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Find Best Accounting Software for a Small Business

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Small business owners always have to make tough decisions. One of the most important points is; deciding which is the best accounting software for small businesses? Will best suit their needs? There are a number of factors that need to be considered; including size, complexity, and cost. The key question is; do you want something simple or sophisticated? Do you need it for one user or multiple users? What about the industry your company operates in? We’ve compiled a list of some of the top accounting software on the market today, so take a look and see if any meet your criteria.

List of best accounting software for a small business

Intuit QuickBooks

Intuit QuickBooks is a powerful accounting software that helps small and medium-sized businesses manage their finances. If you are an entrepreneur looking for help managing your business, this post will give you all the information you need to get started with Intuit QuickBooks. We'll explore Intuit's features, pricing models, and what makes it such a great tool for entrepreneurs who want to be successful in today's cutthroat market. Ready? Let's go.

Intuit QuickBooks is one of the most popular accounting tools on the market today because it helps small and medium-sized businesses manage their finances by providing valuable insights into cash flow management, income statements, balance sheets, accounts receivable/payable reports, inventory control.

Xero

If you're looking for accounting software that is easy to use, has a large variety of features, and offers great support then Xero - Accounting Software should be at the top of your list. The team behind Xero is an expert in working with small businesses. This means their product will fit seamlessly into any company's workflow.

Xero provides everything you need from invoicing and tracking expenses to billing customers for services rendered. It also allows for customizing reports so that they best suit your needs. Plus, it does all this while being completely cloud-based. So there's no worrying about servers or backups. Sign up today and get started on setting up the perfect account management system.

MYOB

MYOB is a popular accounting software that has been around for over 40 years. The company's goal is to make life easier for small businesses and accountants by providing the right tools at the right time. MYOB offers an all-inclusive solution with everything you need to run your business; from payroll and billing to inventory management. It also comes with a variety of reports so that you can see where your money is going, what’s working, and how much room there may be for improvement.

MYOB doesn't stop there. They provide audit support as well as training seminars so you can get up to speed on the latest features or learn more about topics like cloud computing or compliance regulations (like SOX).

Choose the Accounting software with the help of an Account-Consultant

One of the first things that businesses must do when starting is choosing accounting software. There are many available in the market and it's hard to know which one is best for you, but with help from an accounting consultant, you will find your perfect fit. Account consultants can offer assistance in deciding what features are necessary for a business and finding the right accounting solution inclduing with accounting, bookkeeping, payroll and tax preparation services. They also have experienced staff who can answer any questions about the software or financial matters that may arise during this process. Call on +61 2 7227 0101 now!

The Business Financial Success with Accounting outsourcing services

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When we talk about accountancy we need to understand that it is the communication of financial important information. This financial information is very important and beneficial for people managing businesses, managers of big businesses and shareholders and without access to such information they would not be able to make any firm decisions about their business. Accountancy services include the financial information in the form of statements that show the amount of financial resources that are available.

Accounting outsourcing services in today’s times are called the language of business as it is the main way of communicating to any business financial information that is extremely important for running any business.

Accounting outsourcing services incorporate administrations for loan creditors and bank chiefs, this is vital for them to settle on any choices with respect to their back foundations or then for their cash making techniques. Government offices will likewise require this data for understanding budgetary records.

Administrations offered by accounting firms can be useful to organizations and even people. On the off chance that you maintain a business or an organization, at that point have a need your money related issues took care of well and this is the thing that the bookkeeping firms do for your benefit. The administrations are especially gainful to independent companies that won’t not be in a position to get a full time bookkeeper to run its undertakings. Employing a firm can really be an extraordinary method for sparing cash considering that your business can appreciate various administrations from a decent bookkeeping firm.

Accounting firms assist a business to become more efficient with income tax and capital gains tax and other tax related solutions. Businesses can basically can get the help they need with tax planning and tax compliance to reduce overall tax burden and obey the tax laws that are in place.

Discover our bookkeeping service in Australia and contact here our accounting firm now.

Best Bookkeeping Service For Your Small Business

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There are different types of Bookkeeping Services for small businesses. You can handle it all yourself, utilizing software like Quickbooks and Xero; hire a part-time small business bookkeeper; or opt for a full-service bookkeeping service like Xendoo that can handle it all for you.

