How Does Remote Bookkeeping Work? Part 3

Now that you’ve learned about how to get started with a remote bookkeeper, here’s how it all plays out. Consider this scenario:

Your business sells widgets. You process about 500 transactions a month through the bank including payroll, sales tax, bills, and customer receipts. You receive the payments and make the bank deposits. You scan the bank statements, monthly bills, credit card statements and upload to our client portal. Your remote bookkeeper processes the data, reconciles the bank and credit card accounts, and produces monthly reports.

Sound easy? It is really that simple. We can complete all year-end  financial statements through Trial Balance for any CPA firm to prepare your tax return. Call Tammy Collins at 401-952-9919 or email  tcollins@paragonsbs.com to for a no-obligation review of your bookkeeping needs.

How Does Remote Bookkeeping Work? Part 2

The next step in setting up for remote bookkeeping is a meeting by phone (or Skype). We will discuss the process, based on your requirements.

1. How many bills do you pay each month? Do you pay by check, EFT, debit card, or credit card?

2. How many invoices do you send out each month? Do you send by USPS, email, or fax?

3. Do you have employees? Do you run your own payroll or use a service like Paychex?

4. Do you collect sales tax?

5.  Does your bank have an electronic feed to QuickBooks?

More in the next installment, including how it all works for your business.

 

How Does Remote Bookkeeping Work? Part 1

By now, you’ve probably seen ads for remote bookkeeping, and may wonder if it could be the solution for your business.

Do you use QuickBooks Online or would you consider it? Remote bookkeeping is also a simple option with QuickBooks desktop.

Do you own a scanner (flatbed or upright)? Scanning your documents (bills, receipts, etc) can eliminate the need for bulky filing cabinets and is most people’s biggest obstacle to making the leap to remote bookkeeping.

The next step is a telephone meeting to determine your business’ needs. A brief interview will help your bookkeeper build a service package customized to you.

In our next post, you’ll learn more about the process and what to expect.

RI Labor Law Poster update 7/1/2014

Rhode Island’s minimum wage increased to $8.00 effective 1/1/2014. New labor law posters are required to be posted for all RI employers. You can find them at no charge on the RI Department of Labor & Training’s web site. I recommend the combination poster. http://www.dlt.ri.gov/lmi/business/post.htm

In addition, the RI Commission for Human Rights has released a new poster “Discrimination is Illegal” with updated legislation that took effect May 2014. The poster was delayed and recently released. Employers must display the poster prominently. “State law also prohibits employers from asking applicants about arrest records, and makes it unlawful to ask about convictions until at or after a first interview (with certain exceptions).”  http://www.dlt.ri.gov/lmi/pdf/DiscriminationPoster.pdf

 

 

Is QuickBooks Online for you? Let’s see!

Intuit recently updated its QuickBooks Online product. The older version was very similar to QuickBooks desktop editions making it simple for any accounting professional to make the change.

The new version looks completely different, and for the long-time user of QB desktop, it is a bit of a surprise. For the new (non-accountant) user, it’s a breath of fresh air.  Aesthetically, QBO is colorful and intuitive. It’s simple to use for business owners, yet robust enough to provide the necessary reports they’ll need to manage their business. It’s based in the cloud, so no more worries about hard drive failures. QBO can be accessed from anywhere, including laptops, tablets, and mobile phones. It functions well on PC and Mac platforms and makes online banking a snap. It allows for simultaneous access for up to 25 users. Support is included in the cost of the product. QBO Plus tracks inventory.

Some users may not be able to make the switch:

  • Point of Sales does not integrate with QBO.
  • QBO does not offer QuickBooks Bill Pay (but your bank probably does).
  • QBO can track expenses by job, but cannot do complete job costing.
  • Reporting in QBO is somewhat less robust than desktop editions with less flexibility in the customization of forms and reports.

The cost of QBO is higher than the cost of a desktop edition of QB Pro, but the convenience of the cloud can make the additional expense worth it.

Your best bet? Consult a Certified ProAdvisor today to determine what is the best solution for your business.

Need an expert? Outsource!

Most small businesses begin with the owner doing everything. As my friend and fellow business owner Domenic says, you are “chief cook and bottle washer”. And that’s fine, in the beginning. But as your business grows, you need help. No one person can possibly do everything, and your business will suffer if you try to do it all yourself. Outsourcing is a cost-effective way to get the expertise you need to enable you to focus on what you do best.