Benefits of outsourcing Accounting and Bookkeeping services in Sri Lanka

Benefits of outsourcing Accounting and Bookkeeping services in Sri Lanka

Many small businesses, start-ups, and entrepreneurs find it challenging to hire qualified professional accountants in Sri Lanka. Bookkeeping is a critical function for any accounting firm; however, it’s time-consuming and monotonous. Delegating bookkeeping tasks to a third-party provides freedom of burdening your staff and to focus on more important work.

So, if you are a business owner or the accountant of the business and considering to outsource bookkeeping function, here are the top 10 benefits of outsourcing accounting & bookkeeping:


By outsourced bookkeeping, you get access to highly skilled professionals without rigorous recruitment processes and save up to 50% of costs. There are no training costs, holiday covers or sick leaves that you need to take care of. You only pay for the work done with a substantial reduction in costs. Most companies can offer their services at lower cost rates (typically due to lower labor costs at their location).


Outsourcing gets the specialized knowledge your company needs. Outsourced firms employ highly trained accountants and qualified finance professionals. They don’t have distractions like other people and can bring the best practices to you.


Outsourcing your business’s bookkeeping operations frees up valuable time that can be put into bettering the company. Backend office functions can be a heavy distraction from the day-to-day running of things. Having your bookkeeping in-house can lead to a conflict of interests.


If you are trying to keep overhead costs minimal, outsourcing your accounting and finance function can help you save money on more advanced tools. Accountants will use these tools and bring processes into your organization. This is just one way of building efficiency in both your business and team. As a small company, you’ll be trying to piece things together with band-aids and duct tape. You must be agile and grit.


When an in-house bookkeeper manages your books, you are more likely to accept margin errors in the initial days. With outsourced bookkeeping, you don’t have to go through this adjustment period.


Outsourcing your bookkeeping operations gives you more access to the top tools in the industry. The best outsourcing companies operate on a completely online interface, which helps streamline processes and handle everything efficiently. Since all the work is managed on a cloud-based system, you can access your data anytime and anywhere. This streamlined collaboration enables you to add your expenses/income and examine your finances efficiently.

Most of the accounting service providers are highly qualified in the automation tools such as Quickbooks, Sage, Visma, Xero, Microsoft Dynamics, SAP and more.

If your accountants are still using only Excel sheets – you are wasting your time and money.


With a click of a button, you get access to all your financial reports that allow you to dive deep into the specifics and make informed decisions. You can review your profits & losses, balance sheet, and cash flow history. Because the bookkeepers have a defined and structured method of recording information, going through the reports becomes very easy and quick.

With better financial reporting, you can make more informed decisions that yield better results.


Highly skilled professionals will help free up your in-house professional for the tax season. And then, when the time comes, they’re able to file tax returns conveniently, optimally and accurately. A well-organized bookkeeping management system lays a strong foundation for a productive tax season without unnecessary stress.


Outsourcing can give you options to scale with an array of engagement models like Block-of-hours, and Pay-as-you-go or other flexible models. During the peak season, you can scale up the outsourcing team, and when the workflow is slow, the unit can be slimmed down. Outsourcing provides flexibility that in-house bookkeepers just can’t provide.


Outsourcing is a great way to have full-time knowledge on your team without having to pay for it around the clock. The management can focus on growing the practice and retaining more clients, while the outsourced team helps you focus on maintaining ‘client books’. Not only managing bookkeeping, but the outsourcing experts will also guide you in several aspects of accounting. Their insights can be highly beneficial to take your firm to the next level.


These are the ten benefits of outsourcing your accounting and bookkeeping, so keep them in mind as you consider this option. Even under these tough economic times, we are optimistic. It can be helpful for you as you grow and get through this challenging period in the economy.

If you’re interested in learning more about accounting and bookkeeping outsourcing, schedule a consultation with us. You can check our accounting and bookkeeping services or leave us a quote.

Other ways to contact us,
Call: +94 777 870 464 / +971 5043 53515


KLOUDAC Global is a dedicated expansion of KLOUDAC, a recognized accounting firm with branches in Dubai, London & Colombo with 15 years of service experience. KLOUDAC Global mainly focuses on back office accounting with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software, and more.

What should an accountant know before starting a job?

What should an accountant know before starting a job?

