Financial Solutions of Tampa Bookkeeping and Accounting
Articles and Press Releases
Benefits of Bookkeeping Outsourcing Online for Accounting Firms
by Michelle Barkley
Bookkeeping is a monotonous task for accounting firms. It takes long and tedious hours to maintain the accounts properly. On the other note, this can be a very expensive matter as it involves giving high amount of salaries with add-ons to your accountants. A variety of companies have a trained accountant for bookkeeping. But their cost to the company is so high that it becomes impossible for the firm to continue with them. For small business ventures, hiring a proper staff for bookkeeping can be an option that will fit perfectly within the budget.
An increasing amount charged by hired bookkeeping employees has forced the companies to outsource them. These companies have been giving a part or the entire bookkeeping work to the outsourcing company. The companies benefit a lot with outsourcing their bookkeeping work. They are able to give time to other sections of their business to earn profits and expand their business. Apart from this, there are lots of benefits of bookkeeping outsourcing online. Online services save your valuable time, which would have been otherwise wasted in roaming around the offices of professional bookkeeping firm.
Benefits of bookkeeping outsourcing online includes cutting down of the actual cost of keeping a trained bookkeeping staff in your company. It is because the company has to invest a huge amount of money in hiring an accountant. It will help you to lower your capital expenditure and run the business within the budget. This is not just the culmination point of the benefits involved. The unleashing of benefits has just started. Saving money will enable you to invest in some other important areas of your business. This will give a tremendous boost to your business.
Improved efficiency of work is also a part of the list of benefits of bookkeeping outsourcing online. Usually, it happens that a person or a company is not able to give its best in the time of emergency. The reason behind this can be overload of work on them. In this case, your business is bound to suffer loss. So, it is always better and safer to outsource your bookkeeping work to other accounting firms. The professionals at the outsourcing bookkeeping firms lay great emphasis in doing any work professionally. Many of the accounting firms have specialized softwares for managing your accounting transactions.
Outsourcing bookkeeping work is beneficial for many companies, especially small scale business ventures. It is because they have to take each and every step very carefully, without spending any extra penny. They already invest so much in other areas and outsourcing will be a cooling effect on their heated expenses. Putting some of your workload on others will help you to perform efficiently in other areas of your business. Moreover, you will save the maintenance cost of the accountant, the insurance benefits, general liability insurance and many more.
Saving on computer maintenance cost, training cost and stationary costs also form an integral part of the benefits of bookkeeping outsourcing online. Many of the bookkeeping outsourcing companies, especially online ones, charge nominal rates for providing efficient services. In fact, they do the work in much less time than your hired accountants. It is because the professionals at specialized outsourcing bookkeeping firms can concentrate only on maintaining your accounts. Outsourcing bookkeeping work is always a money-saving option for all types of business ventures.
Michelle Barkley is a CPA working for IFRworld.She specializes in Accounting utsourcing , Bookkeeping Outsourcing Online and tax returns preparation outsourcing.To know more and to use the services visit http://www.ifrworld.com
Article Source: http://EzineArticles.com/?expert=Michelle_Barkley
Financial Solutions of Tampa Bookkeeping and Accounting Rate's this article a 5 out of 5
Nine Reasons Why Potential Clients Should Hire Your Bookkeeping Service
by Laurie O'Neil
My least favorite thing is 'selling' my services to potential new clients. It makes me uncomfortable. Then a few years ago, Beth my business coach said, "Linda, why not describe the reasons why someone needs good bookkeeping? Talk about that during your initial meeting." I was skeptical; I didn't believe it would work. She encouraged me to try the approach at my next meeting with a potential bookkeeping business client. Well, I did, and much to my surprise her bookkeeping business advice worked! Not only did that client hire me, but also referred me to two colleagues. The approach I used - and still use - is simply to explain why it is so important to have good records.
Here are nine reasons why it 's important for businesses to have good financial recordkeeping systems. Use one, two or all of them with your next potential new client. Whether your potential client is devising or revising their bookkeeping routine, remind them that the purpose of your bookkeeping business is to help them manage their business tasks.
#1 Reason for Retaining Bookkeeping Services: Monitor the Financial Success or Failure of Your Business
It 's hard to know where you are going if you don't know where you've been. The same is true with your business - it 's hard to know how your business is doing without a clear financial picture. A good financial system provides answers to the questions: Am I making money? Are sales increasing? How do expenditures compare to sales?
#2 Reason for Retaining Bookkeeping Services: Provides the Information You Need to Make Decisions
Evaluating financial consequences should be part of every business decision. Without accurate records and financial information, it 's difficult to forecast the impact of any given course of action. For example, financial information gives insight as to whether or not it pays to hire another salesperson. Accurate records reveal the profitability of any line item.
