5 tips for a successful bookkeeping experience with your accountant

1-5 Tips For A Successful Bookkeeping Experience With Your Accountant

As a business owner, outsourcing your bookkeeping and accounting can be a stressful experience. But most times, it helps to know that those working at an outsourced accounting service are highly qualified. Their skills in business finance can make the process a little less daunting. More often than not, business owners benefit from seeking a successful bookkeeping experience with their accountant. However, it is not enough to hand over your books and expect priority service and enhanced collaboration. It is imperative that you work towards building a positive relationship with your outsourced bookkeeper for the most out of this association. Georgen Scarborough provides the following five tips for a successful bookkeeping experience with your accountant. Use them to maintain and enhance your outsourced bookkeeping relationship.

Define your needs for a successful bookkeeping experience

Before delving into an outsourced accounting service, it is essential to clearly define your business needs and expectations. Share your company goals, aspirations, and processes. This ensures you and your outsourced bookkeeper are in clear alignment to make the best possible business decisions.

It is also important to be truthful and transparent with the state of your overall finances and accounting. As keeping your outsourced bookkeeper in the dark can lead to losses and disastrous consequences in the long run. It may also be beneficial to hire or appoint an employee at your business to liaise with the outsourced bookkeeper. Then, you can know who would be the one to provide timely information when required.

Smoothing out processes with your accountant

Establish how the financial operations of your business are conducted. This depends greatly on the available resources and the expertise of the in-house team. Therefore, the duties and obligations of the outsourced accounting team must be clearly put down on paper and their performance must be reviewed every two years.

Other non-technical aspects that must be defined are communication and responsiveness of the virtual bookkeeping team. Establish a preferred mode of communication for quicker reaction times. This can be Skype, email, or other channels.

Finally, as a business owner, you must develop key performance indicators to measure the effectiveness and accuracy of the outsourced accounting team.

Seamless transfer of information

Transferring financial data through email can compromise security in a business environment. That is why Georgen Scarborough recommends using secure channels for quick and efficient transmission of sensitive documents. For an easy and effective paperless transfer of financial information, use QuickBooks.

Keep an eye on your financials

After handing over the financial operations of your business to an outsourced bookkeeping service, you, as a business owner or manager, cannot stand back and leave the responsibility to them. Review the financial and management reports at regular intervals to gain an insight into your financial and business performance. This can be an excellent method to avoid cash flow problems by ensuring all recorded numbers in the reports add up and there are no discrepancies.

Strategic decisions

Find an outsourced bookkeeping service using powerful accounting software. This helps you make data-driven business decisions. The idea of management accounting is being led by outsourced accounting services across the globe. Management accounting allows for financial intelligence. This intelligence gives you insights into how to improve cash flow and recognize weaknesses in your financial operations. This intelligent data allows you to maximize profits in the next fiscal year and identify financial issues.

In conclusion, sound financial management comes by collaborating with outsourced bookkeeping and accounting firms. For more information on outsourced bookkeeping and accounting, contact Georgen Scarborough, providers of quality Financial and Accounting Goverment Contractors assistance in Virginia, Maryland, and District of Columbia.

What a QuickBooks advisor can do for you

7-Find out how a QuickBooks Advisor can help you make the most of the program

QuickBooks is an extremely useful tool, and makes it easier than ever for businesses to stay on top of their finances. However, not all businesses use this tool effectively. A QuickBooks advisor is often necessary to help you make the most of this powerful software.

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Choose the right QuickBooks version for your business

2-QUICKBOOKS which version is right for you_

The QuickBooks accounting software package helps small and medium businesses run their affairs smoothly. It does this with easy transacting, reporting, tracking, and invoicing. Learn about how to choose the right QuickBooks version for your business. Georgen Scarborough, the leading certified public accountants in Virginia, Maryland, and District of Columbia, outline the various packages suitable for your business needs.

QuickBooks Online or Pro?

Choosing the right QuickBooks software version can help you run your business more efficiently. QuickBooks Online is less expensive than the desktop version as the subscription package. Plus, the Online version includes the updates that run automatically. Another advantage of the online version is that it is easily accessible as it works on other devices. This includes mobile phones. However, Georgen Scarborough recommends buying a low-tier version of QuickBooks Online initially and then upgrading it according to business needs.

The QuickBooks Pro (desktop) version includes additional costs without the added functionalities. This version is recommended for businesses that have strict compliance requirements and do not allow employees to use online software.

QuickBooks Online plans

As mentioned earlier, the QuickBooks Online version is more popular than the desktop version as it is less expensive. Nor does it tie the user down to a contract. For freelancers and independent contractors, QuickBooks also offers several flexible QuickBooks Self-Employed plans.

QuickBooks Self-Employed

The first-tier plan in this version, QuickBooks Self-Employed gives you the ability to track expenses and mileage, estimate your taxes (quarterly) and send invoices from anywhere.

QuickBooks Self-Employed Tax Bundle

With this plan, you enjoy all the benefits of the Self-Employed package. It also includes an additional account that allows you to transfer your tax information to TurboTax. This, in turn, includes the fees for a federal and state return.

QuickBooks Self-Employed Live Tax Bundle

The highest tier of this plan, the QuickBooks Self-Employed Live Tax Bundle includes all the features of the previous packages. It also offers unlimited advice from a qualified CPA who can also conduct a final review of your tax returns.

QuickBooks Online Tiers

QuickBooks Simple Start

This version is recommended for a single user and thus, cannot be used if you have employees. With this package, you can track income, expenses, sales, sales tax, and maximize tax deductions.

QuickBooks Essentials

This version includes additional functionalities. Functionalities include tracking payment statuses and simultaneous payment of multiple vendors. It is suitable for three users.

QuickBooks Plus

The most popular version, QuickBooks Plus includes all the benefits of Simple Start and Essential. Additionally, it allows you to track inventory and project profitability. It is suitable for five users.

QuickBooks Advanced

Lastly, QuickBooks Advanced includes a dedicated account manager and the ability to send and import multiple batch invoices. This enterprise-level version is suitable for 25 users.

We hope this blog will help you choose the right QuickBooks version for your business. Contact Georgen Scarborough, providers of quality financial and accounting assistance, for more information on how QuickBooks can help your business flourish.