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Online Bookkeeping Solutions Blog

The Online Bookkeeping Solutions Blog is an timely collection of interesting and helpful information for those companies who want to outsource their bookkeeping solution and utilize bookkeeping services by subscription. Outsource your bookkeeping to a cloud based solution backed by experienced CPA's.

Accounting Solutions – Is It Time For The Cloud?

Ray Kirschner - Thursday, December 8, 2011

I recently attended a conference that dealt exclusively with electronic accounting solutions and the future vision of bookkeeping processes. Intuit, Sage, and the AICPA sent representatives to the conference. Each had a unique approach regarding the implementation of cloud-based accounting solutions.

By far taking the most aggressive approach, Intuit is already promoting the cloud computing side of their business in deference to desktop solutions. This is based on their belief that most businesses will be in the cloud within the next five years.

Sage and the AICPA are not being quite as aggressive in their approach towards migrating to the cloud. While the cloud is certainly in their future, Sage is still maintaining their desktop software and working towards a softer transition, believing that businesses cannot just “flip a switch” and be in the cloud. The monthly costs of cloud computing are certainly better than investing in more servers and data storage. However, Sage is taking the stance that asset costs already expended cannot be overlooked. As time goes by, rather than replacing hardware and software, Sage plans on transitioning users to the cloud.

The AICPA’s small business division, CPA2Biz, summed up their vision of the future by showing the many ways social media and the advent of lighter and faster netbooks can be used, along with dashboards prepared by accounting and bookkeeping professionals. CPA2Biz believes this will keep business owners highly in touch with their business, even when they’re not in the office.

As this issue is in a state of flux, I advise consulting your professional to review cost benefits and detriments as they pertain to your business.  As to the speed and accuracy of getting relevant data, I say: BRING ON THE CLOUD!
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10 Ways To Cut Overhead Costs

Ray Kirschner - Wednesday, August 31, 2011

Your business may incur a seemingly minor cost here and there, but over time these costs add up. Suddenly, your overhead is way higher than it should be. The current economy is rough, so it is prudent for your business to reduce overhead costs wherever possible. There are a myriad of clever ways to accomplish this. Consider some of the following suggestions

1. Use Office Space Wisely
Look at your office’s physical space, and analyze how well it’s being used. If you have extra space, maybe you can share your office with another, non-competing business. If you are adding staff, consider reconfiguring your floor plan to be most efficient. Try wall partitions to make more efficient use of space, while still giving your employees a sense of privacy and comfort in the work space.

2. VPN Technology
A VPN sets up a private Internet connection that uses encryption and authentication to protect your company’s data. This allows your employees to work remotely. By allowing employees to work remotely, you save on office space, monthly utilities, parking, and many other related expenses. As an alternative to a VPN consider Microsoft’s Remote Desktop that is installed with every version of windows 7 or XP.

3. Freeware
Free software is readily available online and can save you hundreds of dollars on expensive programs. Try Google Documents for basic formatting, spreadsheet, and file sharing needs. Microsoft Live Office Space offers similar functions.

4. Advertising Costs
Pay-per-click advertising can save you money by making your marketing program more efficient. You only pay for people who show enough interest in your message to click through to your company’s website.

5. Trim Travel Costs
Planning ahead is still the best way to save on airfare. The longer you wait to book your flight, the higher the price goes. Also, compare rates! It’s possible to save hundreds of dollars simply by checking different travel sites.

6. Talk to Your Employees
On the “frontlines” of your business, employees often know best where your business is wasting money. Enlist their help in your overhead reduction drive. Offer rewards for any ideas that work.

7. Avoid Bookkeeping Errors
The bigger your business becomes, the more complicated your bookkeeping becomes. Migrating to an online bookkeeping solution will help ensure your accounts payable and receivable are accurately managed, avoiding any surplus cost.

8. Reduce Waste
The amount of paper used up in an office is phenomenal. Consider moving to a paperless solution – from something as simple as emailing a PDF instead of printing the document, to a more substantial commitment such as outsourcing your bookkeeping.

9. Lower Energy Costs
An office that is the right size for your needs and no bigger means you will not overspend on utilities such as gas and electricity. Utility bills are a significant part of overhead costs, so it’s worth it to do whatever you can to lower them. Call your utility providers in search of the best deals and/or better rates. Turn the thermostat down a degree or two. For more advice on reducing energy costs, read HERE.

10. Remember, It’s WHO You Know
Don’t forget about family and friends when it comes to acquiring a product or service you need. They may be willing to give you a reduced rate.
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How To Move Your Business To Cloud Computing

Ray Kirschner - Wednesday, April 13, 2011

Cloud computing refers to the set of hardware, storage, networks, interfaces, and services that work together to provide aspects of computing as a service, wherever and whenever you need it.