In the current context, the ability to learn and adapt to situations is vital to career growth. As you move forward your career in accounting, make sure you enhance your accounting skills as well as you are having sufficient time to learn new ones. Most of the companies are checking whether newly hired accountants are a good fit or not in their first 3 months and you should be able to prove your worth during that time.

They want to see whether newly hired accountants, especially those at the beginning of their careers, are taking direction well, picking up the technology, asking good questions, taking notes, and having a positive attitude. Dependability is a must. So is an eagerness to get things done, which most managers look for in the body language and actions of new hires.

What does an accountant do?

Accountants help people manage their finances and offer advice on how to make the best decisions regarding money. You’ll keep records and make sure they’re accurate and up-to-date. Accountants can choose many specialties, but all of them have one thing in common: money.

Depending on your specialty or the needs of a clients, other duties may include: 

  • Examining financial statements for accuracy 
  • Preparing, filing, and paying taxes 
  • Analyzing trends and financial data
  • Making budget recommendations 
  • Identifying risks and recommending solutions

What should an accountant cover before a job?

In-demand accounting skills vary by specific job title, but the following overview sets of skills for accountants can help you advance in job search and your accounting career.

Specialized experience

Many employers look for candidates with a background in accounting plus tilted specialization toward a certain field of study. A specialization, such as a focus on revenue recognition, can be a strong addition to your accounting skills.

General business knowledge

Accounting professionals who possess strong business acumen can help develop strategy and inform key decisions. They must collaborate with other departments and must be able to take on multiple roles within a company.

Up-to-date technology expertise

With advancements in software, cloud computing and automation, accountants are working with new technologies all the time. You’ll want to gain familiarity and even enhance your expertise with the specific software and tools such as:

  • Advanced Excel
  • Enterprise resource planning (ERP) (e.g., SAP, Oracle)
  • Big data analysis, advanced modeling techniques and SQL
  • Business intelligence software (e.g., IBM Cognos)
  • Hyperion (for analyst and financial reporting roles)
  • QuickBooks (for positions with small and midsize firms)

Communication skills

Accountants need to be able to tell the story behind the numbers, particularly for colleagues in other departments. Both verbal and written communication skills are critical for success in any accounting role.

Adaptability and flexibility

Adaptability and flexibility are also top among the skills accounting professionals possess. A key driver for this trend is technological change, like the rise of artificial intelligence (AI) as a critical business tool. The ability to pivot and roll with change is an absolute must.

Leadership abilities

Managers have an eye on the future and want professionals who possess strong leadership qualities and who can step into more senior roles when the time is right. They look for individuals who can avoid or resolve conflicts, adapt well to change, mentor others and embrace continuous learning.

Customer service orientation

Whether you work in public or private accounting, you need to be able to retain current customers and bring in new clients. You must meet the needs of the organization’s other departments and managers. Good customer service skills are critical if you want to succeed in the professional world.

Quick tips to consider while preparing

1. Nurture Relationships Early

The majority of new hires are internal or people they know, whether that be because they’re close friends or just a very weak connection. With most businesses being active on social media nowadays, it’s easier than ever for newly qualified candidates who are complete strangers to make themselves known.

2. Be Frank and Open About Your Career

It’s one thing to be vague and another to be realistic and honest. Employers don’t like vague applications, so that won’t help you land your ideal job. Showing on your LinkedIn profile and CV that you’re open to taking risks will help you come across as a real, open person.

3. Research The Company Inside Out

LinkedIn is one of the best places to research companies and the people that work for them. With just a simple search you can find out about their projects, history, management, stakeholders and personalities. Some companies even share information on their culture and what they want from candidates.

If you are looking to get your dream job in accounting and want to get a hands on experience, contact Kloudac Global to be enrolled to be a part of our Accounting Training Program

Call: +94 777 870 464 / +971 5043 53515  




KLOUDAC Global is a dedicated expansion of KLOUDAC, a recognized accounting firm with branches in Dubai, London & Colombo with 15 years of service experience. KLOUDAC Global mainly focuses on back office accounting with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software, and more.

Company registration in London, UK

Company registration in London, UK

London, as famous as it is around the world, is also a booming hub for businesses, especially start-ups and SMEs and also for business expansions. The city itself is a place for new opportunities for the ones who look to thrive and grow. In the context of business, it is a business hub which connects Europe and other regions together. 

