Corient Offers Tailored Outsourced Accounting Solutions to Businesses5 min read
Navin Mishra- Director-Emerging Market, Corient Business Solutions Pvt Ltd
October 28: Corient provides outsourced accounting solutions to diverse businesses to enable them to focus on their core objectives of business growth.
What is the idea behind providing outsourced accounting solutions to businesses? What is the business problem you are trying to solve?
Navin Mishra: Businesses, especially new startups may not be having full-fledged accounting functions to handle their bookkeeping and tax compliances. Hiring permanent employees for this purpose may not be viable for them. At the same time, every business needs to maintain accounts from the first day. We offer tailored solutions for such businesses so that they can run their business smoothly.
What kind of services do you provide? Do you cover all areas of accounting?
Navin Mishra: We provide end-to-end bookkeeping solutions that cover purchases, payments, invoicing of sales, recording collections, bank reconciliations, cash flows etc. We can handle the payroll function too by generating payroll runs at the required frequency., creating job progress reports, sending payslips to employees and filing the payroll returns. We help businesses analyze their performance by offering them automated daily/weekly/monthly dashboards. We also generate monthly and quarterly reports for management accounting. This gives the top management a complete view of the business across verticals. Administration of tax compliances can be a tedious and time-consuming task. By outsourcing this task to seasoned professionals, businesses can ensure the accurate and timely filing of tax returns with a reduction in processing costs and errors. We can ensure the maintenance of audit trails and address audit queries. As far as year-end accounting is concerned, we can help to finalize the books of accounts by making year-end adjustments and drawing up the Profit and Loss Account and Balance Sheet for audit. We help accounting firms in the preparation of income tax returns for individuals, fiduciaries, non-profit organizations, partnerships, corporations, estate and gift tax returns, payroll returns, IRS forms, Sales and Use Tax Returns and Year-end reporting.
Essentially, we cover the entire gamut of accounting from end-to-end in a nimble and efficient manner which gives businesses and accounting firms great value for their money.
What is your biggest asset that helps you deliver consistent value to your clients?
Navin Mishra: As with every outsourcing business, our biggest assets are our subject matter experts. We spend a lot of time recruiting, training and retaining good employees as they are the most valuable resources for us. The accounting and tax fields are bound by deadlines and things can get really hectic around quarter ends and year ends.
We have a fully trained team of certified bookkeepers and qualified accountants who are abreast of the latest laws and regulations. We ensure that they continuously update themselves by undergoing training. By ensuring a shipshape accounting team that is ready to deliver, we can deliver consistent value to our clients around the year.
How do you mitigate risk since the accuracy of information is of utmost importance in accounting?
Navin Mishra: As accounting and tax professionals we are well aware of the criticality of establishing robust processes and systems right at the beginning of our business relationship with any client. We ensure that we understand the client’s needs and set out a framework for accountability and responsibility. Having an effective audit trail helps us to mitigate the risk of fraud and ensure compliance with the laws. This also helps to enhance the quality of our work. We make sure that the work is done on international servers with complete cyber security so that there is no compromise on data integrity. We don’t store any data on our internal servers. We keep our working well-documented and transparent to avoid any disputes. We provide regular updates to our clients so that they are aware of the progress and challenges at all times. We make sure that our deliverables are top-notch while adhering to the highest level of data safety and security.
Corient is Cyber Essential Certified which helps us to guard against cyber threats. In fact, we hold a recognized ISO 27001 2013 certification for our information security management system. To maintain the highest levels of cyber security we allow data access to authorized users only. We control data transfer to external sources and don’t allow the use of removable devices at workstations. Employees are not allowed to access email, ftp or online storage, all workstations have anti-virus protection, and we allow only biometric access to our operations areas for authorized personnel. All our work areas are manned by CCTV around the clock and our users are constantly updated about the security measures.
What kind of technology do you put to use? Do you think the current digital revolution will help in improving efficiencies in the accounting services function?
Navin Mishra: We are in the business of outsourcing accounting solutions to businesses and accounting firms because it is a clean, efficient and cost-effective solution compared to hiring full-time resources. Using our services works wonders on the bottom lines of businesses. This allows businesses to focus on their core business work and improve business outcomes. We are specialists in software and technology, and we help our clients in their digital transformation process. This helps them to become completely paperless and digitized leading to more operational efficiencies. We help businesses in becoming firms of the future
Artificial Intelligence and machine learning will help to facilitate remote services even further in the times to come by increasing the speed of data transmission and analysis. Digitization is the need of the hour and soon we will see all businesses migrating completely to digital mode. We are excited to be part of an ongoing revolution that promises to transform the business landscape and how certain functions are perceived.
At Corient we work with our clients with their own preferred bookkeeping software, be it Xero, Sage, QuickBooks, Free Agent etc. We are constantly developing tools and technologies that will make life easier for our clients and release precious time that can be used for other core activities. Our Amoeba App Scanning for scanning and uploading of documents, Time Sheet App for automation of time sheets and integration of invoicing with the accounting software, logistics portal to track the lorries, task manager for internal tracking and communication are a few examples.
What are the organizational values that help you tick in a competitive world?
Navin Mishra: We have been around for 10 years in this field, and we work with a diverse set of clients. The value framework that we laid down at the outset stands us in good stead as we manage our work in a competitive business environment. Our values include integrity in our business dealings, excellence in our delivery standards, collaborative teamwork with our colleagues, customers and suppliers across the globe and our corporate social responsibility to return to society for its betterment.
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