Category: Accounting Payroll


A Virtual Assistant Bookkeeper Is Gold For Your Business

November 27, 2017

Accounting Payroll

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I want to share a story with you that I know will ring true for many of you that produce a shoe box full of receipts and pay big dollars for the CPA to make sense of the contents in the box.

To be truthful I was using the shoe box accounting systems where friends would laugh as I opened the box carefully and shut it quickly to squeeze yet another receipt in.

The box was full to the brim and I had made my way in for my appointment with the CPA and faced him with a large pad of paper in front of him as I tried to recall events, dates and different expenses I was trying to write off. Then the Accountant took off his glasses looked me straight in the eye and said “I am only as good as the information you give me!”

“Just imagine in this room if I had the tax department sitting around the table would your stories satisfy him?”

This truth hit me straight between the eyes I can still remember the sinking feeling when I thought that my poor record keeping would get me into hot water sooner or later and I virtually became obsessed about finding a virtual assistant to help get my house into order.

Tips to Get Your Started:

It’s always hard starting anything new but to be prepared to spend only an hour a day to tackle this task, as it will overwhelm you.

Definitely do not do this task late at night or you will find you can’t sleep.

Go purchase either a filing cabinet or do what I did and buy color-coded concertina boxes so you can easily find the year that you’re looking for.

Clear the kitchen or office desk and first sort out in year then date order.

What I did is look for a virtual assistant bookkeeper and found much more than I bargained for she is she is a qualified CPA and she journals all of my receipts straight away directly onto QuickBooks and for the Australian clients MYOB.

We now have clients all around the world with many like how I was and they either started out with good intentions but just either got busy or lost the enthusiasm for book work and started to fall behind.

A good bookkeeper will save you money two ways as there will be less for the CPA to do, the cost of a virtual assistant bookkeeper is thirds of the cost of an accountant. The records will be kept beautifully and will stand the scrutiny of the tax office.

Best Accounts Payable Processing Practices

November 27, 2017

Accounting Payroll

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When it comes to working in accounts payable, there are a dozen things that can happen to cause a good day to become a bad one – and these things are often actions that took but a second or two to happen. These mistakes often occur not because of a lack of training or due to faulty practices but often because people are unaware of ways to improve the work situation.

Thankfully, there are many actions that can be taken to ensure that your business is using the best accounts payable processing practices available. By doing this, you can minimize the risk and exposure that result from not having a totally secure system and effective recovery process. While there are many different steps you can take, one of the most important things is that you track a number of elements in the accounts payable processing department.

· Keep up with the number of invoices that come into the accounts payable department in given period of time. The larger your company the more of these there will be. Tracking these will give you a baseline and make it easier to track other items within your department.

· How many invoices are processes as a percentage of the total number of invoices during a specific amount of time. Tracking this helps measure how effectively and efficiently your department is getting the work done. If you feel that the work being done is not enough, then sit back and determine what can be done to make your department more efficient.

· Pay attention to the rate of wrong payments as a percentage of total payments. You need to be aware of any over or under charges. Using a HER program can minimize occurrences such as these.

· Figure out how much it is costing you per invoice processed. Be sure to note things such as software costs, IT support, hardware, and any other types of overhead. There are a number tools that can help you be effective and yet still keep the bottom line in the black.

· Track how many invoices are electronic versus paper. It is cheaper to process an electronic invoice than a paper one. In addition, the electronic invoices require less time to process. Hence, the more electronic processing and information storage is a better way to improve your budget and work efficiency.

Having the best accounts payable processing steps in place, you can be certain that you are doing all you can to protect your business. Talk to a team of business management specialist and learn how you can begin to better protect your company.