Monthly Archives: September 2016

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No More Shoebox Accounting

Category : Services , Xero

Heap of paper sales receipts in a mound isolated on white background.

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.


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How a Remote Bookkeeper Benefits Your Business

Category : Services , Xero

Remote_Management

A bookkeeper is an essential part of any business. In large corporations with more than enough financial resources to hire a team of professionals, bookkeeping is handled by experienced highly-educated employees. In small to mid-sized companies, however, money can be scarce and all existing funds are used mainly for improving brand recognition and other marketing campaign. Remote bookkeepers are viable solutions in such circumstance; they focus on providing services online via cloud computing. Everything is still very efficient, but without full-time employment salary. Here is how a remote bookkeeper can help improve your business.

More Productivity at Lower Cost

 According to a study published by Harvard Business Review, home-workers actually showed better performance rate and faster job completion time. In a follow-up psychological survey, they also indicated substantially higher work satisfaction and less work exhaustion compared to their in-office counterparts.

A remote bookkeeper is not your full-time employee, and therefore you don’t need to spend on full-time salary and employee benefits; they even pay their own taxes. Most home-based bookkeepers charge by hourly-rate. They are not expensive because you can hire them only when you need additional workforce for examples during financial year-end when taxation and reports require tons of paperwork to complete. Since remote bookkeepers use their own computers, electricity, Internet connections, and all the necessary resources, you save money on furniture pieces and spaces as well.

Expertise and Flexibility

 Not all remote bookkeepers have the expertise and experience in handling complex financial reporting. This is why it is important to work only with established professionals. A well-known professional has worked with many different clients to earn his/her good reputation. In many cases, remote bookkeeping service is provided by a team rather than an individual. They don’t have specific work hours, meaning they can work anytime any day; because a team handles all the works, there is almost no vacation or call-in-sick days.

Data Backup

 The most overlooked benefit is data backup. When working with remote bookkeepers, all data are accessed online. You must upload all data to cloud storage for the bookkeepers to open and analyze. Whether or not you realize it, uploading data is mandatory. You backup all the important financial records in the cloud.

 

Last but not least, remote bookkeepers help you stay focus on what you do best. Many small business owners handle all tasks from marketing to accounting, but everything becomes more difficult as the business grows. You will get overwhelmed by daily bookkeeping tasks eventually, and leave the marketing aspect slightly abandoned. Hiring remote bookkeepers allows you to focus on developing your brands and business without the burdens of adding full-time employees.

 

To help you with your bookkeeping needs contact 360 Accounting services on 1300 360 749 or click here