It is a well-known fact that accounting and bookkeeping process is a not an easy task. It rather requires a lot of sincerity, focus, time and expertise knowledge for an individual or a business company to ensure that its accounting and other financial operations are well taken care of. A total of 40% of business owners believe that taxes, accounting and bookkeeping are the worst part of running a business organization. While 23% of businesses believe that changing taxation regulations and laws are their biggest headache.
IT Support for Accounting & Bookkeeping
Whether it is accounting, bookkeeping, tax calculation, computation, filing, invoice creation, tracking or other legal works, individual accountants, business organizations and even accounting firms have to be perfect and 100% accurate at each and every step. This is where, Information Technology and latest software solutions running on the Cloud have extended their help. However, it must be noted that every business software solution has a few demerits as well.
Today, accounting and bookkeeping has reached on the Cloud. According to Rob Nixon, CEO of PANALITIX, more than 90% of small and medium businesses will move their accounting and bookkeeping to the Cloud by 2020.
Cloud Accounting is the hot talk of the hour. It automates the accounting and tax computing processes and has many advantages to offer. However, it involves a lot of complexities as well. Since the complete accounting, bookkeeping and tax processing have various steps and stages involved, one needs to rely upon more than two or three software solutions for complete accounting processes.
As discussed earlier, accounting and bookkeeping processes involve a lot of activities. Starting from simple invoice creation, sharing, accounting, transaction tracking, to tax calculation, computing and final filing, there are a number of software solutions which serves the purpose. However, each comes with a few minus points as well and may not fulfill all your individual business or accounting needs.
Let’s have a quick look at some of the important accounting activities and available software solutions-
Accounting & Bookkeeping
Accounting and Bookkeeping are the basic needs of any business organization. You need an experienced support to record, manage and track your business accounts. And when it is the tax season, you need support to calculate, compute and file taxes with an ease. All these work should be executed with 100% focus without any compromises with accuracy, as a small mistake can be hazardous. Bookkeeping will also help you track your business transactions. QuickBooks is one such accounting and bookkeeping software with subscription tag of $299 for premium package, which can help you with this task but it is quite expensive.
Estimation is an important business activity. Many software solutions assist you in creating, storing and tracking your estimates. These can be used to create and send large project estimates to all your prospective business clients. It allows you to track invoicing against estimates with existing clients. It also helps you in tracking your previous income and potential future profits with an ease. However, you have to shell out $24 per month to use this software solution.
Creating, Sharing & Tracking Invoices
Whether you run a small, medium or big business organization, invoicing is an essential practice of any transaction with your clients. Several invoicing software help you to create, share and even track invoices. You can set up multiple products or services to offer, multiple clients and projects all together through invoicing software solutions like FreshBooks. And you can even send the invoices to clients with an automated feature that enables you to remind your clients for pending payments. However, it can cost you up to $50 per month.
Accounting, Project Management & Customer Relationship Management
Project management and tracking is an important activity for business organization. As a business owner, one needs to track their current ongoing projects with an eye on accounting, financial transactions, and customer relationship management, all at a same time. Software solutions do the work effectively. They take care of various tasks and business operations all alone. Whether it is expense tracking, invoicing, workflow creation, project tracking and even Customer Relationship Management, they can be used for all. Zoho Books and Microsoft Dynamics CRM are two famous software solutions used for this purpose. But again they are quite expensive.
You need to have an accurate way to track your business receipts throughout the financial year and track them again during the tax season. You need to have a solid plan to categorize your expenses, parse the amounts and client name, also save all the related transaction details for tax calculation and computing needs. Expensify software can help you in tracking all your expenses. However, you need to be very careful with managing and feeding your expense data to this software.
Invoicing in multiple currencies
Sometimes you need to create invoices in multiple currencies, mostly when your business organization offer services in more than one country. SlickPie is one such famous software for this activity.
It is found that 45% of consumers like to receive digital copies of their invoices or receipts. There are various software solutions which help you in digitizing receipts and share them with your clients with an ease.
Manage Tax Filing & Legal Tasks
You need legal and expert support to manage all your tax filing and other legal tasks. Also, you must stay updated with latest taxation laws and policies to avoid any mistake while filing the tax returns. There are few software solutions which serve the purpose but they aren’t reliable.
Accounting & Bookkeeping Software Solutions vs. Outsourcing
Undoubtedly, accounting and bookkeeping software solutions have a lot to offer. However, one needs good investment on setting up IT infrastructure, computer systems, hardware configurations and subscriptions to various software packages. On the other hand, outsourcing your accounting and bookkeeping processes can be a better option over investment on other available resources.
Reports claim that individuals and accounting firms can save up to 30% by choosing a reputed and reliable accounting and bookkeeping outsourcing company. These companies work on latest software solutions, which can be easily customized to suit your individual accounting needs.
Outbooks – Reliable Accounting and Bookkeeping Outsourcing Company
If you are looking for an expert accounting and bookkeeping outsourcing company, Outbooks is the name you can trust upon. They have an expert team of 80+ individuals who will look after your accounting, bookkeeping, tax calculation, computing and filling and all other processes at an affordable cost.
The team stays with latest taxation regulations and laws, which any software package fails to offer. Instead of purchasing different software packages and investing on IT infrastructure setup, choosing out accounting and bookkeeping outsourcing is a better choice. Currently Outbooks have 5000+ end customers, for whom the experts helped to significantly reduce IT costs on accounting and bookkeeping by 20-30%.