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Say YES to Outsourced Accounting, Say YES to Exponential Business Growth

Business leaders and executives assume several responsibilities. Many of these include non-core process activities such as payroll, accounting, bookkeeping and tax compliance. These activities sometimes drain the executives’ time, which they can instead use on strategic business issues.

Outsourcing becomes a real saviour in situations like these. Outsourcing introduces one to world-class systems and processes that maximise the efficiency of the operations and, therefore, increase the productivity and profitability of the business. Outsourcing also allows leaders to focus on key business activities.

Accounting outsourcing is one such function that has increased rapidly in the last decade. The end-users experienced its benefits in terms of saved time, costs, and exponential growth. Accounting outsourcing services have become a strategic business tool.

Should I take the Accounting Outsourcing Road?

Are you wondering whether you should be outsourcing your accounting function? Here are a few questions to ask before you take the Outsourcing road.

  • Is lack of time your best friend?
  • Are you taking a lot of time to review your staff’s work?
  • Is there a lack of consistency delivered by different team members?
  • Are the internal operation costs too high?
  • Are the costs to train and update employees regarding tax, operating, and software usage issues high?
  • Are your processes in sync with the best market practices?
  • Do you have access to new and innovative technologies?
  • Are you able to maintain a work-life balance?
  • Do you have time to drive business growth?
  • Are you focusing too much on your back office?

Benefits of Outsourced Accounting

  • If you are thinking of saving up some monies, outsourced accounting is your go-to option.
  • It is not advisable to spend a lot time on reviewing your teams work. Save that time to grow your practice instead.
  • Operations are no longer dependent on location. Outsourced accounting opens up your doors to choose from various service providers.
  • Accounting technology is changing drastically, and it may sometimes get overwhelming to keep up with the advancements. With an accounting outsourcing provider, you will not have to worry about updating the technology and will be able to stay abreast with the technology.
  • You get access to all accounting software (Xero etc.) and systems, meaning you’ll be able to streamline processes and automate tasks.
  • Outsourced Accounting is a sure shot way to exponential growth. Only if you have some time at hand, you can focus on growth of your accounting firm.
  • Reduce seasonal and long-term staffing challenges and don’t struggle through another tax season unnecessarily. You can utilise experienced and skilled tax preparers to supplement your in-house staff.
  • The needs of a business are bound to change over time. It may get challenging to meet the changing needs with your existing resources. Outsourced Accounting can help here.
  • Outsourced Accounting provides flexibility, scalability, and backup you can’t get from your existing resources.

Who is outsourced accounting for?

  • Small Businesses
  • If you are struggling to find the right talent
  • If you are growing too fast and are unable to match the growing demand
  • If you need temporary/seasonal help
  • Accounting firms
  • It is for everyone!

To support our services and provide confidence to our clients:

  • We are deploying English-speaking, India-based teams of ACCAs and graduates with at least three years of experience in UK accounts
  • Our payroll and human resources applications are prepared to process large employee volumes
  • Experienced personnel to fulfil your service necessities and understanding of any business issues
  • Our personnel is certified in leading accounting softwares
  • We believe in establishing effective and long-lasting client relationships, discussing complex issues, and responding quickly to client needs and requests.

Why Should a Business in 2022 Start with Outsourced Accounting Services?

It’s no wonder that during two pandemic-plagued years, business outsourcing exploded in popularity as companies navigated unfamiliar circumstances. In addition, a seismic shift to digital platforms occurred. Thus, prompting businesses to develop new models to withstand any uncertainty.

Thus, with each passing year, outsourced accounting services are growing popular. Now, small and medium firms also outsource their accounting services. Earlier, it used to be a luxury that only large corporations could afford.

The advantages of outsourcing accounting go beyond cost and time savings. It offers tranquillity and allows you to focus on essential tasks. In essence, outsourcing has made it possible for firms to increase their skills, resources, and knowledge.

6 Reasons Why Business Owners Consider Outsourced Accounting Services

Are you curious about why companies outsource accounting services? So, let’s look at why, in 2022, more business owners are switching to outsourced accounting services.

1. Focus on business

Focus on business

Your company must live up to the expectations you set for it. Outsourcing your accounting allows you to concentrate on the most important tasks. Your in-house personnel will be free to focus on what they do best. Outside experts do not need pay, benefits, or other incentives.

When all your company’s operations are located together, things grow crowded and convoluted. Thus, external challenges start overwhelming your core functions. These back-end processes consume money and effort, diverting your focus from primary problems. Outsourcing them allows you to spend all your attention and resources on vital elements of the business.