#3 Reason for Retaining Bookkeeping Services: Obtain Bank Financing
The best time to seek financing is when you don't need it. The bank will want to see your income statement, balance sheet and tax returns for the most current and prior years, as well as projected statements showing the impact of the requested loan.
#4 Reason for Retaining Bookkeeping Services: Obtain Other Sources of Capital
If your business has reached the point where you need to take in a partner or investor, any prospective associate will want to become intimately familiar with your financial picture. Suppliers and other creditors may also ask for certain financial records. The source of this information is based on your day-to-day recordkeeping.
#5 Reason for Retaining Bookkeeping Services: Prepare a Budget
All businesses should use budgets for planning purposes. Budgets keep businesses on track by forecasting cash needs and controlling expenditures. When companies seek financing, bankers or prospective investors look for budgets as evidence of planning and stability.
#6 Reason for Retaining Bookkeeping Services: Prepare Your Income Tax Return
No matter what your business entity, you must file an income tax return and pay income taxes. With good records, preparing an accurate tax return will be easier and filing will more likely be done on time. Poor recordkeeping may result in underpayment or overpayment of your taxes. If your CPA prepares your tax return, poor records could result in higher accounting costs.
#7 Reason for Retaining Bookkeeping Services: Comply with Federal and State Payroll Tax Rules
If you have employees, you are aware of the myriad of rules and regulations relating to payroll taxes. Payroll tax must be deposited according to strict deadlines. Late payments of payroll taxes result in severe penalties, including jail time!
Payroll tax returns must be filed quarterly, and must reconcile with payroll deposits made during the quarter. At year end, you're required to give employees and the government W-2 forms, which must agree with your quarterly payroll returns. Sound bookkeeping practices, even if you use a payroll processor, will make compliance with payroll rules easy. Poor records will make it impossible.
#8 Reason for Retaining Bookkeeping Services: Submit Sales Taxes
If you collect sales tax, good records make it easy for you to compute the tax due and prepare the required reports. Sales tax must be deposited according to strict deadlines. Late payment of sales taxes can result in severe and unnecessary penalties and interest.
#9 Reason for Retaining Bookkeeping Services: Distribute Profits
If your business is a partnership, you will need good records to determine the correct amount of profits to distribute to each partner. If you're operating as a corporation, profits that you'll be paying out as dividends to the shareholders must be determined.
I encourage you to try this approach. It 's one of the best pieces of bookkeeping business advice that I can pass onto you.Financial Solutions of Tampa Bookkeeping and Accounting Rate's this article a 4 out of 5Laurie O'Neil is the co-founder of The Bookkeeper's Referral Network Inc., the place where business meets great bookkeepers. To get your copy of a free special report, The 9 Disastrous Mistakes Most Freelance Bookkeeper's Make in Business (and How You Can Avoid Them!), visit http://www.bkpr-network.com
Article Source: http://EzineArticles.com/?expert=Laurie_O'Neil
The RTB 5-STAR solution measures a firm's progress on a scale of 1-5 toward achieving the industry's highest levels of development through the full utilization of completely automated QuickBooks bookkeeping processes, professional marketing programs and online professional networking services.
/24-7PressRelease/ - SAN DIEGO, CA, July 21, 2008 — RealTime Bookkeeping, the leading U.S. online bookkeeping services provider, today announced the RealTime Bookkeeping (RTB) 5-STAR Solution for showing QuickBooks accounting firms how to expand into profitable, state-of-the-art practices.
The RTB 5-STAR Solution is a classification tool for appraising the quality and skill levels of QuickBooks accounting and bookkeeping firms. The solution measures a firm's progress on a scale of 1-5 toward achieving the industry's highest levels of development through the full utilization of completely automated QuickBooks bookkeeping processes, professional marketing programs and online professional networking services.
At the core of the solution is RealTimeBookkeeping.com and the RealTime Bookkeeping (RTB) System for professional bookkeepers and accounting firms nationwide. The RTB System provides firms with a reliable solution for increasing billings and reducing costs.
In the RTB 5-STAR Solution, a Single Star denotes firms that serve QuickBooks clients in a hosted accounting environment. Two Stars denote use of the RealTime Bookkeeping (RTB) System. Three Stars denote use of an RTB website and RTB promotional marketing materials (e.g., brochures, flyers, etc.). Four Stars denote use of RTB QuickBooks outsourced bookkeeping services, provided by bookkeepers either offshore or U.S.-based. Five Stars denote training in the RTB System at RTB University, and participation in the RTB e-Community—an online professional network of services, Internet forums, blogs and other social Web applications. Five Stars include business coaching, advising and mentoring by RTB senior management staff.
