Have you always thought that bookkeeping and accounting is the same thing? This is not true. Both bookkeeping and accounting have different roles to play in the success of your business. Read this blog post to find out the difference between the two.
Most people find it hard to distinguish between the terms bookkeeping and accounting. While it is true that accountants and bookkeepers share similar goals, they support your business in two very different stages of your financial cycle. Accounting is subjective and gives you business insights based on bookkeeping information. Bookkeeping on the other hand is administrative and transactional and is mainly concerned with the accurate recording of financial transactions.
If you are not sure whom to hire, then read on. In this blog post, we will tell you the functional difference between accounting and bookkeeping and the difference in the role of a bookkeeper and accountant.
Are you the owner of a real estate business? If yes, bookkeeping is integral in helping you measure business performance, keeping a track of your cash flow and handling your credit score amongst others. Find out the five benefits that your real estate business can leverage by outsourcing bookkeeping.
Daily bookkeeping can be chore, when running a real estate business. However, if bookkeeping is ignored, you can miss out on many benefits. If bookkeeping is not one of your core strengths, you can opt to outsource real estate bookkeeping services. Here are five benefits that you can leverage by outsourcing bookkeeping services.
Measure business performance
It is impossible to run a sustainable real estate business without keeping a track of your outgoing costs and incoming money. Running a successful real estate business depends on proper bookkeeping. If done correctly, bookkeeping can offer you with a blueprint to inform you about how well things are going on in your business. Are you assuming that things are running smoothly in your business, without really being sure? Bookkeeping has the potential to make your business a lot more efficient, not just in tax time, but all through the year. As a real estate investor, you will know that numbers keep changing every week, month and quarter. Bookkeeping will enable you to understand where exactly your business stands.
Is your business constantly under time and cost constraints? Are you left with no time and energy to focus on core business areas? This is the case of most mid-size businesses when they experience changes in growth. Getting assistance with a mundane and daily chore like bookkeeping can help you channel your precious time into growing your business.
You can choose to hire an in-house team of bookkeepers or outsourcing. Out of the two, the most benefits can be leveraged through outsourcing bookkeeping. Recent research has shown that 30-40% of businesses are choosing to outsource bookkeeping over getting their bookkeeping done in-house, primarily because of the assured benefits.
From stock exchange giants to start-ups, Sage can bring in the best business accounting solutions. Read on to find out more.
Did you know that Sage has been voted as the number one finance and payroll software by over 800,000 enterprises in the UK? The versatility of sage has made it a popular choice for almost any organization, no matter the size or nature of the business.
Once you start using Sage, you will be in awe of its excellent features. You can keep a track of your money, import data, find out more about your business performance, submit online VAT returns, write recurring statements, run reports and even organize your finances. Recording payments and creating invoices too becomes a breeze with all your important information in one place.
Sage has something for everyone, whether you are looking for an accounting, bookkeeping, payroll or an all-in-one software. Here are six of the most popular software by Sage and how they can help your business.
1. Sage Instant Accounts Plus
If your business is small in size or new, then this bookkeeping software is for you. You can not only save hours on managing your finances and VAT, but also keep an accurate record of your bank accounts and control your stock/products with ease. Other features include, easy information storage, ability to track customer activity and identification of who owns you money.
2. Sage Instant Payroll
If you use Sage Instant Payroll, you can make accurate, on-time payments to your employees and also be assured that your business is compliant with the latest market legislations. The Sage Instant Payroll has the capability to use a flexible licence plan and work as per HMRC (HM Revenue & Customs) standards.
3. Sage Act!
Have you always wished to get a bird’s eye view of your customer records? Now you can with Sage Act! With the software’s advanced social networking and mobile features, you can quickly view phone details, meeting notes, emails and even documents for each customer. By using this software you can even work with any popular web based productivity tool. Continue reading →
Remote bookkeeping can provide you with significant cost savings, 24/7 availability of bookkeepers, regular data back-up and freedom to focus on your business.
With technology making new advancements, more and more businesses are now considering remote bookkeeping services. For some companies, the idea of a virtual bookkeeper is scary and new, while others feel that bookkeeping will not work for them. However, these are myths. As soon as an organization tries out virtual bookkeeping, they are quick to realize the benefits of remote bookkeeping services.
Here are some of the advantages of using a virtual bookkeeper for your business.
Significant Cost Savings
Remote bookkeeping can put you touch with an expert bookkeeper at half the amount that you currently pay to your in-house bookkeeper. Since a virtual bookkeeper works remotely, he/she will be able to offer part-time accounting services that will be meet the needs of your small business. In addition to this, you will not have to pay for vacations, payroll taxes and other such benefits.
Since remote bookkeepers are experienced and talented, you will not have to deal with any errors. Choose a service provider that has several clients, a great team of bookkeepers and established services. Such a vendor will not only help you enjoy significant cost savings, but also put you in touch with an efficient team.
24/7 Availability of Bookkeepers
Unlike an in-house bookkeeper, a remote bookkeeper is flexible and will always be available to match your scheduling. You can also avail constant customer support, even after office hours. In fact, a remote bookkeeper will work at your convenience. Whether you require bookkeeping in the morning, evening or on weekends, a remote bookkeeper will always be able to assist you. With outsourcing, vacation and sick days do not exist. Even if a bookkeeper is on leave or sick, your service provider will provide you with additional bookkeepers, to keep your business running seamlessly. Continue reading →
Did you know that bookkeeping is very much like going to the dentist- you don’t want to really take the time out to do it, but if you continue to neglect the issue, you know it can lead to serious repercussions in the future. This is where outsourcing can make a big difference for business owners. With outsourcing, you can easily outsource your bookkeeping to a team of qualified accountants for an affordable price.
In fact, outsourcing bookkeeping offers a multitude of advantages when compared with in-house bookkeeping. Here are seven awesome benefits that your business can enjoy by outsourcing bookkeeping:
Free up more time: By getting someone else to manage your books, you can free up hours of valuable time, which can be put into taking care of your company’s core business. Conducting your bookkeeping in-house can lead to a conflict of interest and shift your focus away from the important day-to-day activities of your business. Bookkeeping, which is a time-intensive task, is best outsourced, so that you can squeeze in more time for your company.
Save on cost: By outsourcing bookkeeping operations to an external service provider, you can save on the money that you would otherwise have to spend on hiring a full-time or part-time accountant. Hiring an in-house accountant also means that you have to pay employee benefits. You will also have to bear lost productivity costs that come along with hiring bookkeepers onto your payroll. By outsourcing bookkeeping, you will only have to pay for what you need – you will not have to pay for anything more.
Get access to expertise: Outsourcing bookkeeping is a great way to have access to full-time bookkeeping knowledge on your team without having to pay for it round-the-clock. By getting your books balanced by the hands of skilled accountants who understand accounting best practices and how to accurately perform bookkeeping, you job will become easier and effective. Continue reading →
Did you know that the biggest struggle that small business owners face is that they try to wear too many hats? As a small business owner, you immediately take on the responsibility of managing over 10 to 15 jobs at once, without the time to focus on each job. If this is the current situation of your small business, then you may not want to operate this way for too long, as you can end up with a burnout.
Try to consider what non-core tasks you can outsource. This will help you stop doing the things that you don’t like doing and it will also free up your time to focus on the jobs that you are really good at, like selling and closing business deals. Leveraging the talents of others is smarter than trying to do it all in-house. After all, it is your time that is the most valuable asset in your small business. If you don’t know which tasks to outsource, then read on to know more about the top five tasks that you can consider outsourcing:
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