Corient provides outsourced accounting solutions to various companies to allow them to focus on their main business growth objectives.
What is the idea behind providing outsourced accounting solutions to businesses? What is the business problem you are trying to solve?
Navin Mishra: Companies, especially new startups, may not have full-fledged accounting functions to manage their accounting and tax compliance. Hiring permanent employees for this purpose may not be viable for them. At the same time, every business must keep accounts from day one. We offer tailor-made solutions for these companies so that they can run their business smoothly.
What kind of services do you offer? Do you cover all areas of accounting?
Navin Mishra: We provide end-to-end accounting solutions that cover purchases, payments, sales invoicing, receipt recording, bank reconciliations, cash flow, etc. We can also manage the payroll function by generating payroll runs at the required frequency, creating work progress reports, sending pay slips to employees and filing pay statements. We help companies analyze their performance by offering daily/weekly/monthly automated dashboards. We also generate monthly and quarterly reports for management accounting. This gives senior management a complete view of the business across all verticals.
Administering tax compliances can be a tedious and time-consuming task. By outsourcing this task to seasoned professionals, companies can ensure accurate and timely filing of tax returns with reduced processing costs and errors. We can maintain audit trails and respond to audit queries. With regard to year-end accounting, we can help finalize the books of accounts by making year-end adjustments and preparing the profit and loss account and balance sheet for audit. We assist accounting firms with the preparation of tax returns for individuals, trustees, non-profit organizations, partnerships, corporations, estate and gift returns, payroll returns, IRS forms, sales and use tax returns and year-end reports.
Essentially, we cover the full gamut of end-to-end accounting in an agile and efficient way, giving businesses and accounting firms excellent value for money.
What is your greatest asset that helps you deliver consistent value to your customers?
Navin Mishra: As with any outsourcing company, our greatest assets are our subject matter experts. We spend a lot of time recruiting, training and retaining good employees because they are our most valuable resources. Accounting and tax are bound by deadlines and things can get very hectic around quarter-end and year-end.
We have a fully trained team of Certified Accountants and Qualified Accountants who are up to date with the latest laws and regulations. We ensure that they are constantly updated by following training courses. By securing a ship-like accounting team ready to deliver, we can deliver consistent value to our clients throughout the year.
How do you mitigate risk since accuracy of information is of the utmost importance in accounting?
Navin Mishra: As accounting and tax professionals, we are well aware of the importance of establishing robust processes and systems from the outset of our business relationship with any client. We make sure we understand the client’s needs and establish a framework of responsibility and accountability. Having an effective audit trail helps us mitigate the risk of fraud and ensure compliance with laws. It also helps to improve the quality of our work. We ensure that the work is carried out on international servers with complete cybersecurity so that there is no compromise on data integrity. We do not store any data on our internal servers. We keep our work well documented and transparent to avoid any disputes. We provide regular updates to our customers so that they are aware of progress and challenges at all times. We ensure that our deliverables are top-notch while adhering to the highest level of security and data security.
Corient is Cyber Essential certified, which helps us guard against cyber threats. Indeed, we hold recognized ISO 27001 2013 certification for our information security management system. To maintain the highest levels of cybersecurity, we only allow access to data to authorized users. We control the transfer of data to external sources and do not allow the use of removable devices on workstations. Employees are not permitted to access email, ftp or online storage, all workstations are virus protected and we only allow biometric access to our areas of operations for authorized personnel . All our work areas are monitored 24 hours a day by CCTV and our users are constantly informed of security measures.
What type of technology do you use? Do you think the current digital revolution will help improve the efficiency of the accounting department function?
Navin Mishra: We are in the business of outsourcing accounting solutions to businesses and accounting firms because it is a clean, efficient and cost-effective solution compared to hiring full-time resources. Using our services works wonders on business results. This allows companies to focus on their core business and improve their business results. We are specialists in software and technology, and we help our customers in their digital transformation process. This helps them become completely paperless and digitized, which leads to greater operational efficiency. We help companies become companies of the future
Artificial intelligence and machine learning will help make remote services even easier in times to come by increasing the speed of data transmission and analysis. Digitization is the need of the hour and soon we will see all businesses completely migrate to digital mode. We are excited to be part of an ongoing revolution that promises to transform the business landscape and the way certain functions are perceived.
At Corient, we work with our clients with their own preferred accounting software, be it Xero, Sage, QuickBooks, Free Agent, etc. We are constantly developing tools and technologies that will make life easier for our customers and free up valuable time that can be used for other core activities. Our Amoeba Scanning App for scanning and uploading documents, Time Sheet App for timesheet automation and invoicing integration with accounting software, logistics portal for truck tracking, task manager for internal monitoring and communication are some examples.
What organizational values help you in a competitive world?
Navin Mishra: We have been in this business for 10 years and work with a diverse set of clients. The framework of values that we defined from the outset is very useful to us in managing our work in a competitive business environment. Our values include integrity in our business dealings, excellence in our delivery standards, collaborative teamwork with our colleagues, customers and suppliers around the world and our corporate social responsibility to give back to society for its improvement.