"The RTB 5-STAR Solution incorporates a detailed outline of exactly how we grow firms from small bookkeeping and accounting practices into profitable enterprises," said Robert Chandler, RealTime Bookkeeping CEO. "The star classification system is ideal for the purposes of our total solution offering. Five-Star ranking is a common rating tool used in areas like music downloads, hotels and restaurants. And it's effective—people know that a One Star is entry-level and a Five Star is the best. Now, bookkeeping and accounting practices can use the RTB 5-STAR Solution as a step-by-step blueprint for becoming state-of-the-art QuickBooks accounting firms—that is, Five-Stars."
The RTB 5-STAR Solution includes:
1 STAR - Hosted Accounting Environment—Anywhere, anytime access to accounting information online; Share information with anyone simultaneously; secure system/offsite backups.
2 STARS - RTB System—Hardware: Dual Screen Monitors, High Speed Scanners; Software: e-Dashboard for Paperless Office, Workflow Automation, Shadowing Technology.
3 STARS - RTB Marketing Program—Professionally branded firm with Professional Website/SEO and Marketing Collateral.
4 STARS - RTB Remote Back Office Services—Business Process Outsourcing (BPO) with either offshore or U.S.-based bookkeeping services.
5 STARS - RTB Network—RTB University for training in the use of the RTB System; RTB
e-Community online professional services Web site; Business Coaching, Mentoring and Advising.
The RTB System provides accounting firms and their clients with remote access to QuickBooks files, a paperless document storage and retrieval system, multi-layered security, an easy-to-use, friendly interface for accessing financial administrative resources, and remote back office accounting professionals for overnight "RealTime" bookkeeping services.
Phone: 888/869-0076; Fax: 866/326-3306; Email: info@realtimebookkeeping.com.
Web: www.realtimebookkeeping.com
QuickBooks is a registered trademark of Intuit, Inc.
About RealTimeBookkeeping.com
The RTB 5-STAR Solution and RealTime Bookkeeping (RTB) System are marketed under the RealTimeBookkeeping.com Division of ManageComm, Inc., San Diego, California, the leading U.S. online bookkeeping firm.
Financial Solutions of Tampa Bookkeeping and Accounting Rate's this article a 4 out of 5
For many small businesses bookkeeping is the last thing that business owners want to think about.
You may throw all your receipts invoices & dockets in a box somewhere & forget about them. Then you get a letter from the taxation office asking why you haven’t submitted any tax returns for five years & suddenly you panic! The thought of wasting a couple of hours a week doing bookwork when you could be making another sale of spending quality time with the kids means that many small businesses do not keep up to date with the paperwork. Here’s a dozen reasons why you need bookkeeper:
1) A bookkeeper can spend that couple of hours a week keeping your paperwork up to date so you can relax or work more on your business
2) A bookkeeper does bookkeeping for a living, so that they will not only spend less time doing the books than you would take, they know what they are doing & have to be efficient & accurate in their work so you will have correct financial information
3) A bookkeeper understands the need to access financial records quickly & easily –so all the receipts that you would have thrown in a shoebox somewhere, will be neatly sorted & filed by your bookkeeper saving you so much time when you your are looking for the proof of purchase for an item you need repairing
4) There’s a legal requirement to have your business financials in order. If the taxation department decided one day to undertake an audit on your business, you need everything to be up to date.
5) Having your bookwork in order means that, if you need to make a quick business decision that could affect you financially, you’ll have all the relevant information at hand to help you make the best decisions
6) With a bookkeeper working regularly on your financials they’ll see patterns emerging and can bring matters to your attention that you may have overlooked. Generally by the time your accountant sees your figures, (which could be months, or even years after the event) your circumstances have changed, & the figures they see would not be a true reflection of your current situation
7) Well managed bookkeeping will provide you with financial statements such as Profit and Loss and a balance sheet. They are also needed if you are applying for credit from vendors or financial institutions
8) Keeping up to date with your paperwork avoids the risk of late payment fees, penalties and fines
9) Have you ever had a creditor chases payments, in a panic you make the payment, only to discover that you’ve already paid. Having a bookkeeper will reduce this risk, they will ensure that you are aware of which accounts have been paid & which are outstanding
10) Your bookkeeper can quickly provide you with reports so you can track your sales patterns, any peaks and slow times, so you can plan ahead for such events
11) What may be mundane & boring to you is an enjoyable task for your bookkeeper, so you don’t need to put off the “inevitable”, your bookkeeper can relieve you of the hassle & stress of facing a task you really do not want to do but know should be done.
