When should you consider outsourcing your bookkeeping? What are the benefits of outsourcing? In today’s post, we’re going to share some bookkeeping warning signs and then discuss the benefits of outsourcing your bookkeeping.
Time tracking is an integral part of many businesses but it’s often a tedious and disliked part. Despite this, time tracking is highly important on both the revenue side and the expense side.
Now that you have a company credit card, it’s time to implement a system to oversee it. The two big players in the industry are Abacus and Expensify, and both would meet the needs of most businesses. These accounting applications are designed to solve three problems: (1) data entry and efficiency, (2) recordkeeping, and (3) oversight.
So you’ve made the decision to move from a desktop accounting application to the cloud. The next question is, which vendor will you choose? There are many worthy choices out there that will serve most businesses. However, we’re looking for the most optimized solution and there are certain factors that need to be considered. QuickBooks Online is the most widely used and recognized player in the industry.
Our firm reviewed QuickBooks Online and Xero, another major player in the could accounting space. After reviewing both QuickBooks Online and Xero, we settled on Xero for these four reasons.
Bookkeeping is the daily recording of financial transactions so you can tell how much income your business made, how much you spent, and how much was left over. The purpose of bookkeeping is to give you an accurate set of books, so you know how your business is performing. Bookkeeping is one of the things that often gives business owners a lot of heartburn and many view bookkeeping as a necessary evil. You likely started the business because of a passion you have, because you wanted the financial freedom that comes with owning your own business, or maybe it was a combination of both factors. Bookkeeping became a necessary function of your business as you grew but one you would probably choose to skip if you could. It doesn't have to be difficult though and you can learn to love how your accounting helps you monitor your business' performance. There are so many resources and tools that are available to businesses these days and it is easy to set up a business' books in an accounting software like Xero or QuickBooks. In addition to that, there are countless tools available for every industry to help streamline accounting processes, reduce the time involved in bookkeeping, and save your business money.
The future of accounting is in the cloud and the future is here. Before we dive into this topic, you must understand that your approach to accounting needs to change. Gone are the days where you use one accounting system. Cloud accounting applications are designed to be narrower than your traditional “one-size-fits-all” model. Each application has one primary function and they do it with excellence. If you just tried to use that one application, you would have an incomplete system. But if you combine these applications into one single system, you can customize it to meet your needs and still see the benefits we will discuss later. Today, I want to share three reasons why you should consider a move to cloud accounting.