The Benefits of Getting Rid of Paper Files and Using a Digital System Instead

Do you have filing cabinets overflowing with papers that have collected over the years? Even though paperwork gives you something tangible to look at, it isn’t an efficient system to manage the business finances for your company. If you want to set your business up for success, then right now is a great time to shred those papers and move to a digital system instead.

Drawbacks of Paper Files

There are multiple drawbacks that you might encounter when you are working with paper files. First of all, you need to invest money into the filing cabinets and office space to hold those files. Your monthly expenses will go up because it is necessary to manage a big office so that you have enough storage space of all of the files.

Another drawback is the filing mistakes that can cost time. If a paper is misfiled and you need to access the information, then you might spend a lot of time digging through stacks of paperwork to find the single file that you need.

Benefits of Digital Filing

When you choose to transition to a cloud-based accounting system, you won’t be limited by location. Paper files can only be accessed if you are on-location. But, digital files allow access to anywhere in the world. A cloud-based bookkeeping system means that you can manage your business financial information anywhere you can access a strong internet connection.

Additionally, digital filing gives you the opportunity to work with financial professionals who are located anywhere. Instead of hiring an employee to manage on-location bookkeeping tasks, you can reduce expenses and access experienced bookkeeping teams through cloud-based systems. These bookkeepers can offer excellent services, giving you instant access to current financial reports throughout the month.

Many business owners find that they are better equipped to make good business decisions when their financials are kept up-to-date. These files are always current with a digital system so that you always have access to the latest information.

Making the Transition to a Digital System

If you are using a paper filing system for your business financials and you are ready to make the transition to a digital platform, then it is essential that you hire a professional team to help. Having an experienced team will reduce the stress of the transitioning, making it easier than ever for you to access the best bookkeeping tools that are available.

For more information, we invite you to contact our team at Easier Bookkeeping. We are here to help with anything that you need: (888) 620-0770

Is there a Difference between an Accountant and a Bookkeeper?

The time has come to hire a financial professional to help with your small business. But, how do you know which type of services that you need? There are many possibilities that are available, and it is important that you understand the service differences before making your decision.

Even though the terms “bookkeeper” and “accountant” are often used as synonyms, you need to know that these are two different services:

Small Business Bookkeeper

A bookkeeper is there to help with the daily, weekly and monthly tasks related to managing your business financials. Their responsibilities are focused on tracking the transactions that come through the company. These transactions might include things such as payments, invoices, receipts, and sales.

Most small business bookkeepers will utilize an online bookkeeping software. The advantage of this system is that you can hire a remote outsourcer instead of bringing in a full-time employee. Also, you will be able to run bookkeeping reports from any location to see more about the financial health of your company.

The goal with bookkeeping is to improve record keeping accuracy. At the same time, these services increase the data accuracy throughout the year. Bookkeepers focus on the small details, helping to track all expenses and income down to the penny.

Accounting Services

After the bookkeeper gathers the data, an accountant can step in to analyze the data into usable information. Accountants focus on the big picture success of your business, helping you to find answers to overcome financial problems that you are facing.

Accounting services often include tasks such as tax return preparation, balance sheets, income statements, audits, cash flow analysis, and verifying the information submitted by the bookkeeper.

It is essential to have a professional focused on the big picture. These details will help you plan for the future. Additionally, a good conversation with an accountant can improve your financial decisions throughout the year.

Do You need Bookkeeping or Accounting?

As a small business owner, is it a higher priority to find a bookkeeper or accountant? The truth is that both of these services are essential. Bookkeeping and accounting go hand-in-hand, so it is best to have both.

Here at Easier Bookkeeping, we offer all of the financial services that you need. We invite you to contact our team today to learn more about the accounting and bookkeeping services that are available. We will talk with you about the options and put together a plan that is catered to the needs of your company. Call us today: (888) 620-0770

Why Monthly Bank Statement Reconciliation is Essential

Regular reconciliation of bank statements and other financial accounts should be a regular practice in your business. Do you keep up with regular checks to ensure the quality of your financial tracking system? If you don’t have the time or desire to handle these tasks, then you should consider the advantages of hiring an experienced bookkeeper to help.

Here are a few reasons why it is important to keep up with bank statement reconciliation:

Identify Problems and Errors

Typos, missed payments, and other manual errors can cause problems in the financial tracking system. You need to make sure that the input is accurate so that you can have access to updated financial reports. Even small errors can have a big impact on the long-term success of your company.

Bank statement reconciliation helps to catch the errors. When the errors are identified early, it is easier to make changes and adjustments to improve the quality of financial reports.

Missing Transactions

Sometimes, there are transactions that might be missing in your bookkeeping software. For example, if a check was issued but the receiver waited for several months to cash it, then you might be hit with a surprise in your checking account when the check finally goes through. Tracking every transaction will give you the chance to follow-up if needed. Also, you can be sure that you aren’t missing any transactions on the reports.

Identify Employee Behavior

Most business owners want to trust that their employees are honest with the company accounts. But, there are times when employees make poor choices and embezzle money. These errors are easily overlooked if you aren’t monitoring the cash flow within the company. Regular bank statement reconciliations will help you to minimize and prevent losses from employee dishonesty.

Monitor the Growth of the Company

If the financial system isn’t updated and reconciled, then it means that you are unable to see an accurate overview of the company by looking at financial reports. Missing transactions, incorrect data entry, and other problems can change the numbers and alter the output of the reports. To make the best financial decisions for your company, you need to be sure that you have up-to-date information about the financial health of the business.