12) When it comes time to sell your business, buyers will be able to see the true value of the business that you have worked so hard in developing Many small business fail within the first five years, and often it’s because they have not been thorough with their paperwork and keeping track of their financials. Bookkeeping is such an important part of your business – don’t put it in the too hard basket. Bookkeeping is essential if you want to achieve success with your business.
Original article can be seen at http://www.roxsservices.com.au/
Financial Solutions of Tampa Bookkeeping and Accounting Rate's this article a 4 out of 5
By Laurie O'Neil
Financial forecasting reminds me of the weather - you make your forecast
at a moment in time based upon the information currently available. You draw a conclusion and state your financial forecast. But then, the information changes, now it 's raining, and you're caught without your umbrella! Financial forecasting, unlike the weather, isn't a science but it 's not pure guess work either. It is a combination of:
- knowing your business;
- understanding your marketplace;
- setting goals; and
- using common sense.
As a business coach, I know that every small business needs to make reliable financial projections at one time or another. Forecasting is critical during the following stages of a company 's life span:
- when seeking financing
- gauging the profitability of a new product or service
- determining the impact of staff expansion or cutback
- assessing other business decisions
The many components of forecasting boil down to the following five bookkeeping business tips that for years I've shared with business coaching clients: Bookkeeping Business Tip #1: Review Actual Year-To-Date Results
Start by looking at where you've been. If you use an accounting program like QuickBooks you can print out a Profit & Loss statement showing year-to-date results. Check the statement for all financial transactions that occurred up to the date of the report. Reconcile the report to your bank statements. (If you don't use an accounting program or bookkeeping service, then take the difference of the total year-to-date cash receipts and total expenditures. This should equal your profit or loss.) Examine each line item to make sure that it makes sense - is your year-to-date revenue figure where you anticipated, or has it fallen short? Are expenses higher than expected?
Bookkeeping Business Tip #2: Establish Goals and Incorporate into Your Forecast What do you wish to accomplish by year 's end? Do you want to introduce a new product or service, increase revenue on existing products or services, decrease spending, hire a new employee, outsource a bookkeeping service, or launch a marketing campaign that will position the company for the beginning of next year?
Write out your objectives and then choose three to five which are the most important to accomplish by the end of the year. Determine the needed steps to achieve the objectives. Which Profit & Loss line items will be impacted? Adjust your forecast accordingly. For example, your goal may be to increase revenue 10% by year 's end or to launch a marketing campaign now so its benefits will be felt in the first quarter of 2009.
Bookkeeping Business Tip #3: Forecast Variable Costs
Variable costs are costs that change in step with revenue change. For example, you are selling more widgets; therefore, your labor costs and materials costs will increase in relation to the revenue increase.
Using the concept that Forecast = Projections + Predictions, combined with the knowledge that variable costs change in step with revenues, forecast each month 's variable costs. Forecast each line item separately. Look for opportunities to reduce costs, and be aware of likely future influences on each cost.
Bookkeeping Business Tip #4: Forecast Fixed Expenses
Fixed costs are relatively stable costs that recur every month. Examples of fixed costs are rent, telephone and bookkeeping service fees. Forecast the month 's fixed expenses by using the same concept used to forecast variable costs (Forecast = Projections + Predictions) and the knowledge that fixed expenses tend to be relatively stable and do not change in step with revenues. Again, forecast each line item separately, looking for opportunities to reduce costs, while keeping in mind any likely future influences.
Bookkeeping Business Tip #5: Forecast Net Profit
The final step is to evaluate your forecast for net profit. Is the profit forecast is reasonable and acceptable? If not, re-evaluate each line item including revenues and make appropriate adjustments. Also, anticipate non-operating income and expense items, and include them in your forecast.
Your financial projections may not be perfect at first, but we didn't learn to walk without falling down. As a business coach I've seen others get a few bumps along the way. But I guarantee that if you follow these bookkeeping business tips, set your financial projections on paper and revisit them frequently, you will achieve your goals faster.
Laurie O'Neil is the co-founder of The Bookkeeper's Referral Network Inc., the place where business meets great bookkeepers. To get your copy of a free special report, The 9 Disastrous Mistakes Most Freelance Bookkeeper's Make in Business (and How You Can Avoid Them!), visit http://www.bkpr-network.com
Article Source: http://EzineArticles.com/?expert=Laurie_O'Neil
Financial Solutions of Tampa Bookkeeping and Accounting Rate's this article a 3 out of 5
16114 N Florida Ave
Lutz, FL 33549
