Monday, 25 July 2016

How Can Your Small Business Save Time by Using Accounting Software?

Keeping track of expenditures, sending invoices and handling budgets often is an administrative ordeal for numerous small businesses. However, it does not need to be like this anymore, with cloud-based software easing out accounting for small businesses, which automates a lot of the boring – yet tedious – accounting tasks for small businesses.

Accounting for small business

Take a look at 4 ways to automate your day-to-day small business accounting operations.

Invoice Processing Made Simple:
For a small business owner or perhaps sole trader, invoice processing services ought to be a top concern. All things considered, in case you don’t invoice clients, how exactly are you going to get compensated?

Invoicing often is time-consuming, particularly pursuing up unpaid accounts, and it is possible to lose track of payments pending.

With dependable, web-based invoice processing software like QuickBooks, it is possible to schedule the invoices to be sent on auto-pilot to customers, either one by one or in batches. It additionally keeps your invoices in a single place, so it’s possible to quickly check the ones that are unsettled.

The software furthermore sends out reminders and helps you incorporate personalized discounts as well as offers to elevate customer loyalty. Truly being web-based is an additional benefit, since you can make use of it on any kind of device, whosesoever your hectic everyday schedule takes you.

Payroll Stress Off:
An instinctive, easy and smart automated payroll procedure can assist consolidate the staff payment procedure and make both you along with your employees satisfied.

Financial accounting tools like QuickBooks Payroll software manages payroll efficiently, computes taxes and helps you finish a full payroll within 5 minutes. It additionally can easily integrate with QuickBooks Online for a far more holistic small business accounting approach, which makes sure you are better organized when tax time comes around.

Takes the Intensive Takes Away the Stress of Inventory:
For retail businesses, it is important to efficiently monitor, handle and evaluate stock items.
Retail accounting software like QuickBooks can create as well as examine product barcodes, which simplifies the procedure and assures precision.

Each and every invoice, sales order together with purchase order could very well be tracked by making use of the tool, allowing you to clearly view the number of items that are available and in the sales pipeline, efficiently handling all tasks within one software application.

Streamlines Your CRM:
By incorporating a customer relationship management program, it is possible to restore a longer time to concentrate on developing your business and attaining more substantial growth.

For companies that happen to be juggling several client accounts, keeping tabs on interaction often is time-consuming, burdensome and possibly results in lost opportunities. Automating CRM procedures with the help of sales lead management software can assist you to take care of leads and opportunities instantly and precisely in a single centralized location. It can also noticeably improve customer satisfaction.

Tools like QuickBooks accounting software enable you to create alerts, reminders and updates for designated tasks or upcoming deadlines. Automating your CRM procedures with the help of a mobile solution also implies that sales and prospects can be tracked and updated on the move, stimulating superior collaboration at all times.

By putting into practice these 4 time-saving strategies, you will get a longer time to pay attention to business strategy, expansion possibilities and client interactions. Ease out accounting for small business firms by making use of such software and in case you are unsure about what accounting software to make use of, get in touch with us today at +1 646-688-2821. Cogneesol’s in-house team consists of accounting and bookkeeping experts who are proficient in using all kinds of major accounting software. We also offer a free 14-day trial to all our clients across the globe.

Thursday, 21 July 2016

Fix Errors in Account by Outsourcing Bank Reconciliation Services

Though a business stands up on the successful pillars of great ideas and synchronization of its employees, but, we cannot deny this fact that a strong foundation of any business is its well management of accounts. When it is an important aspect of running up a successful business, it is obvious that it requires 100% determined efforts to. In a huge majority of cases, imbalanced balance sheets disclose the concern of your accounts department. Well, to get rid of this, bank reconciliation service is there for you. Now, the question arises what is bank reconciliation? Continue with your reading to figure out it.

People who do not belong to accounting field might not be aware of the term ‘Bank Reconciliation.’ This might not even affect anyhow on your accounts, but yes, when you are an entrepreneur, then you need to wake up to the realities of accounting world and should have enough knowledge about it.

Bank Reconciliation?

Bank reconciliation is a process where the differences of your organization’s accounts and bank account’s statement are matched. In most of the cases, it rarely matches. The reason behind it is, deduction of bank fee and other taxes from your bank account which usually are not visible on your organization’s account. Being an entrepreneur, you might have encountered such circumstances in your business, but have you ever paid attention to it?

outsourcing bank reconciliation services
Bank Reconciliation Services

In case, you do not facilitate your business with bank reconciliation services, see how it can get affected.
  • When you are not concerned about your account management, nobody is going to look at it seriously, not even your accounts department. Mismatched accounts leaves a mark of bad impression on your business.
  •  Your hard-earned money might get misused either by your department or vendors.
  • You never get to know about the bank fee or other kind of deductions made by the bank.
  •  The rate of interest gets credited to the bank account, but does not appear in the organization’s account.
I think these factors are enough to open your eyes and let you know about the importance of bank reconciliation services. In case, you do not want to invest your money over setting up an accounting department for you, go for outsourcing such services.

See how outsourced bank reconciliation services give you and your business endless leverages.
  1. Improvises your account management- Bank reconciliation helps you obtaining a better access over your accounts. This ultimately brings efficiency in your working and handling accounting issues.

  2. Transparency between your bank statement and organization account status- In the bank reconciliation process, both the accounts (organization’s account and bank account) are managed in a synchronized manner. This leaves no scope for mismatched accounts.

  3. Accounts department can look into other accounting issues- When bank reconciliation will be managed by the outsourced expert, your accounting department becomes free to handle other accounting issues. Eventually, this brings proficiency in your business. 

  4. Reduced paper work- Outsourced accounting expert does not need to perform any paperwork as they are highly professional workers who adopt the finest and latest tools which reduces the paperwork and gives you better resources to keep a record of your accounts.

  5. Expert’s services- Outsourced employees hold the expertise of knowledge which makes them an expert in their field. Due to this, you always get benefited with expert services. This isn’t just bringing you quality work, but also, helps you getting facilitated with secured services. 

  6. Work done in a set time frame- Outsourced services let you have your work done within a set time frame. All you need to do is mention a fixed time epoch during which you expect to have your work done. Such matters are required to be discussed on a prior stage to execute the work criteria with ease. 

  7. Discloses bank fee and taxes- When your outsourced employee will go through the bank and organization account with details which includes- (noting down the transaction history, keeping an eye over the expenses, etc.) along with this, the outsourced bank reconciliation process helps you witnessing the actual bank fee and different taxes debited by the bank.

  8. Cost-effective procedure- As outsourced employees are not your full-time employees, so you can get their services at quite reasonable prices.
Hope this article might help you overcome your account management issues. In case, your mind is still bombarded with endless queries about it. Feel free to contact us, we would be more than happy to sort out your accounting issues.