OUTSOURCING
SERVICES Accounting and
Tax Preparation
Since almost all of the work is done electronically,
this service is commonly known as eAccounting.
ITTI has highly qualified Chartered Accountants
(CA’s) in India who are trained by American CPA’s
in the US tax laws and accounting practices.
We take extreme care in protecting confidentiality
of client data and offer free trial.
Our service is competitively priced and our speed
will delight you. Our accountants work when you go
to sleep and their output will be ready for your
review when you return to work the next day.
Work Process for eAccounting :Introduction
For many, the term Outsourcing is
a sensitive topic that few like to discuss.
This is partly due to the misconception of
what Outsourcing truly means. Some
say that this process poses a negative effect
on the American economy, and that it is actually
unpatriotic to Outsource overseas. And many
say, to the contrary, in order to remain
competitive in this global economy and preserve
long-term American jobs, we have to take
advantage of what other countries have to
offer.
American companies have been
outsourcing for many years now, and when
it comes to business, they find the best
ways to cut costs, increase capacity and
improve quality. This is why American companies
are today’s world business leaders. America
is constantly pushing the envelope and setting
trends in the marketplace.
Outsourcing also helps American industry.
In the year 2003, America outsourced $ 77.38
billion worth of services, and “insourced”
$ 131.01 billion worth of services. The services
“insourced” were: legal work, computer programming,
telecommunications, banking, engineering,
management consulting and other private services.
Thus the net surplus from outsourcing was
$ 53.67 billion. (Source: Wall Street
Journal Online – March 15, 2004).
Outsourcing is the subcontracting of a company’s
non-core competencies, often referred to
as “back office operations.” ITTI is a Business
Process Outsourcing Provider, who has partnered
with both American and Indian companies.
The following description demonstrates the
ITTI Work Process for eAccounting.
Terms Used
End Client = US Client / CPA
Accountant = Overseas Employee
Source Documents = Relevant
documents (Scanned receipts, checks, etc.)
How It Works
ITTI will conduct an analysis of the
End Client.
The End Client will choose the desired
Employee Type.
The End Client will choose the preferred
On-Line Work Method.
After choosing the Delivery Process,
the End Client will deliver the Source
Documents to ITTI.
Initial work will be done free of charge
for a trial.
The Accountant will obtain clarification
of all things necessary through conference
call, on-line chat session, or e-mail.
The Accountant will complete the necessary
work and submit a weekly progress report.
ITTI and the End Client will discuss
the weekly progress report, address any
issues, and redefine the upcoming work
week.
Employee Types
Accounting work is completed by a combination
of both our Chartered Accountant’s (CA’s)
and Staff Accountant’s (SA’s). The CA will
be the primary liaison with the End Client. (CA
in India is the equivalent
to CPA in the US)
Full – Time Accountant -
This will be the End Client’s exclusive
employee, who will handle all of his/her
work. This employee works 48 hours per
week and is paid a flat fee per month.
(The term “Exclusive Employee” could be
slightly misleading. Although this will
be an employee exclusively dedicated to
a specific end client, the end client does
not have to pay any benefits. This is essentially
a dedicated contract employee).
Part-time Accountant -
With a Part-Time employee, ITTI will try
to have the same Accountant complete the
given task, however, exclusivity is not
guaranteed. There is a minimum workload
of 20 hours per month, as they are paid
on an hourly basis.
Work Methods On-Line: The Accountant
will complete work in the End Client’s software
application. This will enable the End Client
to review the work being done and understand
the logic of the Accountant while being able
to edit and archive the work in his own software
application for future reference. There
are three methods of completing on-line work:
Virtual Desktop:
The Accountant will access the End Client’s
computer desktop. A filing cabinet will
be set up to administer the handling of
Source Documents and completed work. The
Accountant will literally complete work
on the End Client’s computer. Since India
is 9.5 to 10.5 hours ahead of the US EST
(depending on the Daylight Saving time),
the Accountant completes this work at times
when the End Client would not be using
the his/her computer (typically from 9pm
– 6am EST). This method requires the End
Client to make available a computer that
hosts his/her software application with
an uninterrupted high-speed Internet connection.