Major technology businesses have laid a strong foundation for cloud computing, such as Microsoft and Google.

Microsoft Office Live Workspace

Microsoft Office Live Workspace works with Word, Excel, and PowerPoint, storing files on Microsoft’s servers. When you save a document to Microsoft Office Live Workspace, you can view it from any browser, share it with other people in your workspace and open, edit, and save it on your desktop with Microsoft Office applications.

Google Docs

Google offers a suite of online applications similar to Microsoft’s. If you prefer to work in Google Docs, simply download a tool and you will be able to work from your desktop files while experiencing the benefits of collaborative files backed up by Google servers, accessible from any browser.

Applying Cloud Computing To Your Business

Flexible and attractive to businesses, cloud computing can completely change the way companies use technology to service customers, partners, and vendors.

Migrating your financial operations to a cloud computing environment eliminates many of the constraints from the traditional computing environment, including space, time, power, and cost.

A few benefits of moving your financial data to cloud computing:

  • You can have as much or as little of a service as you want
  • The service is fully managed by the provider
  • Secure offsite data storage
  • Access to your data whenever you need it
  • Monthly billing so there is no up front cost and you can stop at any time

With the right tools and provider, you can have your company’s financial data in the cloud in no time.  How have you benefited from working in the cloud?

 
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When And Why To Outsource Your Bookkeeping

Ray Kirschner - Wednesday, January 19, 2011

Due to the complex details and calculations involved in bookkeeping, it can become quite time-consuming and unfortunately, can get neglected. Thankfully, in this day and age there is a solution: outsourcing your books.

There is an increased trend for businesses to outsource the functions that are not main sources of revenue generation, and bookkeeping is one of the most popular functions being outsourced. But how do you know if the time is right for your business to outsource its books?

Savvy business owners interested in capitalizing on their business should start to consider outsourced bookkeeping. In addition to eliminating the burden of bookkeeping, outsourced bookkeeping offers many benefits that traditional bookkeeping methodologies cannot offer. Here are just a few of them:

  • Save time and money managing your ledgers and books
  • Devote more time to core business activities
  • Gain more understanding of items appearing in your accounts that confuse you
  • Guarantee your books are in order if you are considering geographic expansion, which increases the complexity of bookkeeping
  • Remove IT costs and enhance data disaster recovery
  • Use reliable bookkeeping providers who have perfected the craft of bookkeeping

Have you outsourced any components of your business so far? If not, it’s definitely a smart strategy to consider as we advance into an era where transactions are handled virtually more and more often. Ultimately, outsourcing small and mid-sized business bookkeeping will be well worth your investment.

 
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What’s IN With Outsourcing – How This Trend Can Help Your Business

Ray Kirschner - Monday, November 1, 2010

If you want your business to reach its full potential for success, then outsourcing some of its components may be critical. Outsourcing is the practice of using outside firms to handle work traditionally performed within the company. As we emerge from the recession, entire industries are popping up as outsourcing experts, including human resources, payroll processing, accounting, marketing, distribution, IT– and more.

Many businesses lack a thorough understanding of the true benefits outsourcing can offer them. However, when implemented strategically, outsourcing offers many benefits that, when sustained over time, prove to be beneficial for the longterm growth and health of the business. Some of these benefits are as follows:

Cut costs. When you outsource, you save money and reduce overhead costs. Further, outsourcing converts fixed costs into variable costs, releases capital for investment elsewhere in your business, and helps control operating costs.

Increase efficiency. No matter how extensive one?s strengths are as an entrepreneur, no one is an expert at every area involved in running a business. By outsourcing such tasks as HR, research & development, marketing, payroll, etc., you allow experts in those areas to manage those functions, thereby streamlining operations and reducing time spent inefficiently.

Reduce labor costs. Outsourcing lets you focus your human resources where you need them most. It also allows you to save on costs associated with employees, such as benefits, office space, etc.

Focus on your core business. Every business has limited resources and time. By outsourcing functions that are not within your area of expertise, you gain time to focus on client-facing work and other tasks that will grow your business and profit margin.

Gain Competitive Edge. Small to mid-sized businesses simply lack the resources and capital to be on a level playing field with the in-house support services that larger companies can afford. By outsourcing, small firms can act “big” by having access to the same expertise that larger companies can afford.

Reduce risk. Every business involves some risk. Markets, government regulations, financial conditions, and technologies can change very quickly. Outsourcing providers not only assume this risk for you, but also are generally much better at risk management in their areas of expertise.

For companies who choose to outsource products and services, they must choose carefully among the many providers out there. One that has been in the business for a good number of years can definitely set itself apart from the competition. The outsourcing provider?s certifications and memberships should be confirmed as well before making any final decisions.

Have you outsourced any components of your business? If so, what has your experience been like? Do you have any advice to offer to someone new to outsourcing?
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