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Anand and Associates FAQs
 
FAQs
FAQs on Offshore Book Keeping and Tax Returns preparation
  What are the benefits for offshore customers in outsourcing their book keeping/accounting work from the right service providers?
  How is it possible through the net?
  How to send the basic data across?
  How does our account gets updated?
  How does the ‘online’ version work?
  When should payment be made for the work?
  What about doubts that may arise and clarification that may be required regarding the work?
  What about confidentiality of the client and information furnished by the client?
  How is the tax return preparation done?
  Do we enter into a formal contract before we start the work?
 
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What are the benefits for offshore customers in outsourcing their book keeping/accounting work from the right service providers?
  The main advantage is the ‘COST FACTOR’. You will be spending only 1/4 th to 1/5 th of what you spend now on such book keeping/accounting work without sacrificing the quality of the work.
  Further the work is done by qualified Professionals in the field with longstanding experience and they will be the right kind of Service Providers.
  Promptness in executing the assignments is assured.
  Quality of the work done is appreciated as ‘excellent’.
  The problems relating to ‘staff maintenance’ is totally avoided.
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How is it possible through the net?
All you need is a ‘high speed’ scanner to convert the data to ‘digital format’ and store in your computer. Once the data is converted and stored in your computer, create separate files for each ‘type’ of data. For example the ‘Bank Statements’ the ‘Bank Transaction’ reports, the ‘Check Stubs’ can be stored in a ‘Bank’ file. Similarly the ‘Sales Invoices’ (reports) can be stored in a ‘Customer’ file ‘Purchase Invoices’ (reports) can be stored in a ‘Vendor’ file. ‘Credit Card Statements’ can be stored in ‘VISA’ or ‘AMEX’ or such other files. ‘Petty Cash’ report in ‘Petty Cash’ file and so on. Once the data is stored in files, just forward the files to us.
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How to send the basic data across?
Just load the data files in your ‘FTP’ Site if you have one and give us the ID and password of your ‘FTP’ Site. We shall down load the data from your site and update your accounts using ‘Quick Books’. Or, you can send the files directly to our E-mail ‘Inbox’ as attachment to your mail addressed to us.Or , you can even store them on a CD and forward it to us through ‘FEDEX’ couriers (or) US Speed Mail.
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How does our account gets updated?
It is simple, we feed the data into our ‘Quick Books Desk Top Version’ (or) your ‘Quick Books Online version’. Once the Data is entered we forward the updated ‘Back up’ file to you for restoring it in your computer using Quick Books. If it is ‘Online Version’, you may simply login using your ID and Password and verify your accounts.
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How does the ‘online’ version work?
You create an online account by contacting ‘Intuit Quick Books Online Version’. You will have to pay about 20 US $ per month for keeping the account alive. But you do not have to worry about upgrading your Quick Books version or storage of the Data. All that is taken care of by Quick Books itself.

Simultaneously a minimum of 03 persons can operate your account. So if you will give us an ID & Password we can access your account anytime and update it with the data furnished by you.

You can just login in and verify your accounts any time with your ID & password.
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When should payment be made for the work?
Payment is accepted only after completion and submission of the work for your approval. Normally the reviewing of the work is completed within 15 days from the date of submission and any corrections that may be suggested by our clients are executed within the next three working days. Then the bill is raised for the work. Once the bill is raised, payment has to be made either by a ‘Check’ or ‘Money Transfer’ through Bank within 15 days from the date of receipt of our invoice. Extended credits are not allowed beyond the aforesaid period.
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What about doubts that may arise and clarification that may be required regarding the work?
You can send us a mail to address any of your doubts. We shall get back to you within 24 hrs. normally. We can discuss about the doubt through MSN Messenger by fixing an appointment. Even otherwise we shall be on the MSN messenger most of the time and you can contact us at anytime when we are ‘online’. Our MSN Messenger ID is ananddevasahayam@hotmail.com.

We also contact you the same way when we have any doubts and need clarifications on any data or information provided by you.
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What about confidentiality of the client and information furnished by the client?
We are professionals bound by the regulations of the Institute of Chartered Accountants of India. We do not reveal any information on our clients to any one at any time unless the client specifically wants us to do so. Similarly we assure you that any information or data furnished to us by our client shall not be misused in any way. We do maintain absolute secrecy and confidentiality of our clients which forms part of our professional ethics.
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How is the tax return preparation done ?
We have a questionnaire, which you will have to fill up. We collect your basic details from your answers to those questions. Then you have to furnish all your income & Expenditure details through your Profit & Loss (or) Income & Expenditure Statements (If carrying on any business/profession) and your W2, 1098, 1099 and other Forms (if any) received from your employers, Investment Corps, IRA etc. Also a copy of your Balance Sheet (If carrying on any business/profession) and the previous year’s tax returns would be required for reference.
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Do we enter into a formal contract before we start the work?
Yes, we have a contract format which we shall send you once you decide to hire our services. Of course we can make some alterations in the format, if necessary without affecting either of our interests and losing the object of the contract. The US CPAs Association has also recommended such contract between the outsourcing organization in US and the Offshore Service provider. For Individuals with simple Tax Return preparation assignments such contracts are not required.
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