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Virtual Accounting Offers Flexibility in Bookkeeping

Author: Paul Cantelli

Remember when you finally moved from paper-based manual accounting to a desktop software solution like QuickBooks? Your efficiency and productivity improved dramatically. You understood your financial situation much better and saved a lot of time.

Next up: cloud-based accounting. This new wave of Internet-based technology will bring about equally dramatic changes, with less effort on your part.

Cloud computing lets you access both software and data remotely, so you can access them from any computer with an Internet connection. QuickBooks and other providers of accounting solutions are rapidly adapting to offer cloud-based alternatives to desktop-based software.

Although it can be daunting to change systems, the benefits of virtual accounting far outweigh the potential challenges of the brief transition period. They include:

1. Mobile flexibility - Have you ever been in a meeting and needed to quickly access sales data or other financial information? Cloud-based accounting solutions allow you to retrieve or update information from a laptop or smartphone, and you will always get current data.
2. Data security - If you keep QuickBooks on a single laptop or desktop computer, data may be lost if the computer is lost, stolen or damaged. Even if you regularly update your company file, any data entered between the last backup and the incident will be lost. Virtual accounting solutions store the data on remote secure servers, so no matter what happens to your computer, your information is protected.
3. Real-time updates - When you send a copy of your QuickBooks company file to your accountant, certain functions are restricted until your accountant is finished. Virtual accounting means that both you and your accountant can get real-time data anytime. 
4. Easier IT setup - When QuickBooks updates, you don't have to modify every copy. It's already done for you in the cloud. Everybody always has the same version.

If you're interested in exploring virtual accounting for your business, call the cloud specialists at The Tax Office to learn more. Outsourcing your bookkeeping to our certified specialists can help you save time and focus on growing your business. With our online bookkeeping services, you'll have access to your data anytime, anywhere. Contact us today to schedule a consultation.

Hiring Smart Can Save You Time & Money!

Author: Paul Cantelli

Payroll outsourcing is an excellent way to save time and increase efficiency. It can also help protect you from common payroll tax mistakes that can result in fines or other penalties. While it is possible to keep this function in-house, most small businesses find that they don't have the expertise to do it themselves or the budget to hire the staff to do it.

When it comes to selecting an outsourced payroll provider, you have many options. However, because it is so important to get it right, you have to be sure you are selecting the right provider. Look for the following features as you explore your payroll outsourcing options:

• Guarantees: Look for a provider who will stand behind their service. If they make a mistake, your company is responsible for paying penalties or resolving the problem. However, some payroll outsourcing providers will commit to paying any fines or interests that are incurred as a result of their errors. Ideally, the provider won't make any mistakes at all, but if they do, you need to know who will take responsibility.
• Tailored services: Bundled service packages always sound like a great idea, but if you're not actually using all the services in the bundle, you are potentially wasting money. Look for a provider that will tailor their services to meet your specific needs so you don't have to pay for services you are not using.
• A solid track record: Due diligence is essential when starting with a new payroll provider. Ask for client referrals and speak with existing and former customers. You can also check with your local Better Business Bureau to see if any complaints have been filed.

Virtual Bookkeeping Full of Advantages for Businesses

Author: Paul Cantelli

As a small-business executive, you're probably used to doing a lot of things for yourself. Thanks to  the advent of cloud computing, you can shed some of your IT management duties. One of the most exciting applications of cloud computing is in cloud-based accounting. Moving your books to the cloud will help your business in three different ways.

Increased security

How secure is the server that holds your accounting system? Do you have all of the latest computer security tools and software to keep hackers away from your business' most sensitive data? Is your server located in a weather-proofed building with backup generators and multiple layers of physical security to keep criminals from stealing it?  If you're using cloud-based accounting, the answer to every question is a resounding "yes." One of the key benefits of transitioning to the cloud is that your data gets access to the kind of multi-layered security that only the largest companies can afford on their own.

