Some points to convince you into accounting outsourcing

“If you deprive yourself of outsourcing and your competitors do not, you're putting yourself out of business.” - Lee Kuan Yew.

A recent research stated that companies that leverage outsourced accounting for CPAs are able to process transactions and invoices at least 60% faster than those who don’t. 

With companies offering outsourced accounting for CPAs, a little more can always be accomplished even if you have access to limited resources. The workload can be reduced allowing increased focus on improving the core aspects of a business. 

Utilizing outsourced bookkeeping for CPAs can help transform manual and paper-intensive functions into a fully automated process. They have the resources necessary to streamline the accounting and bookkeeping process by reducing the administrative workload on the staff.

A majority of businesses feel much capable of turning the cost burden into advantageous practices by seeking the help of outsourced accounting for CPAs. They are able to turn the cost burden into an advantage. With customized services at competitive prices, outsourcing accounting and bookkeeping can be a smart choice.

The following are a few benefits of outsourced bookkeeping for CPAs:

Innovation 

Outsourcing accounting and bookkeeping processes can help businesses to improve them further as there is no need to get involved in exhaustive documentation, planning, execution, and auditing processes. Decision making becomes easier and focus can be increased on the core business.

Performance

Bringing about cost efficiency by standardizing business processes can be easily managed by outsourced accounting and bookkeeping service providers. As a result, business performance is improved while the cycle time and expenses are reduced.

Businesses having high employee turnover or seasonal hike in invoice volume, better understand that hiring and training employees are an exhaustive and expensive process. Limited capital and technical resources are also the reasons affecting growth. 

Hiring an in-house accounting staff and maintaining the equipment & facilities can be costly. 

Outsourcing here is an appealing option allowing businesses to maintain steady growth levels with cost-effective methods.

Technology

Maintaining in-house technology options, especially those with licensed models, require an upfront investment, along with regular software maintenance and update expenses. Providers of outsourced accounting for CPAs invest in cloud-based software packages and invest time and money in product upgrades. This benefits businesses in two ways: Making the entire process quick and transparent and, allows any time, anywhere access to financial information.

Standardization

Organized providers of outsourced bookkeeping for CPAs have standardized processes and are always compliant with the Service Level Agreement, SLA. They take the entire responsibility of designing processes, delivering results and controlling the output to ensure that desired business goals are met.

Outsourcing to Bikham Finance!

Outsourced accounting for CPAs can be very beneficial to a business. Bikham Finance has been offering expert outsourced accounting and bookkeeping solutions since the last 14 years of its operation.

Expert Bookkeeping to get your Business to the next level

One might feel bookkeeping as one dreadful job, as it hogs a lot of your valuable time. And, this is the case with many business owners. I’m sure you would not want to feel the same way. So, here are some simple steps you can follow to save time and ensure profitable bookkeeping.

Go paperless

Many business owners may or may not be experts in bookkeeping. They might find themselves frantically in search for that bill they know they kept somewhere.

This most daunting task of maintaining papers that are important during audits can be avoided by eliminating the paperwork and replacing it with paperless solutions. Electronic receipts are available for almost all the transactions we make nowadays.

These receipts can be scanned and a soft copy can be maintained in a PC or using cloud storage as well. This will grant you anytime access to this information and will save the time you spend on searching.

Separating personal from business bank accounts

Maintaining a single bank account for both personal and business use will consume so much of your precious time. This is because you will have to search through the statement to categorize transactions. And this is one of the most common mistakes that most people do.

More often than not, they do not realize that they are wasting a colossal amount of time categorizing each transaction.

Moreover, maintaining separate bank accounts for business and personal use also comes with other perks:

• You will be aware of how well your business is doing

• You will better manage your expenditures and start saving

Incorporating Technology

Technology plays a very important part in the day to day lives of human beings. So, why not just deploy it for bookkeeping?

Invoicing can be automated and invoices so generated can be easily emailed or printed. The same thing can be fed into the accounting system as well. The data entry work will be reduced and you will be much able to keep a track of all the invoices. There will be no way you miss out on invoices, which is money.

Outsourced bookkeeping for accountants

We know, bookkeeping is a hectic job that requires a lot of time and effort, plus any mistakes are a big NO-NO. With outsourced bookkeeping for accountants, you will come to know that you have so much more time left to focus on the core aspects of your business. You can work on acquiring new clients and attracting new business. Outsourced bookkeeping for accountants is also one of the best ways to reduce business costs as it requires an expert accountant to work on your accounts on a full-time basis.

Setting up the best accounting practices

Being a small business owner, it is hard to find time between all the work. Departments like HR, sales, and marketing need to be addressed consistently.

Not to mention the numerous back office tasks needed to keep everything going, employees paid and tax returns filed, and all that needs to done before you get to the most important task of serving your customers.

With so much of the things running, it becomes a challenge to focus adequate time, energy, and resources over the accounting process. And that is where the problem arises. Because, even a small mistake can have major drawbacks.

However, the good news is most of these business accounting pitfalls CAN be avoided. How? By seeking assistance from providers of outsourced accounting for accountants.

When it comes to accounting missteps, the problems may be divided between setup and maintenance.

Setting up things

Proper setup and business planning can be the two differences between your accounting success and failure. Therefore, it is imperative for you to know that what exactly is required from a compliance perspective.

However, with numerous guidelines and regulations to keep track of and understand, the chances of a mistake are plenty. For instance, one might skip on registering their business with local, state or federal tax withholdings. Or, they may misclassify employees, which is a huge NO-NO for the IRS.

