Monday, 25 April 2016

QuickBooks Accounting Services - Empowering Small Businesses

There is no fixed definition of small business. It varies between countries and parameters that help define it. The common perception is that companies that have simple ownership patterns like partnerships or sole proprietorships or even corporations that do not have elaborate stake holding structures can be labeled as small businesses. 

Outsource QuickBooks Accounting Services

An example will clear the air to a certain degree. Under Australian Fair Work Act 2009 the criterion for small business ranges from fifteen employees and ditto for the European Union. In the United States small businesses are classified as those having less than 500 workers.

  • In many countries around the world, small businesses are given huge incentives by the Government as they are seen as a dynamic vehicle for economic growth. 
  • Small convenience stores, restaurants, tradesmen, bakeries and even professionals like accountants, lawyers and photographers are put in this category. 
  • Small manufacturers with limited capital investments in plant and machinery are also clubbed here. Quantum of turnover, assets and profits are also taken into account.  
  • All these point to one definite direction – that small businesses have limited needs and more or less are those that operate within fixed preset boundaries. 
  • Start-ups that are on their way to becoming profit generating entities also fall in this category. It is in this scenario that their need for accounting services has to be evaluated. 

But any business big or small has one requirement in common and that is the need to have a good accounting setup so that the process is always clear, precise and accurate. And this is where QuickBooks Accounting Services have a big role to play in empowering small business and driving them forward.  




How then do small businesses stand to gain from these services -    

           

·   Ease of operations – This is very important as most small businesses outsource their accounting process primarily to avoid investments in setting up hardware and software and hiring trained accountants. As a small business owner, your system is continuously updated by accounting services almost on a real time basis. 

The advantage of QuickBooks software is that the online dashboard is periodically updated and gives snapshots of all financial data. Thus it is possible to track income and expenditure, accounts receivable and payable, cash flow requirements and other operational data. You are thus in total control of your small business.

·   Streamline time management – The main strength of QuickBooks is that it automates tasks. Small business owners are perpetually running short of time. You have to look into so many aspects that are priority for you. QuickBooks  automates key accounting procedures such as recurring invoices and payments of bills, categorizing expenses into different heads of profit and loss account and syncing bank and credit card transactions with general ledger cash. 

This saves time on procedures that would normally have taken up a lot of your attention. It is in addition to the built in report formats that are updated continuously, enabling you to get financial statements on the go at any point of time.

·   Be connected on the go – QuickBooks accounting software keep your books in order and you might find it necessary to monitor your data continuously. In this Internet fuelled age this is easier than you think. With specialized apps you can access QuickBooks from your smart phone or tablet anytime to take important business decisions or cash in on sudden openings and opportunities. 

For small business this can often be the thin dividing line between failure and success. The software is also compatible with such tools as PayPal so you can transact business even if your customer is not using QuickBooks.  

See Also:

How Can Finance and Accounts Outsourcing Help You Keep Your Head Above Water?
How to Ensure a Smooth Outsourcing Accounts Process?
Accounting Tips to Stabilize and Streamline Business Operations

How does QuickBooks service function? You scan your invoices and documents and upload them to the outsourcing agencies through secure servers or as attachments to email. They will log into your server over secured remote access service, update your existing records and log out. When you next log into your system, the records have been updated leaving you with time to be devoted exclusively to core business activities. 



If you are a small business owner looking to be empowered with quick growth and development, availing professional Outsource QuickBooks accounting is your best option. To this end, get in touch with us at info@cogneesol.com. Our team of experienced and qualified accountants will ensure that you can concentrate single mindedly to chalking out plans for business expansion while we fully take care of your accounting functions.

QuickBooks Accounting Services - Empowering Small Businesses

There is no fixed definition of small business. It varies between countries and parameters that help define it. The common perception is that companies that have simple ownership patterns like partnerships or sole proprietorships or even corporations that do not have elaborate stake holding structures can be labeled as small businesses. 

Outsource QuickBooks Accounting Services

An example will clear the air to a certain degree. Under Australian Fair Work Act 2009 the criterion for small business ranges from fifteen employees and ditto for the European Union. In the United States small businesses are classified as those having less than 500 workers.

  • In many countries around the world, small businesses are given huge incentives by the Government as they are seen as a dynamic vehicle for economic growth. 
  • Small convenience stores, restaurants, tradesmen, bakeries and even professionals like accountants, lawyers and photographers are put in this category. 
  • Small manufacturers with limited capital investments in plant and machinery are also clubbed here. Quantum of turnover, assets and profits are also taken into account.  
  • All these point to one definite direction – that small businesses have limited needs and more or less are those that operate within fixed preset boundaries. 
  • Start-ups that are on their way to becoming profit generating entities also fall in this category. It is in this scenario that their need for accounting services has to be evaluated. 
But any business big or small has one requirement in common and that is the need to have a good accounting setup so that the process is always clear, precise and accurate. And this is where QuickBooks Accounting Services have a big role to play in empowering small business and driving them forward. 

How then do small businesses stand to gain from these services

Ease of operations – This is very important as most small businesses outsource their accounting process primarily to avoid investments in setting up hardware and software and hiring trained accountants. As a small business owner, your system is continuously updated by accounting services almost on a real time basis. 

The advantage of QuickBooks software is that the online dashboard is periodically updated and gives snapshots of all financial data. Thus it is possible to track income and expenditure, accounts receivable and payable, cash flow requirements and other operational data. You are thus in total control of your small business.