The United Kingdom encourages and promotes entrepreneurship, with millions of self-employed company owners, sole traders, and freelancers. The processes and documentation for how to start a business in the UK aren’t immediately evident to the budding entrepreneur, though.

Whether you’re starting a business or thinking of expanding your existing business to London, the main decision you need to take before anything else is to know what options are available and how? We are hoping to give a glimpse of what’s required through these series of blogs.

As a business hoping to start in London, you need to have a thorough knowledge of the business options and as to which might be the best option for you going forward. A business can select out of the 3 options that’s present at the London market right now. They are,

  • UK trading entity (Limited Company, Limited Liability Partnership, Sole Trader, Partnership)
  • UK establishment (commonly referred to as a branch)
  • Trading directly from overseas
  • Other establishments

Each option is different from the other and has its own pros and cons to go about. Let’s dig deep into these options further.  

UK trading entity

A UK trading entity is the most common choice for foreign companies who are looking to create a serious offering within the UK/European marketplace. Out of the trading entities available (Limited Company, Limited Liability Partnership, or a Sole Trader), the limited company corporation is the most popular.

Limited Company (Ltd)

In the Uk, setting up a limited company is a well-known and trusted method of doing business. It’s quick and easy to set up (usually within 24 hours) without the need for any resident director or shareholder, and shows a commitment to the market, which potential consumers and staff appreciate. This business type is a separate legal entity from the people that run it. Limited companies are incorporated through registration at Companies House and need at least one director and one shareholder. Shares in the company cannot be traded publicly.

  • Structure: Private company whose owners are legally responsible for its debts only to the extent of the amount of capital they invested.
  • Pros: Less personal financial exposure; Favorable tax regime; Ability to work for corporate clients
  • Cons: Administrative and regulatory demands are heavier; Annual accounts and financial reports must be placed in the public domain.

Limited Company (PLC)

PLCs differ from limited companies in that their shares may be traded publicly. You need to have a minimum share capital of £50,000, with at least 25% paid prior to start-up.

Limited Liability Partnership (LLP)

This partnership agreement involves neither partner being personally liable for debts that the business can’t pay. This partnership requires a written LLP agreement and must register with Companies House, the UK’s registrar of companies.

  • Structure: Some or all partners have limited liabilities, and exhibit elements of partnerships and corporations.
  • Pros: Flexibility can be incorporated in members’ agreement; Advantages of limited company and partnership combined.
  • Cons: Profit taxed as income; Partners must disclose income; LLP must start to trade within a year of registration – or be struck off.

Sole Trader

If you want to work as a self-employed person in the UK or run a business on your own, you can become a sole trader. As a sole trader, you can keep all of your business profits. You must make your own arrangements to pay income tax and National Insurance. You are personally liable for all business debts. Freelancers in the UK are also classed as sole traders. To work as a freelancer in the UK, all you need to do is to register as self-employed and make sure that you pay the right amounts of tax and National Insurance.

  • Structure: Exclusive owner of the business, entitled to keep all profits but liable for all losses.
  • Pros: Low cost; easy to set up; Full control retained; Very little financial reporting.
  • Cons: Full liability for debt; Pay more in tax; Lacks credibility in the market.


This business type involves two or more individuals (or companies) setting up together, with responsibility shared equally between partners. Profits are also shared equally, with each partner paying tax on their share and jointly liable for debts and losses. This structure is often suitable for small businesses.

  • Structure: Between two or more individuals who share management and profits.
  • Pros: Same as Sole Trader structure, but with more heads; more potential to raise finance.
  • Cons: The above, affecting all partners; Can be messy to wind up.

UK establishment

A UK establishment is the parent company’s official representation in the UK, and it is registered with the UK tax authorities as well as Companies House. It has no special status and is regarded as a subsidiary of the parent corporation, exposing the entire worldwide operation.

Unlike the registration process for a UK trading entity, the registration process for a UK establishment is fairly complex, requiring the submission of certified/notarized documents relating to the parent company, its business (including financial data), and its officers, all of which are publicly available.

The parent company’s financial reports must be filed in the UK on an annual basis (even if they are not required to be publicized in the foreign region), notwithstanding the fact that the UK accounting results are reported separately for tax purposes.

