Want to save time and effort for your real estate business? Outsource bookkeeping

 If you are in the real estate business, you will know that taking care of bookkeeping functions of the business takes a lot of time and effort. This is mainly because real estate bookkeeping is very different than bookkeeping for other businesses. It is more complex and requires the attention of an experienced bookkeeping professional. If you want to avoid the headaches and stress associated with real estate bookkeeping, you can outsource bookkeeping functions.

Real estate bookkeeping is so complex that the business owner may sometimes ignore core business activities to complete it. This has an adverse effect on the business and affects its bottom line. If you chose to outsource bookkeeping to a professional firm having experience in real estate bookkeeping, you can stem such losses. Not only will such a firm be expert in real estate bookkeeping, it will also ensure that you get to focus on your core business activities.

Getting a professional firm for bookkeeping services also means that you save on the money you spend on hiring in-house resources. An accountant-level employee comes very expensive and hiring an in-house one can put a strain on your resources. A real estate bookkeeping firm generally also offers affordable and cost-effective packages in comparison to hiring an expensive bookkeeper in-house. The costs saved with your decision to outsource bookkeeping can then be re-invested in business activities, so that you can expand and diversify your business as required.

When you look to hire professional bookkeeping services, ask around for a firm which has experience in real estate bookkeeping. Such a firm will know the general rules and policies which are best suitable for your real estate business. By deciding to outsource bookkeeping to a professional firm you can ensure that your books are updated and error-free at all times. You can also avoid the mistakes made in entering transaction into your books by having a whole team from the bookkeeping service firm work on your books.

When you outsource bookkeeping functions for your real estate business to a professional firm, you ensure that it is in the right hands. Your books will be updated on time and what's more, it will be affordable than any other option you were considering. You can hence quit worrying or spending time on real estate bookkeeping and focus on your core business.

Want to increase profits of your restaurant? Think of outsourcing accounting services

 In our last post, we discussed some basics of outsourcing accounting services for a restaurant business. Continuing with our topic of restaurant accounting and bookkeeping, we thought of highlighting HOW outsourcing accounting services can help your restaurant business grow. As said before, profit margins of restaurants are quite thin as compared to other businesses.

Outsourcing accounting services is a good way to ensure that your costs are reduced while getting your financials done efficiently. Some ways in which the decision to outsource accounting can help your restaurant are:

1. Maintain Impeccable Restaurant Financials
Having your books of accounts updated at all times is very important, especially in the restaurant business. Outsourcing accounting services to an expert accounting firm ensures that there is a team of experts working on your books at all times. Having impeccable records means that you won't have to scramble at the last moment when it's tax time. If you are trying to take care of accounting yourself or hiring a bookkeeper, you are likely to make mistakes too. If you outsource accounting, you eliminate any errors that your books might be having. Accounting professionals of an experienced accounting firm ensure that your books are free of any errors and up to date at all times.
2. Spend More Time on Expansion & Profitability
As a restaurant owner, the most important benefit of outsourcing accounting services will be the time you save. You can spend this time on thinking about strategic opportunities related to expansion, mergers or simply increasing profitability. When you outsource accounting, you leave all the non-core functions headaches to an accounting firm, while you focus on important, revenue generating or expansion activities.
3. Save Costs and Increase your Profitability
A good way of increasing profit margin of your restaurant business is reducing costs related to everyday activities. Outsourcing accounting services not only save you the cost of hiring in-house staff, it also saves you the money spent in training and hiring. If you are allotting space to your accountant, you can also save on its rent by deciding to outsource accounting. The savings that you accumulate over a period of time added to your bottom-line or re-invested in your restaurant.
4. Take Strategic Decisions with Ease
Time is of essence when you are thinking of taking strategic decisions. If your books of accounts are not updated or you do not spend enough time exploring different opportunities, you might end up taking wrong decisions for your restaurant business. Outsourcing accounting services means that you will have the time to explore any opportunities you find for your restaurant. It also means that when it's time to take the decisions, the financial position of your restaurant is crystal clear, so that you can judge whether the deal is viable for your business or not. Outsourcing accounting services hence helps in taking strategic decisions as well.

