Online Bookkeeping Benefits for Accounting Business Firms

Online Bookkeeping Benefits for Accounting Business Firms

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For accounting firms that are responsible for
bookkeeping, it has been quite a monotonous job. It
will take long hours of tedious work just to maintain
the processing of accounts properly. Bookkeeping can
also hurt the pockets of companies-in-charge because a
job like this requires massive patience.
Several
companies have already tried to train accountants on
being adept on their job. The downside is, the amount
of salary that is asked is way too high for the
company to continue their employment. In cases of
small businesses, hiring several efficient people that
will compose the competent staff fit for bookkeeping
is a very good option that can also fit the budget
perfectly.

Charging an incredible amount to the companies by the
employees of bookkeeping has forced outsourcing. These
companies have made a strategy to give out entirely or
a part of the work to the company that’s outsourcing.
And the benefits has become large. Time was evenly
given to different sections of their business and have
the opportunity to expand. Aside from this,
bookkeeping online can save a lot of a company’s or a
business owner’s valuable time which could have been
wasted if they were still stuck on the idea about
searching for professional firms responsible for
bookkeeping.

Online bookkeeping has numerous benefits that even
small businesses will agree on how they have been
saved from tons of paperwork and long hours of finding
the right documents when the IRS is on the loose to
nag them about their overdue. The benefits of online
bookkeeping are as follows:

Cost Efficient

Being able to practice online bookkeeping can help
accounting business firms to save a lot of dough and
cut the cost of training an entire staff of
bookkeepers. Hiring an accountant is already a pain
and hiring several can hurt big time – not only in the
training but also in financial matters. It would
really help the company if the budget would go with
less business capital expenditures. Money saved will
help to invest on more areas that are also vital for
business and will definitely boost business
opportunities.

Efficiency Improved

If the person on the company itself couldn’t cope up
during emergencies, probable reason would be work
overload. And when coping can no longer work, the
entire venture is bound to fail. That’s why accounting
firms would prefer to outsource it to other companies
that are willing to take part. Besides, it’s safer and
outsourcing firms lay emphasis on professionalism.
Numerous accounting firms have software that
specializes on managing transactions.

Maintenance Shifting

Small businesses don’t have to worry about their
bookkeeping problems. They’ve already invested so much
on a lot of things and bookkeeping must not burden
them anymore. Outsourced bookkeeping firms are like a
cool breeze on their faces. Imagine, putting massive
blocks of paperwork to other people can save you from
a lot of stress, time and will help business owners to
perform efficiently. Worries will be eliminated and
fundamental thinking is enhanced. Thus shifting
maintenance from several to just an effective one.

Save-a-lot

You can freely cut on training, maintenance and
stationary cost while forming a very advantageous
business with all the benefits, why in the world would
business ignore the opportunity? Only proves that
online bookkeeping is good for you business no matter
how small it is.

How Do You Put a Value on Your Time?

How Do You Put a Value on Your Time?

San Francisco Geekup May 2016
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As a small business owner, does the following paragraph sound familiar to you…?
“Other than doing the technical ‘fix-its’ with my computer…I do it all! I have found that this keeps me very limited in growing my business and taking on new clients. I wish I had someone to help but how can I justify hiring someone when I can do the work myself…when I have the time?”
This is a very common issue for many small business owners. All the work, whether revenue generating or not, needs to be done to keep the business running smoothly.
We need to reconnect with our goals for our business and our vision for its future. We need to focus on why we started this business in the first place. Focusing includes deciding how much our time is worth.
But, how do you put a value on your time? How much is each hour of each day worth, especially when you are doing projects that are not generating revenue or increasing your customer base?
Is your time worth $25, $50, $100 per hour….or more? When you get busy doing those tasks that don’t directly generate revenue, consider how much it is costing you.
For example:
You charge $75 per hour for your services/time.
You spend a total of 5 hours trying to catch up on your correspondence…entering information into a database, typing and re-typing your letters and preparing them to be mailed.
$75/hr X 5 hours = $375.00 of your valuable time and profit
If it would cost you less to outsource, why not do it? Why not allow a professional to handle some of your tasks leaving you with more time to generate revenue?
$25/hr (sample cost to outsource) X 5 hours = $125.00
$375 – $125 = $250 + the $ of the contract you signed while a professional took care of the non-revenue generating tasks.
Although you are spending some of your hard earned money, you are gaining so much more. Outsourcing gives you professional assistance, which in turn saves you both time and money…the two things that most small business owners need more of.

