Archives for Bookkeeping Hints

The benefits of cloud accounting

The benefits of cloud accounting

It’s the buzz phrase that you hear almost everywhere – your business partners talk about it, your friends, clients, suppliers, even your accountant: cloud accounting. But what exactly is it and is it right for you and your business?

If you don’t yet know what the cloud is, then here’s a brief recap: it is a virtual storage facility, using a supplier’s servers, and enabling access to your account from anywhere and from any device. Think of your Google photo bank, you online banking, or your iPhone’s cloud-based back-up system. It’s exactly the same concept only for accounting software.

Is it right for me and my business?

If you are a business owner, particularly a small business, entrepreneur, start-up, or sole trader then cloud accounting is ideal for you. Why?

  • It saves you money, avoiding big expenditure on accounting software systems
  • You pay a monthly subscription, spreading the cost across your financial year saving you having to fork out a small fortune for complex software licences every year
  • It gives you real-time access your data anywhere, anytime, and from any device. All you need is an internet connection and a laptop, tablet, phone, or desktop computer
  • Anyone working for your business with the login details can access the data, it does not have to be restricted to one or two individuals who could act as a bottle neck during busy times
  • You don’t have to have a degree in accounting, most software is easy-to-use and simple to understand
  • You don’t have to worry about backing up your data, or having a back-up of the back-up, just in case. The supplier manages all of that on your behalf
  • There is no need for software updates as that is all the responsibility of the cloud supplier who manages their system and keeps it up to date
  • It is secure. Cloud accounting software suppliers take security very seriously, knowing it is critical to you. Data will be encrypted, backed up, and with the latest security and virus checks. It also takes away the risk of you losing a laptop or storage device with sensitive information on it
  • It saves you time. You can input expenses, invoices, or payment details at any time without having to wait until you are back in the office to end up spending a day on administrative and accounting tasks that can take your focus away from other crucial elements of the business                                  

Why use cloud accounting if I have an accountant?

Cloud-based accounting software does not make your accountant redundant, but it does make their and your life easier. Your accountant can access your data in the same way you do and can advise on any issues or problems you may be having instead of storing them up for your monthly, quarterly, or annual meeting when much of the detail has been forgotten. It also makes it quicker for your accountant to prepare your tax returns, check VAT figures, and help you prepare management accounts and business plans, which, ultimately, is a further cost saving for you.

For more details, advice, and guidance on cloud-based accounting software, or for details on how we can assist just ask our team at Cain and Beer, by calling us on 020 3633 1340 or emailing us at .

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Outsourcing Can Help You Save Money and Time

If you are a freelancer or a small business owner, then you must be enjoying the benefits of being your own boss without someone telling you what to do. But that means also taking charge of everything from your schedule to finances. Your operational costs might be low but there are things that you can probably outsource to increase overall efficiency.

 

Benefits of Outsourcing
Running a one-man show is fine, but there are not many who can do all aspects of a business brilliantly whether it is designing a website or keeping books up to date. The rule is, if takes you too much time to complete a task simply because it is not up your alley, consider outsourcing them.

 

Professional Expertise
One of the major benefits of outsourcing is you get a skilled individual who can do the job better than you. Among jobs which are outsourced, the most common ones are data entry, product research, customer support or bookkeeping. Outsourcing ensures you get the best people in their fields who can do the job way efficiently and effectively.

 

Lower Costs
Many companies outsource jobs to lower their operational costs. Although you will have to pay for a subcontracted job, this is something that you can recuperate because you will get quality results that you can use for the business. Bookkeeping for instance is a tedious yet very important aspect of an enterprise that provide valuable indicators of the health of a company.

 

Outsourcing the Risks
Whereas before, you would probably try everything and carry the burden of committing errors on your job, outsourcing can now spread the risks of a task. You don’t have to be accountable for mistakes in payroll management or bookkeeping, for example. The individual or company you hired will assume responsibility for blunders and will have the appropriate insurance.

 

Higher Productivity and Efficiency
When someone else does the job better than you can, he/she is essentially freeing valuable time that you can devote to the business instead. This will translate to higher productivity and efficiency for your enterprise. You can concentrate on stuff that matters such as customer or client expansion and development of growth strategies.

 

Taking Advantage of the Work Revolution
Outsourcing does not only make sense for big companies. Freelancers and small enterprises can exploit the advantages of outsourcing saving time and money that could be used to increase productivity and competitiveness by 10 to 100 times.

This piece was expertly written for us by Jenny Holt, Freelance Writer.

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Basic Bookkeeping Hints for Start Ups

Basic Bookkeeping Hints for Start Ups

When you start out in business you want to keep your costs down to a minimum and probably your bookkeeping is not very high up on your list of priorities. A common mistake to make but please do not under estimate the importance of bookkeeping for your company.

 

You should always look to keep your overheads low especially when you start out on your own as you may not even have enough money coming in to cover your outgoings. Whilst, you should not consider completing your own bookkeeping for ever, it is definitely an idea in the early days to keep basic records yourself and look to hire a bookkeeper when the time is right.

 

As long as you keep simple but accurate records of your income and outgoings you will not only be legal but you could potentially cut your accountants bill. A set of spreadsheets, if maintained and updated regularly will give you an idea of how well or bad your business is doing.

 

If you need help setting up your own spreadsheets there are FREE downloadable examples available on our website by clicking here. Cain & Beer also offer email support and run basic bookkeeping workshops throughout the South East; for further information on these services follow this link.

 

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