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Let’s say you’re running a start-up with five employees. Do you want one of those employees to be a full-time accountant? Are they really going to be super busy handling financial information for such a tiny company? Of course not. So why waste the money on an additional employee when you don’t have to? Did you know that companies that use QuickBooks Online find an average of $317.42 in potential tax savings per month, (3,809.00 a year).
We have a philosophy that every moment you’re working on the books, you’re taking time away from your core business tasks, and this is your business – what could be more important than running the day-to-day operations or seeking new business? It really doesn’t matter how you spend the time; but spending it on accounting work isn’t going to help your company grow. Keeping track of paperwork can be a challenge in any business. It is also something that is time-consuming and tedious. Paperwork is also something that can quickly become the focus of business owners and employees, making it a huge distraction. When more focus is placed on paperwork than the day-to-day functions of the company, productivity will naturally go down. However, by having a more efficient way of handling paperwork, through online services, productivity will increase quickly.
Don't be concerned with growth problems as your company expands, everything becomes a bit more complicated. You’ll have more clients, more projects, more employees – and that all means more numbers for the bookkeeper to work with. Eventually, that in-house bookkeeper is going to need some help, and that means hiring someone else. But with an online accounting service you can escape that scenario. Accounting is our entire mission, so we can handle whatever you throw at us. And if that means we need more employees on staff, then you’ll get them.
When you have a full-time in-house bookkeeper, they only see your financials. That gives them a very limited view, as they see everything through the prism of your business. But with an online accounting service, you have a variety of workers contributing to your books. That may sound like a problem, but it is a tremendous benefit. We handle accounting for many different businesses which means we have learned how the books are supposed to be done. If any unexpected irregularities pop up, we are well-equipped to identify them.
Online accounting services use cloud-based software, which means your financial information lives online in the cloud. That allows you constant access to it wherever you are, from a variety of devices (laptop, smartphone, tablet). This is especially helpful if you don’t spend a lot of time in the office, or you prefer to work from home. It’s important to have a work/life balance, especially if you own or manage your own business. Being able to quickly check accounts or send an invoice from your tablet or mobile phone, while you wait for a coffee or for a call, is a convenience that saves time and helps achieve that work/life balance by streamlining your work day and helping you to be more productive. Because you have an online accounting service, it can be updated with relative ease. And if you’re working with a tech-smart firm, like us we can work with software that will automatically update your financial information.
One natural disaster, one computer melt down, or even an office-based disaster like a pot of coffee spilling on a file with all the business receipts, is all it takes to lose a year’s worth of financial information. For example, if that stray coffee destroys your receipts, you may not be able to claim them as business deductions, as the IRS can ask businesses for substantiation (proof) of their deductions. Online accounting software means that your data is safe and secured by a third party – one that spends millions of dollars investing in security. The threat to small businesses is growing, Some experts say sixty percent of all online attacks targeted small and midsize businesses. “Smaller companies are easier to hack,” because “They don’t have the resources to set up protective barriers.” Big companies, which have the financial resources to upgrade their security, have become less vulnerable. Now for the big question: Is email safe for sending sensitive documents? The truth is that if most people were aware of the multiple stops an email makes in route to its final destination, they might think twice about sending private or financial information. Hacking in to an email account is easier and faster than you may expect. In fact it takes less than 15 minutes, according to a new study. A better solution for exchanging documents that contain private client data is through secure client portals. Other industries have converted to secure file sharing portals as a primary delivery tool; for example the banking and healthcare industries. And clients within these niche markets have come to expect this level of service. Think about it. Would you even consider using a bank that didn’t offer online banking? Pretty soon, firms that don’t offer secure file sharing portals will be in the same category. It is important to note that no one is saying email should be abandoned completely. Email will continue to be a firm’s primary communication source. It’s only when sensitive information, like tax returns, social security numbers, or financial statements, are attached within an email that firms should consider a better alternative—like client portals. The best client portal solutions also offers the ability to use email as the core communication tool. However, via client portals, sending a link to a document is secure because the document is stored online, not attached in the email. At Integrity Bookkeeping we use SmartVault for our secure client portal.