With outsourcing accounting services, you can not only increase profits of your restaurant business, you can also manage it well and expand when the time is right. When your profit margins start showing an improvement, you will know that the decision to outsource accounting was a good one for your restaurant.

4 ways outsourcing bookkeeping services can help grow your business

 Managing and growing your business is not an easy task, considering that you have the responsibilities of all the departments on your head. If you are looking for ways to reduce your load and dedicate time to growing your business, outsourcing bookkeeping services may be the right step for you. Business owners generally ignore the number of hours they spend in taking care of their bookkeeping functions, which they can avoid by outsourcing bookkeeping services. By outsourcing bookkeeping functions to a service provider, you can not only save on time but also ensure that your bookkeeping records are maintained impeccably.

The following are 4 ways outsourcing bookkeeping services can help in developing your business:

1. Save Time
The most important benefit for business owners of outsourcing bookkeeping services is that they can save on time, which can be used for expansion of the business. Outsourcing bookkeeping can ensure that you as the business owner can focus on your core business activities so that you can take your business to the next level.
2. Save Resources
Outsourced bookkeeping services are generally cheaper than hiring in-house bookkeepers. Outsourcing bookkeeping services to a service provider also means that you can save on office space as well as the rent associated with it. The resources saved by outsourcing bookkeeping services can then be re-invested into the business, increasing the scope of expansion.
3. Reduce Mistakes In Bookkeeping
If you are trying to complete bookkeeping yourself, you are likely to make mistakes. Even if you hire a single bookkeeper for your business, there might be errors in the final documents. On the other hand, a bookkeeping service provider has a whole team of bookkeeping professionals, who are experienced in the field and can ensure that the finished work is impeccable and without mistakes.
4. Have Impeccable Financial Records
Outsourcing bookkeeping to an expert means that you can stop worrying about the state of your financial records. The bookkeeping service provider you hire will be experienced and reputed, which means that you won't have to scramble at the tax time to update your records. Outsourcing bookkeeping services is as good as handing over your financial records of your business to an expert and then forgetting about it till March every year.

While looking to hire a professional bookkeeping service provider, check its reputation and experience carefully. When you find the right service provider for outsourcing bookkeeping, you can proceed with growing your business according to your plan.

Outsourcing accounting: Is it good or bad for your small business?

Outsourcing is a bit of a dilemma to many small businesses. Small business owners wonder whether outsourcing non-core functions can bring them enough benefits or whether it is too great a risk to take. A major issue for small businesses is to decide whether outsourcing accounting and bookkeeping, which takes up a major chunk of their time, is the right step for their business. In order to determine whether outsourcing accounting to a professional accounting firm is the best step for a small business, it is necessary to analyze the advantages and risks associated with it. If you are one of those small business owners facing the same dilemma, read on.

The advantages of outsourcing accounting for small businesses are many:

Focus on revenue-generating activities
The main advantage of outsourcing accounting for a small business is that it allows the small business owner to focus on the core business activities without worrying about the state of books of accounts. The major problem faced by many small business owners is the inability to dedicate enough time to revenue-generating activities. With an accounting firm taking care of all accounting and bookkeeping functions, the small business owner can rest assured that business finances are being taken care of, and can hence dedicate his/her full focus on business activities.

Leave the accounting functions to experts
Outsourcing accounting to a professional accounting firm ensures that experts are working on your accounting. This reduces the chances of errors in your books of accounts. This also means that your books will remain up to date at any given point of time, so that you get the true picture of your business profitability and can take business decisions accordingly.

Save costs
Outsourcing accounting to a professional is cheaper than hiring in-house resources. By outsourcing accounting, small businesses can save up to 40% of costs. This is a significant amount of saving for a small business. This amount can be re-invested into the business. With the many accounting firms in the market today, you can select a service provider who has experience in your industry.

Customized accounting services
Accounting firms provide customized accounting services, which meet specific small business requirements. You can ask for specific reports at regular intervals so that you get the correct picture of your business’ profitability. You can also omit those accounting services your business doesn’t require. Outsourcing accounting functions hence ensures that your business has the solution most suitable for it.