2. Knowledge and expertise

Knowledge and expertise

Outsourcing partners supply trained specialists who are familiar with the responsibilities you want. They use a rigorous recruiting procedure to sift through a large pool of candidates to identify who fits your company’s vision. Thus, you receive a team of specialists that are dedicated. They concentrate on deducting unnecessary spending and maintaining financial records. A competent accountant, for example, provides financial guidance and makes strategic decisions. Moreover, outsourcing accounting also has the benefit of ensuring that someone is constantly ready to offer updates and information about your company’s finances.

3. Enhanced data security

Enhanced data security

Outsourcing your in-house accounting tasks to a professional accounting service provider improves the security of your records. They ensure access control, confidentiality, and redundant data backup. When you compare your techniques for handling data from theft and hackers to those offered by reputable service providers, you will be startled by the flaws you find. Cybercrime has increased as a result of remote employment. Outsourcing partners look into different methods to improve cybersecurity procedures. Thus, to secure clients’ data, multi-level security measures are being used.

4. Increased efficiency

Increased efficiency

Outsourcing contributes to greater efficiency. This is because you hand over non-central operations to professionals outside. These people are specialists in their industry. Consequently, you get qualified field specialists who put their skills and expertise to work and execute the activities successfully. In addition, outsourcing accounting services allow you more time to strategise, create new income sources, and explore new markets.

5. Special check on payroll

Special check on payroll

Paying your staff is critical. Businesses must make payments on time. A few payroll missteps can harm your company’s image. As a small company owner, this is one of your highest responsibilities. Outsourcing ensures that your accounting and payroll teams meet all deadlines.

6. Robotic Process Automation (RPA)

Robotic Process Automation (RPA)

For the most part, robotic process automation is no longer a novel notion. Incorporating RPA into the heart of a company’s operations is a wise decision. It has been one of the top digital enablers for global shared services since 2019.

RPA’s complete deployment results in increased efficiency, flexibility, and profitability for businesses. As a result, personnel can concentrate more on the duties at hand. It’s a collaborative effort that capitalises on capabilities to get the best possible outcomes for the company.

Conclusion

Regardless of the size of your accounting projects, outsourcing accounting always helps. These professionals ensure that your firm has the finest accounting procedures possible. You can rest certain that all your virtual accounting data is kept safe and secure. They use rules and procedures to protect their clients’ financial information. So, now it’s time to establish a strategy for outsourcing accounting.

6 Reasons to Consider Small Business Accountancy Services

Do you own a business yet despise dealing with paperwork? Small business accountancy services are not limited to medium-sized enterprises. Small and start-up enterprises also benefit from such outsourced accounting services. As your company grows, you will want accounting support.

This is when you’ll require small company accountancy services to help simplify and keep track of your spending.

Many company owners are afraid to enlist the help of an accountancy firm. They believe it is an unnecessary expense. They are also hesitant to give a third-party access to such sensitive information. While these worries are real, outsourcing accounting services is unquestionably beneficial.

There are several benefits to employing small business accountancy services. Having a professional record and managing payroll, income, costs, and taxes helps small businesses reach their full potential.

Here are the top six reasons why any business owner should hire small business accountancy services.

1. Small business accountancy services ensure accuracy

Many useful applications are available to help in keeping your business’s documentation in order. Yet, mistakes occur and can be quite costly.

When you engage a bookkeeping service, you’re hiring an accountant with accounting knowledge. These people understand how to input and categorise your transactions. This aids in the accuracy of your books and pre-tax preparation. They ensure that your finances are precise and error-free. You will also have excellent support, especially during audits. Thus, helping you demonstrate the true state of your company’s operations and deflecting any potential legal action.

2. Save money and time

Your time is highly valuable as a business owner. Managing your company’s accounting on your own is time-consuming. Outsourcing accounting services free up your time so you can focus on operating your business. Moreover, these experts handle your company’s day-to-day paperwork in the most efficient way possible.

Monthly costs make accounting appear to be a costly service. But, this is not the case. Professional accountants give you valuable guidance on cash flow management and spending reports. When it comes to tax credits, deductions, breaks, and CPAs they have extensive expertise and industry knowledge.

3. Organise financial tasks

Stacks of bills, receipts, and other paperwork quickly become tangled at the office. Tax audits occur at any time. They are a stressful experience for business owners. When it comes to navigating a tax audit, having organised documents makes all the difference. Your CPA team guides you through the process. They answer all questions and address all issues in a fast and professional manner.

You can send in all the information online. Thus, helping you examine from anywhere, at any time.

4. Help in business development

A small business accounting firm has extensive knowledge and experience with the company’s finances. Their staff of skilled accountants gives you crucial financial and tax guidance. Thus, allowing your company to save money in the long run.

As your business expands, it needs subtle adjustments. CPAs respond to these requirements of your company. They also discuss execution improvement techniques to help your company grow. Growth should be exciting, not painful. Qualified accounting service providers understand the distinction.

