances this strategic approach. Job card-based bookkeeping, a modern and modular methodology, provides a structured framework for managing tasks, ensuring both accuracy and efficiency in financial processes.
In the upcoming sections, we will explore the benefits of outsourced job card-based bookkeeping, and how your business can put it into practice.
Job Card Based Bookkeeping
for Your Business
What is Job Card-Based Bookkeeping?
Modular Accounting Services for Seamless Integration
Job card-based bookkeeping introduces modular outsourced accounting services, offering a seamless blend of efficiency across various bookkeeping management domains. From sales and purchase entries to payroll entries, income statement generation, and client management, this approach adapts to the unique bookkeeping requirements of businesses of all sizes.
Empowering Control with a Specialized Job Card Application
Central to this methodology is a specialized job card application, empowering businesses to effortlessly create and manage tasks. Real-time visibility into task progress and an in-app mechanism to request reviews give businesses complete control over their outsourced bookkeeping processes. The key advantage lies in flexibility, enabling businesses to start small and scale according to their growth trajectory.
Dedicated to Accuracy through Expert Oversight
Job card-based bookkeeping is committed to ensuring accuracy in financial executions. Rigorous supervision by accounting experts, coupled with thorough quality checks and random reviews, ensures businesses receive a consistently high standard of service.
Features of Job Card-Based Bookkeeping
Client Management within the job card-based bookkeeping system involves the creation and categorization of clients based on distinct practices. For example, a client obtaining inventory items from a retailer would adopt distinct accounting practices in contrast to another client procuring raw materials. The practices delineate the classification of income, business expenses, capital investments, and other related expenditures. Furthermore, Client Management entails specifying the industry domain to which the client belongs (e.g., Salon, Hotel) and determining any applicable exemptions based on their business activities. This feature ensures meticulous organization and tailored accounting practices for diverse clients within the job card-based bookkeeping framework.
Job Card Management
Job Card Management is a pivotal feature of the job card-based bookkeeping system, involving the systematic creation and tracking of job cards based on client requirements. The process begins with the creation of job cards, including all necessary documents and any specific instructions provided by the client. The progression of a job card is then tracked through various stages:
- Execution by Assigned Executive: The job card is initially executed by the assigned executive
who is responsible for carrying out the tasks outlined in the job card.
- Review by Process Lead:After execution, the job card undergoes a review process conducted by the process lead.
This step ensures that the tasks have been completed accurately and meet the specified standards.
- Client Confirmation or Review Request: The reviewed job card is then presented to the client for confirmation.
The client either confirms the completion or requests further review if adjustments are necessary.
- Changes Implementation by Executive: If changes are requested by the client, the assigned executive makes
the necessary adjustments to the job card based on the feedback received.
- Subsequent Review: The modified job card undergoes another round of review to ensure that the changes align
with the client's requirements and maintain quality standards.
- Final Confirmation by the Client: The final stage involves the client confirming the job card after all requested changes
have been made and verified. This step signifies the completion and approval of the tasks outlined in the job card.
Job Card Management, with its detailed stages, ensures a systematic and thorough process for executing tasks as per client specifications and guarantees a high level of quality and accuracy in the job card-based bookkeeping system.
Accuracy Reports serve as a crucial performance metric, offering insights into the efficiency of the job card execution process, and are generated based on the Job Card Management process mentioned above. These reports provide a quantitative assessment of accuracy by tracking the number of times a task was deemed inaccurate and subsequently sent back for review. The primary goal is to achieve a high level of precision in task execution.
By regularly generating and analyzing accuracy reports, the job card-based bookkeeping system ensures continuous improvement, identifies areas for enhancement, and aligns with the overarching objective of delivering precise and error-free results to clients. This feature not only quantifies accuracy but also acts as a valuable tool for quality control and ongoing refinement of the bookkeeping process.
The Job Card Report
The Job Card Report is a comprehensive feature within the job card-based bookkeeping system, providing an overview of various key metrics related to job card management. This report includes:
- Number of Job Cards Created: This section details the total count of job cards generated within a specified timeframe, offering insights into the volume of tasks undertaken.
- Completion Within Turnaround Time (TAT): The report outlines the number of job cards that were successfully completed within the stipulated Turnaround Time (TAT). This metric reflects the efficiency of task execution.
- Completion Beyond TAT:Highlighting instances where job cards exceeded the designated TAT, this section provides visibility into areas that may require optimization or additional resources.
- Time Taken to Complete All Tasks and Individual Tasks: This segment breaks down the time taken to complete all tasks collectively, offering an aggregate view. Additionally, it details the time taken for individual tasks, providing a granular understanding of task-specific efficiencies.
The Job Card Report serves as a powerful tool for assessing the overall performance of the job card-based bookkeeping process. It enables businesses to gauge the Return on Investment (ROI), particularly by calculating the cost per entry. For example, if a bank statement uploaded on a job card involves 500 entries, takes 1 hour to complete, and the cost per hour is $15, the report calculates the cost per entry. This cost-effectiveness analysis is particularly valuable, showcasing how outsourcing bookkeeping tasks to the job card system can achieve significantly lower costs per entry compared to more expensive options. The report, therefore, aids clients in making informed decisions about their investment in bookkeeping services.
Key Benefits of Job Card-Based Bookkeeping
- Flexibility: Choose the number of outsourced work hours, enabling businesses to scale at their own pace.
- Real-Time Visibility: Stay informed with a real-time view of task progress and transparent review processes.
-Adaptability: Tailor modular services to meet specific business needs, fostering adaptability
-Efficiency: Streamline financial processes, from sales and purchase entries to payroll and income statements.
Job Card-Based Bookkeeping with Altius
Once the decision to entrust your account management to an outsourcing partner has been made, the pivotal next step is selecting a partner with a profound understanding of your business's unique financial nuances and a comprehensive grasp of your industry. Equally crucial is identifying a partner capable of aligning with and fulfilling your business's specific objectives.
At Altius, our specialized job card-based bookkeeping introduces modular outsourced accounting services, seamlessly blending efficiency across various bookkeeping management domains. From sales and purchase entries to payroll entries, income statement generation, and client management, this approach adapts to the unique bookkeeping requirements of businesses of all sizes.
Central to this methodology is a specialized job card application that empowers businesses to effortlessly create and manage tasks. This application provides real-time visibility into task progress and an in-app mechanism to request reviews, giving businesses complete control over their outsourced bookkeeping processes. The key advantage lies in flexibility, enabling businesses to start small and scale according to their growth trajectory.
Moreover, job card-based bookkeeping is dedicated to ensuring accuracy in financial executions. Rigorous supervision by accounting experts, coupled with thorough quality checks and random reviews, ensures businesses receive a consistently high standard of service. This approach not only streamlines the bookkeeping process but also instills confidence in the accuracy and reliability of financial data, offering businesses the peace of mind and operational efficiency they need for sustained success.
Whether you are a burgeoning startup seeking to establish a robust financial foundation or a well-established corporation aiming to optimize your financial processes, we possess the expertise, tools, and insights to navigate you toward success. With Altius, bookkeeping is as simple as:
- Step 1: Create Client,
- Step 2: Create Task, and
- Step 3: Review Task Progress.
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