MAKE YOUR BUSINESS PROFITABLE By OUTSOURCING BOOKKEEPING SERVICES AND ACCOUNTING SERVICES
Businesses need an accounting team that looks for ways to increase cash and improve profit margins. When you outsource your bookkeeping services to the Accounting Team, you can expect the Accounting team to deliver superior service that will enable your business to free up resources to focus on making your business a success.
As online bookkeepers and outsourced accounting experts, the Accounting Team have helped our clients grow their bottom lines through the introduction of modern bookkeeping technology, streamlined effective processes and world class expertise.
Our online bookkeeping services are designed take care of your full back office function. The Accounting Team manages everything from entering your data and reconciling your accounts to invoicing customers, making collection calls, paying your bills, and completing your vat returns:
The Accounting Team offers a full bookkeeping and accounting services.
The Accounting Team’s outsourced accounting services takes your business to the next level, with a dedicated account manager preparing performance reports on a set schedule.
The Accounting Team schedules regular meetings and feedback sessions to focus and direct your business decisions, and meet with you to discuss how your business is doing and where improvements can be made.
Some of the primary drivers that will alert you to consider outsourcing bookkeeping and accounting services are:
- Lack of bookkeeping processes & procedures
- Inaccurate or late financial reporting
- Inability to forecast or budget
- Poor or non-existent accounting technology integrations
- Personnel churn, lack of internal expertise and even theft
Outsourced accounting services are effectively delivered to clients when combined with our outsourced bookkeeping services.
The difference between Outsourced Bookkeeping and Accounting Services
Bookkeeping and accounting are both essential business functions required for all businesses. The difference between the two functions lies primarily in the activities and expertise of the personnel performing the functions.
- Bookkeeping is responsible for the recording of financial transactions.
- Accounting is responsible for interpreting, classifying, analysing, reporting and summarizing financial data.
The biggest difference between accounting and bookkeeping is that accounting involves interpreting and analysing data.
The accounting process involves recording, interpreting, classifying, analysing, reporting and summarising financial data.
Bookkeeping is the process of recording financial transactions. Recording financial transactions is the first part of and the foundation of the accounting process.
Bookkeepers handle the recording part of the accounting process. Accountants handle all parts of the accounting process.
Bookkeepers record financial transactions in chronological order on a daily basis. Because accounting software automates many of the processes, some bookkeepers in small organizations also classify and summarize financial data in financial reports. These bookkeepers are often referred to as full-charge bookkeepers. They make higher salaries than bookkeepers but lower salaries than accountants.
Accountants analyse financial transactions in financial statements and business reports, following accounting principles, standards and requirements. Accountants analyse and interpret financial data to report the financial condition and performance of the business to company leaders to help them make informed business decisions.
How Cloud Bookkeeping services improves processes
Outsourcing bookkeeping services has become highly effective with the advent of cloud accounting packages. Many businesses make decisions to outsource the primary bookkeeping functions, but retain one or two of the disciplines in-house.
For example, a business may produce many invoices for multiple clients, and the need to maintain the businesses firm grip on cash-flow would necessitate a functioning credit control department. These functions would in this case not be part of the outsourced bookkeeping services, but all the other functions make sense to be outsourced.
In selective outsourcing arrangements as described above, certain cloud accounting packages enable the smooth operations, whilst multiple bookkeeping functions are performed and managed by different resources at different locations. Using cloud accounting and cloud bookkeeping services is a highly efficient method of getting superior functionality and manageability without the capital outlay that would normally have to be spent to enjoy equal functionality.
How Cloud Accounting Services improve processes
Where bookkeeping roles and accounting roles are clearly demarcated, the manageability of roles, functions and reporting is greatly enhanced with cloud accounting services and software. In-house functions, such as credit control continue unaffected by other functions performing daily duties.
The accounting team, responsible for interpreting, classifying, analysing, reporting and summarising financial data, always has the financial data available and company management has access to online live data. Reporting is greatly enhanced in the ‘live’ environment, with management able to access real time reports. Financial management becomes much more process driven and not reporting event driven.
A typical example that most businesses could relate to easily would be reviewing the debtors book. In most companies, the process from management’s point of view would be requesting the debtors age-analysis, and waiting a period of time for the bookkeeper to produce. Assuming all the latest deliveries are invoiced, the bank reconciliation is done and all receipts captured, the management process involves going through the list, firing off a series of further requests for more detail.
Using cloud applications, the financial management function changes dramatically. Management is able to view a report instantly, and simply click on a balance to drill down to invoice and receipt detail. This allows for management to have real time accurate information at their disposal, and the ability to make good decisions thanks to current information.
This is a vastly different scenario to the way many companies operate, often getting information too late.
Cloud accounting services, together with outsourcing all or partial bookkeeping functions and outsourcing accounting functions greatly improves the availability of real time information thus resulting in management’s ability to make good decisions on accurate information
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