What are the different types of bookkeeping services for small businesses?

You may choose to handle all of your small business bookkeeping on your own, but keep in mind that it’s more than just simple data entry. You’ll need to familiarize yourself with your software of choice, such as Quickbooks or Xero and set up your Chart of Accounts among other things – and of course make sure your records are always as up-to-date as possible. 

A popular option for small business owners is to hire xero certified bookkeeper. This is a great solution for small business owners who have enough time to take on some of the bookkeeping work themselves or who have someone on staff who can manage it. One important aspect of hiring a Xero bookkeeper to keep in mind is that you will still need to oversee and be involved with the part-time bookkeeper’s work. You’ll need to review their data entry, monthly reconciliations, and any communication they have with your accountant. Additionally, you will need to organize receipts, invoices, and any other financial paperwork for them and make sure to stay organized on your end.

As a small business owner, you wear many, many hats. From sales and marketing to employee management and not to mention, your specialty – the good or service you set out to provide in the first place – whether it’s operating a small bakery, selling home goods, or running a childcare center – you do it all. When you are ready to catch up on your bookkeeping and make sure it always stays up to date, you can opt for hiring a full-service bookkeeping service like Account-Consultant.

Account-Consultant is proud to support thousands of small business owners with their financial needs to help set them up for success and provide financial peace of mind. It’s one important thing you can take off of your to-do list, and you can rest easy knowing your financials are being properly handled throughout the year by professionals – no more worrying about when you’ll do your bookkeeping, and no more playing catch up when tax time rolls around.

Do bookkeepers save small businesses money?

Bookkeepers and bookkeeping services save small businesses time and money. Small business owners notoriously spend a large amount of time on administrative work, like employee scheduling, preparing payroll, and especially hours and hours of bookkeeping.

It is estimated that SMBs spend 120 working days per year on these administrative tasks and bookkeeping. A bookkeeper can save you money by helping to maximize your business’s income, help you determine where you can cut costs, and give back your valuable time to focus on the reasons you started your business in the first place.

For a set monthly fee, Account-Consultant’s bookkeeping solutions come with a fully dedicated financial team to save you time, money, and most importantly – stress.

Why Sunshine Coast Small Business Need Online Accounting

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Remember when the internet was new, and everyone’s guard was up? Many of us were too afraid to give up our first name, never mind our credit card details and personal home address.

Fast-forward to today, and nearly everyone is divulging their personal lives online. Efficiency and increased productivity are two reasons why, but the bolstered security and enhanced safety in providing these details has also allowed us to breathe a lot easier when it comes to sharing our personal information online.

One area that has seen exponential growth is online accounting. Unlike “old school” Excel spreadsheets, paper-based accounting ledgers, or a dreaded box full of receipts, online accounting streamlines the process and makes data more accessible and easier to share with Xero expert bookkeepers like us here at Efficiency Partners.

Why Virtual Accounting Services is a Smart Move

Our Virtual accounting solutions harness the power of “cloud computing”. Information is stored offsite and inside a secure system of servers so that your financial details remain protected and straightforward to access 24 hours a day.

Online accounting gets rid of the common issues experienced by business owners when it comes to keeping track of financial information. Here are just a handful of benefits to online accounting:

Get Onboard with What 1.5M Aussie Businesses Already Know

Did you know that 1.5 million small to medium-sized businesses in Australia are using online accounting solutions like MYOB or Xero to streamline their accounting?

We get it – changing the way you’ve been doing your accounting for years can be overwhelming if not downright daunting. That’s why we at Efficiency Partners walk our clients through every step of the transition and make sure that every detail is taken care of before you make the change.

Give yourself greater freedom and more focus on your business. We welcome you to speak with one of our Xero certified Sunshine Coast bookkeepers to learn more about cloud accounting solutions.

How cloud accounting solution is useful for small business ?

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Making the move to the cloud makes sense for your business, but it’s important to understand that not all cloud organisations have the same standards. Consider the ten factors in this guide to ensure you pick the best cloud accounting provider.

What is a cloud provider?

The cloud is part of the internet. For example, cloud storage simply means storing your files on a company’s server, with a secure connection over the internet to your computer, smartphone or other device.