Streamline time management – The main strength of QuickBooks is that it automates tasks. Small business owners are perpetually running short of time. You have to look into so many aspects that are priority for you. QuickBooks  automates key accounting procedures such as recurring invoices and payments of bills, categorizing expenses into different heads of profit and loss account and syncing bank and credit card transactions with general ledger cash. 

This saves time on procedures that would normally have taken up a lot of your attention. It is in addition to the built in report formats that are updated continuously, enabling you to get financial statements on the go at any point of time.

Be connected on the go – QuickBooks accounting software keep your books in order and you might find it necessary to monitor your data continuously. In this Internet fuelled age this is easier than you think. With specialized apps you can access QuickBooks from your smart phone or tablet anytime to take important business decisions or cash in on sudden openings and opportunities. 

For small business this can often be the thin dividing line between failure and success. The software is also compatible with such tools as PayPal so you can transact business even if your customer is not using QuickBooks.  

See Also:


How Can Finance and Accounts Outsourcing Help You Keep Your Head Above Water?
How to Ensure a Smooth Outsourcing Accounts Process?
Accounting Tips to Stabilize and Streamline Business Operations

How does QuickBooks service function? You scan your invoices and documents and upload them to the outsourcing agencies through secure servers or as attachments to email. They will log into your server over secured remote access service, update your existing records and log out. When you next log into your system, the records have been updated leaving you with time to be devoted exclusively to core business activities. 

If you are a small business owner looking to be empowered with quick growth and development, availing professional Outsource QuickBooks accounting is your best option. To this end, get in touch with us at info@cogneesol.com. Our team of experienced and qualified accountants will ensure that you can concentrate single mindedly to chalking out plans for business expansion while we fully take care of your accounting functions.

Wednesday, 20 April 2016

Reconciliation of Accounts: Do You Really Need It?

Are you an entrepreneur OR Running an organization OR Witnessed some unwanted changes or miscalculations in your accounts?


If all these questions are relating your situation, then it can be an alarming time for you to pay attention towards your accounts. Checking out the accounts of your whole organization is really not a piece of cake. You might need to walk a mile extra to analyze the defaults and then make corrections in it.

Well, every organization has their own accounting department to deal with such matters. Before we move further start grasping knowledge over how to reconcile accounts, I suggest to take a look at the literal meaning of ‘Reconciliation of accounts’ and ‘Accounts reconciliation services'.



What is reconciliation of accounts?

The term  ‘Reconciliation of accounts’ is enough to make you understand that it relates to the affairs of accountancy. Basically, it is an accounting procedure where two different sets of accounting records (balances and accounts) are analyzed.

Generally, every nook and cranny expense of an organization  is kept in the accounts book, so the actual amount and exact expenses made can be looked for whenever required. When this account book holds the details of every major or minor expense of an organization or individual, then it should relate to each other at the end of the accounting period.

But apparently when things don’t go right in the expected manner, then putting your nose in between the accounting matters becomes a must.

Well, now when we have gathered enough information over reconciliation of accounts, now its time to know what ‘Accounts reconciliation assistance’ is all about?

If your accounting manager committed minor mistakes it can hit hard on your pocket. Always keeping an eye on the expenses of the organization can save you from going through such stressful circumstances. The basic motive of conducting accounting reconciliation assistance is to thoroughly check out the accounts book.

It is acknowledged as a verification procedure which is generally seen executed by highly experienced accountants only. In order to safeguard your financial condition, reconciliation after a particular time of span is a must to conduct thing.

Some scholar accountants always suggest to perform the reconciliation procedure over your balance sheet on a regular basis can help you wave off your worries at later stages of financial reporting.

With the help of account reconciliation software, this process can be performed with greater ease.
Here is a list of a few of best accounting software which are recommended and used by almost every accountant. Take a look.
  •      Pro tax
  •      Sage Line 50
  •      Peachtree
  •      Quicken
  •      IRIS
  •      Xero
  •     Quickbook
  •     Netsuite
  •  By documentation reviewing- While practicing this process, initially the previous accounting documents are paying attention to. In general, this activity is acknowledged as ‘data collection.’ With this, analyses of the previous financial year documents are also executed. If done manually, this process can consume your never ending time, so it is wise to go for any above mentioned account reconciliation software that helps you get a better and faster access over data collected.
  • The analytic review- Here in this process two important aspects (previous information and estimated transactions) helps you completing the account analyzing procedure. Taking help of the previous year financial statements can really sort out things for you. Once all the data required is collected, then the next step is to perform the comparison activity among (financial and non-financial data information) which ultimately lets you have the clear results in front of you.
  • Helps detect accounting blunders that can cost you hard if not detected at the right time.
  •  Lets you have an overview of your whole year spending and savings too.


Usually, there are two different ways that are used to in order to conduct the reconciliation procedure. 

To perform this kind of analyses your estimation power should be good, as you need to estimate the last transactions on your account to make the balance sheet accurate. The estimation basically is made in accordance with the previous transactions. 

Is it really important to have a reconciliation of accounts done? What are its benefits?
Whichever is the method of reconciliation, the basic aim is to find out the faults and then correct them up.  

Want to reconcile your bank and credit card statements? We have a highly qualified and experienced team that specialized in reconciliation process. For more information please contact us at info@cogneesol.com.