United FAO Offers Accounting Outsourcing to Small Businesses

June 30, 2010 - PRLog -- Plano, Texas- United FAO Services has announced the introduction of Complete Accounting Solution, an end-to-end accounting, analytics, payroll and tax service focusing on the entire accounting cycle of small and mid-size businesses.  The service employs a best practice approach to managing, reporting, and interpreting important company financial data.

"Complete Accounting Solution gives small and mid-size companies access to a BPO market previously available to Fortune 500 companies," says United FAO’s CEO, Jeff Beckley.  "Finance and accounting outsourcing (FAO) is nothing new to larger companies who have been driven to do more with less, but this service has been largely unavailable to smaller companies due to a limited number of suppliers for this market."

According to a report by the research firm Everest Group, the FAO market is expected to grow in excess of 20% in the 2010. "FAO Buyers should expect business and process impacts beyond labor savings and existing buyers need to be focused on end-of-term strategies to expand value beyond what was gained in existing engagements," said Saurabh Gupta, research director at Everest.

United FAO, a Texas based LLC, leverages paperless information processing, secure web-based technology, and a professional workforce based in Hyderabad, India to deliver the new service.  The company collaborates with clients to form a data-gathering and reporting system centered on the client company's key benchmarks.  

Additionally, United FAO’s Complete Accounting Solution includes periodic financial report analysis and management review.  The service also includes tax preparation and planning services for company and controlling shareholders.

The comprehensive suite of accounting services includes:

Accounts Receivable & Revenue
•   Manage Time Sheets – source document for billing
•   Process customer invoices
•   Coordinate collection activity
•   Provide periodic financial reports for trend analysis and business informative reporting including Aging Analysis on a regular / timely / proactive basis

Accounts Payable
•   Process the AP invoices from vendors
•   Prepare and analyze Periodic AP aging
•   Reconcile Vendor statements

Bank & Credit Card Reconciliation
•   Reconcile bank and credit card statements
•   Reconcile merchant service credit card deposits
•   Process journal entries based on bank activity

Payroll
•   Provide management reports on a monthly basis
•   Maintain employee records – setup & updates
•   Prepare tax compliance reports to state / federal tax authorities
•   Complete state registrations and terminations based on resource locations
•   Follow up with state authorities to make sure of compliance needs
•   Administer workers’ comp insurance and retirement accounts

Taxes
•   Prepare and file taxes with federal and state authorities – as needed
•   Provide reporting of tax paid / tax liabilities
•   Prepare and plan for entity annual income taxes – Corporation or Partnership
•   Complete annual 1099 reporting as required

Analytical Reporting
•   Prepare clear, concise monthly Profit & Loss reporting & analysis
•   Present resource level profitability and balance tracking
•   Prepare periodic financial statements in accordance with accounting standards / principles

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Based in Plano, Texas, United FAO Services, LLC provides a wide range of outsourced services to help companies meet their accounting, reporting, tax compliance and financial management needs. The unique blend of comprehensive accounting and tax services offered by United FAO are designed to enhance client financial management capabilities and processes while improving stability, efficiency, and performance. For more information, visit United FAO's website at http://www.unitedfao.com or email at info@unitedfao.com