It’s no surprise that 82% of businesses in the country fail because of cash flow issues. Without money coming into the business, it’s hard for any business to stay afloat. The surprising bit is that some businesses still fail, even with cash reserves and pending payments.
Why, you ask? Well, it’s simply because of improper bookkeeping. You see, most business owners don’t have the time or knowledge for bookkeeping.
That’s why smart business owners outsource their bookkeeping to bookkeeping services. The smartest ones outsource their bookkeeping to online bookkeeping services and get their bookkeeping done instantly.
If you’re on the fence about hiring online bookkeeping services, we’re here to help you make the right choice. In today’s post, we’ll be highlighting a few reasons why you should use online bookkeeping to keep your business records in check.
Expertise and Experience
Most online bookkeeping services are run by accountants and finance professionals who have years of experience in bookkeeping and accounting. This means that they know all the ins and outs of keeping business records. They can help you with all your bookkeeping needs, from setting up your books to keeping track of your expenses.
What’s more, online bookkeeping services can also offer you valuable insights into your business finances. With their help, you can make better decisions about where to invest your money and how to manage your cash flow.
To Save Your Time
As a business owner, you have a million and one things to do. The last thing you want to do is spend hours poring over your financial records. With online bookkeeping services, you can save yourself the time and hassle of keeping your own books.
Online bookkeepers will take care of all your bookkeeping needs, from tracking your income and expenses to preparing your financial statements. This will free up your time so you can focus on running your business.
Online bookkeeping services are also more efficient than traditional bookkeepers. With online bookkeepers, you can get your books done in a fraction of the time it would take to do them yourself or for traditional bookkeepers to locate your office.
Unmatched Technical Support
When you use online bookkeeping services, you can be sure that you’ll have access to the latest bookkeeping software and tools. Online bookkeepers stay up-to-date with the latest bookkeeping technology so they can offer you the best possible service.
What’s more, online bookkeepers also offer unmatched technical support. If you ever have any questions or need help with your bookkeeping, you can always reach out to their customer support team. Some online bookkeepers also offer training and resources so you can learn how to use their software and tools.
Help Maintain Accurate Books
Online bookkeeping services can help you maintain accurate and up-to-date books. With their help, you can avoid making costly mistakes. Online bookkeepers are also trained to spot errors in your financial records.
This way, you can be sure that your books are always accurate and up-to-date. This is crucial if you ever need to apply for a business loan or line of credit.
By tracking your expenses, these services can help you see where your money is going so you can make necessary adjustments to your budget.
Ensures On-Time Reporting
Online bookkeepers can prepare your financial statements and tax returns on time so you can avoid penalties and fees.
Remember, the penalty for delayed tax filing is 5% of unpaid taxes. If you have $10,000 in unpaid taxes, you’ll be throwing $500 down the drain, every tax period.
What’s more, online bookkeepers can also help you plan for upcoming expenses. With their help, you can stay on top of your cash flow and make sure you have enough money to cover your expenses.
Seamless Communication and Integration
Online bookkeeping services offer seamless communication and help integrate bookkeeping data with your accounting software. This allows you to easily share data between your bookkeeping service and your accountant.
Hiring an accountant for bookkeeping means you only have access to them from 9-5. You also can’t get them during holidays and weekends. This can be a huge bummer when you urgently need information but your employee is off the clock. The same goes for when you call traditional bookkeepers outside of business hours.
With online bookkeepers, you can get in touch with them anytime, anywhere. Online bookkeepers offer 24/7 customer support, so you can always get the help you need.
To Keep You Focused on Your Business
Online bookkeepers will take the bookkeeping load off your shoulders so you can focus on more important aspects of running your business. This is crucial, especially for small businesses.
By delegating the bookkeeping to online bookkeepers, you can focus on more important tasks, such as generating sales and revenue. You can also use your free time to work on your business’s marketing and promotion.
Remember, the goal of any business is to make money. And online bookkeepers can help you do just that by freeing up your time so you can focus on generating revenue.
If you’re still not convinced, consider this: online bookkeeping services are more affordable than traditional bookkeepers. You don’t have to pay for their office space, equipment, or benefits.
Online bookkeeping services are also scalable. This means you only pay for the services you need. And as your business grows, you can easily scale up your bookkeeping services to meet your needs.
To Keep Your Business Organized
Disorganized businesses have no place among the creme de la creme of businesses. However, with so many things to do, it’s easy for your business to become disorganized. But that’s where online bookkeepers come in.
By keeping your books organized, online bookkeepers can help you run a smooth and efficient business. This can help avoid the headache of dealing with business disorganization.
Offer More Extensive Technology Solutions
You’re probably already familiar with software like QuickBooks. And quite frankly, they get the job done. However, why not take it up a notch and take advantage of more capable online bookkeeping software solutions.
Online bookkeeping services boast an extensive array of bookkeeping software solutions for your business. These software solutions are designed to make your bookkeeping tasks easier and faster.
