How Online Bookkeeping Services Improve Small Business Productivity

Online Bookkeeping Services are based on web accounting applications, such as Xero. These applications are more flexible and accessible as they allow business owners and their staff to access, to store and update financial data online. Any authorised person can access the financial data stored securely on a server at any time from any PC anywhere in the world.The downside of the traditional PC based accounting software that is purchased via license is that it is installed on each user’s PC and will not have real time client’s financial information update and share. If the information needs to be accessed by different users at the same time it would have to be physically transferred between PCs. Online accounting suites allow real-time information update and sharing for all users.Online (‘cloud’) based accounting applications can have an unlimited number of authorised accesses granted to the database.Additionally, installation of the conventional accounting, PC based application is done via external hard disk. Version update of the software is manually controlled and applied by the users. Online website based applications are updated seamlessly with the modern security that safely backs up data. Version updates therefore do not need to be monitored by the customers and data is always secure.Online Bookkeeping Services offer significant benefits and cost savings in carrying out accounting services for a business.The initial package includes full extensive range of bookkeeping online solutions such as financial, payroll, tax and process control services at a cheaper cost in one package.The data is interlinked so there is no need for double or triple entry of the same information, for example financial data for the business such as revenue and expenses will be used to produce profit/loss for the business, this data will also feed and populate appropriate tax return for the business owner. Payroll information will also feed business expenses, so does not need to be entered twice. Once the tax return needs to be submitted, majority of the information should already be populated automatically for your tax return if monthly bookkeeping has been done on ongoing basis. This process reduces operational errors as well as time spent on entering the necessary data into the system.Bookkeeping services can be outsourced due to mobile and easily accessible application suite to the bookkeeping services professionals elsewhere in the world, allowing the owners time to focus on core aspects of their business. In addition there is no need to ever physically meet your accountant and exchange documents over email, all of the information can be shared and accessed online. This is also a cost saving from an accountants point of view as they are able to service more clients in the same time space, which in turn lowers down the cost of the services accountants provide.Business owners exercise more control and transparent overview over it’s business’s bookkeeping, as up-to-date financial situation can be viewed real-time any time of the day.Basic cost savings aside, the online bookkeeping services provide great opportunities for small businesses to forgo hiring office personnel dedicated to bookkeeping or obtain full range of accounting services elsewhere at full cost. The accounting suite enables outsourcing of administrative tasks of tax, payroll and bookkeeping services to the professionals at a cheaper cost letting the business owners concentrate their valuable time on the core business tasks.

Small Business Productivity -How to Take Your Company to the Next Level through Efficient Technology

Small businesses thrive when productivity is maximized. The best way to maximize productivity is through efficient technology. Business success is based on having the right product or service at the right price at the right time and in the right place. Efficient technology for small businesses probably will not create the next great product or service, but it will help you with everything else your company must do to get that product or service to market and to deliver it to the customer.Many small businesses fail because they do not utilize technology adequately or efficiently. Key elements of business technology must interface, function properly and make employees more efficient in serving customers. Critical efficiency areas for any business are in communication, information (data) management, and product sales and delivery. When these critical efficiencies are supported by the right technologies, moving a company to the next level becomes easier.How can efficient technology help you move your company to the next level? Let’s consider the three critical efficiency areas.1. Communication. Communication is critical for any business. Every company must communicate internally, with vendors and suppliers, with sales outlets, and with customers. In this age of instant communication, every business must know that at least key employees and company leaders are accessible 24 hours a day, 7 days a week. The world has become accustomed to instant responses to questions, instant access to information, and instant solutions to problems. Communication technologies include:o Cell phones, hand-held communication deviceso Internet visibilityo Remote access to datao Customer service accesso Vendor/supplier accesso Access to market trends and other datao Access to data for competitive analysiso Web and video conferencingo Corporate intraneto E-commerce2. Information (data) management. Access to information is essential in any company. Employees require access to market analysis, product information, customer information, and corporate information. Technologies enable small businesses to manage information in critical ways:o Information gatheringo Information storageo Information integrationo Product information, including production, inventory, specificationso Remote access to informationo Real-time information on inventory, etc.o Information sharingo Reporting3. Product sales and delivery data. The key to financial viability is management of inventory and money. Sales and product delivery are critical aspects of the success of a small business. Whether your sales team is on the road or in the office, whether your inventory manager in meeting with vendors or discussing a large sale with a sales rep, or whether you need to know what functions should be added to a new product, you need instant access to product information. This information might include:o Product descriptions and specificationso Sales statisticso Inventory levelso Products in developmento Customer sales historyo Customer relationship datao Production scheduleso Customer needso Shipping and delivery informationo Customer satisfaction dataEfficient use of technology to manage these issues of accessibility and data integration will make your business operate more smoothly and effectively. Choosing the right systems, the right programs, the right accessibility options, and effecting optimal system integration, will provide the communication, information, and sales information every small business needs to succeed and grow.