- October 10, 2016
- Posted by: OSI Solutions
- Category: FAQs
All transactions that can be processed by a qualified third party under a secure and confidential arrangement and that will save you time and money should be outsourced. Accounting functions can be divided into accounting for core transactions and non-core transactions. The core transactions of a business relate directly to the main revenue cycle. In other words, core transactions are the reason for being in business in the first place (retailers sell inventory, thus inventory accounting would be considered a core function, etc.) and usually they are unique to each individual business. The non-core transactions are all other transactions that do not directly affect your revenue cycle but that are an essential part of running and managing a sound business (e.g. payroll,financial reporting, etc.). These non-core transactions complement the core transactions and are usually similar in nature and form in all types of businesses and industries.
At OSI, we provide accounting services for both types of transactions. Accounting for core transactions requires that we work very closely with our clients and therefore, it is generally billed on a per hour basis. As a general rule, it is more economical to maintain these functions in-house. On the other hand, for non-core transactions, OSI provides full accounting services; including the recording, filling, processing and reporting of transactions.