5. Small business accountancy services boost employees’ productivity

Small companies frequently opt to have their non-accountant personnel split their time between keeping the accounts up to date and executing their usual tasks. But, this is inefficient for both the company and its employees. You can employ small company accounting services to handle the accounts, thereby increasing overall effectiveness.

6. Small business accountancy services help you remain compliant

The tax requirements of a business change often. Thus, making it difficult for the business owner to stay current. Similarly, when a corporation grows quickly, it is difficult to determine which rules apply at different stages. A small business accounting service maintains track of changes in tax requirements ensuring that your company is always in compliance.

Conclusion

One of the best methods to keep your business functioning is to hire small business accountancy services. They are specialists with the necessary knowledge and expertise. Moreover, outsourcing accountancy services also helps save money. You can easily transfer your information on an external hard drive. Thus, eliminating the need for an accountant in the office.

Bookkeeping and Accounting Firms in Melbourne

Are you a small company owner in Melbourne and need dependable bookkeeping and accounting Firms services? Looking for dependable and economical accountants who can provide you with high-quality services?

The bookkeeping and accounting firms in Melbourne will take care of your business’s financial elements. They will aid you in making key financial decisions. With this in mind, you’ll want a trustworthy accounting partner.

Here, you’ll find the best accounting companies in Melbourne. All the names on this list meet the criteria that make them a trustworthy brand. Quickly review the following list of the finest bookkeeping and accounting firms in Melbourne!

Bookkeeping and accounting firms in Melbourne

1. AIMS Australia Tax Accountants Melbourne

Employees:50-250
Location:Queens Rd, Melbourne
Telephone:1300 112 467 (11AIMS), 0449 958 826
Email:info@aimsaustralia.com.au
Website:https://www.aimsaustralia.com.au

AIMS is an award-winning accounting firm. From making sound business decisions to increasing your net worth, they understand the obstacles you face. They construct all aspects of their client’s financial needs via strong customer interactions. Moreover, they have experienced accountants to help you reach your goals timely!

Services

  • Creating yearly accounts, account management for tax purposes, company evaluation, and planning.
  • Taxation entails the preparation, filing of returns, activity statements and payment advice. They understand all the obligations under FBT and tax minimization.
  • Management of ATO audits and disputes.
  • Providing adaptable ideas and solutions. their team of small business tax accountants helps organisations realise their greatest potential.
  • Real-time insight on your company’s financial performance and areas for improvement.

Whatever your requirements are, they can assist you in locating solutions.

Outbooks

Employees:300+
Location:8 Seabank Lane, Southport, QLD, Australia, 4215
Telephone:+61 451320102
Email:info@outbooks.com.au
Website:https://outbooks.com.au

Outbooks began its journey in 2011. Their goal was to empower accountants in the UK by gaining a better knowledge of the issues they faced. It has been the go-to accounting outsourcing business in the UK for over a decade. They have the trust of more than 100 accountants. They have recently expanded their global operations to include the Australian accounting sector.

Their specialities include accounting support and data entry chores. Besides fulfilling high ISO requirements for security (27001) and quality (9001) in India, their delivery centres and operations are completely compliant. They take pleasure in complying with regulations. Also, they make determined attempts to exceed them. Thus, making them one of the most dependable outsourced accounting services.

Services

Bookkeeping- Outbooks provides virtual accounting services that help you keep your books up to date. They provide:

  • Processed transactions and costs
  • Bank statement reconciliation
  • Accounts ledger
  • Reports on analysis

Outbooks assists accountants in creating dependable and real-time accounting reports. This enables them to comprehend and manage financial records. Thus, supporting them in planning for business development and expansion. They help improve your operational efficiency by:

  • Managing accounts payable and receivable
  • Forecasting cash flow

Outbooks provides all the resources and tools necessary to handle your payroll requirements. They can assist you with:

  • Processing the payroll
  • Managing payments
  • Communication and processing of the necessary paperwork

They also assist accountants with data entry activities relating to:

  • The partnership of a sole trader
  • Company
  • Trusts
  • SMSF

Their staff is well-versed in the newest accounting tools and technology. Thus, they can help you with your day-to-day tasks. Consider them as an extension of your team. Today is the best time to outsource bookkeeping services!

Reliable Melbourne Accountants

Location:Westside Avenue, Port Melbourne
Telephone:1300 049 534
Email:enquiry@rmelbourneaccountants.com.au
Website:rmelbourneaccountants.com.au

Reliable Melbourne Accountants have been the top leading accounting firm in Melbourne for the last 12 years. Their services and trust towards clients encouraged them to develop across Australia. They recognise that filing tax returns is the top priority. Thus, they ensure that all your concerns are considered. Moreover, they also respond to all enquiries from the Australian Tax Office. They also examine depreciation schedules for assets bought during the fiscal year.

