The advantage of having an outsourced bookkeeping firm is that you never even need to see and involve yourself in the various hassles involved. And, legal compliance is one of the best ways to have a good reputation with investors, the public and the law. Outsourcing your bookkeeping functions means not having an in-house personnel or team, but working with a firm providing bookkeeping services.
High tech bookkeeping
Today, bookkeeping has become high tech. No longer is it simply the boring files and registers filled with manually logged entries. Today, it is online, which has made it incredibly easy for small business to use. And, you can even find bookkeepers and accountants working together as team that can create monthly, quarterly or annual bookkeeping, accounting and payroll services all via the Internet. This is affordable and also makes businesses much more agile.
Everything, from invoices, bank and credit card statements, and receipts, as well as purchase invoices can be logged, tracked, and analyzed. Using this data, book keepers can also reconcile bank and credit card statement.
What are the advantages of online bookkeeping?
- Real-time accurate financial data makes decision making faster, something great in a 24/7 economy
- From the massive storage cost of files and ledgers, you only have to store a server for backup. Many startups work entirely online, backing up their data offsite.
- As tax authorities today accept electronic files, PDF files are suitable alternatives and it is easier to manage electronic data than paperwork.
- This means you don’t have to pay in-house bookkeeping staff, as well as people to manage paperwork.
- All this in turn creates a leaner, faster business, giving you time to focus on the more important aspects of business.
Pricing for online bookkeeping
It is often pretty affordable. However, prices depend on the complexity of the business as well as the number of bookkeeping and accounting tasks. A sole proprietor, for example, might only require invoices and bank reconciliation every 3 months. On the other hand, a large business can need prepayments, adjustments, depreciation and payroll management. Fusion Partners offers high quality bookkeeping services Sydney relies at great prices and the detail are available at http://www.fusionpartners.com.au/business-accounting/bookkeeping-services/.
For someone starting out on a business on their own, accurate bookkeeping and accounting can be a hassle when you’re also working to ensure timely client deliverables.
For many such businesses, bookkeeping is often the last thing they do in the day when all expenses have been incurred. This is also the time when an entrepreneur is most tired and can make mistakes which lead to inaccurate accounts.
Therefore, it is important to outsource bookkeeping instead of micromanaging this function on your own. Getting a figure wrong can not only cause losses in profits in the short run, but also damage decision making. Bookkeeping analytics also indicate financial status and health, and for startups looking for funding, these numbers are important to woo investors.
Therefore, if you rush your bookkeeping, you will suffer from the following:
- Inaccurately show the funds you have for future investments and payments
- Being unable to take informed business decisions
- And also being unable to make strategic business purchases
Clearly, you can see a link between bookkeeping functions and overall profitability and viability of the business.
Another major issue that businesses can never get away from is compliance with policies and regulations. These are literally laid down in stone, and failure to comply with tax regulations and other laws can result in heavy penalties. Fusion Partners also offers business taxation services which can help firms sort out the most complicated of taxes.