How Important Are Outsourced Accounting Services?

Bookkeeping and accounting services are paramount for SME’s especially when operating in a competitive environment. The services ensure that business financial matters are kept in check and financial decisions and steps are taken when it is absolutely beneficial to the business. It can be a tedious task to handle financial matters making outsourcing very helpful. The services offered by professional accounting companies or individuals are cost effective and reliable. Any SMEs will find outsourcing accounting services beneficial in different other aspects.

· The services free the management of tedious administrative tasks. This makes it easier for it to focus on financial decision making at a much higher level to the advantage of the business.

· The accounting services also offer businesses professional accounting expertise. The external access to these services is not only cost effective, but also seals any loopholes there could have been when the work is handled internally.

· The services bring staff turnover to an end and this for the benefit of the business. You can have a smooth ride through your finances with the services without worrying about handling accounting staff.

· When hiring accounting services, you can be sure that payroll data and any other financial information will remain confidential. The possibilities of such information being shared amongst staff members are eliminated and this can promote harmony in the workplace since nobody ends up feeling devalued.

The Accounting Services

Accounting can be broad. When hiring services in this context, you stand to enjoy a variety of services depending on what you feel is most appropriate for the business. The common accounting services, you can outsource include the following.

· Preparation of shareholders and directors management accounts

· Listing of accounts payables and accounts receivables

· Cash book and bank reconciliation maintenance

· Preparation of detailed listing of fixed assets

· Management accounts preparation and group consolidation

· Preparation of audit statements and schedules

· Preparation of balance sheet, profit and loss statement and trial balance

· Clearing of audit queries and liaise with auditors

Choosing Accounting Professionals

Accounting services are offered by many companies today. It means you will need to ensure you play your cards right to end up with the best professionals for the business accounting needs you have. Begin by evaluating if your business really stands to gain from the outsourced services and the kind of services you are after. It will act as a good starting point with your search for the best.

Experience – It can determine how good your service provider is. Accounting experts with experience in finance, auditing, taxation, costing and accounts are the best to handle your business needs.

Services and tools – There is a need to ensure that your provider can actually handle the specific accounting needs you have as a business and has the right technological tools to make the process swift and as pleasant as possible.

Charges – They will of course depend on the services you want to enjoy, but should be in line with what you can afford. Stick to your budget for the safety of your business.

Article Source: http://EzineArticles.com/8971301

Benefits of Outsourcing Accounting Services to a Professional Accounting Firm

The extent of your business financial transparency and the level of expertise of the people responsible for such transparency will influence the growth and expansion of your business as well as its survival. This is why accounting and bookkeeping are some of the most crucial aspects of any business and should only be taken care of by licensed professionals with wealth of experience.

Regardless of the size of your business and niche, as it grows, the need for keeping accurate and transparent financial records also grows with it. This is a good reason why such aspect of your business must never be treated with levity. Considering the relationship between in-house accountants and other employees under the same roof, outsourcing your accounting functions is often the most appropriate option in ensuring financial transparency in every facet of your business.

But what exactly is outsourcing? It is the practice of giving out some job functions or responsibilities to a company or an individual that specializes in providing services for such functions or responsibilities, rather than have an in-house employee or department handle such jobs.

Here are the key benefits of outsourcing your accounting functions to a professional accounting firm:

Gives you enough time to focus on business growth

Outsourcing your accounting functions will give you all the time you need to direct your attention on other crucial aspects of your business. Once your accounting responsibilities are outsourced, you can focus on delivering high-quality services or products to your customers and prospects.

Also, you can develop strategies to break into new markets and expand on existing market etc. focusing on these core business competencies and less on the burdens of accounting accuracy and transparency will translate into business growth and profitability that will outweigh the costs of outsourcing.

Your payments will always be on time

Once you outsource your accounting functions you no longer have to worry about missing payments such as unpaid bills or invoices not going out on time. If your invoices are delayed, payments get delayed too and your business cash flow ultimately suffers.

Also, if your bills are not paid when they are due, you will receive collection calls, vendors will limit or stop their discounts, and you may even spend more time trying to resolve shut-off notices, unhappy vendors and grumbling collectors. But with a professional accounting firm handling your accounting, you can seat back, relax and watch your entire business accounting functions run smoothly.

You don’t have to bother about turnover or absence

With your accounting functions outsourced, your business accounting will be done every day, every week and every month and you wouldn’t have to bother about things like vacation, illness or turnover. The company you outsourced your functions to will be working for you round the clock ensuring professionalism in every facet of your job without excuses such as vacations, illness, absences, etc.

Maintaining your cash flow during growth

The survival of almost any business is tied to its cash flow. Once a business begins to grow, it gradually sucks cash. During periods of major growth, accounting functions are often relegated to the bottom of administrative responsibilities list. During such moment, you may not have the time to review your business report, manage collections and invoices, and your bookkeeping may end up in a very bad shape.