There are also certain disadvantages of outsourcing accounting that need to be taken into consideration:

Confidentiality
Outsourcing accounting means that you have to send confidential accounting information to the accounting firm. If proper security measures are not taken by the accounting firm in question, confidentiality of the accounting information may be breached. Small business owners need to double check on what security measures are being taken to protect their confidential information to avoid a breach.

Inexperienced accounting service providers
Inexperienced accounting firms are a major issue for outsourcing accounting. Outsourcing accounting to an inexperienced service provider can damage the profitability of your business as well as take up extra time for correcting the mistakes that accounting firm makes. While outsourcing accounting, check the experience of the accounting firm and talk to past clients in order to get an idea about the skills of the firm.

The advantages of outsourcing accounting far out-number the possible disadvantages of the same. If small business owners select the accounting firm carefully, their business can prosper steadily even in a tough market.

Outsourcing bookkeeping: 5 things to check

Are you a small business owner looking for ways to save costs? Outsourcing bookkeeping is a great way to reduce costs while getting the work done efficiently. Outsourcing bookkeeping tasks ensures that you hand over all the bookkeeping activities to an expert and focus all your attention to the main business activities. But here's the catch: you need to hire the right bookkeeping firm to do the job for you. You need to make an informed decision regarding hiring an experienced bookkeeping firm, which suits your business requirements perfectly and has the potential to add to your business' growth. While outsourcing bookkeeping to a professional firm, keep the following pointers in mind:

How experienced is the bookkeeping firm?

The most important factor in outsourcing bookkeeping functions is the experience of the firm you select. While checking out various firms, ensure that you ask relevant questions about its experience. If possible, get references of past clients, so that you can speak to them yourself and know the quality of work of the bookkeeping firm in question. There are some firms which specialize in providing bookkeeping services to specific industries. If you can find one which specializes in your industry, it would be ideal for your business.

What are the qualifications of the professionals?

You should be outsourcing bookkeeping to a firm which has qualified and experienced bookkeepers. Check with the bookkeeping firm regarding the qualifications of the bookkeepers who will be working on your books of accounts. Qualified people working on your bookkeeping ensures that your finances will be maintained efficiently, without any mistakes.

Is the bookkeeping firm technologically advanced?

If your bookkeeping service is going to include online bookkeeping, the bookkeeping firm will need to be updated with the latest technology. To provide the right bookkeeping services, the firm will need the right kind of softwares and programming. Experienced bookkeeping firms are experts at handling various bookkeeping softwares like QuickBooks, Peachtree, MYOB, Great Plains etc. They also have strict measures in place for ensuring data security. Before outsourcing bookkeeping, ask questions about the kind of technology the bookkeeping firm uses.

Which services will be included? Is there enough flexibility?

While outsourcing bookkeeping, check which services are included in your package. Professional bookkeeping firms generally provide bookkeeping services including accounts payable management, accounts receivable management, bank reconciliations, inventory management, recording and reconciling payroll transactions, revenue reconciliation with bank deposits etc. Moreover, their services are flexible, so you can scale your requirements up or down at any time. This flexibility saves a lot of costs at the time when your bookkeeping requirements are minimal.

Does the bookkeeping package match your budget?

Outsourcing bookkeeping functions has the potential to save you up to 40% cost of in-house resources. However, you still have to make the most of the deal the bookkeeping firm offers you. Fix a budget that is affordable for you and stick to it when you are outsourcing bookkeeping for your business. You can also compare bookkeeping packages other firms are offering, so that you get the best bookkeeping package available.

Outsourcing bookkeeping to an expert bookkeeping firm ensures that you save costs as well as manage books of accounts efficiently. Invest some time in researching for a good firm, which can become your partner in making your business more profitable.

Outsourcing accounting: 6 things you need to know for your small business

The many advantages of outsourcing accounting are attracting a lot of attention of small business owners. Outsourcing accounting functions has the potential of saving small businesses thousands of dollars per year, which they spend on hiring, training and retention of in-house accounting professionals. Due to its recent popularity, many accounting firms have started offering customized accounting solutions especially for small businesses. However, before deciding to go for outsourcing accounting for your small business, there are some pointers you should keep in mind. The following are some of them:

1. One of the first things you need to be aware of while outsourcing accounting is to have a clear idea of what you want from your accounting firm. To make a success of your small business accounting, you need to have clear expectations and make your accounting firm understand them. Many outsourced accounting projects fail due to misconceptions and lack of communications between the small business owner and the accounting firm.


