Bookkeeping is an essential business function; you cannot do without a bookkeeping process unless you aim to run your company to the ground. The problem with bookkeeping though is that it can take up a lot of your time and resources. Going over your books and taking account of payments regularly is not always easy. Here are four reasons why you and your company may be better off if you outsource your bookkeeping.
- Frees up Time to Focus on Your Business– As a business owner, there are probably a lot of business tasks and functions that require your attention more than bookkeeping. Utilizing online bookkeeping services or at least hiring a bookkeeping professional will allow you to focus on your business and grow it.
- Peace of Mind– Bookkeeping is a vital business function which is why nearly all business owners who handle their bookkeeping themselves often fear that they will get something wrong and get into trouble with the IRS. Leaving your books to the online bookkeeping professionals will give you peace of mind because they know what to do and you can be sure they won’t get it wrong.
- Manage Company Operations– Technology allows you to automate and effectively manage each facet of your business. Online bookkeeping will make managing the financial operations of your business easier and more efficient.
- Make Informed Business Decisions– When you invest in online bookkeeping and accounting, your bookkeepers will provide you with detailed reports and financial data that can help you identify trends and cash flow patterns in your business. You are now in a position to make informed business decisions.
While you may not be inclined to outsource your bookkeeping for various reasons, it has its advantages. All business owners want the best for their business and online bookkeeping by professionals is what is best for your company.
Most business owners and entrepreneurs find bookkeeping annoying and troublesome; which is why most of them hire an in-house bookkeeper or invest in online bookkeeping at the first opportunity. Definitely the smart thing to do, unfortunately deciding on a bookkeeper is not as easy. While you may know the basic know-how of bookkeeping, you may not be in the position to screen candidates- one will look as good as the other. So how do you decide who to hire? Here are some tips to help you make this decision.
- Thorough Online Research– Research your candidates, individuals or firms, so that you have a clear idea of what they offer and their qualifications. You should also see if you can dig up some reviews or contact one of their clients to get a better picture.
- Ask specific questions– The key to getting to know your candidates is to ask specific targeted questions intended to understand them better in the light of your business’ needs. Here are some areas you should cover.
- Bookkeeping Experience in Your Particular Industry– While the principles of online bookkeeping and accounting are the same across industries, there will always be certain nuances that change with the industry like credit control, taxation laws, payroll etc. Your bookkeeper will not be able to deliver his best for your business unless he knows what he is getting into. Online bookkeeping companies have an advantage here as their team of bookkeepers means that there will most likely be more than one person with experience in your field.
- Bookkeeping and Accounting Software Used– There is so much happening in the world of bookkeeping and accounting, which means you need bookkeepers who are skilled in using the latest applications. They need to also have experience with cloud based services.
- How Do They Keep Up With Changes In Bookkeeping And Accounting Practices– Bookkeeping is an old practice with changes happening every day. To be an efficient and effective bookkeeper, your bookkeeper should be aware of the latest developments in the field as well as use time saving apps and programs.
Handing over your bookkeeping to a stranger is not easy and not a task to be taken lightly, but with a bit of preparation you can get it right.
There were the days of books and paper when offices had files stacked one on top of the other. Then, came the computer, now you had megabytes, gigabytes and terabytes for storing data; so all you needed was digital space. But that wasn’t the end of it- enter the era of cloud computing, where all your data, online bookkeeping, contracts, payroll data, everything, is safer stored way up in the digital cloud. Now the question, why do you, a small business owner, care about cloud computing? Simply because this technology make your business flourish. How? Let’s find out.
- Greater Efficiency– Save time and resources with cloud based technology. All your data will be available instantly to authorized personnel. You will not have spent time sending or checking data; everyone has access to the same data, whether you are an online bookkeeping company or a retail store. You can also save money otherwise spent on third party service providers. You get to work paper and clutter free; all this increases your efficiency as well as that of your employees and business.
- 24/7 Access– No matter where you are, or what time of the day, you, your clients and employees can access data when necessary without having to depend on anyone to send it over. Saves time and energy and everyone is happy.
- More Flexibility– When you are running a small business, you have so much to do; in fact, you may even be managing the whole thing yourself. Whatever your method of working, you need flexibility- the flexibility to work from home if needed for yourself and your employees, the flexibility to work out of office when travelling or at meetings. Cloud computing can give you that- greater flexibility for you and your team.
- Don’t Fear Losing Data– With cloud computing, you need not worry that you will lose data if your PC, laptop or phone is lost, damaged or stolen. Your data will be safe and secure on the cloud. You can also rest assured that viruses on your electronic devices will not corrupt your data.
- Access to Service Providers– Thanks to cloud computing, you can also outsource non- core business tasks like online bookkeeping, payroll and HR, and keep track of everything with ease on the cloud.
Cloud technology is here to stay and it has a whole lot of benefits. It can make your life a lot easier and manageable, so make the best of it.