Services

  • They take care of your money and also provide you with guidance.
  • Accounting is an important role in every organisation. they maintain track of everything via accounting services.
  • Every customer is different, and so are their needs. Reliable Melbourne Accountants provide a competitive range of consulting services.
  • The goal of payroll is to guarantee that employees get cash entitlements. Thus, they help you manage payroll

Accounting, taxation, auditing for businesses, financial and legal problems must all be handled. They provide their clients with customised solutions for their business’s growth. They have certified accountants in Melbourne that work with your company. Also, they are familiar with any tax or accounting concerns that may occur.

Bookkept

Location:Queens Rd, Melbourne
Telephone:(03) 8568 3606
Website:https://www.bookkept.com.au

Bookkept is a Melbourne-based cloud tax and business consultancy organisation. It serves clients all throughout Australia. They provide a broad range of accounting and business consultancy services. They understand what it takes to start a business and risk everything to succeed. Moreover, their knowledge of the business world has evolved over 15 years in the industry.

Also, when it comes to fees, they are completely transparent. Rather than charging by the hour, they charge for the service they provide.

Services

  • They ensure that your financials are finished on schedue. Moreover, they provide a comprehensive variety of accounting and taxes services.
  • They prepare tax returns for individuals and businesses. Also, they are experienced and competent.
  • From payroll to BAS, Bookkept can handle all your bookkeeping needs. They create customised growth strategy for your company.
  • Their accounting software helps you understand your financial flow.
  • Their MYOB certified bookkeepers have assisted hundreds of local companies.
  • Moreover, they help make future plans with simple online software designed for small businesses.

Nothing makes them happier than when their clients hit their goals! They are committed to providing their clients with innovative and unique accounting solutions. Also, they do what they preach. So, their workplace is paperless and cloud-based, with no printer!

Their ability to pivot and solve problems distinguishes them from the competition. Thus, allowing clients to reach their greatest potential.

Conclusion

In addition to accounting services, do you need bookkeeping or payroll assistance? Do you also need financial assistance? The above-mentioned firms can assist you. These are the top four bookkeeping and accounting firms in Melbourne. To outsource your services, contact them now!

5 Small Business Accounting Errors To Avoid In 2021

Being a business owner, it’s obvious you’d look to save a few bucks of money by taking all possible sorts of work on your shoulders. These primarily include your small business accounting errors and bookkeeping duties. While there’s no issue in that provided you’re certified in either or both of these, it’s not the case mostly.

Additionally, even if you aren’t certified, the Australian taxation office is there to support your small business through various measures. Furthermore, with the tax season being the crucial phase of any business, you’ve got this tax time toolkit to prepare for your next tax season.

However, when it comes to growing your business, a few decisions and avoiding a few small errors can pay off well. These include how well you set up the management of your firm’s finances and avoid the following small business accounting errors.

Small Business Accounting Errors You’d Avoid At Any Cost!

According to surveys, a large fraction of small business owners tackle the tasks required to pay bills, invoice consumers, among others on their own and fail miserably. The situation worsens up further due to the following small business accounting mistakes.

 

Failing to take a professional accountant on board

 

Failing to take a professional accountant on board

Failing to take a professional and experienced accountant on board is the first mistake that takes a toll on every business. By hiring a professional to handle your business’s accounts, the probability of errors in the key areas reduces. These include expense tracking, paying vendors on a timely basis, balancing bank accounts and staying on top of payroll.

Moreover, a professional hand can handle your employees’ withholding taxes properly, track all your financial transactions, and much more.

If you can’t hire a full-time in-house employee due to the fear of overhead expenses, hire a virtual freelance bookkeeper or accountant. This will save you a lot of bucks without compromising the work quality.

 

Not tracking your business records correctly

 

Not tracking your business records correctly

For effective bookkeeping and accounting, tracking the records accurately is necessary. When records are not kept accurately, you invite the following problems.

  • Vulnerability to losing money,
  • Being late on important bills,
  • No preparation for the tax season,
  • Unable to plan for the next month or beyond, and so on.

Any error while entering the transaction data into the spreadsheet or failing to reflect a bill payment can cost your business a huge sum of money. Hence, it’s important that record keeping is done by experienced hands instead of you. This will likewise measure the health of your business.

 

Mixing your finances with business accounts

 

Mixing your finances with business accounts

It’s common indeed for small business owners to mix their finances with that of their business. Though it’s understandable at this point when you’re just starting up, it can/should be avoided.

Let’s take an example.

You head to the nearby Walmart store to pick some important office supplies. However, since you’re already there, you pick some home stuff too.

So, what’s the big deal about this?

You should know that it’s more than just having the office stuff & personal stuff on the same Walmart receipt. According to Clutch, over one-quarter of the small business owners and/or managers lack a separate bank account for their business.

Not separating the personal transactions from the business ones can be a big headache with the tax season around. Moreover, there are high chances that you might miss an important expense that you could list as a business deduction.

