Keeping accurate business records is crucial for the success of any company. While accounting is essential, neglecting it or handling it carelessly can have long-term negative effects on your business.

When you first started your company, managing your bookkeeping and accounting on your own might have made sense. Many small business owners opt for this approach to keep costs down. However, as time goes on, the need for expert assistance becomes apparent.

It’s true that having a qualified bookkeeper on your team is the best way to keep your financial records in order. But for small to mid-sized businesses, hiring an in-house bookkeeper may not be a viable option. Instead, you can consider using online bookkeeping services to help your business thrive.

What is Online Bookkeeping?

Online bookkeeping, or virtual bookkeeping, allows experienced accountants to provide routine accounting services remotely. Despite common misconceptions, outsourcing bookkeeping can be a smart move. It offers businesses secure access to accounting software and financial documentation through a shared portal.

A virtual bookkeeper manages your company’s day-to-day financial transactions and performs essential duties like:

• Paying bills and invoicing clients
• Filing tax returns
• Reconciling bank and credit card statements

They can also generate monthly and yearly financial reports and collaborate with your accountant when needed.

1. Specialized Expertise

In today’s world, specialists are in high demand. Your business may have unique needs that require specific skills, and it’s unlikely that a general staff accountant would have the experience to meet those needs.

Online bookkeeping services often have expertise in various areas due to their work with multiple clients. Typically, they specialize in:

• Personal financial planning and assistance
• Forensic accounting
• IT auditing
• Tax preparation
• Managerial accounting
• Non-profit bookkeeping

LEARN MORE: Bookkeeping Services in Bolton

Using an online bookkeeping firm for tasks like tax preparation can save you the cost of hiring a full-time Certified Public Accountant (CPA) while still accessing expert services when needed.

2. Cost-Effective Solution

Hiring a full-time bookkeeper can be costly. According to the Journal of Accountancy, a CPA’s annual salary is over £78,000, and a full-time bookkeeper could cost over £31,000 per year. On top of salaries, you’d also need to provide employee benefits and possibly modify your facilities to accommodate them.

Instead of taking on these expenses, you could outsource your accounting needs to an online bookkeeping service like CANGAF. This approach can be surprisingly economical, eliminating the overhead associated with employing a full-time staff member.

3. Timely Financial Reporting

Success requires attention to detail, especially when it comes to your business’s financial health. Online bookkeeping services provide up-to-date data promptly, helping you save time and reduce paperwork.

These timely accounting reports can highlight areas for improvement, giving you the insights needed to make informed decisions in real-time.

4. Integration with Inventory Management

Online bookkeeping software often includes basic inventory management tools that can integrate with your existing systems. These tools help keep your inventory well-managed, ensuring your orders are processed efficiently.

An online bookkeeper can help you manage inventory more effectively, speeding up processes like invoicing and payments, and allowing you to focus on growing your business.

5. Accuracy in Financial Records

Accurate bookkeeping is essential for effective business management, especially for tax preparation and audits. Errors in financial records can lead to penalties and other issues.

Online bookkeeping services, such as those offered by CANGAF, can audit and correct your financial records, ensuring they are accurate and up-to-date.

6. Access to an Expert Team

Online bookkeeping firms employ top-tier accounting professionals. Having an expert team on your side ensures that your business thrives, with dedicated support available for any financial challenges.

CANGAF provides consistent, efficient reporting and financial analysis, offering top-quality care at a fraction of the cost of hiring a full-time employee.

7. Consistent Communication

In today’s global economy, businesses often need access to financial data around the clock. While a staff accountant might only be available during regular office hours, online bookkeeping services offer 24/7 support.

CANGAF ensures continuous communication via email, phone, and other channels, so your financial team is always within reach, no matter where you are.

8. Leveraging Technology

Online bookkeeping services like CANGAF utilize the latest digital tools and accounting software, such as QuickBooks, to improve your business performance. These tools help keep you up-to-date with the latest accounting innovations, ensuring your business remains competitive.

9. Faster Invoicing

Timely invoicing is crucial for maintaining cash flow in your business. Online bookkeeping services can automate the invoicing process, helping you send invoices more quickly and maintain a consistent cash flow.

CANGAF’s online services help monitor your income, alert clients to outstanding payments, and accelerate the cash inflow for your business.

10. Personalized Support

Online accounting services offer personalized, custom support tailored to your business’s specific needs. Unlike traditional one-size-fits-all accountants, CANGAF provides agility and personalization, offering a range of services from eCommerce integration to specialized bookkeeping.

11. More Time to Focus on Growth

Online bookkeeping services free up your time, allowing you to focus on growing your business rather than worrying about bookkeeping and tax season. With CANGAF handling your accounting needs, you can enjoy the benefits of insightful financial reports without getting bogged down in day-to-day operations.

How to Get Started with Online Bookkeeping?

Small businesses often have limited resources and need to focus on their core competencies, which can lead to accounting duties being neglected. Hiring an accountant or bookkeeper can be expensive, but outsourcing to a service like CANGAF offers a cost-effective alternative.

CANGAF’s systematic accounting procedures are designed to support growing businesses. Their online bookkeeping and accounting services can help your small business thrive in a competitive market.