Cloud Providers are similar, but they let you run applications instead of just storing files. The advantage with cloud providers is that you don't need to keep everything on your own machine. You can log in from any device using a browser or an app, and have instant access to your software and business data.

But the field of cloud services is a relatively new business. Most of the smaller cloud service companies, and the cloud departments of larger organizations, are just a few years old. This can make it hard to judge which cloud service provider is right for you.

So to help you make that decision we've come up with 10 factors that your cloud service provider should be willing to share with you. We're concentrating on cloud-based accounting providers in this guide, but the points covered can be applied to other types of cloud service provider too.

1. Show that their systems are stable and robust

If you're going to trust your financial data to someone else's software and servers, you need to know they're going to look after it. They will need to have the following systems in place:

• Data encryption

Your data should be encrypted so that if it should fall into the hands of hackers, they won't be able to make any use of it.

• Solid security

Access to the service should only be possible through password authentication or other secure means.

• Backup strategy

Hardware inevitably fails from time to time, and so does software. With a sensible backup strategy that doesn't have to be a big problem.

• Disaster recovery planning

Disaster recovery (DR) is a vital part of running a cloud business. If the unforeseen happens, such as an earthquake, tornado or other disaster, whether natural or otherwise, the business should be able to continue with minimal interruption as servers in another location take over.

These are the basics of good cloud service delivery. If you find yourself talking to an organization who doesn't have all these systems in place, walk away.

2. Demonstrate that their company is financially healthy

It’s a commitment to decide to work with a cloud provider because you will rely on their service to always keep your business data accessible and up to date.

Just as if you were buying off-the-shelf accounting software to use in-house, you'll need to know the supplier is financially healthy and able to provide ongoing support. You'll want to make sure your hard work won't be wasted, and that the company will be around for the foreseeable future.

So check out the company's balance sheets, annual reports and other financial information. Talk to an accountant. if you need help to make sense of the figures.

3. Make your information available across devices

A cloud service provider should be able to allow access to their application through a variety of devices and operating systems.

The more types of device that are supported, the easier it will be for you and your team to access. So look for a cloud provider or service who can ensure your information is available on:

• Apple iOS devices

For iPhone and iPad users.

• Android OS devices

For a wide variety of tablets and smartphones.

• Windows PCs

For desktop and laptop machines, and some tablets, running Microsoft's operating systems.

• Apple Macs

For desktop and laptop machines running Apple's operating systems.

Depending on the way your business is run, you may need support for other platforms too, such as Linux or Java.

4. Value their users and provide good support

These are difficult points to measure. However, most cloud accounting providers will have online community forums where people meet and exchange thoughts and ideas about the company.

They will also ask questions and, sometimes, make complaints. You can get an idea of how the company treats its users by reading through these forums and seeing how it responds to suggestions. Then look at how those suggestions are handled or resolved. You’ll be able to tell a lot about customer loyalty as well from these forums.

If the forum support staff are friendly, helpful and knowledgeable, the company is likely to value its customers.

5. Maintain good uptime

A broad range of features is of no use if the system keeps going offline or crashing. The amount of time a cloud service stays running and accessible is called its uptime.

The uptime percentage should be over 99.95% in the best cases: that's less than an hour of downtime per year.

Achieving good uptime depends on various factors. These include having the right staff with the right skills, providing investment for new servers and infrastructure, and understanding the business need for reliability.

6. Have scalable infrastructure

As your business grows, you need your accounting software to be able to grow with you. Your chosen accounting product should:

• Be able to scale

When it comes to processing power and data storage, the infrastructure needs to scale to meet your and their growing needs.

• Preferably have their own data center

Otherwise you'll be dependent on another company that you don’t directly interact with.

• Be open about updates and upgrades

An upgrade and update timetable can be useful, especially if it involves down time. You won't want to lose a connection during an important client meeting.

7. Seamlessly integrate with third-party applications

You will want to be able to compare one cloud accounting provider with another, which means you'll need to know exactly what services each one offers. Most of these providers will include that information on their website, but if not they should be able to supply it in document form for you.

But the big advantage of cloud services is that the list of features doesn't have to stop there. Most providers will have deals with partner companies and some will also allow third-party providers to create third-party applications or ‘apps.’

