Bookkeeping and its role in Business Growth.

For businesses, efficient bookkeeping practices should be followed as early as the first few transactions. Such is the importance it holds.

Keeping books on track is recommended, and perhaps essential in making sound financial decisions.

Bookkeepers can help generate accurate records to provide information related to financial activities like business expenses and collections. Having these records up to date greatly affects the performance of a business.

Some businesses may find it hard to keep up with the books and manage all the business responsibilities at the same time. Outsourced Bookkeeping services can help them have access to accurate financial information at all times.

Bookkeeping services utilize a 3-tier approach to develop, maintain and manage the overall financial process. The first tier consists of technology specialists that work on the data provided and create custom plans for different types of businesses.

The second tier is a full-time bookkeeper. The roles and responsibilities of a bookkeeper are pretty much clear, track accounts payable and receivables and help keep business finances in order. An in-house bookkeeper can still be engrossed in basic bookkeeping tasks while outsourced bookkeeping services can help with payroll, providing monthly or weekly financial reports, handle deposits and tax filing also.

Outsourced Bookkeeping services can offer help with bank statements reconciliation, and may come in handy during an internal or IRS audit.

The third tier is the controller. This comprises of scrutiny and analysis of expenses that each department makes. He/ She reviews the ledger for accuracy while maintaining the integrity of the accounting data so that changes can only be made with approval.

Benefits of Bookkeeping

Bookkeeping can help implement a steady financial process to strengthen business health. The significance of bookkeeping is incomparable, as it prevents a business from potential financial risks.

Bikham Finance

We at Bikham Finance are equipped with knowledgeable bookkeepers having around 14 years of experience in this domain. Available 24*7 at your disposal, we promise to cater to your requirements with utmost sensitivity and sensibility.

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.

Taking Care of Finance Accounting and Bookkeeping Services

“Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result in misery.”

The above quote by Charles Dickens very well describes what can be the consequences of mismanagement in the finance domain of business.

Finances, if sidelined or mishandled may result in adverse repercussions. They have the ability to either make or break a business.

Knowing this, business owners still shrug off shoulders when asked about their financial health. No one wants to get their hands dirty in what’s known as the most dreadful task in business.

Outsourced finance accounting and bookkeeping services help business owners in handling every task with ease. From helping them raise the revenue levels to improve the overall business productivity is what makes them the best choice for businesses of all sizes.

While some business owners may think of doing the books by incorporating an in-house team of bookkeepers and assigning them the additional duties of an accountant, it will do nothing more than inviting unnecessary problems for the business itself. Executing finance accounting and bookkeeping services requires great expertise and knowledge in finances, which is found rare – the bitter truth.

An accountant may boast of his abilities based on his qualifications, but in reality, all he would be doing is inviting penalties and unwanted audits from the IRS. And, we hope you know about the adverse effects it has on a business.

Compatibility with technology is another important thing. A person having no knowledge of the latest trends in accounting technology would no longer serve profitable services. Having technology support comes as a boon. Businesses are able to make sound financial decisions and analyze their record of accomplishment to form effective business planning. Forecasting revenue becomes easier and all that a business makes is profit!

In essence, outsourced finance accounting and bookkeeping services come with many benefits that may actually help businesses achieve those long-sought goals in a much easier way.

Another thing that business owners face is the overwhelming workload of responsibilities. There is so much information to take care of. Now, one may think that more information would grant them the ability to track chaotic and complex business decisions faster but, the truth is actually something else. So much information causes a condition which we call “Analysis Paralysis”. This occurs when the fear of making the wrong decision leads to indecisiveness. One may also call it being apprehensive, but paralysis seems much better.

Decision making in the chaotic and complex financial accounting and bookkeeping services domain is indeed exciting but certainly not for amateurs in the finance industry.

If you would like to be able to make this decision-making process comfortable, please visit our website www.bikham.com. We at Bikham Finance are dedicated to helping a business grow their bottom line by actually improving their business operations.

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.

Creating more time and revenue with our efficient bookkeeping services

In the world of finance, time management is of great importance. A majority of bookkeeping tasks are time consuming and this has been observed as a necessary evil.

Countless work-hours can be saved and funds can be generated by outsourcing some of these tasks to outsourced bookkeeping services providers. These solutions can be met with skepticism from people in the bookkeeping world however with the benefits outweighing skepticism, every accountant should embrace outsourced bookkeeping services.

