A growing number of small businesses are choosing to outsource their accounting needs to an Online Accounting Services provider. Businesses may need temporary or permanent online accounting services in a variety of situations. For example, a business may decide to expand their accounting needs in order to better fulfil their customer’s needs. In addition, a business may have a need to outsource certain accounting responsibilities, like paying employees, or they may need administrative tasks handled on a daily basis.
Here are some common service options why you should be considering online accounting services:
Onsite Bookkeeping
Bookkeepers located in the company’s offices often provide in-house bookkeeping services. This option has obvious benefits for the company needing bookkeeping assistance. However, it can be costly and can be difficult to find quality resources in cyberspace. Another problem with this option is that outsourced bookkeepers are often older (more experienced) than in-house bookkeepers, which can increase the company’s efficiency.
Online Invoices
Online invoicing can be a great tool for small businesses, but it must be used correctly. The good news is that there are several well-known, high quality online invoice management and accounting software programs available at affordable prices. These software programs allow small businesses to print invoices and accept credit cards, electronic cheques, wire money, and even make payments online. Best of all, these invoicing programs can be tailored to fit the individual company’s billing requirements and bookkeeping style.
E-Payments
Some small businesses, along with larger corporations, have realized the benefits of using electronic payments such as e-cheques. Electronic cheques are a convenient way to pay bills online, and they eliminate the need for a bank advance. To accept e-cheques, the accounting software should have a built-in e-check processor.
Manual Data Entry
A great number of small businesses have traditionally been able to manage their invoicing, accounting and bookkeeping by maintaining manual data entries. These entries were made manually, often per week, per month or sometimes per year. While this method of data entry has worked in the past, the explosion of electronic commerce and the reliance on computers for everything from bill payment to bookkeeping means that manual data entry is being replaced more by automatic processes. This can help eliminate errors and reduce the amount of time spent entering data. The best accounting systems will allow a user to enter invoices, payments and other information into their accounts without the use of a computer.
Automated Reporting
Since many accounting software vendors provide tools that integrate directly with an existing ERP system, small business owners will also benefit from the ability to automatically send data from one part of the business to another. This makes it possible for a tradesperson to enter invoices and receive payment for the services rendered, while a salesperson can enter sales information and receive update notifications about numbers that have changed since the last report was received. Most accounting software vendors offer a wide variety of modules that automate common business functions, including customer tracking, inventory control and employee tracking.
Enhanced Reporting
Business owners who use online accounting services to manage their invoices and payables will find that they are able to generate more accurate and informative reports. Some software programs will even provide users with customizable reports that they can input new transactions in, while others will automatically calculate standard rates for due dates and overdue amounts. Business owners who want to take it a step further, though, can create custom reports. They can adjust the financial variables used to calculate their figures, which will produce much more detailed results than the default reports that come pre-formatted in most accounting software programs.
If you’re convinced by now that you need to make the switch to an online accounting services provider, Blue Water and Co. should be your desired option. We provide tailored and custom accounting solutions for our clients, helping to cater their payroll, bookkeeping, accounting, and taxation needs.