Outsourcing Your Packaging Is A Strategic Option

Outsourcing Your Packaging Is A Strategic Option

In a recent article in “Investors Business Daily”, it was revealed that outsourcing has become more than just an easy way to cut costs. It has become a strategic tool that gives businesses flexibility and access to skilled personnel.

Since the advent of the Internet, and the rush to get online, companies have turned to outside professionals for services and solutions. Hiring a full-time IT technician is costly and not an efficient use of resources. Outsourcing allows companies to focus on their core businesses while gaining access to skilled labor when they need it.

* Outsourcing is a way to boost revenue
* Outsourcing is a way to cut costs
* Outsourcing eases labor shortages
* Outsourcing cuts payroll costs
* Outsourcing allows companies to focus on core competencies
* Outsourcing reduces or eliminates some capital expenditures

Outsourcing also allows businesses to change their corporate culture. If companies have renegade groups that are costly, ineffective, or difficult to manage, that group can be outsourced. This enables employers to change their workplace environment on-the-fly.

Still, most companies outsource projects in order to reduce costs and to gain outside expertise. A survey by “The Conference Board” indicated the following “Top-10” outsourcing objectives (numbers are approximate):

* Reduce Costs (40%)
* Access to Expertise (38%)
* Improve Internal Service (37%)
* Focus on Core Business (34%)
* Maximize Resources (27%)
* Internal Flexibility (25%)
* Improve External Service (24%)
* Changing Customer Needs (20%)
* World Class Standards (15%)
* Continuous Improvement (15%)

When deciding to outsource your packaging, the real litmus test is whether outsourcing adds value. Does it really reduce costs? Is the investment in in-house training and machinery too great? Does outsourcing a service give you access to people with greater skill sets or companies with more resources available to them?

Bottom line: outsourcing your packaging service needs is about more than just saving money. It is a strategic option for savvy businesses and entrepreneurs.

Business Owners: Moneysaving Office Management Tips

Business Owners: Moneysaving Office Management Tips

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Not all businesses are able to see success and profits right away. This includes businesses such as law offices, medical offices, or even retail stores. If you are looking to improve or expand your business, but while on a budget, you may be unsure as to how you should proceed. The good news is that there are a number of moneysaving steps that you can take to effectively have your office managed, even while on a budget.

One of the many ways that you can go about achieving perfect office management, but without having to spend a lot of money, involves promoting from within. This is ideal if you are looking to hire an office manager or an office supervisor. There is a good chance that you already employ a number of office workers, such as secretaries. For a reasonable pay increase, you may be able to give one of your qualified workers additional tasks, such as the task of managing the office as a whole.

Outsourcing some of your office management duties is another moneysaving approach that you may want to examine. With that in mind, it is important to remember that office management encompasses a wide range of tasks. If you are a small business owner or active in the day-to-day operations of your business, your office manager may not necessarily need to oversee or manage other workers. If that is the case, outsourcing may be easy for you. You can hire an outsourcing company or an outsourced worker to handle all incoming telephone calls, process payments, make appointments or reservations, and so froth. This may be cheaper for you to do than hiring an in-house office manager, especially if he or she would have limited job duties.

Investing in office management software is another moneysaving way to effectively manage your office or your business as a whole. Yes, you will need to pay for office management software and the cost can be quite high. With that in mind, it is important to consider the purchase an investment. In fact, the buying of office management software is actually an investment that you can easily see a return on, as it can pay for itself if used properly. Office management software combines a number of business programs all into one. These programs can be web based or shared on a network. This allows you and other office employees to create and share project tasks lists, and do so much more. Office management is known for its ability to save time, speed up productivity, and improve performance levels.

Another option that you have involves hiring temporary workers. Temporary workers are nice, as you can use them as needed. If you are interested in employing temporary workers, it is important to make their work status known up front. Many job seekers would prefer permanent employment, but there are others out there who can benefit from temporary employment. When hiring temporary employees, you can use the assistance of temporary staffing firms, the internet, or local newspaper employment sections.

The above mentioned approaches are just a few of the moneysaving approaches that you can take to bring effective office management into your business, but without having to incur large debts doing so. Additional moneysaving office management techniques can be found with a little bit of research, as well as through trial and error.

Outsourcing: How It Can Benefit Your Business

Outsourcing: How It Can Benefit Your Business

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Outsourcing is the new buzzword in the business community. However, the question of why businesses outsource their business process is still being asked by a lot of people. Surely, outsourcing would create a lot of profit for a business. Besides, why would businesses outsource their business process if they won’t make any money out of it?

Aside from saving a lot of money from outsourcing, companies that want to unburden themselves from heavy workloads caused by the growing demand of their work by the public resort to outsourcing to do the job they should be doing. Businesses today hire outsourcing companies from different countries to do a part of the business process in order to save money on labor and also expand their capabilities.