This works a bit like the apps stores for smartphones, or plug-ins for web browsers. It means you can get much more out of your software. So ask for a list of third-party suppliers, partners and add-ons. In some cases there may be hundreds to choose from.

8. Provide detailed billing plans

Each provider will have a different pricing structure. Find out what they will charge as you grow your business, because your requirements will grow too.

• Take a look at your existing requirements

Determine where you are today. Then you can work with your provider to forecast how things might change in the future.

• Ask about their existing clients

See if they're willing to share information about the growth of their clients who are comparable, in terms of size, to your company.

• Make sure you receive a clear written schedule of costs

Then study it carefully. A low up-front initial cost might not be so appealing if the costs rise exponentially as your business grows.

• Make sure any additional costs are included

For example, access to Online accounting services should ideally be through your own internet connection. If you have to use a dedicated data connection instead, that may lead to unexpected costs.

9. Confirm that you can have your own data at any time

You might not want to be tied into one cloud provider forever. Circumstances change and businesses evolve, so you may want to switch providers at a later date.

Make sure you will be able to export your business data from their system whenever you want to, and in a file format that can be used by other software.

Don't get tied into one organization's product. If your deal with them comes to an end, you need to know your business data will still be safe and accessible.

10. Get everything in writing

Once you've made your decision about which provider to use, make sure you get everything in writing. Good cloud organizations should have a detailed customer data check-list, indicating that they are customer-focused. The list should include items like the location and number of the data centers; the requirements each center must comply with; emergency procedures; frequency of backups and SLAs (service level agreements).

Some of these documents will contain legal language, so get them checked with a lawyer if you have any concerns.

Now you can start working on your accounts in the cloud

There are many advantages to working with a cloud accounting service, such as having access to the service anytime and anywhere. But it's important to take your time and pick the right one.

When you’ve made your choice, use the ten factors we’ve listed in this guide, so you can start working on your financial data right away – day or night, from wherever you happen to be.

Contact us here for the cloud accounting services.

The 8 Essential roles of Bookkeeping Services for small business

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Keeping books of account is an integral part of running a business. It meets the legal obligation to monitor mandatory registers, but also helps to monitor results, analyze performance and manage the company. Whether the bookkeeping services is done by an in-house accountant or a firm, it is a valuable tool in helping to make decisions that affect the future of the business.

It keeps track of the current and past financial situation and allows comparisons to be made

The recording of accounting entries and bank reconciliations give a fair and real-time view of the performance and cash flow of the company. The manager can compare the current state of the company with past situations, measure and analyze the variances with the estimated budget.

Keeping accounting books is mandatory for a business

Bookkeeping is a task that many business owners hate doing, and is often rushed, left to the last minute, or carried out late at night after a hard day at the office or on site. It’s time like that when the mistakes are made, and incorrect bookkeeping can expose owners to substantial fines if discovered by a Tax Office audit.

Bookkeeping in accounting allows you to plan the financial situation and make forecasts

It is by following your accounts closely that you are able to know the precise financial situation of the company and to make forecasts. Contrary to popular belief, rigorous monitoring is not necessary only in times of crisis. The development of an activity is a sensitive situation which generates a need for working capital and also requires daily monitoring.

It is the best way to monitor and control expenditure items

It makes it possible to record accounting entries and analyze expenses in real time allows you to know your production costs, avoid unnecessary expenses and slippages without having the time to significantly affect profitability.

Bookkeeping allows you to track inventories, invoicing and customer receivables

It is with a rigorous recording of accounting data that we can monitor and compare stocks, invoicing, verify that all products and services sold have been invoiced, and control the outstanding amount owed by each customer.

It helps to optimize the management of the company

In a competitive economy, rigorous account monitoring allows you to make the right decisions without wasting time, maximize profits and increase the company's chances of survival.

Bookkeeping decreases the risk of errors by structuring income and expenses

Self-employed workers and small businesses that keep books structure their expenses and income, making fewer mistakes when it comes to over-reporting or not reporting.

It saves time in the event of an accounting check

Impeccable bookkeeping, well-filed books and documents save time in the event of an audit and avoid remedial action related to a faulty bookkeeping or the inability to produce a document. Keeping accounting books meets an obligation, but is also a valuable management tool. A record and a rigorous follow-up of the accounts allow the manager to optimize the management of his company by making informed decisions at the right time.