Business owners are always busy. There will always be numerous business decisions that demand their attention. So what happens when they have to add bookkeeping to this list as well? Definitely not a pretty picture; which is why business owners choose to hire bookkeepers. However this is can prove to be quite expensive, which is why most business owners don’t prefer this option. So what then? Online bookkeeping solutions are the answer.
An online bookkeeping system can free up a lot of your resources and take a load of your daily services and operations. Let us look at how online bookkeeping solutions can benefit your business.
- Up-to- date Records– Online bookkeeping will ensure that your bookkeeping is accurate and up-to-date and that you don’t skip or forget to enter relevant details. As a result of all this, you will always know where your business finances stand and be in a better position to take business decisions.
- Access to Information Anytime, Anywhere– Using online bookkeeping solutions will allow you access to your bookkeeping data at all times irrespective of where you are. Not only do you get uninterrupted services, your data is also secure.
- Cost Saving– Availing of online bookkeeping services means that you don’t have to invest in physical space and infrastructure for your bookkeeping needs. So you get to save huge amounts of money that you can divert to other areas of your business.
- Access to More Information– Which business owner wouldn’t like more information about their business? Online bookkeeping can give you just that. You can see trends, generate reports, all of which will help you make better informed decisions related to your business, plus you will always know where your business stands.
- Efficient Invoicing– Invoicing is an important part of any business and it is crucial that it is done timely and efficiently. Using online bookkeeping services will allow you to do just that ensuring that you receive payments due to you on time.
Online bookkeeping services can make your life a lot easier. Now that you know about the benefits of online bookkeeping, look around and identify one that can handle your needs.
No business owner is prepared for the amount of time and effort that bookkeeping will take. As much as you may wish you didn’t have to do it, you have to take care of your books for the sustained growth and development of your company. If you run a business and would like nothing better than to find a cheaper yet efficient bookkeeping option, you should consider online bookkeeping.
Online bookkeeping or virtual bookkeeping refers to bookkeeping services provided from a remote location; so your online or virtual bookkeeper will work on your books from a remote location over the internet. Pretty neat, huh? Now why would you want to outsource bookkeeping to an online company? Simple; because doing so can help you grow your business. How? Read on.
- Save Money and Resources– Which business owner doesn’t love being given a reason to save money and resources? Since online bookkeepers work remotely, you save up on rent, office space, plus, it is cheaper. You can now use this money and resources to serve other needs in your company.
- Save Time– Since you no longer have to spend so much time on your bookkeeping, you are free to use the time to attend to other business matters that require your expertise.
- Impeccable Business Records– Since you now have a certified bookkeeper working for you, you can be sure that your books are up-to-date and accurate no matter what the time of the year. No more running around when tax time arrives.
- Framework to Scale– Before you get ready to scale your business, you need to make sure that all aspects of your business are equipped to handle the growth. Outsourcing your bookkeeping to online bookkeeping companies means that you no longer have to worry about whether your bookkeeping can handle the growth; your bookkeeper will take care of it.
- Lesser Mistakes– A certified bookkeeper is less likely than an untrained business owner to make mistakes. Besides an online bookkeeping company would always have a team of trained professionals to cross check the books, leaving you in a better position to take informed business decisions.
Bookkeeping need not be the burden that it is for you right now. Find a good online bookkeeping company to outsource your bookkeeping to, so that you can focus on growing your business.
Bookkeeping.. Ahh.. The bane of most small business owners lives, but no matter how you feel about it, you can’t do without it. So what are your options? You can either do it yourself or hire a bookkeeper. Most business owners feel that hiring a bookkeeper is an unnecessary expense, especially when you are just setting your business up, so they go the DIY route. Unfortunately, those who do learn the hard way that it’s tough and can take up more time than they can afford, so what next. Enter virtual bookkeeping.
What is Virtual Bookkeeping?
Virtual bookkeeping is simply bookkeeping services provided remotely, i.e your books will be maintained by a certified bookkeeper working from a remote location. Skeptical? This is actually a lot more convenient than hiring your own bookkeeper. There are three ways this online bookkeeping method works. The bookkeeper can:
- Access your system remotely and take care things like you would.
- Work over a cloud based bookkeeping software with your login details.
- Work on the same software you use and access it online using a hosted virtual desktop.
Why Virtual Bookkeeping?
Now why would anyone in their right minds avail of online bookkeeping services; here is why.
- You save money because you don’t have to arrange for office space, equipment or supplies for them. If they are contractors, you will not have to worry about insurance, benefits and employment taxes either.
- The online bookkeeping arrangement offers you a lot of flexibility and the bookkeepers can work as much or as less as your business requires.
- Business owners who work out of their homes will also appreciate the fact that this means they will not have to worry about someone invading their home space on a regular basis.
So think again. Virtual bookkeeping is convenient for clients and bookkeepers and both groups can benefit a lot from the arrangement. So go over your options and find out what bookkeeping arrangement will work best for you; it is always good to remember that one size doesn’t fit all.