Since there are a lot of skilled individuals in developing countries with little chance of employment, outsourcing became one of the best industries considered by a lot of talented and skilled individuals in developing countries. In terms of salary, outsourcing provides cheap labor compared to getting your companies work done in-house. For example, in the United States, you would pay a qualified professional about 100 dollars to get the job done. However, outsourcing the job to other countries will only require you to pay 20 dollars to get the same job done with an equally qualified professional and at the same time, keep them happy.

The minimum salary rate in developing countries is much lower compared in the United States. This is why outsourcing can save your company a lot of money in terms of salary payments.

These are the benefits that your company can take advantage of in outsourcing. Cheap labor with equally qualified professionals in other countries can definitely save your company a lot of money on salaries.

However, before you try and outsource part of your company’s work, you have to determine if the outsourcing company is the right company for you. Find out if the company is hiring qualified and are skilled professionals with skills related to your business. This will ensure the best quality for your outsourced jobs.

By first checking out the quality of work from an outsourcing company, you will be able to determine if the work done by them is up to par or not. If it is not, you can always go to other outsourcing companies and check out the quality of their work. Doing this will enable you to find the company that will meet your standards.

You also have to consider if the professionals who will be handling your outsourced work is qualified to do the job. Besides, you don’t want a talented programmer to do the job of a mechanic. You have to know the specialty of the outsourcing company and determine if they will be able to perform the job you will offer them with quality and efficiency.

Outsourcing will answer your businesses financial and production problems. If you are looking for a way to save money and at the same time increase productivity, outsourcing is the right choice for your company. Not only will you save a lot of money because of cheaper labor compared as to the rates in your country, but you will also have the same quality of work that the equally qualified professionals in your country can do at a much lower price.

With outsourcing, your business will be able to grow and also decrease the burden of heavy workload.

Data Outsourcing

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The rapidly increasing market has caused an imperative need to come across beyond the traditional coverage of business. Conventional strategies have been cropped up. With these revolutionized methods, several companies have been swamped with data that takes a good length of processing time. As a measure for optimizing time data outsourcing has become a trend.

Principle of the Practice

This serves as a means where in companies could increase their sales immensely while at the same time allotting a less for labor expenses. In fact, it is a great solution for companies to sell various domestic products to a larger market range reaching even the most distant consumers. Through this an approximate of 35% to 40% overhead savings has taken effect.

The essential elements for data outsourcing are open communication, strong business relationship, and ongoing management. Software houses, outside consultancy, or service agencies are being contracted to handle the company’s data bank through the performance of systems analyses, operations of data centers, and programming. Basically, this principle is especially rooted from the necessity of hiring qualified computer machinist at a considerable lower cost.

Scope of Practice

More often than not, the data being outsourced are those that generally consume a relatively longer time of handling. Outsourcing of data entry operations encompasses conversion of data, processing of documents, and catalog development services. Image processing is also one area being outsourced through the manipulation and editing of photos.

Catalog management involves the conversion of traditional paper based type into online, digital ones. Production cost for the latter type is lower than that of the former. The expense is largely spent on paper handling and maintenance. In addition to that a big chunk of time is needed to come up with the output.

With the technologically advanced kind, necessary changes and updates can easily be made and in a lesser amount of time. Technically, all that is needed is to click a button once data entry has been accomplished.

An accumulation of data is an influential management resource. Through the availability of low cost data entry outsourcing, there is an underlying possibility that the amassed information could be to be depleted and be better used and applied by the company. With this there is a constant need for data entry especially for those organizations that are doing day to day decision making.

In cases like this a regular and continuous data entry and processing is required. The necessity for data that could easily be accessible, accurate, and up to date is preferred by everyone.

The common types of enterprises employing and taking advantage of this means are mostly financial institutions, hospitals, pharmaceutical companies, publishing houses, law firms and court houses, oil companies, transportation companies, and even Ivy League universities.

Benefits

This new trend in business that makes use of outsourcing agencies, advantages goes more than the company in need of the services. Mostly, these companies are founded in first world or industrialized countries. Through this, third world or developing countries benefit with the mass employment being provided by outsourcing.

With the relatively easy to practice principles more people are given the opportunity to become contributory members of society. In addition to that, the countries where most agencies are located receive a larger sum of money from taxes and revenue.

The world of business has become localized in terms of being a global community working together to come up with a much better output.

