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Are you still thinking about outsourcing your Accounting & Bookkeeping?

-By Dipali Nishad for SKB Accounting

In the modern tech-driven world, outsourcing has been a hot trend.

U.S. outsourcing statistics suggest that outsourcing in the financial services market will continue to rise by almost 7.5% annually. The prime reason businesses outsource is cost reduction and increase the efficiency of the business.

Yet many small business owners try to manage all possible business operations in-house and don’t take advantage of the tremendous benefits of outsourcing an accounting & bookkeeping firm or a professional.

Here are the 5 ways which prove that outsourced accounting is a boon for your business:

  1. Get access to Latest Technologies: An outsourced accounting team is equipped with the latest software, accounting tools, and trends. You can enjoy up-to-date technologies at a price that suits your pocket. In addition, you get relieved from keeping a tab of new versions and updates. Moreover, you are not required to conduct the latest software training sessions for existing employees.
  2. Offers Actionable Financial Reports: Outsourced accounting firms examine your meticulous records and expenses. They give actionable financial reports like financial analysis, sales performance, ROI, monthly take home, and many more. The scrutinized financial report helps the senior management take informed decisions, generate & forecast sales estimates, and win a competitive edge in the industry. In addition, it helps you identify the potential clients, maximize business profitability, growth & expansion plans.
  3. No risk of Data Loss: These days accounting firms use the latest cloud-based software to access the data at one click from anywhere via the internet. Eventually, this means that your financial data is well protected and secured. They also examine the internal working of the company to increase productivity, enhance security, and secure assets from any possible fraud. Communication is done through entry emails which are hard to decode.
  4. Professional Assistance: Accounting firms have the best and expert professionals. They offer the best-fit solutions as per your company’s structure. Besides this, they provide actionable and valuable financial data which can be used strategically to grow your business. By outsourcing accounting, you can focus and scale up your business’s primary operation. On top of this, your competent employees don’t need to waste their talent in tedious desk jobs of inserting data.
  5. Time & Cost-Effective: Outsourcing accounting eliminates the cost and time involved in hiring and training an in-house accounting team. This team is your one-point contact for all queries and concerns. They are accountable to all the bookkeeping services. Therefore they identify and take charge of any errors. By eliminating all paperwork, you gain more time to build better customer and employee relationships. 

Reach out to us at: https://skb-accounting.com/ and outsource all your bookkeeping needs to us.

 

-by Dipali Nishad

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New Year Accounting Resolution for your Business

By Dipali Nishad for SKB Accounting

 

Each year, people all over the world have a new resolution to improve their mental health, physical health and career goals among many others. We are here to remind you of some business resolutions that you might not want to miss out on in 2022. 

  1. Reform Business & Marketing Plans: No business can stand out in the corporate world without an effective business and marketing plan. You must have stepped in your industry with one. However, with the passing time, it requires an update as your finances, business goals, competitors and range of a team change. If you wish to expand your business or start a new project, you may need to take a business loan. Revisiting your financial plan according to your changing requirements becomes crucial here.

    With the technology driven world, not riding on the latest marketing trends can cost a decline in your profits. You can analyse the success of the marketing plans you used last year and curate the best one for the new year. Brainstorming and designing marketing strategies with your team will give you an edge over competitors.
    Here are some marketing strategies that you shouldn’t miss out on.

  2. Take Professional’s Tax Planning Advice: Tax is complicated, that’s why a tax professional’s advice is essential. Tax planning is a legal process where a CPA or some other tax professional expert arranges and looks at all of your business expenses, revenues and activities to inform you of all the tax breaks or waivers available to you.  Tax advice is considerably a saving to your business. They help in restructuring your company finances to make them more tax-friendly.

  3. Clear unpaid Customer Invoices: Unpaid invoices directly affect your cash flow. If an invoice is unpaid for a very long time, don’t hesitate to give a gentle reminder. However, always verify that the invoice had clear details like due date, amount of invoice, customer’s name, course of action if the deadlines are missed, invoice is mailed/sent at correct address, etc.
  4. Prioritize Company Culture: The Alternative Board (TAB) stated in its survey of business owners that 86% of respondents say they believe company culture directly impacts productivity. As a small business owner, it’s important to understand and maintain good relations with employees. Your company culture influences individuals mindset, engagement and internal coherence in the actions of employees having diverse backgrounds.

    “Customers will never love a company until the employees love it first.” – Simon Sinek

    You can conduct surveys on an anonymous basis to get their take on the company culture. Then accordingly analyze and curate a culture that portrays your business value while also prioritizing the requirements of employees.

  5. Outsource Accounting Functions: In the last few years, did you ever feel that your employees or you are not able to make time for complex operations of the business due to in-house accounting?

    Yes, then outsourcing is your call.

