Ever think you asked for a specific invoice or report only to receive something completely different? We’ve all been there—and it seems to happen with increasing frequency throughout many businesses—and in the course of our observations, we have also noticed that business owners are often at a loss as to how to fix the problem. Some assume it is laziness or distraction on the part of the bookkeeper (it could be) but others recognize it is more likely that breaks in communication and interpretation allow for significant variance in even routine tasks. To fix this problem in your accounting workflow, we have put together tips for the best way to communicate with your bookkeeper.Read More
Thought Leadership from the Leaders in Virtual Accounting and Bookkeeping Services
We regularly explain and blog about the many benefits of outsourcing accounting services. From removing from the need to be an expert outside of your core competencies to leveraging the collective knowledge base of a group of top professionals, there are many reasons to consider outsourcing. However, we also acknowledge that outsourcing isn’t the only solution—and it isn’t just “for every company”. So if you are on the fence about whether or not to outsource your accounting, bookkeeping or controller functions, consider the following reasons you might want to keep them in house.Read More
Can you believe we are already closing out on the 3rd quarter of 2015? If your company has had a year like ours, probably not—but that is likely great news! As we’ve been flying through the months, we have hardly had time to look forward to 2016—but look forward we must now if we want to stay ahead of the game in our planning and business strategy. While this list isn’t exhaustive, these are some things to think about when getting together your 2016 planning initiatives.Read More
Ever wonder how a company ultimately decides which services solution is appropriate for their business? Some choose to keep services housed internally, managing from within and scaling under a complex internal structure. Others choose to augment their organization with freelancers and part-time contractors to support niche areas or expanded requirements. And finally others choose to outsource fractional services, including everything from their marketing to their entire accounting department. To an outsider, a company's reasoning or decisionmaking for a particular choice may seem opaque or arbitrary--but to the individual company, signs that you're ready to use online accounting services are often clear and distinct.Read More
There’s an awful lot to be said for “in person” kinds of folks. These are people who’d just as soon go out of their way to speak to you face to face instead of sending you an email, or who’d much rather pick up the phone to discuss matters than shoot you an instant message. But when it comes to accounting practices and working with a remote accountant, it may be in your best interest to become more of an "e-communicator."
Tags: accounting strategies
The first step to finding effective accounting solutions for your business is determining precisely what you need. If you don’t know that, it’s impossible to make the kinds of financial decisions that will impact the growth of your company. So how do you know if you need a bookkeeper or an accounting controller? Here are a few details to help you sort that out.
We recently came across a headline that read, “Learn How To Grow a Multi-Million Dollar Company Without Employees”. Now, you can interpret this in many ways but often this means relying on outside services for support. Marketed under many names, it doesn’t really matter whether you refer to this type of support as fractional services, virtual services or outsourced services. Simply, the fact remains that relying on a virtual company to support the needs of a growing business is often an efficient and productive way to scale a company. However, while the economy is quickly shifting from so-called traditional work environment to an outsourced and virtual landscape, one of the greatest challenges to business owners is separating the wheat from the chaff when it comes to quality, outsourced services. After all, you likely won’t be able to just show up at their offices and take a look around to see for yourself.Read More
Starting a small business requires making important financial decisions that help you plan and manage your business properly. Setting up a good chart of accounts is a large part of your business’s financial plan; it will pay dividends by allowing you to access accurate financial data with just a few clicks of a mouse, and it can be done in-house or hired out to bookkeeping services.
You don’t need an MBA to know there are two basic ways to increase your profits: increase revenues or reduce costs. The smartest businesses implement marketing strategies and cost-cutting measures that do both, but far too many obsess so much over increased sales that they forget about the importance of trimming the fat, and end up actually reducing profits.Read More
Accounting is a tedious and often stressful task for business owners. When working on the bookkeeping for a business, mistakes can occur if it is not completed meticulously. When a bookkeeping mistake happens, it provides inaccurate financial data about the company’s finances and may lead to poor business decisions. Accounting errors can also lead to serious budget problems. The guide below provides insight on seven common deadly sins of bookkeeping and how to avoid them.
1. Not Keeping Track Of Receipts
Business owners are sometimes not aware of the importance of keeping their business receipts for accounting purposes. Receipts are crucial evidence that can support tax write-offs to the IRS. Without a receipt, a business may not be able to claim an expense on its tax return. Consider scanning all receipts into the computer as well as keeping the original copy locked in a file cabinet for safekeeping.Read More