Better access

Cloud-based accounting makes it easier for everyone who needs access to get to your accounting data. This means that your employees can get access to the applications that they need wherever they are, you can access your reports when you are out of the office on business and your accountant can log in to review, complete and correct your books without you having to send them a data file. Many cloud accounting systems even offer access through secure smartphone and tablet apps, letting you truly have anytime, anywhere access.

Lower cost

As you know, traditional accounting software requires the purchase of an expensive software license, a server to run the software and additional cost to keep the server running and upgrade the software periodically. Cloud-based accounting bundles all of these services into a single low cost, usually billed monthly.

The tax and accounting professionals at The Tax Office Inc. have considerable expertise with today's cloud-based accounting systems. Contact us for help deciding if moving your accounting to the cloud is right for you and, if so, how to accomplish the transition.

Cloud Technology Can Streamline Business Management

Author: Paul Cantelli

Anyone responsible for running a business can feel chronically frazzled – there are just too many things that need your attention. You can’t do it all and do it well, too. Switching to outsourced accounting can save valuable time that you could – and probably should – be spending on your most critical activities.

Especially when it comes to managing your financials you can’t afford missteps. You need accuracy and timeliness to effectively direct daily operations and make smart decisions.

Outsourced accounting ties it all together.

Working in the cloud allows you to streamline all aspects of your accounting – data capture, retrieval, calculations and reporting. Cloud-based outsourced accounting easily integrates QuickBooks and Intacct accounting functions, accounts receivable and payable, payroll and periodic taxes and reporting, ensuring compliance with no slip-ups or risk of penalties.

You’ll have information at your fingertips to support annual and long-term tax planning as well as ongoing business performance analysis. That can help save money at tax time and improve your day-to-day operations.

Outsourced accounting does more than efficiently keep your finances on track.

Working in the cloud is faster and more accurate. You’ll benefit from:

• Uploading data or accessing files 24/7, from anywhere, assuring the mobility and flexibility essential to effectively manage any type or size of business these days.
• Top-flight security that safeguards your confidential or proprietary information.
• Automatic back-up and easy retrieval.
• Increased productivity, replacing manual labor with automation that eliminates mistakes, duplication of effort and time wasted on mundane, repetitive tasks.

You’ll save time on meeting travel and document transport and save money by eliminating the need for new technology, software, upgrades, IT time, storage, even office space. And you can hire the very best people, regardless of their location, because you’re working in the cloud.

The cloud may be invisible but it’s a solid business management tool, especially when it comes to accounting. Contact our experienced professionals at The Tax Office Inc., who can advise you about the most advantageous ways to adopt outsourced accounting, freeing you up to refocus your time and energy on your most important job -- running your business. 

Cloud Technology Requires A Learning Curve

Author: Paul Cantelli

All new technologies come with a lot of questions and a period of adaptation; cloud-based accounting is no different. In fact, because valuable financial data is involved, there tends to be even more questions and concerns. If you are exploring cloud-based accounting for your business, arm yourself with answers to the following common questions.

• Is cloud-based accounting secure? Data in the cloud is typically protected with advanced security procedures and encryption methods. You can also ensure data security by granting specific permissions to individual users. This can be even more secure than desktop software. With cloud-based systems, unauthorized personnel don't have the ability to log on and view financial data. With a desktop solution, this is not always the case.

• Where does the information go? When you enter financial data into your accounting application, it is stored and backed up on remote servers, usually several. This data is then available in real time to all users who access the application.

• What happens if the Internet goes down? Cloud-based accounting solutions generally require web access, but so do many of your other vital business functions. The beauty of the cloud is that you can access the data and software from anywhere, so if the Internet goes down in the office, you have the option to access and manipulate information from your laptop, or perhaps even your smartphone or tablet computer.

• Can we meet all of our accounting needs in the cloud? Yes. You can process payroll, pay bills, send invoices, submit time sheets, process credit cards, enter travel expenses, file tax forms and easily share up-to-date information with your accountant in the cloud. In fact, cloud-based solutions are much more versatile than desktop software, allowing you to integrate systems across your entire business.

