Why Reconciliation Is The Most Crucial Step To Accuracy

Bank Reconciliation Services reduce the errors that could have been caused at either end by verifying all the records. It ensures more accuracy, the bank statement balance of the customer is reconciled, with the balance in the client’s financial software, the results from both the ends should be same to ensure that no theft or fraud has taken place. Hence It ensures accuracy.Bank Account Reconciliation Services

All the accounting errors can be removed by account reconciliation as it helps you to identify the errors easily. It is a crucial step that needs to be performed to ensure that there are errors in the record.

source: http://accountsconfidant.com/why-you-need-to-outsource-your-bookkeeping/

Your Business on Track with Bank Account Reconciliation Services

Top 4 Virtual Accounting Concerns of Business OwnersEvery month, the bank takes out a banking statement of all your business’s transactions of each bank accounts of your business of that month. The amount of money debited, credited, the date on which the transactions took place and the charges made by the bank to the account are all mentioned in the books, which is called bank statements. The same transaction statements are sent to the company- which are called Cash Balances. At the end of the month, Cash Balance and Bank Statements should match. This process is called Bank Account Reconciliation. Read more

Top 4 Virtual Accounting Concerns of Business Owners

Virtual accounting services are the modern services to handle accounts, by hiring a qualified person who can work for your company remotely. It has proven to be an efficient way of managing accounts by engaging a virtual assistant for accounting services who works for your company. Virtual accounting business servicesTop 4 Virtual Accounting Concerns of Business Owners have been gaining a lot of popularity because of the wide variety of benefits it provides. They are efficient, flexible, and cost-effective. They have helped companies to grow their companies as the company can focus on their core business while someone else takes care of the accounts of the company. May it is professional bookkeeping services for small business or handling accounts for large companies, virtual accounting has proven to be beneficial in all cases.

While the benefits of virtual accountancy are immense still the business owners suffer from certain concerns before hiring a virtual accountant. Although Virtual accountancy enhances productivity and improves efficiency still many business owners hesitate before switching to virtual accountancy. Here are a few common reasons why business owners hesitate to opt for virtual accountancy:

  1. No personal contact with Virtual Contact:

This is a major concern of all the business owners. As the virtual accountant works for the company remotely instead of sitting in the office provided by the company, that is why owners hesitate to share their company’s information with a virtual accountant. Business owners feel uncomfortable sharing information over the internet. Although it is beneficial to communicate through forms like calls, messages or e-mail instead of wasting time in the meeting, yet owners suffer from trust issues with a virtual accountant. O solve this one can trust a virtual accounting service provider. The professional companies that offer accounting services and remotely manage the accounting tasks for any business group rather than physically working at their location are known as Virtual Accounting Service Provider. These companies provide a safer accounting method as they perform background checks on its professionals and are covered by fiduciary insurance to protect the clients from any fraud.

  1. Issues in managing Virtual Accounting Team:

It is believed that handling a virtual team is more difficult than handling a team who works in your office. As providing instructions over the internet is more complex than providing instructions in real time. Also as you have no personal contact with your virtual team it becomes difficult to gain a control over them. This problem can be solved by using proper techniques. It is easy to have a hold of your team virtually with proper communication and understanding with employees.

  1. Security issues with data:

Many business owners feel that once the data of their company is shared over the internet it is not secure anymore. There is a risk in sharing accounts detail over the internet as any information on the Internet can be easily accessed with modern techniques. The fear of hackers intruding into sensitive information makes business owners more concerned about virtual accountancy. This problem can be solved by connecting with a trustworthy virtual accounting firm that uses safety measures to protect your data.

  1. Losing control over own business:

Some business owners believe that sharing details of their business with another person virtually can make them lose control over their own business. With virtual accountancy, the business owner has the right to all the information like accounts receivable, accounts payable, income statements and balance sheets and financial reports. All of this information is updated and delivered regularly; hence the business owners have full access to all the information

We can realize that virtual accountancy brings some major concerns to owners but with new and updated techniques there is a solution to all the concerns business owners have.

