Category: Outsourced Bookkeeping

29 Dec

How Online Bookkeeping Services Improve Small Business Productivity

Online Bookkeeping Services are based on web accounting applications such as Xero. These applications are more flexible and accessible as they allow business owners and their staff to access, to store and update financial data online. Any authorized person can access the financial data stored securely on a server at any time from any PC anywhere in the world.

The downside of the traditional PC-based accounting software that is purchased via a license is that it is installed on each user’s PC and will not have real time client’s financial information update and share. If the information needs to be accessed by different users at the same time it would have to be physically transferred between PCs. Online accounting suites allow real-time information update and sharing for all users.

Online cloud-based accounting applications can have an unlimited number of authorized accesses granted to the database.

Additionally, installation of the conventional accounting, PC-based application is done via external hard disk. Version update of the software is manually controlled and applied by the users. Online website-based applications are updated seamlessly with the modern security that safely backs up data. Version updates, therefore, do not need to be monitored by the customers and data is always secure.

Online Bookkeeping Services offer significant benefits and cost savings in carrying out accounting services for a business.

The initial package includes full extensive range of bookkeeping online solutions such as financial, payroll, tax and process control services at a cheaper cost in one package.

The data is interlinked, so there is no need for double or triple entry of the same information. For example, financial data for the business such as revenue and expenses will be used to produce profit/loss for the business, and this data will also feed and populate appropriate tax return for the business owner. Payroll information will also feed business expenses, so does not need to be entered twice. Once the tax return needs to be submitted, the majority of the information should already be populated automatically for your tax return if monthly bookkeeping has been done on ongoing basis. This process reduces operational errors as well as time spent on entering the necessary data into the system.

Bookkeeping services can be outsourced due to mobile and easily accessible application suite to the bookkeeping services professionals elsewhere in the world, allowing the owner’s time to focus on core aspects of their business. In addition, there is no need to ever physically meet your accountant and exchange documents over email, all of the information can be shared and accessed online. This is also a cost saving from an accountant’s point of view as they are able to service more clients in the same time space, which, in turn, lowers the cost of the services accountants provide.

Business owners exercise more control and transparent overview over its business’s bookkeeping, as up-to-date financial situation can be viewed real-time any time of the day. more details here:

Basic cost savings aside, the online bookkeeping services provide great opportunities for small businesses to forgo hiring office personnel dedicated to bookkeeping or obtain full range of accounting services elsewhere at full cost. The accounting suite enables outsourcing of administrative tasks of tax, payroll and bookkeeping services to the professionals at a cheaper cost letting the business owners concentrate their valuable time on the core business tasks.

29 Dec

Benefits of Outsourced Bookkeeping Services For Your Company

It is essential for every company to manage its financial records regularly to keep track of the company’s financial stability. The latest trend is to get this work done by professionals outside the organization. The benefits of outsourced bookkeeping are explained in the following article.

Bookkeeping is an inevitable part of every organization. It is the activity of recording every business transaction of a company regarding the assets, liabilities, income and expense; which are properly written down and managed in books, journals and ledgers. This is done to ensure that the business records are up-to-date and in the correct order. It involves considerable time and expertise to keep the financial transactions properly managed. Companies either have a separate department to take care of their financial accounts or they outsource these services to bookkeeping companies.

Hiring a bookkeeper to manage your company’s financial accounts is the best option. There are many benefits of outsourcing bookkeeping services. Some of the benefits are discussed below.

  1. Improve Your Core Business: Once you have hired another company to take care of your financial records, it gives you ample time to focus on your core business. You can think of innovative methods and strategies to be followed to increase the profits of the organization. You can devote your valuable time on enhancing your core strengths and can also work on your weaknesses.
  2. Trust the Experts: It is always better to hire experts who can do the accounting work efficiently within the specified time frame. Outsourced bookkeeping firms generally have experts like CPAs (Certified Public Accountant) who can keep your financial records up-to-date with maximum accuracy.
  3. Forget About Hiring And Administering Accountants: If you are hiring an in-house accountant, you probably will have to find the right person and train the person if required. This takes a considerable amount of time and effort which can be used in a better way if you outsource these services.
  4. Have Enough Space Inside The Office: You can save on the company’s space if you don’t require staff inside the organization to take care of the accounts. If you earlier had accounting staff in the company itself that space can be used for your business expansion or you can save on your rent.
  5. Forget About Tax Deadlines: You may relax during the tax season as the outsourced bookkeepers make sure that your financial accounts are sorted out well before the submission time. You may not worry about the last hour rush during the tax season or deadlines.
  6. Motivate The Employees: The employees would be more convinced when the bookkeeper services are outsourced. They’ll feel motivated and fairly treated without any bias.

These are a few reasons why bookkeeping service providers are being hired by many companies all over the world. You can hire a bookkeeping company and pay them just for the hours they work instead of paying a fixed salary to the in-house accounting department of your company. There are many web-based bookkeeping companies who provide with bookkeeping solutions. You may get quotes from some of the reputed service providers and choose a company who meets your requirements within your budget.

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