Because corporation tax liability is determined by the parent company’s performance, it will only be able to benefit from the low profits rate of corporation tax if the parent company’s results are below the thresholds. Losses may be countered within the parent firm, allowing opening losses to be relieved more quickly.

Trade Direct

Also known as an offshore company. In limited cases where there are a handful of large customers, trading directly from the home country may be suitable. Thus, there will be no liability to UK corporate taxes provided no UK establishment is created. The company is registered, established, or incorporated outside of the UK. Offshore incorporation is a straightforward process in popular offshore financial centers and tax havens around the world.

However, where sales are being made in the UK, the foreign company may need to register for Value Added Tax (VAT). Registration will depend on several factors, such as whether the company is selling goods or services, and where they are based.

Anyone employed by a foreign entity, but based in the UK must be paid through a UK payroll. If there is no physical presence, it may be possible to avoid employers’ National Insurance contributions which are calculated at 13.8% of the gross salaries of your employees.

Other establishments

Unlimited company

This company type isn’t very common in the UK. It involves shareholders having joint unlimited liability for business debts, meaning they can be covered with personal assets in the event of the business assets not meeting debts.

Social enterprise

This is a UK business type that exists to invest any profits made to meet charitable, social, or community objectives rather than to distribute among shareholders. Social enterprises are structured similarly to limited companies and include charities, cooperatives, and community interest companies (CIC).

Unincorporated association

This is an unregistered, unincorporated form of non-profit organization that can include voluntary groups, small community groups, and sports clubs.

If you want to set up your business at London, UK, contact Kloudac Global

Call: +971 5043 53515 /  +94 777 870 464




KLOUDAC Global is a dedicated expansion of KLOUDAC, a recognized accounting firm with branches in Dubai, London & Colombo with 15 years of service experience. KLOUDAC Global mainly focuses on back office accounting with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software, and more.

How to find consultants for higher studies overseas?

How to find consultants for higher studies overseas?

Is studying abroad on your mind, but you’re not sure what it involves? What to look for? and how to find a good consultant agency? We must admit, the entire process might seem a bit difficult. But if you know each step that needs to be taken and how to prepare everything you need, you’ll find yourself studying a Bachelor’s or Master’s degree abroad in no time.

This is part 2 of our comprehensive and easy-to-follow guide on studying abroad. We’ll go through it step-by-step, and by the end, you’ll have most — if not all — the information you need to prepare for an international study experience.

Read the part 1 here if you haven’t.

6. Pass your English language test if you haven’t already

To study an English-taught program at a university abroad, you’ll first need to provide evidence of your English language proficiency. Most universities accept one of the following English language certificates:

  • IELTS Academic
  • PTE Academic
  • C1 Advanced

You’ll need to pass one of these tests before your university enrolment. Depending on your current English level, you might be able to pass a test with only a few days or weeks of preparation. But if your English could use some improvement, take at least a few months to prepare.

International English exams evaluate 4 main skills:

  • Speaking
  • Listening
  • Writing
  • Reading

The format of each test is different, but it involves listening to speakers with various accents, answering multiple-choice questions, writing letters and essays, answering questions based on different types of texts, and many other types of tasks.

The best advice we can give you is not to treat these tests superficially. They will evaluate your grammar, vocabulary, understanding, and many other abilities. As long as you become familiar with the test format and practice long enough, you should be able to ace any test.

7. Apply for scholarships

This step is related both to your budget and to the university application part. Why? Because in some cases, you apply for a scholarship during your university application. In others, you apply for the scholarship afterwards or after your place is confirmed.

What you need to know is that there are different types of financial aid programs:

  • scholarships
  • grants
  • student loans
  • military aid

Some are awarded based on academic achievement, others based on financial need, others for research purposes. Don’t hurry up to apply if you don’t meet the criteria. Chances are you won’t even be considered.

8. Confirm your place after receiving the letter from the university

You’ve found the right university and chosen the right program for you. But what if you’ve been accepted to multiple universities? You’ll need to look over your options carefully and decide which one is best for you, here are some tips on how to choose the right one. If you already have a favorite, it’s easy. If not, don’t hurry up and answer immediately. Take at least 2 or 3 days to clear your mind and see what option is best for you. Afterwards, send the confirmation to the university and make sure they receive it.

