In Pursuit of Profit
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It is also dependent on whether you have large amount of overly complicated paperwork.
A typical list of duties for a bookkeeper can include:
Reviewing these responsibilities, with the Internet connection, the right software and secure online file management system, most can be done as easily online as onsite. These are the routine activities but does not include problems such as cash flow or other emergencies.
Having trouble with cash flow
When cash flow is tight and paying invoices becomes challenging, burying your head in the sand will only intensify the issues. A bookkeeper with high expertise will know to review your suppliers’ or vendors’ terms and determine if it allows for a different payment timeline.
We might find that while you have been paying every 30 days, the vendor terms are 45 days which allows you more time to pay. When unable to make a scheduled payment, it is better to contact the supplier with honesty and a commitment to resolve the shortage with a payment this month, with a commitment of X amount in coming months until caught up. The right bookkeeper/accountant can help to set the plan up.
Such a plan will demonstrate that you are proactive and serious about making payments. Don’t be surprised if they ask you to pay interest. Reminding the vendor of your consistent payment history should reassure them that your business is still sound.
These types of situations can be time consuming and stressful. If your accounting system is taking up too much of your time, this is a good time to contact a bookkeeper or accounting service for more help. To discover the issues and opportunities online may be difficult. You may find a hybrid plan more beneficial.
Companies burden with paper, filing cabinets, complicated teams and signed documents will find an online bookkeeper may not serve them well. A hybrid plan, with onsite + online support, can work well.
Regardless of outsourcing bookkeeping services onsite or online, it is a good practice to have them sign a non-disclosure agreement (NDA), otherwise known as a confidentiality agreement. The NDA is a first step to creating a confidential relationship between your business and contractors… including bookkeepers and accountants.
A risky decision?
Hiring a bookkeeper “in the cloud” can seem risky. “Anyone” can appear to be an authority online. Recent news serves as a warning to trust but verify.
Former Orcas Island Bookkeeper Pleads Guilty to Wire Fraud for Embezzling from Employer
– Stole more than $750,000 for Trips, Home and other Personal Expenses
The right bookkeeping service company will have worked with trusted clients, and have a team with decades of experience. They will recommend the best accounting processes to ensure your company is protected from fraud, embezzlement with appropriate checks and balances.
Stick with local
With regulations specific to geography (city, county and state), it is beneficial to work with a local bookkeeper familiar with the local laws.
Working via the Internet offsite should not mean “no personal contact”. Hiring a local bookkeeper who understands the regulations can (and should) have an initial meeting in-person and still offer services offsite via the Internet.
With the right software, security, processes in place… a bookkeeper or accountant can excel with services online via the Internet. Within a plan, the right bookkeeper or accountant will set up processes and procedures to ensure checks and balances are in place. It makes sense to work with a local bookkeeper, someone with an understanding of local filing requirements and regulations.
We are proud to have been trusted by the firms listed HERE. These are just a few of the many clients we've had the privilege to work with over the past 12 years. If your business is in Washington or Oregon, we are your full-service accounting partners.
Contact Eric Moore here to learn more about how our excellent team can serve you – onsite or online.