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benefits start-up can redeem from accounting

Benefits Startups Can Redeem in Accounting & Bookkeeping

What are the benefits startups can redeem in accounting? 

Warren Buffet once said, “Accounting is the language of business.” 

Now suppose Mr. XYZ starts a company. He has the funds to run his startup. Also, a robust business plan with sound research and strategy is done. But, he is not aware of the language of business. In simple words, he is unaware of the benefits accounting can redeem. To our surprise, several entrepreneurs and business owners like Mr. XYZ. Around 60% of small-business owners feel they are not knowledgeable about accounting and finance. 

What is accounting?

A company needs to keep track of all the expenses and income. In accounting, you need to maintain records of all financial transactions. Eventually, it leads to sound cash flow management. Accounting starts with drafting a strategic budget. Secondly, you develop a bookkeeping system. Then, you create a trustworthy payment gateway. After which, you set up a payroll system.

Last but not least, you prepare financial statements. It shows an accurate picture of your business’s financial health. Accounting holds much more than the before stated. Therefore, we are unfolding the benefits that accounting has in store for startups. 

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Why is accounting vital for your startup? 

1. Bookkeeping

According to Wasp Barcode, around 21% of SMB owners admit not knowing enough about bookkeeping. But you must know bookkeeping leads to better and informed financial forecasting of a company. As a result, you can strategically draft your business plans. Secondly, you can access your business’s accurate accounts and cash flow. Eventually, this helps in receiving payment timely. Thirdly, the tedious nature of bookkeeping increases the chance of higher human errors. So many entrepreneurs have started looking to outsource their bookkeeping to experts. 

Outsourcing your bookkeeping will lead to secure & reliable financial health. They also take care of your monotonous task of bank reconciliation. Since monthly reconciliation keeps your books clean and brings countless benefits, maintain a clean general ledger and prepare accurate financial statements for your business. Lastly, an outsourcing accounting firm will provide unlimited consultations.

2. Payroll System

You need to set up a payroll system to pay your staff on time. You often miss the IRS deadlines and become unable to pay on time. It can lead to low morale and legal difficulties. That’s why you may require a payroll service provider. You outsource your payroll system to a payroll service provider. 

You can get the best payroll solution that fits your startup. Your payroll checks are printed on time. Additionally, a report of employees’ vacation, sick days, new hires, etc., is always ready. You don’t need to worry about the Free IRS and State tax reporting. Lastly, you get access to reports that the government agencies always require. A payroll service provider eases things for you. As a result, you spare more time for your primary operation. 

3. Cashflow Management

Cashflow management is one of the main benefits of accounting. While adequately maintaining books, you are also paving the way to positive cash flow. On the contrary, if books are not maintained accurately, it leads to a cash crisis. Due to the crisis, entrepreneurs shake hands with a cash management service provider. 

cashflow manager gains a depth of knowledge of your cash flow. They build an accurate cash flow projection. Plus, they provide cash collection acceleration techniques. They give the best-proven effective collection and payment policies as well. Finally, yet importantly, they help you get the maximum rate of return on your idle cash. 

4. QuickBooks

By now, you have read enough about outsourcing various services. But what’s that an accounting outsourcing firm possesses but a startup doesn’t. It’s nothing but accounting software. The cost of installing and updating accounting software is huge. Therefore, startups and small business owners outsource accounting and bookkeeping. There is various accounting software like- QuickBooks, FreshBooks, Xero, etc. 

QuickBooks is the ideal business accounting software for small to mid-sized business owners. Primarily, it saves time on bookkeeping and paperwork by automating the tasks. Secondly, it generate vital financial reports. Thirdly, QuickBooks can be tailored as per your startup requirement. Lastly, a virtual accounting firm integrated with QuickBooks provides QuickBooks Training

If you are still looking for more reasons, click here to know why you must choose QuickBooks.

Conclusion

In a startup’s budding days, owners must face a host of problems. We at SKB Accounting help you kickstart and redeem the enormous benefits of accounting. The most significant benefit of shaking hands with us is that our estimates grow only with your startup’s growth. So, schedule a call with us now and get relief from the accounting stress. 

