Five Business Functions to Automate

Although small to mid-sized businesses may operate under constricted budgets, this does not imply a decrease in quality of work, regardless of limited infrastructure or manpower. Optimizing existing resources can help you remain within budget parameters, while ensuring that client deliverables and client expectations are met.

Automation can assist small businesses in optimizing existing resources. With automation, companies need not invest in expensive new machinery or hire highly skilled human resources. Identifying key areas to automate can produce significant productivity results. Often times, vendors or partner companies can assist with automating certain functions. An experienced vendor who is familiar with your business may also help you identify areas which could benefit most from automation. As a starting point, following are five suggested business functions worth investigating for automation.

Financial processes: Due their significance within the daily operations of a small to mid-sized business, financial processes can benefit immensely from automation. Timely access to data and data accuracy are equally important in recording financial transactions. Automation improves the quality of both.

Accounting: Accounting functions are the backbone of every business, including start-ups or solo practitioners. Accounting is also an area which requires maximum attention to detail. A minor error that occurs when recording revenues can result in major revenue losses, or worse significant tax implications.

However, for many small business owners, minimizing accounting errors while meeting client requirements often are at odds with each other. Business owners can only perform a finite number of functions and do them well. They can either work diligently to ensure client deliverables are met, thereby often neglecting accounting tasks, or they can pull key resources from business deliverables to focus on the companies financials. However, automating accounting functions can assist in ensuring both objectives are met. In addition, automation reduces dependency on human resources therefore freeing up an employee's time to focus on more client focused work.

Bookkeeping: Bookkeeping is the foundation for accounting. When companies automate bookkeeping functions, business owners can feel confident that record keeping is completed in a timely and accurate manner. Automated bookkeeping assists in creating timely records. For example, regular, periodic transactions can be recorded instantaneously. This eliminates the possibility of omitting particular entries, as well.

IT processes: As a small business, dependence on IT can determine the speed and efficiency with which you service clients. Automating your IT processes can help radically reduce actual time incurred to execute. Besides execution, IT automation can assist in ensuring better record-keeping and adherence to deadlines through a system of automated triggers, email-reminders, etc.

In addition, automated IT processes also help track initiation and the progress of various assignments and projects, as well as promote business continuity.

Training and Communication: Automation can enhance communication needs as well, including training. In the case of small businesses where employees may work remotely or in various geographic locations, business owners can create frameworks which serve as information and training portals, thus cutting reducing time and expenses involved in live training and knowledge transfers.

In summary, for many companies, these five areas are worth investigating as areas which could benefit from automation.

Satish Patel, CPA
President, Analytix Solutions
Satish Patel, Founder-CEO of Analytix Solutions, has more than two decades of experience as a CPA. He has also advised small and mid-sized businesses on diverse matters such as valuation, accounting, and finance. His experience extends to raising capital and arranging for finance from angel investors.

Why You Should Consider Moving To Online Bookkeeping Services

An online bookkeeping system can take off a large amount of load from your regular services and operations. Because bookkeeping is a largely numbers-based function and because it depends heavily on details and accurate report-making.

Automatic Invoicing And Management
Online bookkeeping can ensure you never miss out on making timely entries or skip on entering details of invoices across your business services and solutions. When you move to online bookkeeping, elements such as amount payable and receivable are updated on a timely basis while management of other essential bookkeeping entries is also taken care of. You can also customize invoicing. As a result, you're always in the know of where you stand regarding your funds.

Ease of Access
With information saved at a physical location, you may need to undertake physical data transfers as and when needed. Once you move to online bookkeeping systems, you will be able to access your data and reports from anywhere, regardless of your physical location, thus ensuring that your services remain uninterrupted. Online bookkeeping services also enforce more security as they involve limited access or access by means of passwords, etc.

Cost Saving
For small or mid-size businesses, the advantage of operating out of a remote location can translate into savings of costs since they no longer need to invest in setting up physical offices and infrastructure. An online bookkeeping system can do away with the need to spend big amounts of money in office rentals and employee hiring and retention; you can continue providing services from a remote location, for example, your home. Similarly, you can hire resources who can then work remotely as well, from their respective locations.

