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Accounting

Benefits of Outsourced Bookkeeping

 

Benefits of Outsourced Bookkeeping

 

The growth of the digital community has greatly enhanced how we do business. This is particularly true for business owners in regards to bookkeeping. It has become more and more sensible to outsource those services. There are numerous reasons (outside the overhead decrease) why outsourcing may make sense for your company. On-site accountants or bookkeepers make lots of overhead. From handling applications to recruiting and training workers, the burdens of in-house accounting staff absorbs valuable resources.

Growth of online software

As stated by the Sage Accountancy Index, nearly 75 percent of accountants forecast that online services will get the biggest aspect of the working practice within the next few decades. What some business owners don’t see is that you will find indirect cost savings which may be credited to outsourcing your accounting requirements.The worth of Service-based BookkeepingUtilizing an outsourced bookkeeping service doesn’t mean purchasing software and functioning the machine yourself. Bridging the gap between people and applications is a wonderful business model and some thing you need to think about when choosing an outsourced support.Data SecurityThe most significant concern for many business is the safety and integrity of the company data. Servers and other regions where fiscal records are stored must be suitably secured. When utilizing an outsourced company, there’s absolutely not any need for concern regarding worker access to this essential data and the data can be kept electronically.With respect to digital storage and transmission, then it’s fantastic to understand what encryption method that your service is utilizing. You must always ask your potential digital bookkeeper should they log in to servers that are secured and if there’s very good monitoring of their dissemination of information. If your accounting support permits client access to information from cloud storage, then you will want to learn what security characteristics are in place to safeguard against access by third parties and also to restrict access to yourself or to key members of your small business.These security measures help lessen the danger of a data breach which could cost your organization everything.

Big Cost Savings

The expenses of managing applications, server updates, maintenance, and significant file storage are only some of the numerous reasons that outsourced bookkeeping solutions will help save your organization money and mitigate areas of concern.Small Business Growth A 2012 post from the ACCA cited that the accessibility to some professional, the efficacy of filing and completion of returns, real time review of their company, and cellular accessibility as the best reasons for selecting an outsourced bookkeeper. Outsourcing significantly increases the scalability choices of your small business. You have the choice of cutting or expanding back fast and efficiently.Whether your company is in an expansion mode or price reduction condition, the outsourced team can give you unique plans and the best alternatives to attain your targets. Concerning accounting, this usually means that somebody is making sure that a provider’s financial matters are managed in compliance with federal regulations and laws. Running a business is hard enough without the burdening facet of monitoring regulations.Ignoring these variables can have enormous financial consequences for your company. When it’s payroll or payment processing, then the particulars of mitigating monetary penalties and extensive compliance could be daunting.

Accurate Accounting Statements

Accurate Statements Create an ImpactOutsourcing your accounting responsibilities to a dependable group may produce a substantial effect on your development and profitability. They are readily available to describe and help assess important data on your financial statements that will assist you in making better choices. Job breaking processes enhance profitability but are determined by accurate accounting records and financial statements.The supervision made by producing high-quality financial statements and precise reporting is an integral facet of the basic management of any business enterprise. It enables for fiscal planning to be strategic and efficient expansion programs to be contingent upon real-time precise data from your company.Outsourced bookkeepers permit you to leverage technologies to improve the freedom and scalability of your small business. This venture allows for a gain in experience and expertise that will help you plan and execute the subsequent expansion stages for your industry. The price reduction and educational accessibility of the service may be useful in furthering your companies growth and endurance.The new era of small business ownership is based in virtual collaboration and teamwork.

 

Paddy Gahan   Gahan.ie   for xero online bookkeeping

Small Business Bookkeeping Today

 

 Small Business Bookkeeping Today

“History … has no present, only the past rushing into the future. To try to hold fast is to be swept aside.” – John F. Kennedy

Very little has changed over the centuries in terms of using double-entry bookkeeping as a means of tracking your company’s possessions. Thanks to the equation that started it all, an unexplained loss or imbalance in your accounts is still a sign that something’s gone missing – or at least was inaccurately recorded.

