January 2018 - AccountingX

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Unbiased and Objective Information is Critical

Business Tips: Why Unbiased and Objective Information is Critical for Businesses

When it comes to businesses, perhaps nothing is more important than data. For information to be useful, however, it needs to be unbiased and objective. Business is about growth, and having someone who can provide unbiased information can provide the feedback you need to grow your client base and improve your profits. Furthermore, it can help ensure your operations are operating within important legal parameters.


Here are a few business tips to help you find the right person for your needs:


Interpreting Information

No modern business can function without money. One of the first business tips experts share is to have someone who can interpret and handle financial information while providing unbiased feedback based on objective information. Too often, businesses rely on people too close to the business who are, often subconsciously, unable to see signs of trouble. When looking for feedback, seek out business tips from people without an interest, financial or otherwise, in the current and future operations on the company.



One of the most important business tips is to ensure your company meets legal requirements, and one of the most important is accounting regulations. Accounting laws are strict, and small mistakes can lead to significant headaches going forward. Businesses of a certain size are often required to work with accountants who are properly licensed and can operate in an unbiased manner. Even if your business is small, working with a third-party accountant can help you stay within legal parameters.


Tracking Success

In some cases, it can be difficult to measure success in a business; in other cases, business owners can see signs of success that don’t actually exist. Only through unbiased and objective data can business owners and managers ensure they are growing and meeting their goals. Again, it’s often most useful to rely on third-party experts, as people employed by the business itself might feel tempted to provide feedback they think their bosses want to hear. Furthermore, building an ongoing relationship with a particular consultant can let them track success over the long term, leading to more tailored feedback.


For more information on how you can implement an objective and unbiased view of your business schedule your free consultation today!

Reducing Unnecessary Company Costs

Outsourced accounting services are reducing unnecessary company costs

The accountant’s role has evolved over the decades, and most of them are gradually learning to embrace new responsibilities that their profession demands. In today’s business world, accounting services are outsourced to experts to reduce unnecessary company costs. Outsourcing is also cheaper compared to hiring and maintaining full-time employees who will be required to work on different accounting tasks, which in some cases may result in errors that translate into unwanted costs. Here is a look at examples of outsourced accounting services:


White label bookkeeping
It is the assignment of a bookkeeping service to a third party thereby eliminating the cost of employing a full-time bookkeeper. The cost is slightly lower as compared to in-house bookkeeping. White label bookkeeping has been known to save time and money. Furthermore, frustrations between the accountant and the client at the end of the year when books are prepared will be no more.


Outsourcing payroll services
Delegating the preparations of payrolls eliminates the process of having your staff manage the payroll, which is usually a time-consuming process. Outsourcing will allow the staff to focus on other value-added tasks, therefore, generating extra revenue.


Outsourcing accounts receivables and payables services
Outsourcing of the above dramatically improves the performance of the accounting department due to quicker turnaround time. It also eliminates turnover threats that might occur when having in-house staff carrying the procedure.


Preparation of financial reports
When making a particular purchase or taking a tax credit advantage, the in-house accountant may require some time to know about the reporting process that they may not know. This consumes time and makes the staff deviate from their standard duties mainly because of lack of experience. Even if s/he carries the procedure, it may not be the most cost-effective or correct way. Outsourcing alleviates unwanted cost that may result from the errors committed or expenses associated with training.


Tax preparations
When outsourcing tax preparation services, the main business objective is to ensure that the business grows. Furthermore, outsourcing such services will increase the chance of procuring new clients, and in the end, you get plenty of time to concentrate on other revenue-generating activities.


Outsourcing your accounting services means that a business will enjoy accuracy and efficiency, given that outsourcing firms have more than enough professionals with extensive experience which increases efficiency and productivity.


For more information on how you can outsource your accounting today click here to schedule a free consultation.



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