Besides, there are several other drawbacks of mixing your finances with that of your small business. For instance, you might struggle to apply for a business loan or line of credit.

Improperly managing the billing

Improperly managing to bill or invoicing customers is another major small business accounting mistake you’d avoid. By effectively billing or invoicing your customers, you ensure that your revenue comes in on time. Thus ensuring that you can utilise it for business expenses, payroll, and other needs.

Consider this.

If any invoicing gets delayed, it’d take more time for the customer to pay. This will make it difficult for your business to cover its bills due to late payment.

Hence, it’s a recommendation to immediately invoice your customers after fulfilling your end of the transaction.

 

Not planning for the upcoming tax season

 

accounting errors

To save money on accountants or tax specialists, small businesses often get attracted to the DIY tax software to prepare a simple tax return. Though it’s simple to use, it again requires knowledge and experience.

If you’re not organising & recording all manner of receipts and documents for 11 months of the year, you can’t avoid the struggle to organise them to file the tax return in April.

Hence, you must plan for your tax season by properly organising and tracking your receipts and other documents throughout the year.

These are the top five small business accounting mistakes you avoid at any cost.

Conclusion

We take immense pride in introducing you to our bookkeeping experts who carry an abundance of experience on their shoulders. Furthermore, they are the support pillars of infinite firms they have worked relentlessly for.

Not to forget that we are certified by XERO. In a nutshell, we are proficient in multiple-accounting software, and that’s our identity.

Contact us today to book your free trial, and you focus on the work that matters to you, and we’ll take care of the rest!

Let’s connect on +61 451320102

Or

info@outbooks.com.au

Outsource Bookkeeping – 3 Ways To Motivate Your Team Towards It

Change is indeed inevitable. When your firm grows, its number of activities increases. This translates to an increase in the cost of doing those activities too. Due to this, hiring a professional in-house can take a lot of your funds, so it’s better if you outsource those functions to an outsource bookkeeping agency. By doing so, you get the same level of experience and eligibility but at a much lower cost.  

The absolute first issue that any business is probably going to face while choosing to outsource bookkeeping is the lack of support from staff. When you choose to outsource, it puts your staff thinking about their future and professional stability in your firm. For fruitful outsourcing, you need to take forward your workers with you.

In this blog, we’ll talk about the ways to limit the resistance from your staff members and make them aware of the new opportunities that will accompany outsourcing.

Tell them about the “vision” & “mission” of your firm 

Your workers need to firmly line up with your organization’s objective. For this, the directors should tell everybody about the “vision” & “mission” and urge workers to follow them. They should likewise communicate about the hurdles that non-core business activities like – offshore accounting & bookkeeping brings to the firm. It will prompt keep them in line. It assists you with operating your business all the more adequately and proficiently.

Initiate training and teach them about new opportunities & outsource bookkeeping 

Give training regarding new functions and educate them about career growth they’ll see once free-up from their tedious bookkeeping work. It is a great idea to include staff in new activities and systems. 

Employers should conduct meetings and teach workers about new business opportunities and how they can help in growth. It will improve their efficiency and assists employees with getting a handle on the new processes expected through outsourcing. It enhances future performance and helps them to focus on their skills better. 

Open communication – Outsource bookkeeping

You must have non-stop communication with your staff through different channels. You can send them an email, call them, or send an instant message reckoning the need to outsource. It removes errors and urges them to talk about their opinions. This activity assists with creating trust among staff and managers. It will likewise make your staff comprehend the requirement for change in current processes. 

Highlight the Positives 

Underline the advantages that outsourcing will bring. For example, reducing tedious work, a chance to zero in on core tasks and having a professional who is there to assist them. They can free themselves from constant updates from ATO regarding tax claims and schemes. Moreover, with outsourcing you can save 70% of overhead costs (as per Deloitte research), in that way, you can offer perks and incentives to employees also. 

To sum up!

You can assist your staff with the understanding that outsourcing is nothing to fear about. Furthermore, indeed, can help them better concentrate on duties they were employed to do, decrease their feelings of anxiety and cause them to feel like they are being more useful. Which incidentally, makes the work environment joyful.

Outbooks offers quality bookkeeping services to the accounting firms of Australia. We have a team of experienced and eligible accountants who deliver accurate results before deadlines. Get in touch with us!

Contact us on +61 451320102

Or

info@outbooks.com.au

Bookkeepers to play a pivotal role in Australia post-COVID era

While some firms in certain sectors are still growing post-COVID, others are battling it hard. Last year, within 2 to 3 months, lives, organizations, and economies had to battle constantly just to sustain. There was no uncertainty that for some businesses the disturbance will proceed for quite a while. For this, bookkeepers should prepare themselves to show businesses the right path. 