What has changed in small business bookkeeping today however, is that the rise of technology is making it easier than ever for accounting professionals to do what they do. Advanced accounting platforms have ramped up performance, streamlined entries and analysis, and reduced the errors, omissions, and tampering that often go hand-in-hand with penalties, interest charges.
Accounting Software

Specialized software programs like QuickBooks and Xero have automated data entry to the point where bookkeeping tasks can be performed faster and more accurately than our entrepreneurial predecessors could have imagined.

Today’s bookkeeping software makes it easy for your professional bookkeeper to enter, track, report, and analyze your financial transactions almost instantaneously, giving you the detailed information you need – when you need it – to make better decisions for your organization.

But sophisticated double-entry software does more than just process your company’s payroll and inventory, accounts receivable and payable. In the right hands, it can serve as a fully functioning account information system, making it possible to:

  • measure, classify, verify, calculate, and interpret your organization’s financial data,
  • perform financial analyses for both internal and external audit purposes, and
  • produce reports designed to support your managerial, tax, and legal obligations

It can be difficult to imagine how labor-intensive and time-consuming the manual consolidation of transactions into useful reports must have been at one time. Fully customizable from the most basic of bookkeeping tasks, to solutions that effortlessly integrate data across multiple departments, accounting software has become an invaluable resource for today’s small business owner.

Cloud-Based Accounting

While many software programs are still desktop-based, more and more businesses are discovering the advantages of working with a cloud-based accountant. Cloud technology allows your company’s financial data and reports to be securely retrieved at any time, and from any device or location with internet access.

Cloud-based programs process, store, and access your business account information using remote internet servers. Because there’s no software to be installed, maintained, upgraded, secured, or backed up, there’s less cost, time, and risk of lost or damaged data involved.

Some of the biggest reported benefits of cloud-based accounting for the small business include:

  • access to accurate, real-time data whenever you need it, via smartphone, tablet, or laptop,
  • financial data that’s synced automatically, with maintenance-free usage and minimal downtime,
  • convenient collaboration potential among authorized team members or across branches, and
  • full scalability, with more complex applications and reports available as your business grows

Cloud accounting technology cuts costs and improves efficiency, and software-as-a-service (SaaS) providers are intrinsically motivated to combine great service with regular product innovations.

Cyber Security
We can’t discuss small business bookkeeping today without broaching the subject of cyber security. As safe as our technology is purported to be, where there’s online data, there’s online risk. Keeping your company’s financial information safe from damage or attack by an outside party should always be priority one.

Cyber security includes any technology or practice that prevents unauthorized access to private or sensitive data – whether that data is being stored, processed, transmitted across networks, or transferred from one device to another. Since scenarios like these are virtually unavoidable in the course of doing business today, every organization must take steps to protect itself from the risk of a cyber-attack.

With online threats evolving regularly, it’s best to safeguard your financial records with security that centers around continuous monitoring and real-time assessments. Proactivity and adaptivity are key, according to many advisory organisations.

  1. Prevent: Identify the solutions, policies, and procedures needed to reduce the risk of an attack
  2. Resolve: Put plans and procedures in place that make it possible for your business to determine which resources will resolve a threat in the event of a security breach
  3. Restore: Prepare your business to address consequences with both employees and customers, to ensure the fallout from an attack is as minimal and short-lived as possible

With the proper groundwork in place, your business will be better prepared to respond to a cyber incident with a plan that protects its assets, sales, and reputation, and that gets it back up and running as quickly as possible.

As a small business owner, cyber security starts with you. Take the time to educate yourself and your personnel on risk management, and make sure your bookkeeping firm has appropriate security measures in place.

 What Does the Future of Bookkeeping Look like?