    Outsourcing the accounting department can bring massive changes in your efficiency and performance because of the following reason:

  • Eliminates Cost & Time of Hiring & Training an in house accounting department
  • Get Expertise of Accountants and Professionals from different industries
  • Accounting firms use latest automation technologies which provides accuracy
  • Handles and gives best advices for your accounting department, so that you can focus on your primary operations

Schedule a meeting with us here to keep your business ahead of the curve this year! 

 

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Virtual CFO Services: Unmasked

By Dipali Nishad for SKB Accounting

What is a Virtual CFO? 

In the cut-throat competition world, many businesses want to focus on their primary operations and get relieved from the financial stress. So, they outsource a Virtual Chief Financial Officer (Virtual CFO), which can be either an individual or company that offers the services of a CFO. 

 A virtual CFO is an off-site, part-time CFO who offers his expert finance strategies.  Especially, the small business or startups who cannot afford to hire full-time CFOs outsource a virtual CFO. As they always need finances to sustain, expand and forecast new opportunities. Moreover, a virtual CFO helps with system optimization & reporting, profit maximization, raising capital and preparing transactions among others.  

Its numerous benefits have skyrocketed the demand for Virtual CFOs. To understand why, let’s dig a little deeper.  

  1. Provides best-proven strategy
    All businesses need an efficient business model comprising industry forecast, internal & external resources, consumer demographics & behavior, financial strategy and competitive positioning.Virtual CFOs having full-stack capabilities provide the best resources and information. It makes your business more flexible and proactive to adapt to the dynamic industry.  They have detailed knowledge of analytics and what factors lead to changes in your industry. In the modern world, virtual CFOs directly help your other departments concerning the financial benchmark of your business. In addition, they do standard financial planning and analysis. With years of experience, they accurately analyze the available data and provide a prompt actionable plan for your business. They help the top management in designing the best strategies for companies growth.
  2. Financial Planning
    Financial planning is one of the most important factors behind successful businesses. Especially for startups and SMBs, who always seek funds for expansion and growth. That’s why taking assistance from a CFO becomes vital. Not having a financial plan can cause chaos and failure. The virtual CFO makes financial planning feasible for all large and small businesses. Data related to your business operation is used to create financial plans for all cash management, borrowings, stock offerings and restructuring. With a virtual CFO, you get to know about the sources your business can use to generate funds, burn rate, the pace at which company goals need to be achieved and relocation of resources in a manner that doesn’t hamper the company’s growth.They help you develop a financial and strategic plan with insightful data. This will help you in profit maximization. Moreover, it also leads to better decision making with better and cost-effective operational efficiency.
  3. Tax Planning
    As a business owner, you wouldn’t want to make a mistake in tax filing. Apart from the financial loss, it can also harm your goodwill. Therefore, tax planning is crucial and a virtual CFO can help your business. They have the expertise & are updated with all amendments, rules and regulations of the government. CFOs help in the analysis of tax advancement, capitalization, advice on financial issues, increased tax positions and creating assets. They uncover money leaks, tax deductions and business recruiting. Eventually, they provide help in your overall tax liabilities and financial issues.
  4. Scale Up the Company
    The virtual CFO assesses scaling up your business by tracking in which direction your business is going. They use the latest cloud-based software to enhance the timeliness and quality of financial information. They provide better and on time forecasting, analysis and financial reports of your business. Eventually, they offer actionable and valuable financial data which can be used strategically to grow your business.
  5. Cost & Time Effective
    When you hire a full-time CFO, a lot of costs are invested in the hiring and training process. Whereas, a Virtual CFO can be recruited as per your wish. You can work with an experienced and professional CFO at a very less amount than the salary of a full-time CFO. Since the Virtual CFO works with a wide range of industries and businesses, their diverse experience is no less than a gold mine for your business. They always keep a tab of your business’ previous handled financial activities like bills, budget, paperwork, etc. and save a lot of time for business. Therefore virtual  CFO services are cost & time-effective. 

We at SKB Accounting offer Virtual CFO Services and provide detailed reports and analysis that will help your business grow. Schedule a meeting with us now and onboard your person Virtual CFO at economical prices.

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Writing in books

Tips for effective debt management for small business owners

Do you find it difficult to manage business debts? 

Not to fear, a recent survey by Gallup states, 49% of small business owners find it difficult to manage their current debt

“If you really want to get out of debt, it’s easiest if you put some sort of plan or strategy behind it. Just saying you don’t want debt is one thing, but actually having an approach to doing it will get you there.” says Tim Steffen, Senior Consultant, PIMCO.

What is Debt Management?
Debt Management is controlling and reducing debts through financial planning and budgeting. It aims to reduce, reorganize current debts and slowly eliminate them. Business owners can create a debt management plan or take professional help like trusted advisors and credit counseling to make one. 

Why is it important?
The business environment is uncertain and dynamic. In the post-pandemic market, a pipeline of funds is significant for survival and growth. Cash is required for every operation such as recruitment, product launch, acquisition of assets, expansion, etc. Small businesses usually take liabilities to infuse new funds. Thus, debt becomes a natural part of running a business, which only needs to be planned well. However, excess debts are also harmful to any business. 