They are also always up-to-date with the latest bookkeeping software solutions. This means you’ll always stay on top of the latest software solutions to make bookkeeping even faster and more accurate. This will give you a huge competitive advantage over the rest.
Some can even optimize your books to recognize newer payment forms. We’re talking about platforms like Cashapp, Stripe, Bill.com, and many others.
To Guarantee Non-Fraudulent Bookkeeping
The last thing you want is for your business to be a victim of bookkeeping fraud. But that’s what you get when you randomly pick a bookkeeper from online listings. By using online bookkeepers, you can avoid this nightmare scenario.
Online bookkeeping services use the latest security technologies to protect your data from hackers and cybercriminals. This includes data encryption, two-factor authentication, and regular backups.
What’s more, online bookkeepers are also bonded and insured. This means you’re protected in case of any errors or omissions on their part. They also have the proper licenses and certifications to render their services.
Personalized Services and Support
When you use online bookkeepers, you’re not just another faceless client. You’re a valued customer that deserves personalized service and support.
Online bookkeeping services offer personalized services and support to their clients. This means they’ll take the time to understand your business needs and tailor their services to meet those needs.
They’ll also be there to answer any questions you have about your bookkeeping. That way, they can align with your company’s goals and bring you close to achieving them.
How to Choose the Best Online Bookkeeping Service
The country isn’t short on online bookkeeping services. Try googling “online bookkeeping services” right now and you’ll see what we mean. However, with so many options, picking the best one from the pack can be a huge challenge.
To help you out, here are a few tips for picking the best online bookkeepers:
Understand Your Company’s Needs
The first step is to understand your bookkeeping goals and what services you need. Do you need a full-service bookkeeper or a part-time one? Do you need full-suite services or specific services?
Some of the common services that online bookkeepers offer include:
- Preparing tax returns
- Reconciling bank and financial statements
- Performing cash flow analyses
- Creating business budgets
- Cleaning up books of accounts
Examine the list of available services and find online bookkeepers that can meet your business needs. This will help you whittle down your list to only a handful.
Check What Software Solutions They Work With
As we mentioned earlier, online bookkeepers use different software solutions to get the job done. These software solutions make their work easier and faster.
When choosing an online bookkeeper, check what software solutions they work with. Do they have experience working with the software you’re using? Can they integrate with other software platforms you use?
Of course, you want a bookkeeper that’s familiar with the software programs your company uses. Introducing new software is time-consuming and also unfeasible. It’s better to stick with the ones you normally use unless something better pops up.
Check Their Security Measures
As we mentioned earlier, online bookkeeping services use different security technologies to protect your data. These include data encryption, two-factor authentication, and regular backups.
You certainly don’t want your business data to fall into the wrong hands. But this is likely if you skimp on your online bookkeeping service provider. You need to find a bookkeeper with robust security measures to keep your business data safe.
Review the Service Provider’s Staff
The kind of staff a bookkeeping service provider has speaks volumes about the quality of service you should expect from them.
Check if the online bookkeeping service has a team of certified public accountants (CPAs). These professionals have the skills and experience to handle your books accurately.
The online bookkeeping service should also have a customer support team that’s responsive and always willing to help. These are some of the crucial touchpoints you should look for in an online bookkeeping firm for the best results.
Read the Contract Diligently
Take your time to read the contract before signing up with an online bookkeeping service. The contract should state the terms of service, pricing, and other important details about the online bookkeeping service. Ensure you understand everything in the agreement before putting your signature on it.
If there’s anything you’re unsure about in the contract, ask the online bookkeeping service provider to explain it to you. Sometimes it’s a good idea to have a lawyer read the fine print. This will help ensure you’re not getting the short end of the stick.
You want to be sure of what you’re signing up for before making a commitment.
Cost shouldn’t be the primary determinant when picking an online bookkeeper, but it’s something you shouldn’t ignore. You want a bookkeeper to streamline your budget, not destroy it. As such, do your digging to find a bookkeeping service provider you can afford.
Of course, you want to find an online bookkeeper that provides value for your money. But this doesn’t mean you should go for the cheapest option available. As the saying goes, “you get what you pay for.”
Check Their Reputation
Last but not least, you want to work with an online bookkeeper with a good reputation. Check online reviews and testimonials from past clients. These will give you an idea of what to expect should you decide to sign up with the online bookkeeping service provider.
A good online bookkeeper should have mostly positive reviews and happy clients. If there are more negative reviews than positive ones, that’s a red flag. You might want to look elsewhere for an online bookkeeper.
Hire an Online Bookkeeping Service Today
The right online bookkeeping service will be invaluable in keeping your business records and accounts seamless. They can also help take your company to the next level and trample the competition.
So what are you waiting for? Hire an online bookkeeper today and say goodbye to all your bookkeeping woes. Talk to us today and we’ll help keep your books in order.