At such periods you will easily notice that while your business is thriving, you have no cash in the bank to show for it. Digging yourself out of such hole may require twice of the effort it took to get into it and you can easily lose sight of your business core competence while trying to dig yourself out.

Save money

Outsourcing saves money! When you outsource your accounting functions you don’t have to bother about things like health insurance, vacation, sick time, payroll taxes, retirement benefits etc. The company you outsource your accounting functions to will bill you for its professional services and workers time depending on the agreement you signed.

The money you should have spent on an in-house accountant can be re-invested into other crucial areas of your business. Also, in the long run, you get to save a whole lot of money by outsourcing your accounting services.

Your business accounting will be done by top-notch professionals

Accounting companies that perform outsourcing services are often made up of top class accounting professionals with several years of experience and education to survive without being hired by just one client. They have skills, experience and expertise to deliver with speed and accuracy.

You don’t have to bother about the level of competence of their workers or if they have the required experience to do your job as expected. Once you outsource your accounting services, be assured that your business accounting functions are in good hands. Also, you don’t have to go through the rigor of screening accountants, conducting tests, interviews etc. before hiring. You can skip all that once you outsource your accounting functions.

You’re still in charge

It is easy to assume that once you outsource your business accounting functions you will lose control of your money. That is a pure fallacy. Outsourcing gives you greater power to control your money and puts you in the driver’s seat of your business financial matters. Every payment will require your approval before it is done. You will be involved in every relevant communication chain with your clients and prospects and your accounting reports will be consistent and up to date.

Without a strong bookkeeping and accounting services, it will be difficult for any business to thrive and compete in its niche. Outsourcing your accounting services will give your business the edge it requires to be at the forefront of financial transparency, recording and absolute accuracy in all its transactions and accounting related matters.

Article Source: http://EzineArticles.com/9203657

The changing labour market – high school graduates take heed

With 2017 around the corner, school leavers and the newly graduated are looking to enter the job market, while others have to decide on what their further studies will centre on.
The changing labour market – high school graduates take heed
© Kurhan – 123RF.com
Technology is advancing rapidly, changing society and the way in which computing, artificial intelligence and genomics are changing industries and our daily lives.

Technology created a new set of rules and jobseekers and students need to take note. What can we expect?

Digitisation and your job

Machines and robots are taking over the work of humans. International companies like Amazon rely on robots to do most of its warehouse work. Supermarkets are leaning towards self-service at tills, automated medical diagnoses are in the making. New jobs will emerge all the time, some of which we cannot imagine today.

All of this means that the labour market is changing, with the World Economic Forum reporting in its The Future of Jobs noting that despite the changes and the predicted job losses, there will be certain occupations that will be more in demand.

Job categories expected to see growth or a decline

Across the major economies office and administrative jobs; manufacturing and production; construction and extraction; arts, design, entertainment, sports and media; and legal and installation and maintenance will see a decline.

However, growth is expected in job categories including business and financial operations; management; computer and mathematics; architecture and engineering; sales and related jobs; and education and training.

To be more specific, the following jobs will become more in demand or remain stable over the next five years, mainly because they require a creative, human element:

Data analysts – to help make sense of all the data generated.
Computer programmers, software developers, information security analysts.
Architects and engineers (specifically engineers qualified in biochemical, nanotechnology, robotics and materials).
Specialised sales people who not only know their products but also understand the ins and outs of the business environment in which they are working.
Experienced managers to lead companies through periods of transformation and disruption due to changes in the labour market.
Product design is expected to be a top skill in demand by 2020.
Human resources and organisational development specialists to help reskill workers.
Regulatory and government relations experts to navigate the legal side of the changes in the market.

With 27.1% of South Africa’s population without jobs, according to Statistics South Africa, prospective students would do well to take heed of these changes.

How to deal with a difficult and unpredictable boss

New research has found that being overworked is not the reason people leave their jobs. A Danish study of 4,500 public service workers has shown that “people don’t leave jobs, they leave managers.” According to psychologist Matias BrØdsgaard Grynderup, one of the researchers behind the study: “We may have a tendency to associate depression and stress with work pressure and workload, however, our study shows that the workload actually has no effect on workplace depression.”
How to deal with a difficult and unpredictable boss
© Sergey Nivens – 123RF.com
However, fixed as your boss may be in his or her ways, you can always learn methods to manage them better. The secret is to “manage up”. Think of your boss as a difficult client, focus on being constructive and on keeping your cool. Remaining professional will help you to separate what your manager is actually saying from how it is being said. This can be very important in trying to improve your relationship. It’s also a good idea to try and find out what triggers his behaviour — this will help you to develop your own strategies for coping. Responding to an angry boss angrily will only aggravate the situation.

