How Outsourcing Your Accounting & Bookkeeping Services Saves You Money

When it comes to accounting and bookkeeping services, whether you’re a Fortune 500 company or a small to mid-sized business, saving every penny you can on unnecessary expenses can help your business excel. That’s why many are outsourcing their accounting and bookkeeping services these days to minimize issues and streamline their processes.

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5 Advantages to Using Electronic Onboarding

The process of onboarding employees is often lengthy, but it’s important. New hires need to learn your company’s culture, policies, and procedures. You also need to get some critical information from them so that they can legally work for you.

The onboarding process is typically long and a little dry. It may include training, equipment distribution, benefits orientation, and security policies, just to name a few.

There are many benefits to switching this traditionally paper-heavy and arduous process online. Read on to learn 5 great reasons to make the switch.

1. Make a great first impression

Some surveys suggest that up to 50% of new hires leave their new role within a few months. Switching to an electronic onboarding system is one way to combat this statistic.

When you create your onboarding content, you have a chance to knock that first impression out of the park. You know it will be a consistently great first impression with every employee, too.

It’s a great opportunity to decide how you want to come across to your new hires. You can then finesse the content until you have it right. Imagine if you could make a perfect impression every time you spoke to someone for the first time. Electronic onboarding allows you to do just that.

2. Save time

We all know how much effort it takes to onboard new employees. Often, the first day on the job is spent almost entirely on paperwork. The content is dry and the day is boring. This isn’t the best introduction to your company culture.

By switching to electronic onboarding, your new employees can do that “pre-boarding” work before they arrive. They can use the device of their choice and remain in the comfort of their own home.

When they arrive at work, they can jump right in to spend time connecting with their new colleagues and learning the actual job.

It’s a huge time-saver for your HR department, too. Instead of pushing papers for the first few weeks, deploy the content with the push of a button. You’ll also receive an alert if something is incomplete.

The automation of electronic onboarding means that nothing will be overlooked. Instead of filling out forms, your HR employees can spend time getting to know your new hires.

3. Increase engagement and accountability

When your onboarding process is electronic, you can easily see if anything is incomplete. Knowing which modules aren’t done yet makes it easy to follow up with an employee.

It can also give you some valuable insight about which parts aren’t working so well. If a lot of people get stuck on the same module, it’s a good indicator that it might need some improvement.

Onboarding content can be quite dry, but it’s critical. It’s helpful to know who’s done what, and what content needs some more attention.

4. Custom content

There is a lot that goes into learning a new job, and not all employees will need the same things. With electronic onboarding, you can send the necessary paperwork to all employees. And then you can send role-specific modules to those who need it.

Tailoring everyone’s onboarding to their needs saves time, money, and paper. There’s no need for everyone to go over everything. Delivering just the necessities for each employee keeps interest and engagement high. It takes less time, too.

5. Protect data

Employee privacy is a top concern. With electronic onboarding, you eliminate the risk of losing any personal data. With so much paperwork to complete, it’s easier than you might think to lose track of a sheet every once in a while.

It also protects your company’s data. When an employee takes a paper packet away, there is always the risk that it could get lost. When everything is online, it stays secure. That protects everybody’s interests.

Final thoughts

There aren’t any real downsides to switching to an electronic onboarding process. If you’re interested in saving time, money, and energy, while also driving up employee engagement and retention, it’s a good idea to consider making the switch.


5 Reasons to Invest in Online Accounting & Bookkeeping Services

It doesn’t matter what size your company currently is, chances are you plan on growing in the future, right? This means that as you grow, more time will need to be spent on accounting and bookkeeping services to ensure you’re getting the most returns possible for your business and paying vendors on time.

At Accountants 2.0, our Quickbooks ProAdvisors are trained to help you implement easy, automated online accounting and bookkeeping solutions to reduce stress on your accounting department. Here we’ve collected the primary benefits for you below!

  • Improved Efficiency:

    With online accounting and bookkeeping services, you’ll be able to streamline processes, saving time and making accounting much more efficient. With cloud accounting services nearly every process is automated, everything from invoice creation to paying vendors, enabling you to focus valuable resources elsewhere.

  • Enhanced Security:

    Outsourcing your accounting and bookkeeping services also offers enhanced security. This is because a company like Accountants 2.0 has the resources, training, and technology to catch errors with transactions and potential fraud through frequent monitoring and auditing solutions.