Satish Patel, CPA
President, Analytix Solutions
Satish Patel, Founder-CEO of Analytix Solutions, has more than two decades of experience as a CPA. He has also advised small and mid-sized businesses on diverse matters such as valuation, accounting, and finance. His experience extends to raising capital and arranging for finance from angel investors.

Five Bookkeeping Tips

Irrespective of the size of a business, bookkeeping is one of the most basic responsibilities within a company. It involves tracking expenses and financial transactions that have occurred on a daily basis.

Bookkeeping differs from Accounting in that an accountant is dependent on the bookkeeper's records. The bookkeeper is responsible for making accurate records of sales, purchases, payments made, etc. These entries are recorded in designated ledgers or books that are then balanced to insure that the financial figures match.

A small business may perform its own bookkeeping to defray expenses. However, without a trained bookkeeper performing this function in-house may turn out to be a very expensive decision.

Bookkeeping is often confused with accounting work. They are different in that bookkeeping involves maintaining records of financial transactions that have taken place. Different records are maintained in different, designated books. Thus, there are separate sales ledgers, ledgers for payments receivables, and record books for functions such as sales and purchases made, as well as records of issued bank checks.

These books further contain multiple columns to indicate payments due or made, together with the balance noted at the time of the transaction.

All of these functions define a bookkeeper's areas of responsibility.

Because the bookkeeper deals with matters that reflect the financial health of the company, there is very little room for error. Finally, the company's accountant depends on the bookkeeper's work to prepare financial records and communication.

As with other business functions, there are several bookkeeping "best practices", which when implemented can significantly impact a company's overall productivity and efficiency.

1. Maintain records diligently.
It helps to maintain different records for different transactions in a timely and exact manner. When you have multiple daily transactions, it is essential that they are all recorded. The bookkeeper's work determine show easily an accountant can file the related income statements and communicate expenses to the company's shareholders.

2. Hire a trained bookkeeper.
Performing this function by assigning it to another staff member or having the business owner perform the bookkeeping may work in the beginning when your business is small. However, as your client base increases, this can become unwieldy to the untrained bookkeeper. Without a knowledge of bookkeeping practices, you run the risk of recording errors which could have long lasting negative implications.

3. Invest in high quality accounting software.
High caliber accounting software is essential to your company's financial infrastructure. Poor bookkeeping can lead directly to loss in earnings and worst cases loss of clients. For small businesses, this domino effect can be fatal. Although several off-the-shelf accounting software solutions exist, if you cannot afford to make this type of investment for your business, tap into a provider who offers you high quality bookkeeping services.

4. Keep your forms and records handy.
Make sure you are audit-ready and not remiss in filing important forms etc. When you are ready with the essentials, your bookkeeping will be better organized.

5. Back up all your data.
This is one of the most important rules. As a small business, if you are finding it difficult to maintain safe and dependable back-ups, then you should consider choosing a vendor who can manage your bookkeeping functions. Ensuring data security in times of crisis or accidents is an important factor for both your business and your clients' businesses.

Satish Patel, CPA
President, Analytix Solutions
Satish Patel, Founder-CEO of Analytix Solutions, has more than two decades of experience as a CPA. He has also advised small and mid-sized businesses on diverse matters such as valuation, accounting, and finance. His experience extends to raising capital and arranging for finance from angel investors.

Happy Thanksgiving 2009

It’s time to be thankful for all the good things in life: Thanksgiving 2009 is upon us. Thanksgiving holiday is the time when you gather with family and friends and say thanks for all the good things you have in life. It is a day for celebration, sharing and appreciation.

Analytix Solutions wishes all its accounting and bookkeeping clients a very happy Thanksgiving 2009.

Analytix thanks all its clients for standing by it for so long and hopes this support will continue well into the coming years. To add to all those Thanksgiving deals that are being offered on this occasion, Analytix has one of its own. As a special Thanksgiving offer, Analytix Solutions announces an additional 10% off on all accounting and bookkeeping packages on Thanksgiving day. Hurry and avail of this special offer on the special occasion of Thanksgiving.

