How Technology is Changing the Accounting and Bookkeeping Industry

Today, we will be looking at how technology is changing the accounting and bookkeeping industry. The field of accounting and bookkeeping has definitely seen helpful changes by the progressive adoption of more technology throughout recent times; we will discuss the positive impacts these changes have had on accounting and bookkeeping.

The Evolution of Technology in the Accounting and Bookkeeping Industry

  • The Early Days

We have always searched for an easier way to account for buying and selling of goods and services it all started with the abacus which was used only for simple math functions namely; addition, subtraction, multiplication, and division. We then progressed in adding machines which operated like a mechanical calculator where each value place in the number had its own 1 through 9 buttons to manually input the desired number to carry out the calculation. These machines later evolved into desk calculators and into common digital calculators. With these inventions we took some human error out of the mathematical aspects of accounting since accountants were expected to keep records by hand, this included the general ledger and the sub ledgers such as accounts payable, accounts receivable and others.

  • The Advent of Personal Computers

The most significant advances which have propelled us to where we are presently came from the rise of personal computers. The first major spreadsheet program was called VisiCalc and it was originally designed for the Apple 2 computer, it transformed the computer from leisure use to a serious business tool. According to the co-creator Dan Bricklin, it allowed people to take 20 hours of work per week for some people and turn it out in 15 minutes. Not long after IBM was spurred to release its own program named Lotus 1-2-3 for its personal computers. Shortly after its release Lotus 1-2-3 Indian physique Alex run these types of programs now allowed for the calculation analysis and storage of data. These spreadsheet programs eventually gave rise to the ever-popular Microsoft Excel.

  • Computer Based Accounting

Shortly thereafter technology gifted accounts with computer based accounting software, these types of programs range from the affordable user friendly QuickBooks to the expensive yet powerful ERP systems such as SAP and Oracle. According to the Journal of accountancy, more than 4.5 million companies use QuickBooks making it by far the most widely used accounting and bookkeeping system in the world while ERP systems are more robust and customizable to handle larger companies. All these advancements in technology have allowed for the elimination of the double-entry and permitted for the storage of all Ledgers in a single system, this also allowed for easier access to ready-made financial statements and other reports.

  • Cloud-Based Accounting

The most recent breakthrough and technology being utilized in the business world today is cloud services; the cloud serves to store data and provide sharing services fully online. Using the cloud, users are able to share documents easily between people while allowing for easier collaboration between the accountant and the client. Computer and cloud-based accounting software programs have made the countess job more efficient, accountants and bookkeepers can now track and store data with accounting software from using the program to calculate asset depreciation to store an original asset value and total depreciation to outputting of the current book of value, it also contract dates of invoices and reports aged payables and aged receivables. Processing of data is faster than ever before with better computers in the use of cloud computing, some math calculations are automatically performed by the system now.

How Technology is Changing The Accounting and Bookkeeping Industry

  • Financial Information are Produced in Real Time

Gone are the days of keeping the books by hand in separate Ledgers, creating a balance sheet or an income statement is now just a click away with accounting systems financial information and some measurements now can be a produced by accounting software in real time.

  • Programs can Also Offer Customizable Reports

This allows tailoring reports with information to meet specific business needs all these allow for easy access to organized data which helps reduce time spent preparing reports. The time saved allows accountants and bookkeepers to use their time analyzing trends and business performance therefore providing better and more in-depth information to management which can help with major business decision making.

  • Reduction in the Margin of Error

While people still input some information into the system, the margin of error has been reduced significantly due to auto population fields in the program system connections between departments allow data to be pulled over into other department work. This allows for less calculations and less manual entry driving down chance for entry errors.

Easy Access and Communication Exchange Between Multiple Parties

Advances in technology now allow for easy access and communication exchange between multiple parties simultaneously and using technology such as the cloud information access is more favorable in accomplishing tasks that require collaboration. Now accountants and bookkeepers are able to share documents in a matter of just seconds, before these teams might have to share one source of data cutting productivity of each individual’s assignments now they can be shared instantaneously as well as video services that allow for people to stay where they are at and eliminate travel time for meetings.

Information Exchange with Vendors and Auditors Outside of the Office

This has been made more efficient with the cloud from sending product drawings or specs to paper copies of audit requests, all of these are now fingertips away via the shared online server. If the accounting software data is saved on just a server or just a local computer it could be a risk for data loss. Intentional or unintentional actions could cause equipment failures leading to critical data being lost with no backup, with the rise of use for accounting software, data of this sensitive manner is now stored on servers or in the cloud.

Today, we have looked at how advancing technology has affected accounting and bookkeeping and how the field of accounting and bookkeeping has experienced positive change by the implementation of more technology, in the end the efficiency and the time saved definitely outweigh any negatives that may associated with how technology is changing the accounting and bookkeeping industry.

Read in this post for more details: http://www.oneplanetcatering.com/secure-high-rated-bookkeeper/

How to Secure a High Rated Bookkeeper?