SME Growth research for 2020 led by ScotPac stated that SMEs in Australia depended more on their offshore bookkeeping and accounting partner than any other time to get them through the pandemic. And the year 2021 isn’t probably going to be any different for them.

It is not the COVID that harms accounting firms and other businesses. The continuous lockdowns, tax schemes, and government support measures also changed the way of handling accounts of a business.

It is no lie to say that pretty much every business has to reconfigure its working models to change by what will be the new normal. 

Matthew Addison (Executive director at Institute of Certified Bookkeepers) said:

“This year is all about bookkeepers working closely with their clients, consolidating what evolved in each business due to COVID-19 so they can make informed decisions about recovery or rebuilding,”

How these firms will evolve post-COVID depends on the initiatives and advisory roles taken by their bookkeepers.

Modify cash flow 

Clients and sellers most of the time ask for more time for paying when going up against cash flow and credit difficulties.

Intently overseeing receivables and managing cash instantly can help alleviate the danger of payment defaults and delays. 

You should know that both your clients and their merchants are confronting similar issues and that the correct equilibrium should be there.

Contact both for reasonable discussions and discuss your cash flows. Consider exceptional treatment for key clients and providers.

Recently, the ICB (a professional bookkeepers association), has asked its 5,000 members to learn more about Business Funding Guide, provided by the ScotPac and Australian Small Business and Family Enterprise Ombudsman (ASBFEO). This will help the bookkeepers to be best positioned to present reasonable funding alternatives from the beginning.

Bookkeepers will do more research 

Bookkeepers should create processes to assemble data like knowledge from partners (particularly top clients), financial trends, insights from social media and industry oversights. 

The financial planning and analysis (FP&A) group of your bookkeeping firm must utilise every resource to give a solid projection on both income and costs.

Organisations should assign the best and most experienced individuals to build up these financial projections.

Bookkeepers investigate risks

Mr Craig Michie (Senior executive at ScotPac) told Accountants daily:

“Getting funding in place, before you urgently need it, can be the difference between success or failure for a business. With so many SMEs coming off JobKeeper relief, bookkeepers are in a crucial position to be able to help their clients .” 

The quick effect of COVID-19 on worldwide economies has underlined the significance of a strong and economical operational model.

It becomes the duty of a bookkeeper to understand and reduce risks. 

Security check 

Security has always remained a major concern. However, post-COVID, bookkeepers have to become more aware of their security compliance.

As the government introduced multiple measures, the risk of fraudulent activities has also increased. 

There is more intricacy because of the extension of digitalisation. It leaves more strain on our financial framework to stay compliant with the evolving guidelines.

Closing note

Bookkeepers have a key role to play in getting their clients ready for action like never before. 

Outbooks is one such bookkeeping services providing agency that helps its clients to adapt to the changes brought by the COVID pandemic. Get in touch with our experts to get the best advice possible to steer your business.

Contact us on +61 451320102

Or

info@outbooks.com.au

e-Invoicing: What the change means for you and your clients? 

The Australian government is driving a push to speed up the selection of e-invoicing. For this, it has declared a financial help of $15.3 million to the organisations to decrease expenses and lift productivity. The heavy utilisation of e-invoicing has the potential to assist businesses in effortlessly getting paid much quicker. 

Savvy Australian firms are continuing forward from the problem of paper-based and PDF work. This depends upon email, printouts, and even snail mail for conveyance. 

e-Invoicing is becoming a new trend as it provides a variety of advantages to ever-busy firms. For example, guaranteeing an invoice is more productive, precise and secure than any other time.

Below we have talked about the things offshore accountants & bookkeepers have to know about this initiative.

What is e-Invoicing? 

Remember that sending a PDF receipt via email isn’t e-invoicing. Electronic invoicing or e-invoicing is the most recent automated innovation. In this case, the merchant’s invoice arrives directly in the buyer’s accounting framework.

This technology eliminates:

  • A large part of the time,
  • Any misinterpretations, and
  • Costs that Australian organisations face pursuing and fixing invoicing issues. 

The actual advantage of e-invoicing is that it saves your business valuable time and cash. This permits you to focus on your work efficiently.

The federal government and the ATO have chosen the Pan-European Public Procurement On-Line (PEPPOL) as the standard for e-invoicing. Through this standard, firms can send & receive documents like invoices and remittances, between their Accounting systems despite the software they use to make those documents. Every year, more than 1.2 billion invoices are sent.

Also, the PEPPOL standard is already in use by 30+ countries including some big economies such as England, New Zealand, Germany, and Singapore.  In Australia, it recognises a recipient of an invoice by checking an Australian Business Number (ABN). 

Advantages of utilising e-invoicing 

Talking about e-invoicing, it’s a horrible idea to pause or oppose this amazing initiative by the government. This is because of its overpowering positives. e-invoicing guarantees the invoicing interaction is productive, precise, and secure for both the buyer and seller.