One of the biggest benefits of outsourced bookkeeping services is time-saving. Taking into consideration the amount of time spent recording numerous financial transactions, these can be utilized for improving and strengthening the core business aspects.

When bookkeeping services are outsourced, a remarkable amount of time is saved, for both the clients and the accountants. Business owners are able to offer more value-added services to their clients. While the bookkeeping tasks are outsourced to another organization, the free time obtained can be used to perform extra services for the clients. This, in turn, generates extra revenue for the business. Not to forget, the convenience for businesses and their client as well.

As outsourced bookkeeping services cost less than a full-time bookkeeper, the overhead cost associated with hiring an in-house staff is eliminated. Moreover, the services from an outsourced bookkeeping services provider can be tailored as per business requirements. The costs of setting up the infrastructure is also eliminated as everything has already been invested in. Therefore, using such service brings in more revenue and helps in saving cost at the same time.

Bookkeeping tasks are done more efficiently ahead of the tax season. By outsourcing bookkeeping services, one can ensure that the records needed for tax season are prepared well ahead of time. The business-related documents are kept well organized so they are easily accessible upon requirement. Everything is taken care of by some of the industry’s best bookkeepers, so businesses always receive the best bookkeeping solutions.

Outsourced bookkeeping services offer immense benefits for accountants and CPAs. They ensure that the records in question are kept efficiently and accountants get more time to focus on other core business tasks. With these benefits considered, outsourced bookkeeping services should be taken advantage of by every organization looking to grow their business.

Bikham Finance is a leader in delivering the most efficient bookkeeping services to its established client base. Our outsourced bookkeeping services are tailored to meet your business requirements and take complete care of your full back office functions. Our bookkeeping team manages everything from entering data and reconciling accounts to preparing customer invoices, maintaining collections, paying bills and completing tax returns. Our goal is to take the stress of preparing the books away from you!

Outsourced accounting as a competitive edge to your business

Evolution is the law of nature and this change is inevitable. Change is for better and is indeed advantageous in life.

The same philosophy holds true in case of a business. Speaking about the latest trend in business is accounting outsourcing. More and more organizations opt for accounting outsourcing due to the convenience and benefits it has in store for them.

Accounting is an integral and important part of a business, regardless of its size. Eight to ten years back, companies used to hire accounting staff to take care of their entire accounting and bookkeeping functions. Fast forward to 2019, they prefer outsourcing more than they do hiring. This has given rise to numerous outsourced accounting services providers.

But one thing that always stands out is the services being provided by professional, diligent and dedicated accounting professionals to ensure efficiency in operations. These professionals are capable of providing personalized services by taking care of almost all the client requirements. Their efficient services cater to client needs by making the necessary changes required anywhere.

Another thing worth noticing about these outsourced companies is the level of information security. A variety of online accounting services set up a secure database for all the sensitive accounts information. They store and transfer data securely via encrypted channels which rules out the chances of any possible data leakage.

Accounting outsourcing is a business strategy that is said to offer fast and quality accounting services even at a short notice. These services are governed by well experienced, trained and some of the best professional accountants. However, the things that help them become an asset are their reliability, promptness and the quality of services.

Freelance accounting services is another way to deal with different nature and volume of information. Freelance groups are usually a team of accountants equipped with the latest accounting software to take care of the services. They offer flexible deals and attractive rates to their clients. There are hourly and monthly plans, long term deals and transaction-based charges which are quite affordable. These services also offer discounts on plans which is one reason, most companies prefer them over large scale service providers.

This marketplace for outsourcing services is expanding quickly. There are various services that are made available by accounting outsourcing:

Basic accounting, bookkeeping, account reconciliation, budgeting and forecasting, taxation, payroll management, inventory management, and data entry.

With each of these services available with the outsourcing companies, using them is the smartest move a company can ever make. Much like any other business decision, there are other benefits to contemplate too. From increased revenue to complete business control, there is a lot to benefit from.

Bikham Finance offers the most affordable and efficient accounting services that let you gain control over your business and focus on its growth. Visit Bikham.com to know more.

The Key Performance Indicators: Your friend or foe?

“What you can measure is what you can manage".

The above statement is indeed true, but a bit of confusing as pretty much everything can be measured in accounting and bookkeeping services business. Every business operation can be monitored once an efficient bookkeeping system delivering accurate information is set up.

