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121 Tax Consulting

FAQ

Frequently asked questions

Answers to the questions we hear most often about outsourced accounting and taxation.

Popular questions

What does it mean when you say outsourcing accounting and financial services?

Outsourced accounting is a service which provides a full accounting department experience for small businesses. An accounting department handles day-to-day transaction coding, accounts payable, accounts receivable, payroll, management financial reporting and many other services.

How does outsourced accounting and financial services work?

For a company to effectively outsource responsibilities, it is important to focus on the business partnership as much as the logistics. Outsourcing is about managing a relationship more than service-level agreements — it is a partnership, not a purchasing project. Maintaining and securing a trusted relationship is essential.

How much does it cost to outsource accounting and financial services?

The costs involved in partnering with an outsourced accounting team depend on multiple factors such as specific requirements, engagement models and more. That said, outsourced professionals can be as much as 60–70% more cost-effective compared to an in-house team.

What kinds of payment do you accept?

You can pay in whichever method is most convenient to you — direct transfer to our bank account, bill.com, credit cards and others.

General questions

How do I communicate with the offshore team?

We understand that uninterrupted communication is a key element when working with teams across borders. Our teams are accessible through all the usual mediums such as email, phone, Skype and Zoom.

How do I assess work performance and solicit feedback from the team I am working with?

We believe in an output-oriented philosophy, so each team is assigned a manager responsible for monitoring daily, weekly and monthly performance. The client is also free to implement any performance review methodology that works best for them.

What does the IT competence look like at 121 Tax Consulting?

Technology holds paramount importance for accountants, so we are equipped with up-to-date IT infrastructure. We use internationally renowned software tools to best suit client needs, and our professionals are extensively trained in tools such as Xero, QuickBooks and NetSuite.

How is client data managed and used?

Data security is crucial to an accountant. We manage all our data using highly secure cloud-based servers, ensuring maximum data security. Our professionals only request data required to complete the assigned tasks, and once the task is completed the data is cleared from our systems permanently. We are ISO 9001-2008 and ISO 27001 certified.

What level of qualifications does the team hold?

We have a team of highly experienced CPAs, EAs, CAs and US tax and accounting professionals.

Get in touch

If you have any queries regarding our services, feel free to contact us.