As the name suggests, shoebox accounting means the practice of keeping all receipts, both incomes and expenses, in a shoebox; in relation to bookkeeping, business owners or individuals expect to address everything at later date when the needs come. They think that by keeping all records in a shoebox, bookkeeping process will be much easier and quicker to complete. Such mentality is what keeps the business from growing at optimum rate; proper bookkeeping makes sure that every record of purchase is well accounted. In case something goes wrong, business owners will be able to address all issues accordingly in time.
It is understandable that not all business owners are good at bookkeeping. However, it does not mean that they should neglect the importance of financial accountability, regardless of how small or young their companies are. If you are a business owner and you don’t currently have the financial power to hire full-time bookkeeper, there is an online solution for that. Some providers offer affordable bookkeeping/accounting services so you can keep the cost low without reducing efficiency. Benefits of hiring online bookkeeper are as follows.
- Efficient Accounting Cost: unlike full-time bookkeepers which come with monthly payroll, online bookkeeping is basically an on-demand service. You can ask for help anytime necessary depending on your needs. Some business owners hire such service when approaching the end of financial year for tax reporting purpose, but you are allowed to ask for assistance at any other time.
- An expert behind your financial power: even if the bookkeeper is not always present at your office, you know that there is an expert to help you manage cash flow. For constant monitoring, of course you need to hire the service regularly; handling and reviewing fewer transactions will be easier and quicker.
- Keep control of financial data: another advantage of online bookkeeping is that your data is saved on the cloud for future references. You can consider this a data backup. In case your computer is damaged beyond repair, your financial data remains intact.
- Do what you do best: as the bookkeeping is handled by professional bookkeeper, you can focus on developing your companies and improving brand awareness. You have one less thing to worry about and more time to do what you do best.
Not all online bookkeeping services are created equal. With 360 Accounting Services, you have a complete set of bookkeeping and accounting supports in 5 major areas including General Bookkeeping & Financial Accounting, Payroll Management, Regulatory Lodgement & Compliance, Virtual CFO, and Training & Technical Support. Call us on 1300 360 749 or click here to send us a quick message.