 

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New features in QuickBooks 2021

Written by- Nivedita Verma for SKB Accounting

QuickBooks has been the accounting partner of many firms since 1983 and it has been evolving ever since to provide the best features to its users. With the rapid advancements in technology, QuickBooks has also adapted itself to more integrated and seamless solutions. The QuickBooks 2021 version is all about saving time and increasing productivity with the help of automation solutions.

Here’s a list of the best new features in QuickBooks 2021 that we want you to know about:

1. Improved bank feeds

With the improved bank feeds feature you won’t have to waste a lot of time every month to enter and categorize bank transactions. This feature will automate the entering of your bank transactions category-wise and with much better efficiency. You can enjoy the enhanced functions of matching and batch-editing your bank transactions with reduced manual interference. All the versions of QuickBooks Desktop 2021 support this feature.

2. Create rule-based customer groups

This feature will change the way you handle interactions with your customers. You can make rule-based customer groups based on factors like location, status, sales rep, balance, and customer type. This feature in QuickBooks Desktop 2021 will help you to manage like customers together so that you can deliver better customer service to them. After creating groups you can automate mails, statements, and payment reminders for different customer groups.

3. Customized payment receipts

This new features in QuickBooks Desktop allows you to customize your payment receipts, invoices, statements, orders, and estimates. You can give a personal touch by adding your logo and colour scheme and font of your choice. This will make your business look more professional and give a consistent polished look to all your customer interactions.

4. Receipt management

Receipt management is a new feature in QuickBooks Desktop 2021 pro and premier plus, and enterprise versions only. With this feature, businesses don’t need to enter expense receipts manually, they can automate creation and categorization of expense transactions. The employees/users can upload expense receipts directly through the mobile app by capturing the receipt or through your computer. Save digital copies of all your receipts at one place with this feature.

5. Automated statements/payment reminders

Now you can easily let your customers know that they have a balance they need to pay you by sending automated payment reminders through personalized statement emails. The statement can be sent with a payment link so that customers can immediately settle their balances through online portals. This feature saves a lot of time for the organization and also manual effort which can be put to a more meaningful task.

6. Data level permissions

This new feature lets the admin restricts access of employees/users till the relevant area only and creates roles as per the tasks of the employees. For example, if an employee has to interact with a certain vendor then he can have access to only that information which is required to do the job and no more. This gives the organization greater control over their data, better security and privacy of information.

7. Advanced inventory improvements

Continuing on the upgrades in 2018, 2019, and 2020, Intuit’s 2021 QuickBook update has made it extremely easy for business owners to manage warehouse inventory through their computer. This feature is available only in the 2021 Enterprise Platinum version. You can give more pricing visibility on your inventory to customers and employees. Other handy features that will streamline your inventory management are barcode label prices, improved data level permissions, alternate vendor reports, and improved landed cost calculations.

8. Automatic matching and reconciliation of merchant payments

This feature gives an improved matching workflow for QuickBooks Desktop by automatically matching all merchant payments to their accounting records faster, with complete accuracy and no effort. Most of the downloaded payment transactions will be assigned automatically to the appropriate open invoice. Moreover, credit card payments are deposited into the merchant’s account the following day without any additional effort. With matching done accurately, employees can give more attention on categorizing high-end complex transactions.

Now that you know about the brand new features of QuickBooks, leverage them to make things more hassle-free for your business.

We at SKB Accounting are certified QuickBooks ProAdvisors with 25+ years of experience and eager to assist your business in using QuickBooks to its full potential. We offer services in accounting, bookkeeping, QuickBooks, Virtual CFO, reporting automation and integrated solutions.

Go try out the new features of QuickBooks with us today!

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SKB Accounting

We provide accounting / bookkeeping services to our clients to ensure organizational efficiency resulting in measurable performance improvements. Our advanced technology, seamless process and a team of highly skilled people, reflect our passion

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