Well, how to avoid this? Understand the various laws governing the accounting niche. Also, do not skip on the changes and stay current with the ones impacting your company and the people associated with it.

Providers of Outsourced accounting for accountants are well versed with these guidelines and are always up-to-date with the latest changes.

The maintenance part

Just as important it is to set things up right is setting up an effective accounting process to keep you on top of deadlines and other requirements on a regular basis. As we know, business owners are always short of time. Subsequently, it's easy to put accounting on the backburner as you focus on core business aspects of your business.

But, if you don't prioritize accounting, it would invite an avalanche of problems. If you don't file your tax returns on time, you could be subject to penalties.

With the assistance from providers of outsourced accounting for accountants, you make sure that your taxes are filed on time and the finances are in good health.

Bottom Line

There is no shortage of pitfalls in business accounting. Some fixes can be harder to implement than others, but there is a solution to every problem, if you know where to look.

Bikham Finance is a leader in providing the most efficient yet the most affordable outsourced accounting for accountants and businesses of all sizes. Visit Bikham.com to know more.

Boosting the finances with outsourced accounting and bookkeeping services

There is a lot to consider when it comes to executing the accounting and bookkeeping tasks efficiently. It is imperative to keep all records updated and be aware of numerous things for real-time requirements. With updated records and information on the business’s financial state, it becomes possible to target the growth areas. It helps in successful analysis of any changes that need to be made, and effective business planning for the time ahead.

The interesting thing to know is, there are a plethora of mistakes usually made by inexperienced accountants and bookkeepers. From falling behind on your records to the improper categorization of expenses and revenue collections; bad bookkeeping has a sort of domino effect.

You may end up burning the night oil, working in extended shifts or hiring additional staff to lend help in the accounting and bookkeeping tasks in the office. You may also end up turning down new clients while being busy correcting your existing client’s bookkeeping and accounting mistakes.

Keeping all these things in mind, many business owners are now choosing to outsource their accounting and bookkeeping services to experts. The strongest reasons for this may be that it reduces the chances to commit any potential error, as outsourced accounting and bookkeeping for accountants employ highly trained and knowledgeable CPAs to work on your finances. They are always up to date on the latest tax rules and regulations.

A majority of business owners nowadays do not have the time to learn the ins and outs of the finances. Outsourced accounting and bookkeeping for accountants are also skilled in the use of different types of accounting software, which while streamlining essential processes and making your finances easy to understand, keeps all your data up to date and secure so that it is easily accessible in cases of any loss or damage.

Some CPA firms are skeptical of their decision, whether to use outsourced accounting and bookkeeping for accountants or not. It is a simple and worthwhile process that reduces the frustration and overwhelming workload felt by your employees. You are much able to spend time focusing on core business aspects, building and expanding your business.

And the best part? With outsourced accounting and bookkeeping for accountants, your job safely with the knowledge that your finances are secure, up to date, and managed by the industry’s best accountants.

Bikham Finance offers efficient outsourced accounting and bookkeeping for accountants at the most competitive rates. Their team works with clients of all industries, ready to get started in helping you streamline the accounting and bookkeeping functions. Visit Bikham.com to learn more about their services.

Bookkeepers as "Tax Strategists"

Accounting services include complete bookkeeping services, issuing payments, producing monthly reports, processing accounts payable and tax preparations. Bikham information technology provides you with an advisor and a financial interpreter. They maintain and update your accounts at a cost much lower than hiring staff locally. Your business demands accounting needs and they are fulfilled by Bikham.

Benefits of Outsourced accounting provided by our firm:

1. Payroll processing

2. Helping you understand the balance sheet

3. Maintains profit and loss statements

4. Data is secure

5. Cash flow analysis

6. Budget analysis

Payroll is defined as the total amount of wages paid by a company to its employees. Payroll process includes pre-tax deductions, state payroll filings, and related payroll issues.

A Balance sheet is a financial statement which includes assets, liabilities and owners equities.

Assets include short-term certificates of deposit. By the term certificate of deposit, we mean there is an agreement according to which you receive an amount of interest for depositing money.

Liabilities include long-term certificates of deposit.

Owners’ equities represent the net value of a company.

These sheets are prepared at the end of the month or year-end. These balance sheets turn out to be a report of how the company has performed over time.

Profit and loss statement is the statement of operations, statement of income or statement of earnings. These statements give a conclusion regarding the revenues and expenses generated by the company over time. These statements include:

Net sales

Cost of goods sold

Gross margin

Net profit

Outsourcing accounting is defined as handling all accounting work to an accounting expert. This is done to ensure that the financial goals are met.

At Bikham, the accounting services offered to CPAs are:

1. Clear view of the financial health

2. Bookkeeping services

3. Documentation and financial reports on time

4. Payroll

5. Taxation and other value-added services

CPAs demand bookkeepers and consultants which are highly expensive and most of the firms are not ready for the huge upfront investment. But at Bikham Finance, you get an option of getting this work done at a cost much lower than hiring these advisors. They provide you with balance sheets, income statements, cash flow statements, and detailed general ledger reports on time at a nominal cost. These services have reduced accounting hassles and offer efficient services and interesting business advice to the clients. Clients having overheads that come in the form of accounting staff and dealing with complex payroll work comes to an end when you start working with us.

With over 13 years of on-hand Industry experience, we are the perfect choice to the firms. We help you to act out of your limitations.