“The future belongs to those who prepare for it today.” – Malcolm X

Double-entry accounting has come a long way since ancient kings and wealthy landowners used it to keep track of property and taxes. Clay tablets and parchment have given way to iPads and laptops, and smart software programs that learn and adapt are showing up in everything.

If you would like to find out more about cloud accounting solutions please contact me.

Paddy Gahan  Gahan.ie    paddy@gahan.ie

XERO THE HERO

Xero Hero

 

BY  PADDY GAHAN        XERO ACCOUNTANT

At Gahan.ie , we realise that providing great accountancy is about more than just crunching the numbers. That is why we’ve created a genuinely proactive Xero Accountancy service especially for small businesses.
As well as online accounting, you’ll also get:
1. Proper Tax Planning prior to your Year End (we won’t leave it until after your Year End, when it is too late!).
2. No surprise bills. Call or email your Xero Accountant at any time and you won’t get billed for it.
3. A genuinely proactive service. Getting you thinking about your business and where you are heading.
4. We make your life easy. When it comes to your accounts, we keep things simple and take away the hassle for you.
5. We’ll get you connected and help you to utilise the cloud.

Here’s how we can help you with Xero:
Free trial – If you’d like a free trial with Xero, get in touch and we’ll get you set up.
Xero demo – If you’d like a demonstration of how Xero could work for you, let us know when you’re free and we’ll show you the ropes via a screen link.
Transfer to Xero – If you are not currently using Xero and would like to, we can assist in the transfer from your old system.
Xero training – We love training people on Xero. To find out about all the cool things we can train you on,

So if you want to find out more please call Paddy Gahan at 01 6684411

Can Outsourced Bookkeeping Ease the Pain ?

Bookkeeping Causes Pain

Can Outsourced Bookkeeping Ease The Pain?? by Paddy Gahan

For many businesses their bookkeeping causes a lot of pain. However, when handled correctly there are many pains that proper bookkeeping can remedy. Common reasons that bookkeeping causes pain are: it is intimidating, people don’t like it, and it’s often way behind because it gets pushed to the back burner. A solid bookkeeping system that is handled properly can solve many of the common pains below.

When you start talking bookkeeping and taxes with many business owners you often trigger a worried look. Bookkeeping can cause a lot of anxiety and worry for the small business owner, but for us as outsourced bookkeepers it creates an opportunity. When we take over books from previous bookkeepers sometimes they are clean with a good system in place, but most of the time they are a mess and full of mistakes. Creating the proper bookkeeping system and giving a business owner a set of books that adds value will reduce their anxiety and worry when it comes to their business finances. Quite often the key is accurately updating the books on a regular basis.

Another pain that bookkeeping can create is a lack of access to updated information. New clients often complain that the books are behind and inaccurate. Business owners complain to me that they don’t get reports from their bookkeeper often enough and when they do they don’t contain accurate or relevant information. In order to run a business you need updated and accurate financial information that can aid you in making business decisions.
A good bookkeeping system can and should give a business owner access to regularly updated financial information that is accurate. The major trends in the accounting industry right now are a movement to cloud based solutions and the need for more regularly updated information. You should set expectations with your bookkeeper on how often you would like to see the books updated. Also, be sure that you have access to your bookkeeping system and financial reports anytime you want them and from where ever you are.

So If you want to find out how outsourced bookkeeping can help your business please call us at 01 6684411.

Old School Accounting V Real Time Accounting

Old Style Accountant

 

Old School Accounting !!

Annual financial statements often 6 to 9 months after year end

Once a year meeting or phone call

Never visits you  and no proactive advice

Never calls you unless there is a problem

Never available when you need help

 

Real Time Accounting !!

