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  • SEACOMP appoints new COO/CFO as Accelerated Growth Continues
    Nelson will be responsible for the company's finance, accounting, and operations departments on a global scale. "Josh has been an integral part of creating the roadmap for rapid and sustainable growth, as he has worked with SEACOMP on a consulting basis ... […]
  • The Intersect Group Ranks On Inc. 500/5000 Fifth Year In A Row
    Inc. Magazine acknowledges The Intersect Group, a national staffing and consulting firm specializing in finance/accounting and technology, as one of the fastest-growing companies in America on its 33rd annual Inc. 500|5000, an exclusive ranking of the ... […]
  • Chicago Booth's Leuz Receives Accounting Research Prize
    Newswise — Christian Leuz, Joseph Sondheimer Professor of International Economics, Finance and Accounting at the University of Chicago Booth School of Business, has been selected as one of three recipients of the 2014 Distinguished Contribution to ... […]

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Accounting Firms Provide Beneficial Outsourcing Services

When running a small business, you may find it better to outsource accounting services instead of hiring an accountant. The main advantage is that you do not have to pay much for the services. You do not have to pay for recruitment, benefits, office space, salaries and other costs related to hiring accountants. Note that this reduction in cost will not decrease productivity.

The other benefit is that only professional accountants will perform the bookkeeping tasks for you small business. Accounting firms that outsource their services thrive on reputation and they therefore offer quality services in order to build their business. You are therefore assured of receiving exceptional services and you can be able to concentrate more on running your business and earning more profits.

You can get these accounting outsourcing services from accounting firms. With them, you can manage your finances better and it will take less time for you to do so. Accounting services mainly involve the preparation and maintenance of daily accounts or quarterly and monthly management of accounts.

Outsourcing firms offer various versions of outsourcing bookkeeping. Bookkeeping outsourcing firms provide small business owners several benefits for more information please visit accountantmelbourneco.com.au.

Bookkeepers – Are You Giving Away Services You Should Be Charging For?

Freelance bookkeepers tend to leave a lot of money on the table by giving away services that can bring in revenue. We tend to bend over backwards picking up information, scanning in information, doing all kinds of administrative things and not getting paid for doing it. And the client, who doesn’t want to waste his valuable time doing these things, thinks it’s perfectly okay to waste your time and energy.

It’s time to reeducate clients so they treat you as a professional businessperson that you are. And the first step is retraining yourself to firmly set boundaries of what services you’re comfortable with providing and how much you want to be paid for those services.

Freelance bookkeepers have to look for ways to work smarter, conserve our dollars and see where there’s more value. Get creative and come up with a solution that will make you money. Keep the drudgery of the task down to a minimum.

So take a look at your client base. What are the client’s needs? Try not to make the decision that no one would pay for the services you come up with. If you make that decision, it’s a self-fulfilling prophecy. All you have to do is float the idea out there and see who bites.

Let’s look at an example and say you’re going to offer an administrative package or service to handle collecting your client’s information.

Let’s say you have clients that are reluctant to scan or fax bills. You need that information to do your work, but it’s not cost effective for you or one of your people to be scanning it for them. If they want to continue sending the original documentation in the mail, explain how risky it is. Insist they send it using Priority Mail that allows you to trace it. Then charge them a fee above and beyond the bookkeeping fee for scanning it. Get paid enough that you don’t resent doing it. Don’t give them a preferential rate. It costs you to do it.

Now’s the time to encourage them to choose your preferred method of handling the administrative tasks by telling them, “It’s more cost effective for you to take advantage of our administrative service package.”

You offer to give them Shoebox, which is a great service for scanning everything. It’s easy to use. They give your clients the envelopes. All they have to do is put their stuff in an envelope. Then they can either have it shredded afterwards or returned. Shoebox is also easily linked to Bill.com. This technology is affordable and makes your job easier. You just have to figure the cost of using it into your new administrative service package.

Do you see in this example how your productivity increases, your profitability increases and the value to your client increases?

Look at what your market needs creatively. Find a solution that incorporates technology that supports it, put it in a package, add the fee and you’ll have a product that makes you more money and takes away the burden of providing the administrative tasks.

Discover more proven techniques that successful freelance bookkeepers need to know at the Bookkeepers Club. Every month you’ll learn new tips from myself, industry experts and other bookkeepers that increase your productivity and your bottom line.

Business Cost Reduction Solutions: The Why and How to Do It

All business owners, executives and managers, know that minimizing costs is integral to achieving an increase in profits. The ability to increase company profits is an integral part of achieving long-term success and growth. A businesses budget plays an incredibly important part in how profitable the business is going to be, and if an investor has not thought about reduction of business costs, there is big possibility that their enterprise is spending funds in ineffective and inefficient ways.

Hence, business owners, executives and managers are advised to carefully reflect on their businesses goals and budget if they wish to have them performing at exceptional heights. Expenditures that look more appealing to the enterprise may not be financially possible, even if they are likely to increase profit in the long run, simple because someone has not pursed cost reduction in some areas. On the hand, an executive may find themselves spending more money than they ought to on expenditures that, while important, do very little to improve an enterprises profitability.

Advantages of Expense and Professional Cost Analysts

Drawing on the expertise of highly qualified cost reduction analysts is one of the most efficient ways of achieving cost reduction in business. Qualified cost reduction firms help businesses to figure how to cut down on costs, increase profits and how businesses can eventually become successful. The most immediate and direct result of using cost reduction solutions is an increase in profit margins for any business. Increased profit margins are not solely attached with sales figures only. The impact of cost reduction solutions is immediately seen on your P&L account. Cutting down on business costs instantaneously creates additional cash surge, and consequently an increment in earnings at the bottom line.

How to Bring Down Business Costs

When consulting cost and expenses consultants, the first step consultants ought to take is to have a brain storming session with the company to determine a plan and protocol based on the corporations minimizing needs. After the brain storming session the cost analysts conduct extensive analysis’s and research into an organizations expenditures which may include electricity and gas for your business, Fire Protection Services, Security Products for the past year. After the costs analysts have conduct their research they advise an organization on how best they can go about finding more affordable suppliers to certain manufacturing cost reduction recommendations.