Discover our bookkeeping service in Australia and contact here our accounting firm now.

Top reason to Outsource Payroll services for small business

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Outsource Payroll Services for small business is the least strategic and most time consuming aspects of our organization. It isn’t a question of why but rather why wouldn’t we outsource it to Account-Consultant.

Top 6 Reason to Outsource Payroll services for small business

1. Save Money. Their in-house payroll service did not generate revenue. Having dedicated staff to print and distribute checks and create tax documents just didn’t make sense because we had less than 2,500 employees. Outsourcing the non-strategic, non-revenue generating aspects of their business to a trusted firm who can do it better and more cost effectively made their company more profitable.  A recent study by Price Water-house Coopers found that “85% of all companies that outsource are more profitable.” 
2. Focus on Their Core. Our clients really didn’t “want their employees (and management) consuming their time on payroll related activities.” Outsourcing these time consuming activities put them to work on more productive assignments. While we were focusing on their payroll, they were be able to focus more closely on their core business activities. In today’s economy, razor sharp focus is critical to operational excellence which is the real driver to giving them a competitive advantage.
3. Accuracy and Accountability. Our staff are payroll experts. Our Payroll Administrators have an average of 13 years experience in running complex payrolls.
4. Reliability. Vacations. Illness. Turnover. New hires/Training to Get Up To Speed Quickly. These payroll processing problems are a thing of the past when you use the outsourcing payroll services for small business of Account-consultant.
5. Regulations. They wanted to be “up to date on all payroll-related tax laws and regulatory mandates for federal, state and local authorities.” Currently, the 2nd most common lawsuit in the US is Wage and Hour which falls directly into the category of payroll expertise or lack there of.
6. Hassle free. Our People-Process-Technology model for best practices eliminates all the payroll hassles.

Finding a Reliable Payroll Management Service:

As a business owner or payroll manager you have a number of options for your payroll functions. Software that can be installed in-house, or cloud-based programs offer a good alternative. But if you really want to take full advantage of the benefits available to you, outsourcing to a provider like Account-Consultant can still be the best decision.

Flexible Outsource Payroll services to Fit the Needs of your Business.

Contact us here Outsource Payroll services for small business.

How Online Accounting Services Helps You in Small Business ?

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Do you have a small business and don't want to hire an accountant? Don't know what to do with your accounting? You're not alone. There are many entrepreneurs who find themselves in the same boat. online accounting services can help!

Account-Consultant offer affordable online accounting services that are tailored for small businesses, freelancers, or self-employed individuals like yourself. We will prepare everything from payroll and taxes to bookkeeping and reconciliations for your company so you don't have to worry about it any more! Our goal is simple: "let's make financial life easier" by removing the burden of doing your own accounting work on top of running a business day-to-day.

Do you have a small business and don't want to hire an accountant? Don't know what to do with your accounting? You're not alone. There are many entrepreneurs who find themselves in the same boat. Online accounting services can help!

Account-Consultant offer affordable online accounting services that are tailored for small businesses, freelancers, or self-employed individuals like yourself. We will prepare everything from payroll and taxes to bookkeeping and reconciliations for your company so you don't have to worry about it any more! Our goal is simple: "let's make financial life easier" by removing the burden of doing your own accounting work on top of running a business day-to-day.

How Can Virtual Bookkeeping Services Benefit My Business?

Virtual bookkeeping services provide a range of benefits to small business owners.

These include:
- Access to expert accountants who can help with the day-to-day accounting tasks and ensure compliance with legislation.

- Reduced stress by outsourcing time consuming and mundane tasks, while freeing up your valuable time for other essential business activities like developing new products or marketing campaigns.

- Better control over cash flow as you'll have more accurate records of your income and expenses.

With virtual bookkeepers, you can do more with less by outsourcing the work of tracking your finances, reconciling accounts, and preparing financial statements for the IRS or other regulatory bodies. This will allow you to focus on what matters most for growing your company while saving you time and money!

Contact us today at +61 2 7227 0101 or email accounts@rayvat.com to see how we can help make this happen for you!