Is your business currently in need of a better bookkeeper? A bookkeeper can literally make or break your company with the information they gather from financial transactions and receipts. When you hire a bookkeeper, you’re going to want to hire one that can do their job efficiently and successfully without any chance of error. It may be hard at first if your company is still growing, but you can easily find one if you know what type of factors go into a good bookkeeper in Melbourne. A good bookkeeper is going to be harder to find, especially if you are looking for particular services. Keep reading and we will introduce you on how you can potentially find the highest rated bookkeepers.

Experience

One of the biggest factors in a great bookkeeper is that they have the adequate experience. While not all bookkeepers are going to have a long list of years of experience, as some of them may be new to their career, you still want to make sure they can at least manage their tasks. Experience comes in all sizes and shapes, while some being valuable and may add to your bookkeeper’s ability, some may not work as well even though they have years of experience. Experience is not the only factor we recommend looking into so please keep reading. See more.

Education

Education is a great way to tell if the bookkeeper you’re looking at is capable of completing their daily tasks. They should have some form of accounting and formal business education. A business degree will not be the deciding factor on if they are worthy of hire, make sure that the level of education is sufficient for your business. Ask questions such as; how would you determine how our business is doing? What steps should we take to correct these errors? And ask them about policies, procedures, strategies, attacks, and ethics.

Software and Banking Knowledge

Lastly, a good bookkeeper will have current knowledge and training with the latest software and banking technology. Bookkeeping and technology are advancing at a fast pace, and if you want to keep up with your competitors you’re going to need to step up your game. Having a bookkeeper who can input information into an easy to use database is going to be much more helpful than one who still is using pen and paper. Just make sure that the bookkeeper you’re going to hire actually knows how to use the software and technology.

Conclusion

Bookkeepers can make or break your businesses finances. You want to have an accurate representation of all of your transactions and spending habits. A business can really flourish by being able to have quick access to all of their transactions and data. Look for the following when looking for a bookkeeper; experience, education, and software and banking knowledge. These three factors can really help you weed out the bad bookkeepers from the ones who can revolutionize your company. Take a look at bookkeeperco.com.au for the latest bookkeeping services.

 

 …

bookkeeping

Online Bookkeeping Services – How Much Does the Service Cost?

Online services or outsourcing services are being accepted as a way of working by most companies. Companies had been started in order to accept an outsourcing since they have good and high-quality output which they can offer. The advantages of outsourcing jobs are plenty and the companies stand to gain from it.

The quality and efficiency of the online bookkeeping services is incredibly high. In addition, it is low cost and quick turn over. This is what attracts individuals to utilize the service.

The basic rates for Online Bookkeeping Services are as follows:

  1. Rates for projects – These rates work out well for big long-term projects. The rates are based on the amount of work and how long it will take to finish the project.
  2. Rates for transaction – High volume work attracts very special transaction rates. This is a selective service and may require a team of bookkeepers to work on the project.
  3. Rates per hour – Hourly rates are applied to projects which are a priority and the client needs the work completed urgently. Hourly rates are also quoted to clients who have small bookkeeping requirements or certain specific requirement that needs urgent attention.
  4. Rates for monthly projects – These rates are offered to important clients, who have an ongoing relationship with the bookkeeping service. The rates quoted are special rates, in order to establish a long time relationship with the client.

The turnover time of the online service is very fast and urgent bookkeeping jobs can be completed within 24 hours. The online bookkeepers take the data from the client via a highly secure server. The data is kept confidential and there is no possibility of data theft.Get more updates about bookkeeping from http://www.forconstructionpros.com/business/business-services/article/20973298/should-you-hire-a-virtual-bookkeeper

The online bookkeepers offer free advice regarding financial transactions and records. The qualified and trained bookkeepers Melbourne can be contacted via various tools, such as telephone, email, instant chat, etc. Suggestions and requirements can be passed on to the online bookkeeper to follow.

bookkeepingInternet bookkeeping services are widely available at very affordable low rates. These rates are greatly reasonable as well as prospective clients can be easily save just between 40% and 60% on online bookkeeping services. The rates depend on the quantum and intricacies of the work; however, they are still affordable. This bookkeeping service is available for 40 hours each week. This time is enough to complete a major project in a week. This service provides various services related to bookkeeping, such as financial service, accounting service, taxation service and pay roll service at highly competitive rates. One thing is assured that availing online bookkeeping is cheaper and much more affordable than employing a full-time employee to do the same job.

The excellent service coupled with low rates makes the bookkeeping services provided online very popular with companies. Today, a large number of companies are relying on the services of online service providers for their bookkeeping requirements. The online bookkeepers from www.bookkeeperco.com.au are qualified and understand the job. They do a great job within the stipulated time. They follow strict business ethics, which means the financial profile of a company is not leaked.

