Tag Archives: Outsource bookkeeping

Things to Watch Out for When Recruiting

Hiring fresh blood is an important task. The future of your business may very well depend on the people you hire, which is why it is crucial that you hire the right people. But how do you decide if someone is right for you? This goes beyond what is said on the resume and by the candidate, it goes deep down to your gut feeling- you always know in your heart if someone is right for you or not. Here are some common red flags that can signal trouble ahead with a possible candidate.

  • Lack of Knowledge of Latest Developments– A candidate who wants to do his best at work is most likely to keep abreast of the latest developments in his/ her field. This also signals an interest in improving one’s skills and knowledge and a willingness to learn, which is important in today’s highly competitive and ever changing economy.

Outsource Bookkeeping

  • Lack of Preparation– Candidates who are genuinely interested in working with you tend to do some research before attending the interview. If your client seems to know nothing about your company or what you do, well, let’s just, say doesn’t deserve a shot at the job.
  • Badmouthing Present or Previous Employers– We personally detest candidates who talk bad about their previous employers. Such candidates generally tend to find reasons to blame everyone else for their mistakes and don’t take responsibility for their own. It is also generally bad form to badmouth.

HiringHiring

  • Doesn’t Seem Likely to Fit Into Your Company Culture– Very few businesses follow the traditional mode anymore. Company cultures are versatile and very few companies share the same culture. Today for someone to succeed in your company, they need more than the necessary skills and knowledge- they need to fit into your company and be able to work with all of you. If you have a candidate who is rigid and traditional, but has all the right skills, chances are he won’t work for you.
  • Ability to Follow Instructions– The ability to follow instructions is essential for any job. You absolutely cannot have an employee who cannot follow instructions. But how can you assess this? Try giving an assignment or a simple instruction in the interview call letter. This will tell you a lot about the candidate’s enthusiasm and work ethic.

Start Over with QBO or Not?

Should you start over with QuickBooks Online? Now while the reasons for you wanting this may be plenty- your books are messed up, you may want to start over, you want to outsource bookkeeping etc, the question is should you do it?

One of the reasons, conscious or unconscious, for people wanting this is because they believe doing so will make their problems go away. Unfortunately, that is not necessarily true especially when it comes to QBO.

Outsource Bookkeeping

First of all, you need to understand that the process of acquiring and setting up a new QBO account is not that easy- you need to buy a new subscription, set up a new company file, customize the chart of accounts, lists, the whole shebang even if you don’t outsource bookkeeping. It is indeed a lot of work. Do you really want to go through the whole thing again just on a whim? It takes up a lot of time and attention.

Also, since balances on the Balance Sheet Reports are cumulative, you have to make sure that you enter the correct opening balances in QBO when you start over. You would have to enter all unpaid       invoices for the month as Accounts Receivables in QBO. There are other associated problems as well, such as the fact that you might have pay to for two QBO subscriptions, you will have to refer to your old QuickBooks Online account for historical information, work with two companies, figure things out if you outsource bookkeeping and more. All in all, it sounds like too much work and not worth it, which is why we recommend cleaning up your current account and continuing with it. It is after all, only a matter of figuring out what is wrong in your current account.

QuickBooks Online

Professional bookkeeping firms are trained to clean up messed QuickBooks Online accounts. If you find that your books are too messed up or that bookkeeping is taking a toll on your business, you might want to outsource bookkeeping. This can save your business and you.

Things to Consider Before Choosing a Cash Management System

One would think that selecting a cash management system is an easy task, but it isn’t actually. When you run a business, especially a global one, using the right systems for everything from cash management to inventory management and outsource bookkeeping is crucial to the decision making process. It is important to be able to access all the data you need from one place, which is where the cash management system enters the picture. If you want to select the right system, here are some things you need to consider.

Outsource Bookkeeping

  • If you have offices in different countries, you might want to consider a cash management system that supports the market in the countries that you operate in. This can facilitate domestic transactions and cross border payments for all regional customers.
  • An efficient cash management system should be able to generate financial reports as and when needed. Every business needs real time financial reporting, only then can you be on top of things.
  • You need a system that is capable of integrating treasury data into your ERP system, providing you with business insights and trends that are useful in taking informed business decisions.
  • Your cash management system should be able to pull data from different inventories into a single platform. This is useful as the inventory management system can differ from vendor to vendor and this capability can improve work efficiency.
  • The cash management system should be able to support and account for all types of employees and all types of reports required for processing employee information.
  • If you have overseas offices which employ people who are not native English speakers, it helps to have a cash management system that is multilingual. This can improve efficiency and increase accuracy.

Cash Management System

Choosing the right cash management system may not be easy, but it is not impossible either. Understand your business and where it stands; you will be able to make the right choice. After all, who knows your business better than you?

Business Functions You Can Outsource

The benefits of outsourcing, especially for small businesses, are well established; which is why numerous business owners prefer outsourcing a number of non- core business functions like outsource bookkeeping, payroll and accounting. So which business functions are best managed outsourced; let us take a look.

  1. Human Resources– Recruitment, hiring, payroll, training are just some of the tasks on the ever growing list of HR responsibilities. Hence it goes without saying that it is time consuming and requires a lot of resources, which is why Human resources is a hot outsourcing favourite.

Outsource bookkeeping

  1. Bookkeeping and Accounting– This is definitely one of the most outsourced business functions. To outsource bookkeeping, accounting and other financial tasks means that you don’t need a finance team and maintaining books and accounts are no longer your headache. The financial part of running a business is what most business owners find most difficult.
  1. IT– This one obviously has no arguments. The world of technology sees development every day and so you need an expert to stay on top of things. What better way to get an expert than to outsource this area of your business? This not only saves you money, you are also relieved of the trouble of recruiting and hiring an IT expert.

Outsourcing Business Functions

  1. Sales and Marketing– Sales and marketing involves a lot of things in today’s world- running print and online ads, online marketing. Hiring and training sales and marketing personnel can be annoying here as well, which is why, it is wise to outsource this part of your business. Leave it to the experts so that you can focus on your core business tasks.

All said and done, you know your business and its needs best; you know whether you need to outsource bookkeeping or build in- house an IT and networking team. So take a minute, sit down and analyse what your business and its needs; now you can decide.

5 Ways Online Bookkeeping Companies Can Help You Grow Your Business

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.

  1. 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.

Online Bookkeeping

  1. 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.
  1. 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.

Outsource Bookkeeping

  1. 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.
  1. 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.