Guide to Outsourcing

Guide to Outsourcing

UNE Staff Fun Run - August 24, 2016
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Those who are considering outsourcing portions of work for the first time may be feeling overwhelmed and hesitant about the concept of relying on someone outside the company to complete work related tasks. The discomfort with deciding whether or not to outsource work stems largely from ignorance about the process of outsourcing. This article will serve as a guide to those who are considering outsourcing for the first time and will provide information on how to select qualified candidates, establish project requirements and enforce a deadline for project completion.

Select Qualified Candidates Carefully

One way to greatly simplify the process of outsourcing is to give special consideration to selecting a qualified candidate to complete the outsourced tasks. This is important because outsourcing the project to an individual who is qualified to complete the tasks and motivated to do a good job will make the outsourcing endeavor more likely to be successful.

To find the right candidate for the job, place advertisements outlining the project requirements and preferences and carefully review each application which is submitted. Immediately disregard applicants who are not qualified for the position. Then review the applications of qualified candidates carefully and select a small group of the most promising candidates. Next interview each of these candidates and verify their references and passed work experiences to learn more about these candidates and their abilities and work ethics.

After interviewing these candidates it is time to make a decision regarding hiring one of the final candidates. Do not be discouraged if none of the final candidates seemed right for the job because you are under no obligation to hire any of them. You can continue your search for a qualified candidate by placing your job advertisement again and soliciting new responses.

Establish Definite Requirements

When outsourcing a project or tasks, it is important to clearly define the project requirements. This is critical because it is important for the contractor to fully understand the tasks which are being outsourced to ensure he is fulfilling all of the requirements and completing the task in a satisfactory manner.

Failure to establish definite project requirements and goals can lead to a great deal of problems when outsourcing a project. The contractor may feel as though he has completed the project as it was outlined but the employer may disagree. When this happens there can be harmful delays until the issues can be resolved amicably. In the case that this is not possible it might be necessary to employ the assistance of a mediator to evaluate the contract documents and the work produced to determine if the contract terms were met.

Establish a Firm Deadline

Another important element of outsourcing is establishing a firm deadline for the project. This is important to avoid misunderstandings and to prevent late submissions of work. Setting milestone goals is also important because it gives the employer the ability to evaluate the progress of the contractor during different stages of the project and to ensure it is proceeding according to schedule.

Ideally the deadline should be established before the candidate is chosen. This is important because this enables the employer to verify that the contractor is available for the duration of the project. Schedule should be discussed early in the process of selecting a candidate to avoid selecting an ideal candidate only to find out he is unavailable when his services are required.

Outsourcing is one of the most popular and the most preferred strategy that businesses are now considering

Outsourcing is one of the most popular and the most preferred strategy that businesses are now considering

UNE Staff Fun Run - August 24, 2016
Source: Flickr

By outsourcing business processes to other countries, you will save a lot of money. You may wonder why this is so. And, you may also think that outsourcing should cost more money than doing your business process in-house. And besides, why hire a company at all to do part of your business process when your company can do it alone.

First of all, outsourcing is relatively cheap because business processes of companies in the United States, Canada and in European countries are outsourced in developing countries, such as India. India is considered as one of the largest outsourcing hubs today and many companies outsource their business process in this country because of cheap labor.

This means that instead of employing a full-time employee in your company with all the company benefits and not to mention the high salary that you will give, you will only be spending a fraction of that sum when you outsource your business process in India. For example, when you have a project for your business that will regularly cost around 100 dollars per project, outsourcing it to India will cost around 20 dollars per project. Now, imagine if you have to do 1000 projects. You can see how much money you can save when you outsource it to India.

India is also known to have a pool of talented IT professionals who are now seeking employment in companies that accepts outsourced jobs. These professionals are very competent and they also produce good quality work that may rival the work of your country’s IT professionals.

Another reason why companies are now considering outsourcing their business process or at least part of their business process to India is because outsourcing can lighten the workload. Therefore, by lightening the workload, your company will be able to make full use of all of its resources aimed to improve the company.

An example of this would be help desks. As a company that offers goods and services, you will need a help desk department in order to communicate with your customers and know about their inquiries, complaints and answer their questions regarding your product or services.

A help desk department requires a lot of money to develop. You will need to purchase computers, subscribe to VoIP, and purchase help desk software in order to let this department run smoothly and efficiently. You will also need to hire additional employees for your company with full company benefits to act as help desk representatives who will answer the calls from your clients.

By outsourcing your help desk to India’s call centers, you will never need to worry about purchasing computers, software and hiring employees. The call center in India will be the one who will provide all of that for you at a very cheap price. Companies considers India as their country of choice for call centers because of being an English speaking nation full of talented and qualified individuals.

So, if you ever need to outsource anything from making payrolls, to making software, to getting help desk services, you should consider India as one of your choice countries to outsource your business process.