2. Don't trust an accounting firm blindly when you are outsourcing accounting functions for your business. No matter how much their services are recommended, you need to take things in your hands and check things out. In case you decide to use online accounting services, you need to ensure that the firm which you are using for outsourcing accounting uses adequate security measures to protect your accounting data. If your accounting firm is an offshore one, ensure that the staff working there is qualified enough to take care of your accounting requirements.


3. While outsourcing accounting functions, be sure to ask for references of past clients from the accounting firm concerned. You will get an idea about the quality of work as well as the experience and skills of accounting staff by looking at past work of the firm.


4. Enter into a clear contract with your outsourced accounting firm so that the terms and conditions are specified right from the beginning. A written contract goes a long way in ensuring transparency in your dealings with your accounting firm.


5. You can start the outsourcing accounting project by giving the accounting firm limited responsibilities. This will allow you to set the workflow and judge the caliber of the outsourced accounting firm. Allow the firm to prove its potential and take things forward from there.


6. While outsourcing accounting's main benefit is cost savings, it is should not be the only factor in selecting the accounting firm. Cheap is not always the best option for your accounting services; if the quality of work is not up to the mark, it may cost you much more later on to correct the mistakes of a cheap accounting firm. Outsourcing accounting should not only save you costs, it should also be high in the qualitative factor.

Outsourcing accounting will probably become the most useful business decision you will take for your small business. While it has benefits as well as risks associated with it, if you make informed decisions, the benefits will far exceed the risks for your small business. Find an experienced accounting firm which can become your partner in expanding your business and making it more profitable.

Accounting Services: A Means For Focusing More On Your Small Business

Using accounting services has become a common practice with small and mid-sized businesses, which have fewer resources to manage their business with. A professional accounting service provider has the potential of saving small businesses up to 40% in costs, which can be used to develop the business further. However, using an accounting firm to maintain books of accounts is not just a way to reduce costs; it has many other benefits also.

Focus on your main business activity

The most important reason you should use accounting services from a professional is that you can then focus on your main business activity. Maintaining your books of accounts is not your specialty, and you should hence not spend time doing that. If you have an accounting firm taking care of all your accounting and bookkeeping, you can stop worrying about it and spend more time on core activities which can increase business for you. Handing over all your accounting tasks to an experienced accounting service provider will free valuable time for you which can be a crucial factor for making your small business successful.

Reduce employee-related issues

Many businesses face a lot of issues related to hiring, training and retaining in-house employees. Sometimes, in case of bigger problems, businesses face employee-related lawsuits, which are time consuming. When you use accounting services from a service provider, you don’t have to worry about any issue related to employees, as you are using services and not employing people directly. An accounting firm hence ensures that you save on time and resources of hiring in-house employees.

Experts at your service

Using accounting services from a professional ensures that your books of accounts are being taken care of by experts in the field of accounting and bookkeeping. Accounting firms hire experts who are efficient and experienced at what they do and will work better than an in-house accountant. With such experts working on your accounting, there will also be less likelihood of mistakes in the work that is completed. You hence not only save cost of hiring an accountant, but also get a much more experienced staff to complete your accounting.

Save on office space and resources

The space that your in-house accountant would utilize for maintaining your books of accounts can be saved if you use outsourced accounting services. Accounting firms generally provide online accounting, which eliminates the requirement of any office space. You hence save on rent of an office or the space occupied by your accountant, which you can utilize elsewhere in your business.

No last minute problems

An accounting service provider updates transactions in your books of accounts on daily basis. You can hence stop worrying about pending tasks or last minute glitches at the time of tax filing and annual audits. Your books will be up to date at any given point of time, which eliminates the hassles of last-minute problems which are typically faced at the time of filing of tax.

An experienced accounting firm can reduce your burden of everyday activities, so that you can develop your business according to the vision you have. You may benefit even more if your accounting service provider has some experience in dealing with businesses similar to yours.