If you have more questions about accounting in the cloud, or you want to get started, call us at The Tax Office, Inc. We can help you select and implement the cloud-based accounting solutions that make the most sense for your business and help you address any questions or concerns from your staff. Contact us today to learn more.

Working in the Cloud Leads to Changes for Businesses

Author: Paul Cantelli

Cloud computing has become established as the new, preferred IT environment. But exactly how, and to what extent? A considerable majority of businesses still aren’t using cloud computing, and as the scales tip in favor of the cloud, what will be the ramifications for IT as we now know it?

Irving Wladawsky-Berger wrote a commentary on this subject, asserting that ”cloud computing truly represents a major transformation in the way all institutions, from the smallest to the largest, will leverage information technologies.” He should know. He’s a fellow at MIT‘s Center for Digital Business, strategic adviser to Citigroup and former vice president of technical strategy and innovation at IBM.

The trend toward working in the cloud has growing more slowly than some might have predicted. IT professionals can be recalcitrant, resisting change that will certainly profoundly impact their work lives. And many users are still wary of security and other issues that seem more intangible in the cloud.

Clearly, says Wladawsky-Berger, ensuring the change to cloud computing is a C-level leadership issue. If the cloud is approved and in fact demanded from the top, change will come more surely and it can be managed in a more orderly and productive manner.

Cloud computing is driving more than physical IT infrastructure changes. Entire IT departments and functions are becoming unnecessary as businesses no longer need dedicated technicians to create, set up, maintain and trouble-shoot systems internally. Instead, cloud computing facilitates simpler work processes easily adopted by staff in other departments.

At the same time, working in the cloud increases productivity thanks to 24/7 remote access and virtually no down time. And businesses can recapture significant resources currently devoted to technology-related equipment purchase, maintenance and housing.

If you’re still not sure what the cloud can do for you, or how to put change in motion, contact us at The Tax Office, Inc. We can work with you to develop a cloud computing transition plan that’s painless, to help your business grow more productively and profitably.

Getting the Best For Your Bucks

Author: Paul Cantelli

Hiring on a shoestring budget can be challenging, especially if you want to get the best talent available. While you may not have the cash to recruit based on a high salary alone, you can still attract top talent if you play your cards right.

Use the following tips to get qualified applicants when hiring on a shoestring budget:

• Learn how to hire the right people. Hiring the wrong person can be very expensive, both financially and in terms of time lost. Create a clear job description with detailed criteria for the type of employee you are looking for so you can better select the candidate that will best match the job and the company culture. Be patient through the hiring process and only hire the person who you truly believe is the right fit for the job.
• Keep the hiring process inexpensive. While it's important to cast a wide net, multiple job postings can get expensive. Ask your employees if they have any referrals and consider offering them a bonus if you hire a person they recommended. Use free websites, social media and industry contacts to spread the word about your vacancies. The more you can save on posting a position, the more you can pay your new employee.
• Focus on the intangible perks. If you can't offer a big salary, perhaps you can offer other meaningful incentives. Allow employees to work on flex time or to telecommute on some days. Keep the office kitchen fully stocked or offer discounts at a local gym. Small investments that benefit all employees are as important as payroll.
• Offer profit sharing or other future incentives. If you are a start-up or small business that expects to grow, offer shares in the company as partial compensation, bonuses based on profits or other incentives that will help motivate and attract top talent.

The Cutting Edge Security of Cloud Servers

Author: Paul Cantelli

Have you hesitated to switch to cloud-based bookkeeping because you're concerned about data security? While you are right to be concerned about the safety of your financial data, cloud-based bookkeeping may actually be more secure than your current methods. What if the computer with your QuickBooks file crashes, or your office servers get destroyed in a fire?