According to a study by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), they estimated that:

53% of invoices are either paid late or remain overdue 23 days on average. These late invoices value around $115 billion.

For the buyer, they don’t have to physically enter or scan the invoices into their accounting system. This decreases:

  • Time wastage,
  • The potential for human mistakes, and
  • Related monetary expenses.

It likewise implies automatic payment booking and no loss of the invoices.

For the seller, there is the assurance that the buyer has gotten the receipt. Plus, the receipt has entered their system which, thus, adds assurance and time saving to when they get paid. 

For both, e-invoicing is more dependable and secure than those sent by email or in the post. Likewise, e-invoicing supports cash flow as they are paid all the more rapidly. 

How is it “worth considering” for Accountants & Bookkeepers and their clients?  

Quicker and easier payments is probably the greatest advantage related to e-invoicing.

Accountants or bookkeepers can send invoices directly from their accounting systems, then onto the other. This eliminates the chance for them to become mixed up, neglected, or accidentally missed in an inbox.

It’s anything but harmless to the ecosystem. Since it diminishes the need to print paper. Thus, firms can make their due contributions to the environment.

The ATO says that manually processing an invoice can cost you up to $30 on paper and $28 through email or PDF. However, an e-invoice will cost you just $10.

With e-invoicing, the chances of fraud also reduce. This is because the PEPPOL needs your ABN number to further process. It becomes essential as it stops high costs associated with fraudulent activities.

In 2019, the Australian Competition and Consumer Commission (ACCC) stated in their study that:

Fraud invoices made companies lose $132 million. 

e-invoicing likewise helps nearby firms to purchase and sell across global boundaries, most remarkably into New Zealand through the Trans-Tasman Electronic Invoicing Arrangement. Through this, the two countries have consented to seek ways to deal with e-invoicing.

Australia additionally has approached to work with Singapore one-invoicing and will want to work with different nations utilising PEPPOL later on.

Who is managing it? 

The ATO is the lead office encouraging government and businesses to adopt e-invoicing in Australia. It makes guidelines based on the PEPPOL standard.

It has worked intently with the New Zealand government to guarantee a common methodology. This is to steer the creation of a single digital economy market between the two countries.

The government has focused on preparing 80% of invoices electronically before the end of this year. For the remaining invoices, the deadline is by June 2022. Further, the government is in talks with both small and big firms on the more extensive usage of e-invoicing from the word go.

Closing Note

Thus, the initial step is for accountants and bookkeepers to urge their clients to receive e-invoicing.

This will require clients using the old accounting frameworks to adopt the current cloud-based accounting software. For example, QuickBooks that are attempting to boost PEPPOL.

Companies need to begin approving ABNs and entering this information into systems to send e-invoices.

There is a huge amount of work on the government’s part and private sector level to proceed to e-invoicing. A significant change will provide multiple benefits directly across the economy.

Outbooks is a leading bookkeeping firm in Australia. It’s the primary choice of thousands of accountants in Australia for e-Invoicing purposes. Get in touch to book an appointment!

Contact us on +61 451320102

Or

info@outbooks.com.au

How smart accountants leverage technology?

The blast in the information that has started the Fourth Industrial Revolution, a period when business operations will get changed by digital technology frameworks, has empowered a few innovation trends to create. Each business can use these significant technologies. They should focus on using these technologies to accomplish the organisation’s business system. Further, it’s also necessary that accountants leverage technology. 

While the worry is obvious among the bookkeepers, the use of correct technology can avoid such worry(s). This includes the service operations software that integrates with the tools you require to streamline your business. 

The right technology will automate and smooth out your everyday work process. Thus, keeping you from feeling disappointed, unmotivated, and muddled.

So, right away, there are different ways Australian accountants leverage technology. 

Enterprise resource planning (ERP) systems

ERP systems make information easily accessible. Further, they hold activities between the various divisions of a firm. The data is made accessible through a typical database management system and shared through functional regions. For example, HR, accounting, sales and marketing, production, etc.

Accountants do the smartest thing by keeping their team and the production teams of their clients on the same page. They try to sync payment and invoices automatically from XERO accounts to any smart platform. 

Through this, accountants find it very easy to get access to ledger codes, tax codes, and client details in one dashboard. This helps them to calculate and update their client’s business information. Simply think about the amount of time you’ll save with paperless tax forms which could otherwise cost you up to thousands of bucks every year. 

Accountants leverage technology such as cloud-based accounting 

Many bookkeeping service firms still utilise outdated software. This is what they’re familiar with. However, cloud accounting is changing the whole work process that includes:

  • Lodging tax files,
  • Organising source archives,
  • Filing of tax forms,
  • Audit and conveyance, and
  • e-filling

All this can now get handled by an “all-inclusive resource” cloud-based innovation.