Free xero accounting software

Annual financial statements at year end

Regular management accounts

Regular review meetings

Unlimited telephone support when you need it

Fixed fees paid monthly

 

 

Banish Bookkeeping With Receipt Bank and Xero

Gahan Bookkeeping Blog1

 

Is your bookkeeping still in the  “olden days” of when the accountant (or bookkeeper) took care of everything and the client had no access to the books at all. In a lot of  cases our clients have decided that they’d rather not be doing the bookkeeping at all and would rather leave this to us.

A question I am always asked is.

“How do you provide bookkeeping services when you are not at the client’s location?”

How We Do It

1.  We give all our clients free access to Xero online accounts. Xero is available 24/7 via internet connection.

2.  Our clients  usually raise and issue all sales invoices via email on Xero.

3. All other accounting records ( purchase invoices, receipts, etc. )  are scanned and emailed to Receipt Bank.

4. Receipt Bank then process and enter all these items on Xero.

5. Our clients, of course,  have access to all this information online anytime anywhere.

In my own business, I’ve been working with clients 100% virtually since 2010.  So if you want to streamline your bookkeeping and accounting please call us at 6684411 for further details.

Xero Powered Accounting

Paddy Gahan

Xero  Powered Accounting

 

iPhone

 

 

Our business accounting package is designed to make meeting your annual compliance requirements as easy as possible, whilst getting the most from Xero Accounting Software for day to day financial management.

Your dedicated Xero Accountant will help you optimise Xero for your business. In no time at all you will be using Xero to invoice your clients, monitor your expenses, submit your VAT returns and tracking your financial performance. Xero can be accessed from your laptop,  iPad or  even iPhone.

Because all your financial data is stored within your Xero account in the cloud, our Cloud Accountants can see all your financial information in real time. When it comes time to prepare your year end returns we can get on with them with no disruption to your business as the information we require is already available.

Call me at 01 6684411 to get a free test drive.

Death Of The Bookkeeper

bookmark-10744113Death of The Bookkeeper

2014 will mark the demise of Bookkeepers and Bookkeeping as we know it – or knew it. The simple fact is for many small businesses the old way of doing Bookkeeping just doesn’t work. Mary the Bookkeeper coming into the office once a week or once a month processing information on some software that no-one else knows how to use is pointless and expensive. Rightly so, people expect more, want more and would like to pay less than they did.

With easy-to-use online accounting software such as Xero and   Receipt Bank that most business owners can find their way around in a matter of minutes, expectation levels have risen – when you log-in you want to see real time information, not wait for Mary the Bookkeeper to come in later in the month.

In practical terms, when you want to know ‘Have I been paid?’, ‘Have we billed this client?’, ‘What was that invoice for?’ – you know – at the click of a button. With simple reporting, you can see if you can afford another member of staff, a larger office, a faster car. You don’t need to be a financial whizz….and you don’t need a Bookkeeper.

Then there’s the cost consideration. Xero + Receipt Bank is obviously a lot cheaper than paying Brenda the Bookkeeper a day a week. All you really need is someone to be there to talk to about your finances on a daily/weekly/monthly basis (which we can help with!)

If you’re reading this Mary, we’re sorry, it’s not personal but times are changing….

 

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Webinar | Become paperless with Xero

We hope you enjoy our XERO webinar. We tried to keep it short and to the point (no more than 15 minutes in length).

Any questions, please do not hesitate to get in touch.

Enjoy.

Cash Is King How Xero Can Improve Your Cashflow !!

Cash flow

As a small business owner, life will be a lot less stressful if your customers pay you faster.

Here are some  tips to speed up the process of getting paid – which can dramatically improve your Cashflow.  First Get a good online accounts app like Xero.

  1. Invoice immediately
  2. Email your invoices
  3. Write detailed descriptions on your invoices
  4. Set your own payment terms
  5. Encourage direct payments to your bank account
  6. Use your mobile phone to access your accounting system during the day
  7. Have someone else call your debtors
  8. Send statements
  9. Use your Accounts Receivable reports

If you would like to test drive Xero please contact me at 01 6684411