  • Increased Savings:

    With outsourced accounting and bookkeeping services, you’ll save more money and get the most ROI. You’ll have full access to a team of professional accountants and bookkeepers without the need for maintaining an in-house accounting team. As you grow, you can scale your accounting department without the need for hiring and training new staff. Additionally, automated accounting services reduce human errors, catch unpaid bills, and can automatically follow up with clients regarding late payments.

  • Access to Skilled Accountants:

    With a trusted accounting and bookkeeping vendor, you’ll have access to today’s most experienced accountants available. You’ll pay much less than hiring a dedicated CPA while still receiving the same high level of service.

  • Flexible & Scalable Solutions:

    Outsourcing your accounting and bookkeeping solutions provides you with much more flexibility when it comes to changes in your organizational structure or scaling your business. There will no longer be a need to hire temporary workers to deal with seasonal influxes of business or add more stress on current team members as business picks up.

Contact our Quickbooks ProAdvisors for accounting and bookkeeping services today!

If you want a fully-automated accounting solution and enhanced operational support, contact us online today to learn how our team of Quickbooks ProAdvisors can help you. You can also call 888-857-5750 (Toll-Free).

 


Tips for Minimizing Your Merchant Fees

These days, nearly every business accepts credit cards. Paying with plastic is the preferred method of many customers worldwide. However, by offering credit card payment methods for your business, you’ll also be required to pay fees for payment processing services. Such fees can quickly add up, especially for small to mid-sized businesses.

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Tips For Managing Your Business Finances

When you run your small business, you have a lot on your plate. That makes it tempting to let some tasks slide, especially tasks that are related to finances, which can be challenging and is often outside your preferred skill set or experience.

There are some tips you can follow that keep your finances healthy and enable you to thrive. Here are some financial best practices for managing your business, so you can have the best chances of success.

Pay yourself

As a small business owner you may be tempted to keep putting every cent you earn back into your small business, but it’s important to compensate yourself as well. You need to pay your own bills and be financially sound personally. You’ll also need to have money set aside for your retirement.

Make sure you draw a regular income from your business that you use to take care of your personal expenses.

Have a separate business bank account

Keeping your business and personal finances together makes it more difficult to track how your business is doing, and how you’re doing. When you have separate bank accounts for your business and personal finances you can more easily monitor where and how you’re spending money. Finally, it makes things easier to track for tax purposes.

Have separate accounts for your business and for your personal finances and deposit your salary (see the above tip) into your personal account.

Have a good billing strategy

When you own a business you’ll deal with clients who are slow to pay their bills. Money your clients owe you isn’t accessible to you until it’s in your bank account. Monitor your invoicing system to see which clients pay you on time and who takes their time paying your invoices. If you have too much money tied up in unpaid invoices, you may need to adjust your payment policies.

Consider charging interest on late payments or giving more strict terms. Or you could offer a slight discount if they pay within 10 days of invoicing. See if you can charge a deposit for your goods or services so you still have some cash flow while waiting for clients to pay the remainder.

Remember to invoice immediately and follow up before the payment deadline, so you aren’t stuck waiting for payment. If your clients are large companies with their own payment terms, find out what those are and be mindful of them when billing.

Keep your receipts

Now that there are digital platforms for managing the financial aspects of your business, you don’t have to have physical receipts taking up space in your office. Instead, you can go paperless, and keep all your receipts digitally.

Make sure you know the laws in your area for how long you have to hold onto receipts, pay stubs and other financial documents and keep them for at least that long. If you do still use paper receipts, make sure you have a way of storing them so they’re easy to manage and find when you need them.

Have a budget

Your budget is your plan for success. It shows how much money you expect to bring in and how much you might spend in a given period. You can anticipate times when your profits may be higher and times when you may have a surge in your expenses. Additionally, bankers, investors, and other stakeholders may ask for a budget when they consider financing your business.

Final thoughts

There are other strategies that can help you run your business and set yourself up for financial success. Those include automating your bill payments, having a cash flow statement, and choosing the right business structure for you. But as a place to start, creating a budget, keeping your receipts, adjusting your billing strategy and drawing a salary that you keep in a separate bank account are important first steps.

Want to learn more about how Accountants 2.0 can help you stay on top of your finances? Contact us to learn more.


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Accounting Advisory Services and What That Means For Small Business Owners?

