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 stakeholding structures can be labeled as small businesses.
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 points 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.
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 the 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 smartphone or tablet anytime to take important business decisions or cash in on sudden openings and opportunities.
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 smartphone or tablet anytime to take important business decisions or cash in on sudden openings and opportunities.
For a 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.
Read Also:
Read Also:
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.