There are five good ways you can improve your relationship with your boss:

Align his/her priorities with your own

Find out what your boss expects from you. A two-way conversation focused on his priorities and yours and how you can help him achieve his goals will be a signal to him that you understand his agenda and are willing to help achieve it.

Work with your boss rather than against them

Help your boss achieve their goals by being helpful, present, supportive and by volunteering useful information. Your life will be easier if you flow downstream rather than trying to row upstream. If you really want to improve your relationship with your boss, never make your boss look stupid in a meeting or send aggressive emails to them. In the long run this will only make it harder for you to get your work done and nothing is more counterproductive. Try to empathise with the pressure they are under and try to solve problems or anticipate them before they come up rather than creating new ones.

Maintain the right mindset

Everyone has something worth respecting. Change your mindset to seek out the good in your boss and focus on those positive things rather than dwelling on his annoying habits. Refrain from becoming emotional during any discussions with your boss. Even if he or she becomes emotional, maintain your professional manner at all times. If you hear yourself starting to raise your voice, stop, slow down, and take a few deep breaths. If you can’t keep the conversation at a normal level then you should resume it later. Try to see any feedback they give you as constructive, don’t interrupt and wait for them to finish giving their feedback. You don’t want to create the impression that you are above listening to them and you may learn some valuable information from what they say. Listen to your boss’s concerns and then tell them that you appreciate the feedback and will work on the issues. Above all, don’t get defensive.

Try to connect with your boss as you cannot change him

The likelihood of your boss changing is minimal. Although you can’t change your boss or his personality, hopefully talking to him about your concerns will help you to operate together better. Sometimes you have to accept your differences first before you can move on. Show him that you have the maturity to discuss criticism in a reasonable, non-emotional, non-defensive manner. Try to put yourself in your boss’s shoes — once you can imagine what your boss might be going through, it may be easier for you to be empathetic to their situation. Understanding what motivates him may help you understand why he does the things he does. Knowing how to communicate with your boss may even alleviate some of the problems you may be having. Try to adapt to his style of communication.

If you can communicate with your boss on a personal level, engaging with them on topics beyond work and looking for overlapping interests, this can do much to bring you closer to him.

Be prepared

Keep track of all your conversations. This will help you be on top of the situation with your boss. Firstly, having a record of everything your boss said will help you in the event he gives you confusing instructions or claims he/she didn’t say something that was in fact said. Written evidence can be used as evidence. While you should not focus on this, documenting everything that you feel is relevant to your concerns will help you have all your concerns backed up with facts.

Rethinking how you can better manage your boss — for all his flaws and shortcomings — can provide you with invaluable opportunities for developing executive leadership skills and learning what “not to do” when managing people who work for you. You just have to be proactive in looking for them and ready to practice some real self-leadership.

Giving tourists more bang for their buck

A volatile rand and slow GDP growth is not all bad news. Tourism is one sector that stands to benefit from a relatively weaker currency, and hotels, guesthouses lodges, camps, restaurants and tour operators can all expect a busy festive season.
South Africa remains a popular luxury destination for many international travellers; especially as it offers a world-class experience from shopping to pristine beaches and unforgettable safari’s at a fraction of the price. It means that tourists can spend more here than they would in their home countries.

Giving tourists more bang for their buck

Wiza Nyondo, head of tourism at FNB Business, says our main tourism feeder markets are Germany, the United Kingdom, the United States and our neighbouring countries – which have also experienced the 2016 financial pinch, and see South Africa as an attractive and cost effective destination.

Nyondo shares a few tips that businesses can consider to retain some spend from holiday makers this this festive season:

Price competitively

To win from the weak rand, you must make the price attractive to the tourist. The best thing to do in this instance is to sell block bookings at a slightly lower rate than singular bookings.

Another great way of taking advantage of this season is to charge less for longer stays. It is the best way to ensure ‘bums on beds’ that have the potential to spend more on other offerings.

Consider packaged and shared services

When people are on holiday, they are essentially looking to have fun, be relaxed, and not have without having to think too much. An ecosystem that is focused on partnerships where businesses from related sectors combine to create one package to sell to the end consumer at preferential pricing.

An example is a tour operator, a restaurant owner, and a hotel owner – these parties can develop packaged holiday programs that will see all of them create revenue streams and most importantly continue driving business through added value services, while taking the stress of the holiday makers.

Make it an experience

Remember that above all else, the reasons one travels are to see, feel, and experience something outside of their normal. Beyond the rands and cents, remember to treat your customers as gold and they are likely to be repeat visitors.

