Accounting

Small business owners try to grow a business while handling all of their own bookkeeping and accounting – most of them find it a difficult and time-consuming challenge. To help sort through your options, here are the bookkeeping choices you can do as an entrepreneur.

Do-It-Yourself

Most of us begin out of necessity. Typically, the small business owners handle every aspect of the business to both save money and have control of our business’ destiny. A bookkeeping system is needed to process the activity, a disciplined approach to load and enter items into a system, and applied knowledge of accounting and other requirements.

Take time to do it yourself, if you’re able to stick and learn quickly a full, you will picture a financial side of your business. Part of the learning curve is to understand the whereabouts of your company.

You’re not a bookkeeper. Updated accounting software is a must to keep up with daily transactions and learn how to attract forward-looking financial statements.

Cloud Accounting DIY

Cloud accounting software allows the user to access your files and documents anywhere with an internet connection. The benefits of cloud are integrating online bank accounts, management software and invoicing software. Managing to account using the cloud is much different than “old school” way, where a pen and spreadsheets are on your tablet computer. Learning cloud accounting takes time, but it’s more versatile and much easier to automate than standard DIY bookkeeping.

Cloud accounting is versatile, relatively inexpensive and fraud free. You can have multiple logins allowing several users to keep track of your financials. Time must be always a consideration.  Managing software, daily updates and entering data are needed to have time.

In-House Bookkeeper

The most traditional and common bookkeeping solution small business owners consider as they experience growth – hire bookkeeping staff. Having a bookkeeper means the business owner is free of daily transactions management. Having proper training and time given to a bookkeeper staff can improve the corporate culture and morale.

Outsourced Virtual Team

Accounting teams can monitor and record all of your operations using systems and integrations and by receiving receipts and updates via e-mail. Having a virtual team takes care of your bookkeeping needs without directly managing a team. The team prevents a business fraud by giving exact solutions to the requested orders. What greater is costs are less than that of an internal employee.

Administrative Assistant

For the business owners, catch-all administrative assistants handle a wide variety of tasks. These assistants provide an affordable solution to take over several of your business’ responsibilities. Bookkeeping is not a strength of administrative assistant, but they can learn if managed well. One of the additional risks is their limited value due to hard work of bookkeeping.

Certified Public Accountant (CPA)

A CPA firm is in charge of company’s taxes. Many of the business owners see CPA’s a viable option to do the accounting and business taxes. They aren’t in the spot to make daily bookkeeping or provide financial statements to help you grow your business. You are likely to pay as much more than an internal employee. CPA’s are able to handle your business’ taxes and other accounting management if you have big business to justify their time and attention.

Suit yourself as business owners into what bookkeeping operation you need. Outsourced bookkeeping and accounting might be a good try since they can feed almost every bookkeeping and accounting you need at a good stake.

Tell us whats on your mind join the discussion below.

Accounting is an integral part of any business, so it is important to find an accountant or bookkeeper that fits your company’s financial needs. The concept of outsourcing has various apprehensions, and every small business owner poses this one thought “How much does it cost?” or the cost-effective breakdown.

The bottom line is COST and PRECISION.

The cost has always been a consequential aspect in the decision-making process. The worldwide trend now focuses on having reliable, accurate and cost-effective business operations.

Outsourcing companies these days, have no fixed pricing table. Moreover, pricing matrix depends on the level of complexity and time of the work needed. BUT accounting and bookkeeping service providers are genuinely lower at price compared to in-house accountants.

Imagine This Offer

When you decide to outsource, there are no absolute hidden costs! In fact, there is no need for the client to allocate benefits, devote extra time or pay overhead costs. Outsourcing may cost between $1,000 a month to $5,000, depending on the extent of the plan. It’s worth noting that there are clear, upfront costs that will not be altered by unexpected variables.

There Are 4 Types Of Bookkeeping Service Fees

In every business model, there is a fit outsourcing bookkeeping fee service. Here is a guide for you to maximize the solutions these firms can provide.

1. Fixed Fee Service

OZ Tax PTY. LTD. is an example of a fixed-fee service but may offer customized fee services. They are not your ordinary bookkeepers but real accountants. In this model, you work out a set monthly pay – the accountant fees vary based on the requests of your company. The benefit here is for every email and phone call you make to your accountant, bills are not present.

1. Hourly Fee

Some business owners like this model. “You pay for what you use” system and bookkeeping services cost less in low-volume months. The thing you cannot justify is when an accountant claimed to have spent excess hours worked but took only 30 minutes.

1. One-off Project Fee

Ideal for a QuickBooks problems or you needs to get your books caught up and then wants them back over. In this situation, you are hiring an accountant to do a one-off project.

1. Startup Price Matrix

If you have a small business, you look for a company that specializes in basic support. The con is you might need to transfer your accounting support in future to a more advanced provider once you grow.

(Additional Pitch)

We at OZ Tax PTD are not mediocre bookkeeping leads, all of our staff are certified, accountants. Not your ordinary personnel – we consider ourselves your personal business advisors. Our vision goes beyond accuracy in spreadsheet and bookkeeping needs; but ideas, strategies, actions and plans.– for comment

The online community has brought us closer to people that can help with our day to day operations. It has changed the way in which we do business, especially backend business transactions to run smoother and gain profits. Business owners can make a difference thru bookkeeping.

Bookkeeping is much like going to your doctor – no one wants to take the time out to do it yet neglecting it leads to serious repercussions. This is why business owners want to hire specialists to just do it and not worry.

What Exactly Are Your Benefits?

Maybe you think outsourcing bookkeeping is only about cost-saving, then you miss the point. The online world is becoming inherent and companies get more opportunity to take one step ahead. Many businesses are finding the multitude of advantages of outsourcing bookkeeping. Here are the top five your business can enjoy:

1. More time for the betterment of the company.

Backend office tasks can be a heavy barrier from the day-to-day operations and even having your bookkeeping in-house can cause the conflict of interest. All of these distractions and time-wasters has no place in your office. When you outsource business’s bookkeeping, other company goals such as sales and team improvement can be done instead.

2. Expertise is guaranteed.

Bookkeeping third-party service providers – especially certified accountants, accurately outperform the job. They are in constant development of their skills to rival competitors. These experts face higher liability than in-house staff, which makes them less of a risk for your businesses.

3. Cost-Effective for your company.

In every business, infrastructure plays a vital role in its functioning which is reason enough to take a serious approach as far as expansion of operation is concerned. By outsourcing your bookkeeping, you only pay for what you need – save money on paying hired full-time or part-time wages and benefits. It allows you to expand or cut back finances easier than in-house bookkeepers can.

4. Reduces business fraud.

When books are managed in-house and multiple processes such as receivables, billing and deposits are handled by a single employee – the risk of fraud can be seen. However, the bookkeeping outsources providers’ reports to you any suspicious activity and your finances are constantly looked over.

5. Access the top systems.

Maximizing the best tools and technology is imperative when you envision success in businesses. Most companies can’t afford to pay for the extremely expensive bookkeeping programs nor afford to spend the time aligning up with laws and regulations. By outsourcing, you’re actually purchasing those tools and knowledge by proxy. Plus, you don’t have to do the work! Outsourced bookkeepers/accountants mimic the mundane work you are facing every single day!

(Additional Pitch)

We at OZ Tax PTD are not mediocre bookkeeping leads, all of our staff are certified, accountants. Not your ordinary personnel – we consider ourselves your personal business advisors. Our vision goes beyond accuracy in spreadsheet and bookkeeping needs; but ideas, strategies, actions, and plans.– for comment.