You collect the data in one place for less confusion. In the dashboard, there is a feature of the client access. It’s a typical interface where clients and accountants can work together. It also allows clients and bookkeepers to transfer and download records and speak with one another. Also, they can share information from anywhere with the device at any time. 

Accountants Leverage Technology Such As Blockchain 

One more trend affecting the eventual fate of bookkeeping jobs is Blockchain innovation. It’s a computer-based recording framework that utilises digital money inside a user-to-user network.

While Blockchain may have acquired fame due to bitcoin, the innovation has advanced significantly. It is another kind of bookkeeping ledger. It can get persistently refreshed and validated without the danger of being changed or corrupted.

Since Blockchain empowers clients to get to records continuously, make savvy contracts, and document transactions, it’s obvious why the framework is attracting the bookkeepers. Truth be told, many outsource accounting firms as of now utilise Blockchain.

To Sum Up

Technology has expanded. And so has the bookkeeper’s capacity to dissect statistical work. Improving the bookkeeper’s capacity to understand information productively and successfully without hardly lifting a finger is why accountants have started working as business counsel. 

If you are also looking for an outsourced offshore bookkeeping partner for your firm, just contact our experts and let us know all your issues. +

Contact us on: +61 451320102

Or

info@outbooks.com.au

Accounting Team – 5 Tips To Build A Valuable Team In 2021

Being ambitious in the present business environment indicates developing the way you work and employing talents considering that. Accounting and bookkeeping firms always complain that they can’t find and keep a decent staff. 

While the need for talented bookkeepers is occurring more than ever, the number of acceptable candidates is consistently decreasing. While senior bookkeepers leave after ageing out, others leave on their own. Further, today’s skilled graduates look for careers in different ventures.

The accounting & bookkeeping business is changing rapidly. Further, today’s individuals are seeing this industry as dull, less paid, and ailing in improvement opportunities. 

Today, the majority of impressive candidates attract towards IT companies, the marketing world, and innovative start-ups. On the other hand, the individuals who stay in accounting rely upon to work in a firm for at least 4 years. It is excessively long for some yearning recent college grads except if they’re being prepared for ownership.

Most accounting firms favour somebody with a few years of experience. They need balanced bookkeepers who know tax law. Besides, someone who has an understanding of the value-added services and use numbers to drive the procedure. While misguided education policies have given rise to an excess of bookkeepers in Australia, they have less compliance knowledge and auditing skills.

How can your accounting and bookkeeping firm deal to stay reasonable in a quickly evolving industry? Here’s a quick guide for the same.

Nurture your current geniuses 

Guide your current employees and reward them with regular incentives and development opportunities. Facing problems in offering the compensation of a bigger firm? Don’t worry, get inventive. 

Some inventive ideas include holiday leave, company lunches, gym offers, and office trips. Remember, all these are highly appreciated by employees. Further, work-from-home (WFH) is something every employee would prefer in the post-COVID world. 

Put your resources into what’s to come 

Generate more clerk level jobs and give continuous training. While recruiting somebody with some experience appears simple, it’s likewise costlier. Xero, in its study, found that:

In 20 years, 80% of bookkeeping occupations will get automated.

However, some human interference will still hold significance. 

An enormous amount of information analysis has featured a requirement for client advisory services; assisting them with figuring out what the numbers mean. The government has multiple tax obligations on the corporate world, understanding this employee will be needed. 

Soft skills matter too in accounting 

Indeed, you must check the core accounting skills of the candidate while hiring. However, don’t forget the importance of soft skills. For example, problem-solving, critical thinking, leadership, and risk analysis skills are what an accountant must possess. 

Roles like client advisory and auditing requires more soft skills. Thus, your employees will feel more secure and satisfied if they possess sufficient soft skills. 

Evolve client-accountant relationships

With technological advancements, clients have evolved themselves too. Nowadays, they don’t just rely on your tax lodging and compliance work. They demand more from your firm. They need help in budget analyst forecasting, financial planning, business scaling rather than simple record keeping and payroll handling. 

You must advise your clients related to their needs and solve their queries to develop relationships. Keep their work on priority and engage more with them. 

Outsource time-consuming tasks like accounting 

Take the support of an accomplished outsourcing accounting and bookkeeping services firm. When searching for an outsourcing supplier, pick an agency sufficiently large to take on work immediately. 

Allow one individual, like your office supervisor as a point of contact to guarantee consistency and clearness for your outsourcing group. Additionally, some outsourcing organisations will provide a free trial of their services so you can choose the best one. 

How Outbooks can help? 

Having proficiency in Australian tax laws, budgeting & forecasting, management accounts, and payment management; experts at Outbooks can set up the systems they require to begin within a few hours. Thus, overseeing most parts of the technical handover for your support. 

In case you’ve limited staff and are facing an occasional spike in your responsibility, a 10-minute call is all it takes. 

 

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