Accounting Advisory Services

It’s not uncommon that many small business owners who have their books managed by an accountant, see accounting and bookkeeping more as an expense rather than an investment. The reason for that, is most accounting and bookkeeping services who support small businesses are offering their services only to meet compliance.  Accountants who offer advisory services go beyond just crunching the numbers, as they are interpreting information using their skills and know-how to find ways to save you money, and looking for growth opportunities on your behalf. In addition, advisors can also help you with the loan process, review contracts and documents, as well as support you with asset management and succession planning.

Over the past several years, improvements in software tools has allowed small business owners, and savvy entrepreneurs to capitalize on accounting advisory services, because not only has the data improved due to software advancement, but the cost of planning and implementing advisory services has also been reduced, allowing advisors to cost effectively support small business owners in a way that was not easily accessible before.

If you are a small business owner and are using an accountant and/or bookkeeper to manage your books and are not receiving accounting advisory services as an added value offering, you are definitely missing out on the opportunities that are available to you.

In fact, many small business owners are still making the transition to online, that would allow them to take advantage of what accounting advisory services has to offer. However, If you have made the transition and have your books managed online either on your own, or with the support of a service provider, here are some tips when considering pursuing your options for accounting advisory services.

 

Authority
Look for accountants who speak about accounting advisory services with authority. When you pose the specific question, “Do you offer accounting advisory services for small business owners?” the answer should make you feel that this person has authority on the subject, which comes from the experience of having performed performance based analysis for many small business owners.

Experience
Over the past several years, an influx of virtual accounting and bookkeeping service companies have surfaced online that are now offering accounting advisory services. The way to confirm for yourself, if it’s a right fit for you is to ask about their experiences working for small businesses that align with your requirements. Look for experience in similarities to your business and not just experience in itself.

Communication Skills
The kind of communication skills we are referring to here is not only accountants who speak well, but accountants who communicate information and insights to you with clarity. If they are not speaking your language, then it will be very difficult to have an on-going relationship with someone who ultimately becomes your trusted confident. Make certain that you can understand the advice you are receiving is clear and concise.

Time management
To make accounting advisory services work for small business owners, accountants must take into consideration the value of the information vs the cost to the client. As mentioned, with the improvements in software, accountants are now able to streamline many of their best practices that allows you to receive regular advice at a cost that makes sense for a small business. Look for advisors who provide their services on a recurring basis rather than just project based.

Summary
With advancements in accounting software and a transition to using online tools, small business owners are in a position to capitalize on accounting advisory services now more than ever. However, it is important that if you are in a position to explore your options, that you find the right fit for you and your business, these four primary factors will help to get you started.


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How To Protect Your Passwords From Cyber Attacks

Cyber Attacks Can Be Avoided By Not Reusing Passwords

Last week, the CRA announced they had a series of cyber attacks that comprised usernames and passwords of thousands of accounts. This was a result of “credential stuffing” where the affected accounts login and password were retrieved from another website. So how can we prevent this from happening to ourselves? It’s simple, stop reusing passwords

Now I know what you are thinking, everything these days requires a login and having to remember dozens of passwords is not practical. But there is a simple solution to help with this – use a password management service.

Between SRT Accounting and our partner platforms (Accountants 2.0 and Covid Tax Triage), our accountants and bookeepers, along with the entire staff have to rely on dozens of passwords, that is why we use a password management service that stores website credentials in an encrypted vault. Here you can store all your username and passwords safely and you only have to remember ONE password. You can easily access your passwords using your browser or through their mobile app. There are many other options available for password management services, some that also include a free tier such as Bitwarden, LastPass or Keeper. Mcafee is even going further to develop security for businesses that are moving more towards cloud based applications. Whether you’re using it for personal use or business purposes, you can compare each to see which would work best for your needs.

Once your password manager is set up, I recommend you change the passwords to all your accounts as you add them – there is a chance your existing login credentials have already been compromised so an attack could be on the horizon. Each account should have a unique password with AT LEAST 8 characters and it should have a combination of uppercase and lowercase letters, symbols and numbers. Since you are not memorizing these passwords, you don’t have to make them easy to remember. Many password management services include a random password generator that can be used to help create unique and secure passwords for all your accounts.

Taking these simple steps can save you from costly headaches later. Next time you go to create a new account online, make sure it’s for a password management service.