9. Apply for a student visa (if required)

Not all students going abroad need to apply for a visa. But if you do, do your research properly. There are many documents necessary, and the visa can take from a few weeks to a few months. This is why you should apply early on so that you won’t miss the beginning.

10. Choose an accommodation option and make arrangements

It’s important to decide where you’ll live abroad because it will have a major impact, both on your expenses and on your experience. These are the most popular options, together with their pros and cons:

Student dormitories
  • They are also called ‘student halls’ or ‘university halls of residence’.
  • Student dormitories are by far the most affordable option, but you’ll often have to share a room with 1, 2 or sometimes even more students.
  • The costs of utilities are usually included in the monthly fee.
  • Private student dormitories (not owned by universities) are often more expensive than university student dormitories.
  • The conditions and facilities of each dormitory are different from one university or country to another.
Renting a private flat
  • This is the second most popular type of accommodation among international students.
  • Renting is more expensive than living on-campus, but you can reduce the costs by sharing a flat with other students.
  • The closer you get to the city center the higher the prices get.
  • Utilities aren’t always included in the monthly fee; this is something you need to discuss with your landlord.
  • You’ll need to pay a deposit that’s worth 2 or 3-months’ rent. This is to cover potential damages or problems you might create. Based on your contract, you should get the deposit back (or a part) when you move out.
Living with a local family
  • This is not as popular as the other two options, but it’s chosen by students on a very low budget or by those who want a hands-on experience of the local culture and lifestyle
  • It’s usually very cheap, sometimes cheaper than student dormitories. But this often depends on how you negotiate and what is included in the overall price. For example, some families even offer one meal a day in the monthly fee.
  • You need to speak the local language to live with a family, You can encounter language barriers.
  • You’ll have to share the kitchen, possibly even the bathroom and other utilities. If you’re not comfortable with this situation, living with a local family isn’t for you.

11. Decide how you’ll travel abroad

How will you get to your study destination? Will you travel alone or do you need to exchange the means of transportation? Some students might choose to travel by train or bus. For Europeans who move to another European country, taking a car ride is a valid option.

Tips and tricks for traveling
  • Based on the start date of your studies and when you can move into your new place, plan accordingly, so that you’ll get there early on; it’s ideal to have a few days to accommodate your new surroundings.
  • Check the cancellation or change policy for tickets, especially if you travel by plane.
  • If you need to change the means of transport, think about what you’ll do and where you’ll stay during the layover/waiting period.

12. Decide what you’ll pack and the size of your luggage

How much luggage you’ll take will mainly depend on your means of transport. But no matter how you travel, here are a few items that are essential:

  • Laptop, power adapters and converters
  • ID, passport, birth certificate and copies
  • Medicine or prescription drugs, especially if you have an allergy or other medical conditions
  • A regular backpack for daily use
  • A photo or something to remind you of your home/dear ones
  • Headphones, perhaps 2 pairs in case one stops functioning
  • Toiletries, clothes for different types of weather, towels, and any other items that you use on a regular basis

If you’re moving abroad, you might need to take some winter clothes with you. If you don’t, you can have your parents send them via post or a specialized courier firm. Don’t bother to take all your clothes abroad, though. You’ll find plenty of shops where you can buy new ones.

Finding your correct consultant agency to get support for your higher studies

Deciding your future is not easy, there are a lot of things on your plate and it can be overwhelming for you to consider all the options within a short period of time. That’s where a consultation agency is coming. There are a lot of agencies to choose from in Sri Lanka. You can select an agency by considering several factors such as knowledge, experience, budget, succession rate. Kloudac Global is a such agency with knowledge, experience, affordable budget and success stories for students going abroad for higher studies. We will support you to choose your dream destination by understanding your budget, what you want to study, where you want to study, compare study programs, compare universities, guide you to pass the English language tests, apply for scholarships, apply for a student visa, choose an accommodation option and make arrangements. You only need to sign up on the website.

If you are looking for opportunities to go abroad for higher studies, contact Kloudac Global.

Call: +94 777 870 464 / +971 5043 53515  




KLOUDAC Global is a dedicated expansion of KLOUDAC, a recognized accounting firm with branches in Dubai, London & Colombo with 15 years of service experience. KLOUDAC Global mainly focuses on back office accounting with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software, and more.