“Most of all, position your business competitively and keep in mind that price will play a big role this festive season. The tourists that will visit our country are also likely travelling on a guarded budget, so make them want to spend their money on your business”, concludes Nyondo

Five Techniques To Assure Your Contractor Accountant Supplies You Complete Expert Services

This receives high-priced for any sized company. When this comes about, one particular of the best options is with an outsourced accountant who will come up thoroughly up to velocity on the new legal guidelines and polices, and nicely as the most current know-how and computer software. There is a excellent personal savings of time and money when the industry experts can occur in and start off handling these burdensome chores which allows the in-residence staff members to proceed on with their everyday routines, and not get driving.

Payroll Services

Rewards of an Exterior Accountant
When a new outsourced accountant comes in with expertise, and is a skilled specialist, it can take minor to no time to get them situated and dealing with the substantial duties. There are some wonderful positive aspects to outsourcing these accounting features during those heavy accounting periods, this kind of as:

&bull The challenges are considerably lessened when a seasoned qualified outsourced accountant is introduced in to cope with these non-program chores. They have the experience and knowledge to get the occupation done in a well timed fashion which will save the business a great deal of funds over having to employ and prepare an more employee just for this fast paced period of time.

&bull Outsourced accountant are a big sector now, and due to the fact there is so a lot practical experience available, they can pull variety a huge assortment of means that can come in and meet the actual requirements of the corporation. Whether or not it really is an accountant who is effectively-versed on the most recent tax rules or one who is recognized to do an extraordinary work on 12 months end reports, the outsourcing firm has a extensive array of skilled pros from which to decide on.

&bull There is good overall flexibility in the prices that the outsourcing organizations cost and the strategies of payment as effectively. They certainly want the client to be pleased mainly because that means repeat business in the potential, and when they have assorted programs that contain hourly, month-to-month, and very long-term contracts, the customer is aware precisely what to anticipate for the companies. They have a selection of strategies of payment by means of check out, PayPal, Credit score Playing cards, or direct withdrawals from the bank. Irrespective of the decision, the outsourced accountant expert services charges and payment options are all hassle-free to the shopper.

Experience When it is really Required
As organizations expand more substantial and greater, taxes develop into a lot more and far more intricate, just one of the best options for the modest to medium sized firms is with an outsourced accountant to get the job done during individuals very fast paced seasons. Book2Taxes.com has the qualified and activities accounts in a range of areas that can effortlessly meet the demands of the customer and get all the employment accomplished and precise when they are because of.

Constrained firms use contractor accountants for managing their economic matters assuming the operate completed by them is completely correct, and they are running the perform by the law. But, how can you be certain the operate is fantastic and to the place for you and the legislation.

Rental Property Accountant Service In Affordable Pricing

Rental accountants is identical with to a great degree persuaded and composed experts and ambitious people devoted and resolved to art a stage to decipher your longs for choicest home to realty. This is an excited gathering with honorable prescience and invasions into vital development by investigating new potential to change over imaginings into reality. Upheld by our rich industry experience, we are overall familiar with the intricacies and tests confronted by the property area. Hence, we are very certain about offering the most solid and expert Rental Property Accountant service.

We can stamp a unique position with the dynamic backing of our solid and submitted colleagues. This faculty accompanies enhanced industry experience and in-profundity process information. Subsequently, they can comprehend the differing needs and necessities of the customers and offer the administrations appropriately.

We also keep ourselves side by side with the predominating business rates and guidelines and convey the best conceivable results that are productive for our customers. In this manner, we can get an incredible reputation in the business segment pieces. Offered with total uprightness, transparency and professionalism, all our organizations are extensively acclaimed by our prestigious client base.

Our stress on quality yield has helped us in developing as a heading administration supplier of Real home Solutions. For the most extreme fulfillment of our customers, we grasp every single work on need and execute them. We can render our replies with the help the new considerations gave by our assembly of specialists. All our masters work with a purpose of achieving best client satisfaction with the way of outcomes we render.

If someone plans to sell, pay for or rent a house or any rental property, he needs the support from a reliable real estate agent who can guide him in choosing options. Our clients count on us for all kinds of renting which includes renting of space for residential and commercial purposes. We offer renting at best locations to fulfill needs of our clients. We help you in getting best prices for your property, our clients trust us in providing best services. It is offers Best Deals to its clients for their property needs.

We understand your requirement and look for a suitable rental property at best prices. We will provide you with our customized accounting services that will help you thrive during these difficult times. Our extensive bookkeeping administrations are intended to finish your every day monetary record-keeping assignments and your month-end shutting errands, emulated by readiness of your month to month money related reports and investigation of your business. Our assembly works in social event and paying rent, organization charges and other property related wage and use in light of a legitimate concern for clients. We help a degree of clients, stretching out from multinationals, utilities and philanthropies to private individuals.We likewise work for the Receiver or the bank for various property portfolios in organization.
Our connected together property administration and accounting programming structures a solitary bespoke database to record property and tenure subtle elements, raise requests, gather and allot lease, and oversee ledgers.