Category: Accounting

Small Business Bookkeeping Guidelines

Going from traditional to online bookkeeping has recently become an easy process for small businesses since online bookkeeping services have emerged. They are a virtual team of both bookkeepers and accountants that allow you to send your books to them so they provide monthly, quarterly or annual bookkeeping, accounting and payroll services remotely rather than on-site.Learn more about us at Small Business Bookkeeping-A’s Tax and More

How Does It Work?

Usually you will be given simple to use online accounting software for you to record transactions. Many online bookkeeping services use various top name accounting software products for their simple accounting knowledge to use it. Along with this, you have an option of bookkeeping services. When you send invoices, bank and credit card statements electronically or via post, a bookkeeper will enter your purchase invoices into the system, track and analyse aged creditors and aged debtors from the invoices you may have raised. Your bank and credit card statements will be reconciled.

The Benefits to The Small Business Owner

Business owners need real-time accurate accounting information to manage their business. Below are the benefits to businesses that have their bookkeeping outsourced:

* Online accounting software saves storage costs and space that desktop software would use for backups. All your data is backed up offsite.

* You need less office space to store your paper documents for the next six years. The tax authorities accept electronic files, so you can upload PDF invoices to a Dropbox account. Also, you can keep original files, if you want to, and just scan them and send them to the bookkeeping team.

* It cuts the cost of salaries to in-house bookkeeping staff.

* It reduces, or completely frees up your own time if you were previously working on the accounts.

Different Options

This will depend on the size of your business and needs. Particularly consider whether you currently do the bookkeeping or if you have staff to do it. Services offered start from providing only the bookkeeping software so you, or your staff members, can do the bookkeeping. Support is giving by the software provider where they can assist with any problem issues. Another service is where you get the online bookkeeping service team to do your all of your bookkeeping for you. And you only use the software for raising invoices and accessing the information they update for you. Or you can combine their services with your own bookkeeping efforts by agreeing beforehand what tasks you or your staff will do and what tasks the virtual team will do.

Pricing

Pricing varies from company to company but, in general, the more complex your business is the more bookkeeping and accounting tasks you will need and so expect to pay more. For example, a sole trader with no employees may only need invoices and bank reconciliation every quarter whereas a business with employees may need prepayments and adjustments, depreciation and payroll done on a monthly basis.

Outsourcing business bookkeeping can be indispensable since online bookkeeping services can either replace your bookkeepers and accountants or supplement your in-house staff members. Online bookkeeping services offer you a trial. Use this to assess what works best for you before you buy.

Parramatta chartered accountants Chronicles

So you are a budding enterprise or an entrepreneur wishing to invest into a promising start-up? The first thing you look to is to hire a professional chartered accountant. While some firms prefer to handpick their accountants from the best of bunch, some prefer to go local. Leeds accountants, for instance, are often hired by firms in the UK itself.

But why this fixation on hiring a chartered accountant and not any other certified accountant ready for the job? Well, primarily because after the economic debacle of 2008-2009, none of us are willing to take a chance. Find additional information at  Parramatta chartered accountants

And this is again a potent reason why we must explore how you should choose an ideal Leeds accountant (or any other chartered accountant for that matter). Let’s discuss:

• The Right Certification: Certification from the right boards or authorities is also important to help you make a selection. Leeds accountants without a proper degree or certification from either the AAT (Association of Accounting Technicians) or the ICB (Institute of Certified Bookkeepers) should not be high on your priority list of accountants. CIMA (The Chartered Institute of Management Accountants) or the ACCA (The Association of Chartered Certified Accountants) are prestigious institutes that you can look up as well.

• The Affordability Factor: In these times of austerity drives, measuring quality by the fees chartered accountants charge to manage your corporate finance is a foolhardy point. Instead, focus on how you can get quality from a value-for-money juncture. Use sources in the industry, along with research on the chartered accountancy agencies online. A valid option may be hiring the elite accountants from the leading universities, as amateurs will be trained to the T but will cost you less.

• Experience Counts: If your man has never ventured out of his mould as a Leeds accountant, experience is his weak point. And as the economic slowdown showed, this weak point can be pretty fallible – especially if you are a busy start-up. Make sure that the hired accountant has gone through the frying-pans of bigger corporate firms – with at least a couple of audit summits on his portfolio.

• Track Record During the Recession: Another possibly powerful way to verify the credibility of your chartered accountant is to track his professional record during the recession. Only the best of the auditors and accountants had been working and not laid off during this time. If you have on your hands a professional who had been appreciated or rewarded during these turbulent financial times, you have a gem at hand!

If you are still contemplating on hiring your chartered accountants, there are even more tips available at online financial consultancies. However, Leeds accountants are best recruited first hand, and this is one of the first rules to getting your value for money while investing in someone who will manage your taxes and corporate finance.

CONTACT INFO :

A N & Associates Chartered Accountants
Suite 9/27 Hunter St, Parramatta, NSW 2150
Phone Number : (02) 8211 0242

Using a Professional Accounting Service Benefits Small Business

With all the tax preparations, auditing, and preparation of quarterly and year-end financial reports, accounting has become an immense industry in recent years. Small companies seem to need more support than just hiring a part-time accountant to make the payroll, accounts payable, and receivables. It has become too comprehensive and huge. This is one of the key reasons why small business accounting services are so in demand for small, and even some medium-sized, businesses.You may want to check out Saunders Accountancy Corporation for more.

Small-business benefits

There are a number of businesses that now outsource their professional accountants, and they provide companies with some great benefits, such as:

Affordable rates – Small business accounting firms typically provide very affordable rates and assorted packages to suit the needs of the company. For those that require different accounting duties, such as taxes or financial reports, and even payroll and other accounting procedures that the organization considers essential, they may have hourly rates. Many also provide monthly and annual rates for their services at reduced hourly costs.

Timely Responses – These small business accounting firms employ specialist accountants to deal with their different client demands, and the small business is assured that their needs will be fulfilled in compliance with the time requirements. Such accounting professionals are aware of the accounting industry requirements and can comfortably take on small business jobs, plus the production is reliable and delivery is on time.

Increases productivity – The productivity of the in-house accounting team is improved as these firms are outsourced so they have the opportunity to do their regular activities. As in-house accounting workers are able to pay attention to payroll, payables, and receivables and no longer have to think about financial reporting, taxes, or other lengthy and time-consuming accounting practices, there is an improvement in performance and productivity. There is more exposure to day-to-day issues, and management has less questions.

Cost Savings – The cost of benefits for individual workers is reduced when outsourced accountants are employed for the company, as well as office space, additional equipment, and other costs associated with having additional full-time employees. Over the course of using their services, accounting services for corporations aim to save businesses a lot of money.