This is the most cost-effective on-line
method.
End Client’s Existing Server:
The Accountant will access the End Client’s
existing server on which his/her software
application is hosted. A filing cabinet
will be set up to administer the handling
of Source Documents and completed work.
The Accountant will complete the End Client’s
work directly into his hosted software
application. This is the most convenient
work method when the End Client already
has his/her own server in place.
Citrix Server:
ITTI creates a “remote office” by hosting
the End Client’s software application on
this dedicated secure server. The Accountant
will log in to complete work. The End
Client remains in full control of his/her
data. In order to ensure security of the
data, we have made sure that the Accountant
would not be able to save any information
on his own computer, print any documents,
or have access to e-mail. This is the
most technologically advanced, secure and
efficient method of ensuring privacy and
security of data transfer. However, it
is also the most costly due to the extra
cost of Citrix Server rental.
Delivery Method of Source Documents:
Scan & Upload, Fax, or E-mail
ITTI will send the End Client a checklist
of requirements indicating the Source Documents
that are needed in order to complete the
work.
The End Client will use the checklist
to prepare the appropriate Source Documents.
The End Client can deliver the Source
Documents to ITTI by one of three methods:
fax, e-mail, or scan and upload to a designated
FTP site or at a mutually agreed upon location.
When scanning, the End Client can either
upload the Source Documents to ITTI’s FTP
server, attach them to an e-mail, or upload
them into his/her filing cabinet on his/her
existing or Citrix Server.
When faxing, the End Client will send
the documents to ITTI’s toll-free
fax, which will automatically
convert the Source Documents into digital
files. The Accountant will file the Source
Documents appropriately.
Once ITTI receives all of the necessary
Source Documents, the Accountant will complete
the work in the End Client’s chosen Work
Method.
Applications
Our Accountants are fluent in many software
applications, most notably QuickBooks
Pro, Thomson’s Creative Solutions,Peachtree
Accounting, Simply Accounting and
so on.
Turnaround Time
The turnaround time for general accounting
work will depend on the chosen Work Method,
Employee Type, and workload. With Full-Time
Accountants, for the most part, work is completed
overnight; with Part-Time Accountants, work
is generally completed within 72 hours.
Security We take the issue of ensuring your
privacy and security of data very seriously. Since
India has now become an outsourcing hub,
theft of intellectual property and/or confidential
customer data in India is a crime punishable
by hefty fines and mandatory prison sentence.
Because India has a very competitive job
market with an abundance of highly qualified
people, the likelihood of any kind of security
breach is very slim. Even so, we have
put the following security measures in
place for our overseas facilities:
Security guarded building with controlled
visitor access.
We have dismantled the e-mail and download
functionality of the computers on which
our Accountants complete the End Client’s
work.
The Accountants are not allowed to carry
any removable media, such as a floppy disc,
CD, or flash drive.
The Accountants are not allowed to carry
any writing instruments or paper
Citrix server is a dedicated 128-bit
encrypted platform on which the Accountant
has limited access to the End Client’s
software application and Source Documents
– all of which is based on The End Client’s
discretion. The transfer of secure data
is ensured through Secure Sockets Layer
(SSL).
Free Trial
ITTI offers all prospective clients a 2-week
free trial, without obligation. During this
Free Trial period, we will complete various
tasks given by the End Client such as bookkeeping,
financial statements, tax returns, etc.
Communication With the Indian
Accountant
For End Clients who retain full-time accountants,
ITTI will provide a local (or toll-free)
phone number and a toll-free fax number at
NO CHARGE, which will connect directly with
the Indian accountant. This way, the End
Client will be able to communicate freely
with the Indian accountant without inhibition
or cost.
For End Clients who retain part-time accountants,
the same service will be available for a
slight additional fee.A toll-free fax number
will be provided to all clients at NO CHARGE.
Needless to say, the Indian accountant will
always be available for e-mail communication
and pre-arranged chat sessions with all clients.