HAPPY HALLOWEEN!

31st October, the Halloween day of 2009 is here! It's that time of the year when you can carve those pumpkins, wear your best Halloween costumes and go "Trick or Treat" from door to door. You can also look for special Halloween deals to get stuff you have been waiting to buy all year.

Analytix Solutions wishes all its accounting and bookkeeping clients a very happy Halloween 2009.

If your books of accounts are tricking you or are giving you nightmares worse than Halloween, Analytix Solutions can drive them away. With Analytix into the picture, accounting and bookkeeping for your business can be a simple, effortless task for you. This Halloween, accounting and bookkeeping packages from Analytix become even better, with 10% off on all packages for the day. Take advantage of this Halloween offer right now and save your precious business resources!

7 Reasons Why QuickBooks is Good for Accounting and Bookkeeping Of Your Business

As a small business owner, you must be spending a lot of time on your accounting and bookkeeping functions. QuickBooks is renowned accounting software for small to mid-sized businesses which can help you save time. It is being used by many businesses for maintaining accurate business records and is a trusted accounting and bookkeeping solution. QuickBooks is also on the service offerings of many reputed firms which provide accounting services and bookkeeping services. Listed below are 7 reasons your business should not miss QuickBooks as a bookkeeping solution

1. Saves Time
   

QuickBooks automates the simple tasks of your accounting and bookkeeping of your business, so that you save the hassles of paper-based bookkeeping. You can free up valuable time from the financial functions and dedicate that time to developing your business or catering to customers.




2. Affordable

QuickBooks is one of the most efficient accounting software available today, making it a very useful tool for small and medium sized businesses. Compared to hiring a bookkeeper, QuickBooks is a much cost effective solution for accounting and bookkeeping.



3. Customized Solution
   

You can customize QuickBooks according to your business requirements. As an accounting software which is applicable to various industries, QuickBooks is designed to be flexible and adaptable to each business separately. For example, it can be customized and used for accounting and bookkeeping for a numerous business types, whether it is a restaurant, franchise, sports facility, medical practice, dentistry or salon. You can ask your bookkeeping service provider to customize QuickBooks according to the industry you work in.



4. Reduces Errors
   

QuickBooks minimizes the chances of an error that a bookkeeper might make while typing. Calculations are done automatically in QuickBooks, which reduces the chances of a human mistake in accounting and bookkeeping of a business. While using QuickBooks, data can also be shared with business applications as well as popular programs like excel sheets, word documents, Outlook etc.



5. Reliable Solution
   

QuickBooks is the most reliable accounting and bookkeeping software available for small and mid-sized businesses. Some of the most reputed bookkeeping service providers provide QuickBooks solutions to small and mid-sized businesses and help them in maintaining their books of accounts. It is one of the most trusted and reliable software, being used by thousands of businesses all over the world. You can rest assured that your bookkeeping functions are being taken care of by a proven, trustworthy software.



6. Grow your Business
   

With QuickBooks into the picture, you can grow your business with the backing of strong accounting and bookkeeping records. With up to date balance sheet, profit and loss statement, statement of cash flows etc., you can get business loans, line of credits or plan the expansion of your business easily.



7. Automates Processes
   

You can automate most payment processes through QuickBooks. No more of printing checks, going to the bank or stamping envelopes. With QuickBooks you can click a button and make the payment. Banks also allow downloading of monthly bank statements into QuickBooks for easier reconciliation. If you don't have QuickBooks software for your business, you can contact an experienced bookkeeping service provider for a customized solution.

There are many experienced accounting and bookkeeping service providers which provide customized QuickBooks integrated solutions for small to midsized businesses. You should select an end-to-end service provider who can be trusted and can provide on-demand support post installation too. Having QuickBooks to manage the accounting and bookkeeping of your business gives you a powerful tool for managing your books with complete ease.