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10 reasons you may need to outsource bookkeeping

 

As an entrepreneur, it simply makes sense for you to keep one eye on your company, and another on situations that might lead to trouble for your company. If you want to increase your chances of long-term achievement, here are 10 signs your company must be investing in professional accounting services whenever possible.

1. You have never kept a set of books before

As somebody who’s capable of starting a business from scratch, it is not surprising that most entrepreneurs prefer to do things for themselves. At times it’s just in their nature, but often it is an attempt to save cash. If you’ve never performed bookkeeping duties earlier, this isn’t the time to begin.

2. You think bookkeeping software is a substitute for experience

The widespread availability of intuitive applications like QuickBooks may be a double-edged sword. Much like any other skill, the ideal tools can make your small business accounting convenient and streamlined. But no tool is a replacement for knowledge and expertise.

3. Your organization lacks business organisation

How organised is your company? The state of your firm’s finances contributes directly to the efficacy and operation of its infrastructure at every level. You can’t successfully control or navigate a business whose balances are left to handle themselves. A solidly administered accounting foundation is important to improving productivity, and creating future expansion possible.

4. Your bills sometimes, or always, get paid late.

When you lack the knowledge or time necessary to maintain your accounts up to date, bills can fall through the cracks, and also the money to cover them may be unavailable once you want it. Appropriate accounting practices include proper management and time. When you make the most of expert accounting services, you will not ever need to worry about late fees, lost capital, or the repercussions of bad credit.

5. Your client payments are not collected regularly

It can be tricky to keep on top of your bills as soon as your customer payment sets are inefficient. Positive cash flow is all about balancing the money coming into your company, with the money going out. Searching for the proper support to set up a well-organized bookkeeping process is critical for maintaining this balance undamaged – and for ensuring you have the funds to fulfill both your organization’s overhead expenses and plans for growth.

6. Record-keeping is a vital part of every business’s accounting activities.

Without creating and keeping suitable accounts documents, you risk incurring greater costs in both time and money. Hiring a skilled bookkeeping firm will streamline your financial documentation.

7. You are uncertain of which employee deductions to make

Payroll can be a complex and stressful undertaking, especially since your organization is legally bound to pay its employees properly and on time, every moment. Payroll calculations vary on a regular basis. Among the biggest benefits of outsourcing your bookkeeping solutions, is the chance it provides to relegate the load of remaining current on worker deduction and tax rules, to an outside professional.

8. You are unsure of how to make the most of all the tax deductions available to you

Without the help of a bookkeeping expert, you may be missing out on tax credits and deductions your company is eligible for claim. Many companies find that this stage alone more than pays for the cost of employing a bookkeeping firm to handle their financial affairs. Although you might not have enough time or resources to keep up with the regularly evolving taxation scene, your specialist bookkeeper does.

9. You never have time to grow Your Company

Even if bookkeeping comes easily to you, each hour you spend managing your bank accounts is one hour you might be spending developing new business opportunities, or progressing your business’s services, products, and client relations.

10. You are not making as much money as you could be

Here’s the bottom line: if you wish to increase your earnings, then enlist the aid of a respectable accounting services. This single choice has the potential to substantially boost your profits by boosting your organization’s productivity and efficiency, decreasing the costs associated with late fees, interest charges, and missed taxation benefits, and providing the time your entrepreneurial soul needs to strategize, negotiate, and finally generate a higher degree of income.

 

Paddy Gahan    Gahan.ie  xero bookkeepers

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

Why Keep Your Data in the Cloud ?

 

Cloud computing

Cloud computing is fast moving from a vague notion to an everyday reality for small companies all around the world.A 2016 survey of small business owners discovered that 52 percent had already embraced some sort of cloud-based data storagenonetheless, a general lack of comprehension concerning the logistics and benefits of cloud computing has created others a little more resistant.The reality is, you will find several quite practical advantages to transferring your information to the cloud, such as decreasing operating costs and boosting efficiency. Here are some additional methods cloud computing can assist your business run much better.

Easy file-sharing with Group members & Customers

Some workers work at home, while some are on the street serving customers and creating revenue. According to email to discuss and collaborate on significant files can make it tricky to track documents, consolidate revisions and find the ideal information to your customer in time.In addition, it’s easy to share files with customers, monitor work in backup and progress your documents to avoid data loss.

Save money on Maintenance and Hardware
Setting-up the server, apparatus, networks, facilities and other geardeployment and setuproutine maintenance of backup servers, storage, network links and software upgrades. Cloud-based storage, on the other hand, is controlled and maintained by a dedicated group of seasoned professionals that concentrate on care and cyber safety so that your small business does not need to.Cloud based solutions can also be scalable. Providers provide solutions for companies of all sizes and shapes, with costs and features tailored to match your particular requirements and price range.Not just do cloud suppliers implement the most recent cyber-security protection, they also provide your organization safeguards to avoid data loss in the event of an unforeseen catastrophe.Cloud computing giants such as Google can manage to have several data centres, each with many web connections along with the capability to copy data at each place. They have generators to manage power outages and backup systems which assist servers keep running even when certain parts fail.Think about how your company would be affected by a local power outage which rendered your info inaccessible? Loss of sales and customer confidence would probably be significant. You would be left to rely on your own internal IT group to reboot your system and retrieve your documents. This would probably be expensive and time-consuming, as well as stressful.Cloud suppliers have the tools and experience small companies simply can not otherwise access in regards to data protection and storage. Tapping in their strength can help your company stay agile, develop quicker, and also compete with larger players.

