FAQs relate to the following services:

1. Tax Outsourcing
2. Bookkeeping and Accounting

a. What is outsourcing?

"Outsourcing" refers to the use of third party service providers to assist in the delivery of services such as payroll, human resources and information technology. One area in which accounting firms have utilized third party service providers for decades is in the preparation of income tax returns. By using the offsite computer systems and data entry personnel of third party service providers to perform basic tasks within the preparation process, accounting firms can provide services more efficiently and effectively.

b. What is Business Process Outsourcing?

Business process outsourcing (BPO) change vital business functions from one company to another. The business functions that can be outsourced include: accounting, technical support, customer service and many others.

c. What are the Advantages of BPO?

The main reason why companies outsource their business processes is to reduce the cost of implementation. Due to economies of scale, a BPO provider - particularly a provider that bases its operations in countries with lower labor costs - can frequently provide delivery of processes at a much lower cost than the cost a company would incur by implementing the processes in-house. In addition, BPO converts the fixed costs of having full-time employees perform business processes into variable costs that are only incurred when work is actually needed.

The reasons that a company might use BPO, however, are not limited to this. Because of its expertise in specific process areas, a BPO provider may be able to deliver a higher quality of service than the quality that could be delivered in-house. Furthermore, using BPO allows a company to focus more on its main business and free its people to work on more strategic tasks. BPO also allows flexibility that permits a company to more easily adapt to the changing business environment and changing technology.

d. What are the Risks of BPO?

With a poor partner, BPO can suffer from a number of problems. These can include:

e. What Should a Company Outsource?
Generally, a company should only outsource secondary functions while leaving core functions (the functions that differentiate the company from all others) in-house. For example, a software company might outsource accounting functions (secondary) but it should not outsource computer programming functions (core).

f. What Factors affect the outcome of a BPO partnership?

There are many factors that can have a positive or negative impact on the partnership. For example, the compatibility of the two business cultures is a crucial factor. Also, the quality of the BPO provider's employees plays a very important role. Furthermore, in order for the BPO partnership to succeed, there must be good communication between the partners; each must understand the other's goals and each must be open to criticism.

g. Offshore? Shouldn't I have a local company handle my tax preparation?

GKM is a leading BPO company based in USA. We leverage our offshore personnel to provide CPA firms the ability to increase their production at a much lower cost. Most of our offshore personnel are Chartered Accountants with an average of five years of experience. They are kept fully-informed of changing U.S. tax laws through continued education and development by GKM.

h. Why should I use GKM?

GKM offers several advantages to hiring your own in-house personnel. By outsourcing your tax preparation, you're not faced with the extra costs normally associated with full-time employees. By utilizing our service, you can save up to 50% of your current expense and you can reduce or even eliminated the need to hire extra personnel during your peak seasons. GKM offers a fast turnaround - as little as 24 hours if needed - and we provide a secure online system so that you can access your electronic files no matter where you might be located. Plus, because we utilize cutting-edge technology, your client's records will be stored digitally, allowing you to take advantage of the latest web-based applications without the additional expense. GKM offers a wide range of tax and accounting services, giving you the ability to grow and expand your practice as you see fit. We also provide you with continuous support so that you have extra help right when you need it.

i. Who is a Chartered Accountant? Do they know about U.S. tax laws?

A "Chartered Accountant" in many countries is similar to a Certified Public Accountant in the United States. GKM's Chartered Accountants are trained professionals who have received special education regarding U.S. tax laws. In addition, they receive on-going education through onsite classes held by U.S. tax professionals to keep them fully informed of the ever-changing U.S. tax laws.

j. How easy is it to communicate with GKM's offshore accountants?

You always have direct access to your US-based GKM representative to discuss your needs and concerns. Should the need arise to communication with one of our offshore personnel, we can certainly provide that access to you.

k. Who controls my client files?

You do. While a return is in process, you retain the hard copy and you can access your digital files from anywhere using our Internet-based document management tool. When the return is complete, it is sent to you digitally using a file format compatible with most tax software programs.

l. Is GKM secure?

GKM utilizes the latest technology to ensure that all your clients' personal and financial information remains secure. All files are encrypted (128-bit SSL) to protect your data from prying eyes and our servers are located in secure state-of-the-art data facilities. In addition, our Chartered Accountants are bound by an extensive non-disclosure agreement to further guarantee complete confidentiality.

m. What kind of pricing can I expect?

Specific prices will depend upon the quantity and complexity of services needed. For more information regarding pricing, contact a GKM representative today. 

n. How do we send the source documents & information to GKM?

All you need to do is to scan the requisite documents, save it and then send it to us through e-mail or put it up on our server. The process is simple and does not require employing technical staff.

o. What is the training mechanism in place?

GKM has CPAs, Chartered Accountants and MBAs who are trained in depth in US tax laws. GKM has continuous learning and upgrading programs and CPAs from the US are assigned to regularly train our preparers located offshore, using case studies and other developmental tools.

s. What are the advantages of outsourcing tax preparation with GKM?

GKM offers numerous advantages including increased availability of qualified personnel, faster turnaround time, secure online access, and higher customer satisfaction. But the most important advantage is cost. By outsourcing the preparation of tax returns to GKM you can save up to 50 percent over what it is costing you now. At the same time, you can reduce, or even eliminate, your need to increase staff during peak tax season. In addition, by capturing and storing all your clients' tax information in electronic format, you will be able to take advantage of the latest technology to improve workflow, speed your tax preparation process, and take your firm paperless.

p. How long will it take GKM to prepare my clients' tax returns?

GKM's standard turnaround time is two to three business days. However, one business day response is available when needed.

q. How do I keep track of information sent and ensure the quality of the return?

The information we receive from you is sent electronically and the hard copy of files stays in your office.

Once we complete the returns and transmit it to you, we will not retain any information sent unless specifically told by you to do so.

You will review and approve the returns prior to e-filing / sending the prepared returns to your client.

r. What is the final product that GKM will transmit back to us?

GKM will use the source documents sent by you to prepare a federal and state tax return.
Once the return is completed, we will send you an e-mail and you may download the files and the returns after decrypting the same. More information on the security protocol is available on request.

In the case of tax returns, we would be sending you Form 1040 and State return with the relevant schedules and work papers showing our calculation. 

In case of bookkeeping all the information that comes to us is posted to the general ledger and matched against the number of entries sent by you. 

s. How do I deal with any changes required without losing time?

We can implement any changes that you require of us without losing much time. We are in the process of setting up a system to ensure that you will be able to monitor the process

t. Would I need technical staff to carry out this process?

The whole purpose of outsourcing is to save cost. All that is required is to use an administrative person to scan documents, save it and then send the saved file to us in an e mail or put it up on our server. We process the information for you and send it across to you. We will provide requisite technical assistance to help facilitate the process.

u. What are the benefits of outsourcing certain finance functions of your clients?

Outsourcing will assist you in

v. What are the key benefits of associating with GKM?

Our public accounting experience coupled with our BPO unit provides us the right background to acquire/tap the pool of resources abundantly available here.

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