www.thefoghatbooks.com

Why Outsource to The FOG Hat Books?

In the present scenario of outsourcing buzz, world over and especially in the USA and Europe, frantic efforts are being made to identify and associate with some company in India to whom some of the activities can be outsourced for getting benefits of outsourcing. We understand that it is a difficult task to associate with somebody unless adequate information and grounds are available to help take such decisions.

We are trying to make this task easier for you by giving answers to some of the more common questions you may have which may occur when trying to find an overseas partner. The answers given below will help you to understand why The FOG Hat Books will be your ideal overseas partner in India.

What does The FOG Hat Books stand for?

Outsourcing, largely, has been a management tool available to only large companies.

It helped these companies save millions of dollars by outsourcing their non-core activities, such as Accounting & Finance, Taxation and Data Processing, Analysis and Interpretation fields to specialized service providers.

The FOG Hat Books provides a base and platform for outsourcing of the above back-office and non core functions relating to accounting and taxation field at a surprisingly low cost.

How much does The FOG Hat Books cost?

The cost is dependent on many factors, such as the number of hours involved, the number of entries to be tackled, the quantum of non-accounting data, the functions to be staffed and the nature of the project to be completed.

The FOG Hat Books always ensures that the scope and the timing of the assignment are clearly defined and a budget projected. The FOG Hat Books always offers an hourly or a fixed price arrangement. This, in fact, shall help you to reduce your expenses by over 60% of what you must be spending now by availing services from elsewhere.

The FOG Hat Books shall help you take advantage of the outsourcing business services process which has so far only helped big business houses. Know more about how you can save money.

read more...

How can The FOG Hat Books complete financial statements at 40% of the cost?

The cost of The FOG Hat Books offshore services available in India, is significantly less than U.S. based accountants. High caliber accountants are available at lower costs in India and are able to perform the functions equivalent to the accountants in the U.S working on the same software.

Is there a minimum commitment required to use The FOG Hat Books?

No, not at all! We provide affordable solutions to meet your needs. Our experience has taught us that every client has different requirements and there is no "one size fits all" solution.

Therefore, we provide solutions with flexibility to use The FOG Hat Books as much or as little as they feel comfortable and justified. We have clients who use us several days a week and other clients who use us all year round or a couple of times a year.

However, our commitment to serve these different clients remains the same. We will always offer clients a fixed price, or hourly based arrangements and give them the flexibility to shift from one arrangement to another any time.

Does The FOG Hat Books provide non-accounting services?

The FOG Hat Books also provides "back office" services such as data processing, analysis and interpretation and other data related activities. It can consist of any finance related data processing and analysis service in standard MS office formats, stand alone software or web-based software.

Read more about our non-accounting services...

If you are thinking about starting a business. Why do you need The FOG Hat Books?

The FOG Hat Books has proved helpful in a number of start-up ventures. There are many important occasions when decisions are needed to be taken with the help of someone experienced with complex accounting, financing, business, and tax issues.

One crucial area is the preparation of financial projections to be considered in the business plan. These projections are generally used to formulate a financing strategy and a tax strategy to minimize taxes.

After funding, there are several other issues that need to be immediately addressed such as selecting affordable accounting software, implementing policies, establishing budgets, procedures and authorizations, establishing a month-end closing schedule to ensure timely, accurate financial statements, etc.

You have just started a business. Why do you need The FOG Hat Books?

Good! There are now several issues which need to be discussed and strategy defined for taking actions. Some examples are the type of accounting software to be purchased and implemented so that expenses can be minimized, as there are many low end packages now available which offer much of the same functionality as the expensive, industry specific packages. Similarly, The FOG Hat Books helps the client about the policies and procedures, accounting policies, establishing a month-end closing schedules, compensation strategies, accurate financial statements, establishing a filing system needed for any newly started business venture..

You already have a bookkeeper. Why do You need The FOG Hat Books?

Most bookkeepers usually do not have the experience to address many of the complex issues that face small businesses today. Many of these issues remain unnoticed until they become a problem. These issues will inevitably "rear their ugly head" at the most unfortunate time, and if ignored or are not properly addressed shall lead to bigger problems.

Bookkeepers record transactions, but often overlook full implication of the transactions for financial statement and tax purposes. Further, many business owners lack the background to properly guide, train and supervise a bookkeeper. Bookkeepers can make wrong decisions if there is nobody to answer complex financial questions.

We take pride on building trust and rapport with our client's staff and are always reachable. We encourage them to contact us with questions or issues and offer immediate solutions.

You already have an accounting staff. Why do you need The FOG Hat Books?

The FOG Hat Books can help reduce your expenses substantially by ensuring that the quality of work does not deteriorate. By availing our services, you can comfortably reduce your expenses by more than 60% without compromising on the work performance.

Does The FOG Hat Books replace my auditor?

Never. Your auditor is an independent accountant who delivers audited or reviewed financial statements and is crucial and important to the success of your business.

The FOG Hat Books represents you and your business and is to be considered your inside accountant. The FOG Hat Books shall answer all the accounting questions of your auditor.

How does The FOG Hat Books maintain the confidentiality of client data and financial statements?

Original client documents never leave your site. The FOG Hat Books team subscribes to a code of professional ethics that mirror those of the AICPA and sign non-disclosure agreements to protect your confidential information.

Read more about our Security Policy.

Does a CPA have to tell his clients that their financial statements are being processed by The FOG Hat Books?

The FOG Hat Books operates as an extension of your organization and the preparation of financial statements may be seamless to your clients. Your team is responsible for final reviews and approvals prior to delivery to your clients. In fact even IRS has also approved of outsourcing. We are quoting the following to collaborate our contention.

“The US Internal Revenue Service (IRS) has given the permission to outsource the filing of tax returns. The approval from the IRS follows the understanding expressed by the American Institute of Certified Public Accountants (AICPA) regarding the need of its member accountancy firms to outsource processing of their client returns to India and other offshore locations.

According to industry sources, there has been a four fold increase in the number of tax returns being processed in India this season as compared to the previous year. Mark Everson, Commissioner. IRS, also allayed fears raised regarding outsourcing of tax returns to India. Responding to the concern that risks arise as foreign parties to whom work is outsourced may not be knowledgeable about U.S. tax laws or may not have the skills and training of a U.S. CPA, Everson stated, "We have no information suggesting that federal tax returns that foreign individuals prepare are less accurate than those prepared in U.S."

Regarding concerns about the ability to hold foreign individuals accountable for violations of privacy and confidentiality protections provided by U.S. law, Everson said that civil and criminal penalties apply for improper disclosure or misuse of tax payer information. He added that action can also be taken against the foreign party which helped prepare the tax returns in the form of penalties, which can be collected from any assets the foreign party may have in the U.S., or through available international legal mechanisms.”

How does The FOG Hat Books offshore team stay informed of current U.S. accounting practices?

The FOG Hat Books offshore team participates regularly in training programs conducted by Quick books, Intacct, Peachtree and others. In addition, The FOG Hat Books trains their teams based on client needs and client specific software.

What accounting software do I have to use?

The FOG Hat Books will use the software of your choice including Quick Books, Intacct, Peach Tree and others.