As a Xero Partner practice, we’ve got the abilities and expertise to help you with implementation and training, in addition to provide recommendations for further applications that may enhance your business processes.If you would like more info, please contact me directly.

Paddy Gahan Gahan.ie Xero Accountants

Automagic bookkeeping with Autoentry and Xero !!

Automate your bookkeeping with Autoentry and Xero

Who is it for?

Auto entry and Xero together are perfect for Small to Medium-sized Businesses.

There is no looking back to the old way of managing invoices and receipts – if you are looking to revolutionise your bookkeeping productivity then Autoentry is the solution for the problem that for years you didn’t realise you had.

Simply scan and email your invoices to Autoentry or take a photo of receipts and send them.

Join the hundreds of businesses on Autoentry by automating your expense processes so you can spend more time on your business, or the things you love.

How does it work with Xero?

The two systems integrate seamlessly to provide a near real-time view of your accounts. Auto entry software extracts the information from your invoices and receipts and publishes it directly into Xero.

Paddy Gahan Gahan.ie Xero Accountants

Is it Time for a Systems Review ??

Time for a Systems Review by Paddy Gahan

Every 24 months is the suggested timeframe for looking at your accounting systems to see whether it’s time to upgrade. This often provides an opportunity to reduce overall costs and improve the quality of the information you’re getting.

Here are the 5 services we offer in this arena:

• Systems analysis

• Recommendations on hardware and software

• Installation of software

• Training your members of staff

• Ongoing support

If you would like a free, no obligation review of your current accounting system, please let me know.

Best wishes. Paddy Gahan Gahan.ie Xero Accountants

PS We are familiar with all the popular accounting packages being used in Ireland and we specifically support Xero

What Keeps you Awake at Night ??

What Keeps You Awake At Night? by Paddy Gahan

The most common reason is NOT KNOWING WHERE YOU STAND with respect to your business.

If you’re not getting reliable information on a regular basis in a format that you can understand, we can help! We’re experts at developing accounting systems and reports.

Alternately, we can prepare the figure for you, accurately and promptly, and offer you an outsider’s view on your performance. We can also help you develop an annual budget and show you how you’re doing every month against your targets.

Let me know if this is of interest.

Best wishes. Paddy Gahan Gahan.ie Dublin Accountants

PS. It’s important to produce accurate, understandable financial reports on a regular basis.

Cash Is King !!

Cash Flow Is The Single Most Important Issue In Your Business

Do you agree? Most of our other clients do. In this economy, cash is king and managing your cash flow is more important than ever.

We now specialise in helping our clients manage their cash flow. We do this by preparing and updating detailed cash flow forecasts, using the latest and most powerful software. We can also help you negotiate or renegotiate overdraft facilities – we’ve been in the community for 25 years, so we know all the bank managers.

Please let me know if we can help you.

Best wishes.

Paddy Gahan Gahan.ie Dublin accountants

PS. Cash is king!

What’s Your Exit Strategy

What’s Your Exit Strategy?

The ultimate aim of every serious business person is to build a company that has value, so that it can be sold or transferred, allowing the entrepreneur to exit gracefully and profitably.

In the recent past, we have been helping a number of our entrepreneur clients develop appropriate exit strategies. There are many issues to consider …

• When do you want to exit?
• Can the business be sold to your employees?
• Is a trade sale more likely?
• Are there children involved?
• How much is the business worth?
• What needs to be done to enhance the value of the business?
• How long will it take?
• Do you want/need to stay on after sale of transfer?
• What are the tax consequences?

We have a tried and tested methodology to address each of these issues, to prepare your business for sale, find potential buyers and negotiate to get the maximum price a buyer feels your business is worth.

If you would like to discuss your personal exit plans I would be happy to help – please call me.

Paddy Gahan Gahan.ie Xero Accountants

Are You Fed Up With Bookkeeping ?

Are You Fed Up With Bookkeeping ??

Every business owner hates bookkeeping and paperwork.

Unfortunately it has to be done. And it has to be done in a prescribed format… otherwise the Tax Man will be on your back.

It’s also difficult. That’s why there are bookkeeping exams. That’s why there are professional institutes like the Institute of Certified Bookkeepers.

I guess you’d much rather be out there making money from your business than doing the books. And because everyone hates bookkeeping, most people end up doing it in the evening or at weekends. Yet, shouldn’t evenings and weekends be spent playing with the kids, spending time with your friends and loved ones, or out on the golf course?

Another option
A far better option is to employ a bookkeeper to get the job done properly. Unfortunately full time qualified bookkeepers typically cost €22,000, together with all the other associated costs and hassles of employing someone.

But that option is too expensive for most small businesses.

The solution is here

Technology has come to our rescue. Why not use AutoEntry and Xero to automate your bookkeeping chores.

The old-fashioned way of bookkeeping using manual ledgers, spreadsheets and desktop accounting systems will soon be a thing of the past.

Just like online banking, a modern cloud accounting system will save you a significant amount of time by automating many of the data entry processes that used to take up so much of your precious time and giving you instant access to your numbers. And that’s just two of the many benefits.

For a free demonstration please call us at 01 6684411 or email info@gahan.ie

Paddy Gahan Gahan.ie Xero bookkeepers and accountants

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