At Easier Bookkeeping, we know that business owners have a lot of responsibility to manage the company. If you don’t have the time to keep up with mundane tasks, like monthly bank statement reconciliation, then we invite you to talk with our experienced team right away. We offer small business bookkeeping services, and we are here to help: (888) 620-0770

Payroll: A Tedious Task that Never Ends

Small business owners will often agree that payroll is one of their least favorite tasks to complete. Payroll processing is an ongoing task, because once paychecks have been cut, the hours for the next pay period are already rolling. You need to make sure that you are staying proactive with payroll, because your employee checks are critical to ensure that the team is being taken care of.

Small vs. Large Companies

It is true that payroll gets more complicated as a company gets bigger, but even small companies can benefit from the payroll services offered by an online bookkeeper. Once you have the system in place, it is easier to manage payroll processing. A bookkeeper takes the stress off your shoulders by overseeing all aspects of payroll, so that you know that your employees are being paid on time, every week.

Cash flow is a critical element for payroll, because you need to be sure that there is enough money to pay for the checks that are being distributed. A small business bookkeeper will help you oversee and manage cash flow throughout the month, to ensure that you have the cash that you need at any given time when the paychecks are being distributed.

Paperless Financial Solutions

Do you feel like you are drowning in paperwork, because your payroll system is being managed with old tools? Manual time sheets and paper submissions are a thing of the past, and your professional bookkeeper can help you choose the right digital program to manage your bookkeeping needs.

Cloud technology has made it possible to keep all of the payroll services in a digital format. Your bookkeeper will be able to access the information from any location, so that you can have your payroll processed without the need to have an in-house bookkeeper.

Tool Integration

A good full service bookkeeping company will help you understand more about the tools that should be used, so that you can streamline everything into one simple system. Even though payroll is a task that will continue as long as the company is in business, you will have lower levels of stress because these tools make it simple to stay caught up with the requirements for payroll processing.

Whether you are looking for help with payroll or you need assistance with other types of bookkeeping services, Easier Bookkeeping is there for you! Our experienced team knows what it takes to get the job done right, and we will gladly assist with your payroll processing and other types of financial tracking. Call our office at: (888) 620-0770

Security Tips for Online Data and Financial Records

Many companies are using online financial tracking programs to organize their books, and these tools can offer powerful resources to help your business in many ways. Even though the digital world now offers a number of amazing tools that you can use, there is one concern that you need to watch for: online security.

Hacking is becoming more common, and you need to ensure that your client information and financial records are kept safe and secure. Here are a few tips that you can use to protect your digital data and information:

1. Move it to the Cloud

As a general rule of thumb, data is safer when it is kept on the cloud instead of being stored on the hard drive of your computer. Most accounting programs will provide you with cloud storage, and you need to check about the security of the storage to make sure that your information is safe. Ask who has access to your records and find out the system administrator for your information.

2. Encrypt Information

If you need to store something on your laptop or a local hard drive, make sure that you encrypt the information whenever possible if it contains sensitive details. Also, consider the security of uploads to the cloud, because it is possible for data to be intercepted when you are transferring it from your computer to the cloud. If you need an extra layer of protection, use a VPN service to change the location where the data is being transferred. Whenever you are using a public, unsecured WiFi connection, you should avoid accessing this financial information if possible.

3. Keep Your Computer Up to Date

Make sure that your computer is up to date with the current software and operating systems that are available. Additionally, it is a good idea to have a trusted antivirus software and firewall to keep you protected when you are online. Make sure that anyone who is accessing your financial records also has good computer security, such as office employees or your small business bookkeeper.

4. Use Strong Passwords

Strong passwords keep your information protected and they decrease the likelihood of your website or account getting hacked. Use strong passwords for your personal account, and also make sure that your bookkeeper is using a strong password when accessing your online bookkeeping software.

At Easier Bookkeeping, security is our top priority. When you contact us about the full service bookkeeping that we offer, you can rest assured that we will keep your information protected. Call us today for more information about the services that are available: (888) 620-0770

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Why Outsourced Bookkeeping is a Great Solution for Your Small Business

When entrepreneurs start a new business, they often wear several hats: CEO, CFO, project manager, office manager, or even delivery boy. Many new businesses have only a handful of employees, which means that the employees might be juggling a lot of responsibility to keep up with the required workload.

As a business owner, you need to be strategic about how the company is being managed, and one of the best ways that you can set your company up for success is by using a small business bookkeeping service to help. The financial tracking and projections can make a big difference in the long-term results that are achieved by your organization.

Hiring a Professional Bookkeeper

If you are spread too thin because you are trying to keep up with all of the responsibilities, then you should consider the option to bring on a bookkeeper to help. Most business owners don’t have the financial background that is required to properly track and manage their business financial reports, which can cause problems if the system is handled incorrectly.

A bookkeeper can relieve the daily stress of tracking cash flow, bank balances, employee payroll, invoicing and more. The bookkeeper will provide invaluable insights about setting up the right system for your company, in order to properly track all of the required information.

Employee vs. Outsourcing

Most business owners mistakenly assume that they need to hire a full-time employee to help with the bookkeeping tasks. Or, these tasks are assigned to an inexperienced employee who is already working for the company. As a result, you are either spending a lot of money for another full-time employee, or the job is being handled incorrectly by someone who doesn’t understand good bookkeeping strategies.

Instead of going through the hassle and expense of trying to hire a bookkeeping employee, you should consider the option to outsource the bookkeeping responsibilities. A bookkeeping service has the experience that you need to optimize your financial tracking, allowing you to focus on other important tasks within your business.

Business owners who are willing to outsource tasks find that they have a better work/life balance. Additionally, it is easier to achieve long-term success, because you will have a clear understanding about the financial circumstances of your company at any given time.

If you are interested in learning more about the benefits of small business bookkeeping, then we invite you to contact us today! We are always available to answer your questions and help with anything that you need. Contact us by submitting our contact form or call us at: (888) 620-0770