Why Flexibility Matters When It Comes to Payroll Processing

A payroll is basically a document showing the distribution of total money that a company is liable to pay to its employees. It shows the records of the salaries and wages that all the employees of the company get. It also includes bonus distribution and tax provisions. Payroll processing involves execution of the calculated salaries and bonuses to the employees.  It involves maintaining a balance in the payroll data just as a balance sheet and reconciling or correcting any error causing disbalance. The process is a complex one and hence may require some companies to hire a payroll service provider.

When we talk of payroll processing, we generally don’t consider the option of flexibility. More specifically, we don’t think that the element of flexibility would fit into payroll process. The obvious reasons being the pay dates and tax filing deadlines are not flexible but fixed.

Evolution in payroll process

With the journey of payroll from being a simple obligation to being a stressful task, it became quite important to introduce new and flexible payroll options. It is not necessary that any company will prepare its payroll exactly on the scheduled time. There may be instances where the company has to go ahead of the schedule to pay its employees. Furthermore, the chances of errors in calculations are also unpredictable. Thus, the need of options that would make payroll quicker and stress-free. These options are – Same-day payroll, next-day payroll and cancel payroll.

Same day and Next day payroll

As already mentioned, there may be instances when company needs to ignore the scheduled payroll date and execute payrolls of certain employees. These instances may arise when an employee is in sudden need of money for some reason. Or when an employee decides to resign in the middle of a month.  In all such situations, the same day and next day payroll services can turn out to be a blessing. A same day payroll service allows the company to execute the payroll on the same day as scheduled. Next day payroll, on the other side, enables a company to execute it on the next day of the scheduled business day. Such services are required the most by small businesses which do not have adequately qualified employees to give away payrolls on such a short note and without errors.

Cancelling Payroll

Errors in payroll can strike back to the company really hard. An error may create hustle among employees and develop pressure in the management. But it doesn’t end here. It has a greater impact causing a greater result of a petty mistake. An error in a payroll implies an error in tax payment. This may result in penalties levied on company by the government authorities.

Hence, cancel payroll is opted. At times, when people make mistake while calculating the wages and bonuses, leading to underpayment or over payment, they have to cancel the whole payroll.  This can be time consuming and expensive. But, if someone spots an error in payroll shortly after execution of payroll, one can select cancel payroll option. It will stop the payroll execution process right in the middle of its track and the person can start fresh with the correct amount in the payroll.

Payroll processing is not an easy challenge to take. While preparing payrolls, one has to keep in mind a lot of factors.  The person must take into account all the legal obligations such as minimum wages to be paid, tax deductions, paid holidays, paternity or maternity leaves to be paid ( if any), loans for children and any other perquisite that the company is giving to its employees. Thus to cover up errors in processing and to facilitate emergency payroll executions, flexibility in payroll processing is of great significance.

Why do you need to Outsource your Bookkeeping?

PROFIT is the word towards which all the predilections of a business are directed. As it is one of the major aspects of business growth and expansion. And THIS is where proper bookkeeping and accounting plays an important role to keep a check on Financial Transactions of a business.

It is quite obvious for an Entrepreneur or a New Business Owner to understand that, without quality bookkeeping, you will not be able to know about the cash flow, whether you are meeting your goals or even running a business successfully.

source: http://accountsconfidant.com/why-you-need-to-outsource-your-bookkeeping/

Unable To Keep Up With The Changes In Business Accountancy?

Accounting experts in the current times are discovering about the fact that they need to constantly learn, unlearn, and relearn in order to keep their position intact in this fast-changing business accountancy landscape. 

Bookkeepers & accountants all over the world are facing the heat of the rapidly emerging technologies in the business accountancy domain such as blockchain, AI(artificial intelligence) & RPA (Robotic Process Automation). The said technologies are quickly changing the [profession of a business accountant with every single day passing by. 

source: http://accountsconfidant.com/rapid-changes-to-business-accountancy/