Business Growth Tips
Those of us who work in large companies and corporations often take for granted the different departments that make it possible for the company to function well and succeed in its industry. These departments include the accounting department which provides accounting services (e.g. bookkeeping, accounts payable and receivable and other financial tasks) to the company; the payroll department which processes employee wages (i.e.timekeeping, pay cheque processing, record-keeping, employee benefits processing, payroll accounting); the human resource department which is responsible for staff recruitment, workplace safety, employee relations, compensation and benefits functions, ensuring compliance with labour and employment laws, providing staff training and development; the marketing department which is responsible for advertising, public relations, promotions and events to promote the company and increase its profitability (including research and development, distribution, pricing, customer service, communications); the sales department which deals directly with customers to drive sales and provides the marketing department with feedback from the customers in order to improve their goods and services; and other departments depending on the type of industry.
Imagine being a small business or a start-up company owner and having to provide the services of the abovementioned departments yourself whilst trying, at the same time, to get your business off the ground or meeting the needs of customers. You would probably spread yourself too thin or end up with occupational burnout. Thankfully, you don’t have to do it all yourself. You can outsource many of these services and still run a successful business on your own. For instance, if you are not good with numbers, you could outsource your small business bookkeeping to take care of the bookkeeping and accounting aspect of your business.
About online bookkeeping services
Online bookkeeping services are a group of accredited small business accountants that provide professional accounting services that are cloud-based, virtual and paperless to small businesses via the Internet. Some of the business accounting services they provide include bookkeeping, tax planning, tax returns, PAYe, and accounting support. In today’s fast-paced “first in, best dressed” world where the business that meets the needs first wins the biggest customer base, small business owners simply don’t have time to meet face-to-face with their accountants. Online bookkeeping services can help you work faster and smarter by providing real-time reports and advice to help you with your business decisions. The more time and energy you save by not having to do your own bookkeeping and meeting with your accountant face-to-face, the more time and energy you have to devote to your business and customers.
Many of these online bookkeeping services use state of the art cloud accounting software that allows clients to easily and securely transfer documents back and forth between them and the online bookkeeping service. In addition, clients can also store regularly used documents on this software. Some of the other tasks a small business bookkeeping service can do for your business including budgeting and cash flow forecasting; financial management; business compliance and administration; retirement and succession planning; and marketing and customer service support.
Is online bookkeeping services for your small business?
Many small business owners have fallen into the trap of doing everything themselves and ending up with doing nothing well. If you are someone who likes to do things well or if you are someone who values your free time with family and friends instead of working overtime trying to balance your books, outsourcing your small business bookkeeping tasks is something you should seriously consider.