KPIs being a lovely accountancy buzz word, stands for Key Performance Indicators. But what exactly are KPIs?

A KPI is anything within your business that can be measured; it can be related to finance like profit margins or it can be a customer satisfaction score. So, as you can appreciate, there ought to be billions of KPIs that you can choose to monitor.

KPIs are really helpful. But at the same time KPIs can be dangerous as choosing the wrong ones can destroy your business.

To use the word destroy may come across as overhyped, but it is the way it is!

When deciding to introduce KPIs into the accounting and bookkeeping services business, it should only be done as to improve them; a great initiative can be understanding what success means to the customers. So what exactly needs to be done in order to seek appreciation from them?

The KPIs like customer complaints, turn-around times, service delivery times, lead generation and conversion times etc. are helpful as they reflect the true condition of your business performance.

These are all about balancing business performance with expectations. When do KPIs turn out bad?

Any KPI that damages the health of a business is bad. And it won’t be wrong to say that the most damaging ones are often finance related.

These KPIs force entrepreneurs to cut down costs until the product or the service becomes awful and clearly no one would want to pay for them. In other cases, these might be the ones making employees work tirelessly towards the hard to achieve targets.

Targeting only gross profit percentage may result in cost-cutting for the product or service you are delivering i.e. using cheap raw materials or maybe reducing the time spent on service delivery. You may feel grateful for that fantastic, high gross profit percentage but there will be a moment when your customers will deny to your services and will eventually leave.

Asking employees to generate some X amount per head making zero investment in tools or the training that they need to achieve this goal will only demotivate your team. And that demotivated staff will further add up to your lower customer satisfaction scores, a higher staff turnover and more hectic days.

So should you even be having KPIs or not? A Bigg Yes! The point is to pick them with much care. Brainstorm among your accountants, bookkeepers or business partners and decide what needs to be done in order to make the business more successful and make sure the KPIs help towards this goal.

Or otherwise, they'll destroy it.

Bikham Finance helps you identify the most important KPIs for your business practice. With our efficient accounting and bookkeeping services you are able to achieve business goals easily and witness only pure profit.

To know more about our accounting and bookkeeping services, please visit our website and schedule a free consultation soon.

Six qualities, not every outsourced accounting partner inherits

Bookkeeping is more than just the numbers in boxes. In today’s competitive economy, companies are required to improve their bookkeeping with accurate and timely financial reporting, leading to better decision making and effective business planning.

Businesses rely on the data organized, recorded and classified by bookkeepers to ensure accurate tax planning, filing, and compliance. Without accurate records, the financial advisors are forced to operate in dark, being unable to plan an accurate budget, implement financial strategies and forecast cash flow.This ultimately leads to reduced company profits.

The quality of bookkeeping services employed by an organization is paramount to smooth operation of its business practices. Thinking on how to ensure that quality level for your business?

Here we have compiled some important qualities to look for when outsourcing your bookkeeping services.

Reliability

Successful operations of a company require reliable bookkeeping services. Independent and small service providers may not be reliable at all times. The solution is to look for a full-service bookkeeping firm that can be trusted with data and someone that offers a higher chance of getting everything done in an organized manner.

Scalability

Looking for an option which can meet your organizational requirements just right, is definitely going to help you increase profit-making capabilities. The outsourced bookkeeping services provider should be able to scale your services according to your needs. After all, why pay for the services you do not need. With the customization options, you will end up saving a good amount of money.

Expertise

This is important to consider while choosing to outsource your business. Verification of qualification, service background and industry experience they have acquired is important in terms of security as well as accountability.

Standardized Operations

A good bookkeeping firm not only helps your company in organizing the operations but also has a standardized procedure set up for their own operations. Well organized outsourced bookkeeping services provide the same level of quality product for their clients.

Technology Exposure

Technology in bookkeeping business has undergone advancements ever since. Software and technology features are improved continuously to harvest better results in terms of reduced compliance exceptions, safeguard against fraud, budgeting and more. Better exposure to this technology means better work quality and better information security.

Privacy of accounts information

The privacy and confidentiality of intimate financial detail is what constitutes success of any accounting firm. Data privacy should be equally important and perhaps a priority for both the parties involved.

Outsource your bookkeeping services to accurate, efficient and knowledgeable professionals to ensure a clear understanding of your business’s financial past present and future.

Choose Bikham’s outsourced bookkeeping services and grow your business seamlessly.