 …

online bookkeeper

Maximizing Bookkeeper Revenue With More Clients, More Transactions and Larger Transactions

There are lots of owners for bookkeeping business with knowledgeable bookkeepers whose not taken their time to consider the 3 major factors which make up the total revenue for the year. Fewer were taken their time to make a more concerted effort in order to see how they might maximize each of the three to push hard at maximizing their revenue and providing maximum value to their clients. Let’s take a moment to examine the three factors that make up the total yearly revenue for bookkeeping businesses and some ideas for maximizing each of the three.

The first factor which contributes towards your total yearly revenue for your bookkeeping business is what your average transaction every client.

Many bookkeeping customer will really have their relatively static amount of accounting work that will need to be done and attempts to increase the average transaction size with them will be futile, but there are ways to focus on increasing the average transaction size. Consider, for one, targeting businesses that have larger than average bookkeeping needs. By marketing specifically to these niches you have a much better chance of increasing your average transaction size. One way that many bookkeepers Melbourne are reluctant to implement is raising your rates.

If it helps you to think of it in terms of supply and demand, then go ahead and use marketing to get more than enough clients and then raise your bookkeeping rates to bring the number back down to a reasonable number for you to actually provide service to. I will point out for those astute readers that you do not need to use supply and demand but can immediately start with higher prices successfully. Your price is more often a reflection of your beliefs and not really a true reflection of the marketplace.

The second factor, as you might imagine, is the number of bookkeeping clients that you have in your practice.

The more bookkeeping clients you have the better. So, what are a few ways that you might increase the total number of clients that you are providing your bookkeeping service to?Learn some tips at https://www.usnews.com/news/best-states/new-jersey/articles/2017-09-02/bookkeeper-who-stole-more-than-1-million-gets-prison-term

There are four ways that immediately come to my mind, as a marketing guy, on how to immediately and drastically increase the number of clients you keep the books for. The obvious one is more marketing, but that is not the whole story. Better marketing is also a key factor. As an aside it is not enough to just make a one-time improvement in your marketing, but you should be committing to a model of constantly improving your marketing. More and better marketing will get the phone ringing, but it really also takes an improved prospect conversion to really make a drastic improvement in the number of bookkeeping clients as well.

Finally, the third factor that determines your total yearly revenue as a bookkeeper is the number of transactions per year that you average client has.

online bookkeeperIncrease the number of transactions along with the other two factors and you will see revenue from your bookkeeping business skyrocket. But how do you do that? You probably already know.

In conclusion, by actively working on improving the number of clients, the average transaction size per client and the number of transactions per client in your bookkeeping business will truly maximize revenue in your business.

 …

bookkeeping services

How to Choose Cheap and Reliable Bookkeepers

One of the easiest ways to go about this is to ask your business acquaintances for contacts of bookkeepers they know to be reliable at a low cost. However, if you are starting out independently on your own without the right resources, there are some things you can look out for. Below are some of the good side when you are getting bookkeeper that can work on you.

Acquiring the services of a reliable bookkeeper Melbourne is extremely important because they are the ones who will be dealing with a sensitive part of a business: Money. Get the wrong one and they might end up stealing money from you, and it is indeed possible by moving small amounts of money into their own accounts especially if a client does not have knowledge or understanding in bookkeeping. That inability to do bookkeeping is the most vulnerable point for any client, which is why the services of a bookkeeper are attained in the first place. However, if you are just starting off, you might want to start with low cost bookkeepers as your modal is minimal. So, how does one find low cost bookkeepers that are reliable and trustworthy?

First of all, you should check on their reputation. These reputations can be formed based on people’s personal experiences with the bookkeeper and can come in word of mouth or in reviews. Yet, as most bookkeepers work with small unregulated businesses, it is difficult to find out if they have a good level of service or protection towards your books since they do not have any ethical codes they will need to follow for us to create a comparison. One the other hand, choosing a bookkeeper that works as part of a national brand gives the head start for their reputation that is known to be first class, which would mean that they are honest and reliable.Checkout website at http://www.bookkeeperco.com.au

Apart from that, make sure that the bookkeeper has a set of regulations to follow. Typically, a qualify bookkeeper of an established company will have a set of code of ethics on which they should perform their duties by. One example of a code of ethics would be the Chartered Institute of Management Accountants (CIMA).

bookkeeping servicesThis brings to the next point: Reliability. You will want to get the services of a bookkeeper who is able to deliver their work on time. They should be able to give you an up-to-date account of your reports, and not run away for holidays during times you need the reports the most. Even if they have an emergency, they should come up with a back-up plan. Bookkeepers are really indeed can be helpful especially when your company is getting bigger and more employees are being added.Visit website at https://www.irishtimes.com/news/ireland/irish-news/bookkeeper-retired-by-firm-at-66-awarded-12-000-1.3193646 for more info.

Last but not least would be reference. A bookkeeper should be proud to give references as this can boost their business. This also indicates how trustworthy they feel they are and have confidence in the work they do. You can really trust them on working big and difficult task which your company needs.

 

 …