Do you sell accounting services? No? Then why are you managing an internal accounting department?
Sales are plummeting for businesses. People have to work from home.
Oh, whoops, the accounting software is on a desktop computer. Cheques are in the file drawer. And, darn, most customers mail us cheques!
It is not too late. We are experts in getting businesses online, and 100% paperless.
Here are 7 benefits to do it now…
Benefit #1 – Records Up-To-Date Daily
In a crisis, you need to know your reconciled bank balance daily. Note that I wrote, “reconciled bank balance”. Looking online at your bank balance is good. It won’t, though, show outstanding cheques and deposits about to clear.
With online bank and credit card feeds you can see your cash position daily. (If you have an accounting technician reconciling it daily, which we do).
What about accounts payable? Our clients and their vendors send their bills to our document extraction software. It pre-codes the bill into the accounting software.
As the business owner you can see how much is owing to you (accounts receivable). You can see what cash is available. And what is owing (accounts payable).
You can then make timely informed decisions. In an economic crisis timing is crucial.
Benefit # 2 – Your Customers Will Pay You Online
Do your customers pay by cheque? They have – in a pandemic – all the excuses in the world to not pay you! (“I am so sorry. We cannot get into the office to print a cheque. We will pay you when things change!”) Yikes!
We have all of our clients’ customers paying online.
We use software to have a customer invoice paid on the due date! The system looks at due dates, then charges the customer. It even records the payment in the accounting software.
Customers paying quickly in a crisis is super awesome.
Benefit #3 – Pay Your Suppliers Online
Do not write cheques in a pandemic crisis. Why? In the best of times, most fraud happens with cheques, not online.
Once your cheque hits the physical world it can get stolen and altered. Online payments are safe, and easy.
You can choose when you need to pay your vendors. They will appreciate getting paid online. They don’t have to go to the bank!
Benefit #4 – Route Bills Through an Online Bill Approval System
Do you have multiple departments in your business? With our systems, you can route bills to every authorized person you need to.
This will eliminate fraud. You will not over-pay or pay a fraudulent vendor. Each vendor bill is routed to the department head. Right up to the CEO, as needed.
Only approved bills get paid.
Benefit #5 – Save a Lot of Money
Running an internal accounting department is inefficient and costly. Why?
It is inefficient because you pay people for 40 hours a week, right? And guess what?
Do you think they are super focused and efficient for 40 hours?
Busy, yes. Efficient, not often. Work expands to fill the time allotted.
On the other hand, imagine paying an outsourced firm a fixed fee. We focus on systems and being effective. You pay for results, not process.
That efficiency means you get better results for less money!
Benefit #6 – Get Stunning Real-Time Reports With a Dashboard
I have yet to see beautiful financial reports internally prepared.
Our reports include:
- Key Performance metrics to help you manage your business.
- Cash-flow reports – in color – that make sense.
- Graphs to present data that help you make informed and better decisions.
Benefit #7 – All Your Tax Compliance Done On Time
Many businesses miss deadlines. Many businesses do not even know what taxes they need to comply with.
This can be costly.
There are a number of programs offered to businesses to get through this crisis.
We are a public accounting firm. We are on the pulse of these programs. Complying with the program requirements is just one thing we take care of.
Bookkeepers with no connection to these programs can miss these incentives.
I have been promoting online, remote-based accounting for 20 years. Now, this crisis has made the matter urgent.
- Get out of the business of accounting. Stay focused on your core business – what pays the bills
- Get paid online, improving cash-flow
- Know your cash position daily to make better decisions
- Reports updated daily to make informed decisions
- Pay your suppliers online so you can time payments and keep suppliers happy
- Use automation to collect money and get cash in fast
- You will have peace of mind knowing you can trust your numbers
Call us if you need help. We are experts. For 20 years.
Thanks for reading…