Switching to any new system can be scary, especially when your company's financial data is concerned. However, consider these four security benefits of the cloud as you weigh the pros and cons:

1. Cloud servers are more physically protected than yours. If you host your data on an on-site or local server, it is nowhere near as safe as it would be in the cloud. Cloud servers have world-class security systems that no small business can match.
2. Cloud servers are more virtually protected than yours. You have antivirus software, firewalls and scanning programs, but cloud-based data centers have cutting-edge security that can fend off even the most savvy hackers.
3. Cloud-based security is more cost effective. Even if you can't match the security measures that the cloud provides, you can implement very effective systems for your business. However, the more robust the security system is, the more expensive it is. Using cloud-based systems allows you to get the benefit of their world-class security built into the price of your subscription.
4. Working in the cloud is more efficient. Switching to cloud-based bookkeeping frees up more time for you to focus on your business not only because you have more flexibility, but also because you don't have to spend the time implementing and maintaining your own security measures. You also don't have to worry about installing software and upgrading to new versions because it is all done automatically in the cloud.

 3 Things to Consider About Cloud Based Accounting

Author: Paul Cantelli

Accounting in the cloud is an excellent solution for many small and medium businesses. However, there are some factors to consider before you take the plunge. While accounting in the cloud provides better efficiency, more flexibility and several other benefits, you must remember that you are dealing with sensitive financial information that should not be handled lightly.

Think about these three issues before you make the switch to accounting in the cloud:

1. Vendors: A basic search for any type of cloud-based accounting solution will quickly show you that you have a lot of choices. In fact, you have so many choices that it can be overwhelming to compare the various features, functions and pricing. You also need to consider how reliable a provider is, what level of customer service they offer, and how long they will stay in business.
2. Legal issues: If your business is subject to certain data handling requirements, either from an external body or from your own internal policies, it is important to work with a provider who can meet these requirements. Find out how the vendor protects your data and what their confidentiality and privacy policies are.
3. Data backup: Data in the cloud is generally safe, especially if your providers use multiple servers at multiple locations. However, because this data is so important, you may want to consider having your own backup. Some providers allow you to automatically keep a backup on your local server, while others may require you to manually export data and back it up. Make sure that your provider can accommodate your preferences and make it easy to back up your data if you want to. 

The Basics, And How It Will Impact Your Finances

Author: Paul Cantelli

Cloud computing might sound mysterious -- and even a little too vague -- to be trusted with your company’s critical financial information. The term evokes images of some remote, intangible, impersonal mass where your data is bound to get lost.

It's an apt description, since it refers to something far away. But don't let its negative connotations dissuade you from exploring cloud-based bookkeeping for your business accounting needs, as it can have significant impact on your efficiency and bottom line.

The basics

Cloud-based systems simply utilize the Internet to provide access to your data on remote servers, as opposed to using your own hardware. In this virtual accounting setup, business software is accessed via a web browser rather than residing on your desktop or laptop. All upgrades, maintenance and storage tasks are handled by the hosting firm, the service provider.

The benefits

Some of the most significant benefits of cloud computing are:

• Access to your data from anywhere in the world, 24/7. You'll never lose touch with your financial records, and employees can work remotely.
• Cost savings
• Greater efficiency in sharing information with stakeholders
• Regular off-site data backups
• Secure data encryption

The financial impact

Trusting your data to the cloud can save your business money in the long run. Software is maintained by the hosting company, reducing the expense of licensing new applications and using IT staff to install them. You'll eliminate the downtime caused by local upgrades and the inevitable fixes. Hardware costs can be dramatically lowered, as all you need is a web browser and an Internet connection to work within the cloud. Although not as easy to quantify, savings might also be expected from an increase in both staff and financial reporting efficiency.

Cloud-based accounting can greatly reduce your workload and expenses if correctly matched to your company's needs. At The Tax Office, we can explain how our cloud-based accounting solutions can mesh with your existing operations to save you money and allow you to focus on growing your business. So contact us today. We would love to work with you to design a simple, effective virtual accounting solution for your company.