Here are the 5 effective Debt Management Strategies for your business:

  1. Rework Business Budget: The foremost step to manage your debts is being aware of the business’s current financial position. Then precisely study the predetermined financial goals and the current budget of the business. Based on that, redesign the budget.
    Small business loans should be the way to go as a source of capital while developing the budget. Bifurcate your expenditure as primary and secondary and work on reducing secondary by either eliminating or finding alternatives to fund those expenditures.
    This will help you analyze what debt will pose a threat to your business so you can prioritize your payments accordingly.
  2. Improve Cash Flow: If your small business is making regular profits, and you still can’t manage to get in a stable position concerning your debt, the reason could be poor cash flow management. The owners can enhance their cash flow by following these strategies:
  • Measure the actual financial position with the predetermined budgets. Identify the gaps and focus on them to attain the required business cash flow. 
  • Improve the management of payables and receivables by ensuring timely invoicing. Install automated payment reminders and accounting software for convenient transactions. It boosts the cash collection procedure. If your business is unable to pay all the current liabilities, ask suppliers and creditors to extend payment terms. 
  • Manufacturing, Wholesale or Retail businesses should neither carry excessive inventory nor a slow-moving inventory as it consumes most of the cash flow. 
  • Keep an eye on expenses that can be cut and find savings that can be temporarily stopped to relocate this cash in debt payment. 
  1. Negotiate with suppliers: Keep an eye on your accounts payable. You can always negotiate with suppliers on different terms like early payment discounts or length of payment period. You can cut costs here through negotiation and use these funds in other areas.This way you maintain cost-effectiveness and get the highest returns out of your funds.
  2. Refinance Debt: Debt refinancing means replacing an existing debt with another debt with more favorable terms and/or conditions. It is done to take advantage of better interest rate terms of new debt. In addition, owners refinance debts to reduce the monthly repayment and switch from a variable-rate debt to a fixed-rate or vice versa. For instance, ABC Ltd settles its current loan by taking a new loan with less interest rate than the earlier one.
  3. Take help of a Debt Management Professional: Seek professional advice about the different ways in which you can pay off your debt. Leverage their experience towards reducing your debt.
    As a small business owner, you can always take the help of a Certified Public Accountant (CPA) or a legal firm to get a reliable debt management plan.

 

Need a Debt Management Plan?
Indeed, debt management can be tricky at times, especially for small businesses. Don’t fret out, SKB Accounting is here to cover you. We’ll keep track of your debts and accounts to secure your business from any financial crisis. Hop on the board and let us take care of your long-term goals considering your current situation. So that you can primarily focus on your business goals. 

 

By Dipali Nishad for SKB Accounting

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STEPS TO PROTECT YOUR SMALL BUSINESS FROM FRAUDS

By Satrajeet Mukherjee for SKB Accounting

All businesses are vulnerable to fraud. However, Cyber security often gets overlooked in the case of smaller operations which makes them more susceptible to cyberattacks. While proactive behavior is beneficial and essential, it’s not enough to keep fraudsters at bay.

According to PwC’s Global Economic Crime and Fraud Survey 2020, 6 was the average number of frauds per company. The total cost of these frauds was US $42 billion with 13% of companies that had suffered a loss to fraud saying it amounted to US $50 million-plus.

Some common methods of fraud involving small businesses are Billing schemes, Payroll scams, Cash larceny, Check tampering, Inventory theft, Financial Statement Fraud, etc.
Here are some measures to safeguard your business from frauds:

  • Update your Security systems and IT infrastructure: Investing in an Identity theft protection system can be beneficial if your business accepts online payments. Important data of the company will be encrypted and protected from hackers. Backing up critical data on secured servers will also help protect the same.
    Select an effective Fraud Management System for your organization. It can do real-time screening of activities across multiple accounts to identify and prevent fraud.
  • Educate your staff: Conduct regular training sessions on prevention measures that should be taken. Also, inform them about common security threats and how they can be avoided. Make them aware of phishing emails which are the most common way hackers enter company databases.
    Ask employees to change their passwords every 60-90 days and keep hard to decipher passwords.
  • Purchase Insurance: Insurance is crucial in case a fraudulent attack occurs. Consider Identity theft insurance in case of a malware or spyware attack. This will make it easier to recover from the losses in the event of an attack. You might even get reimbursements depending upon your policy. Also, look at Insurance policy options that protect you specifically from financial fraud.
  • Outsource Accounting and bookkeeping: Outsourcing your accounting and bookkeeping functions reduces the chances of fraudulent activities taking place in your business. When you avail virtual accounting & bookkeeping services, you get experienced professionals. Owing to their experience, they can identify fraudulent activities which may be deeply hidden in your records. This can also be helpful when there is a lack of internal controls which is the leading cause of hampering accounts and records.
  • Employee Background checks: While expanding your workforce, don’t entirely rely on referrals and experience. Conduct strict, thorough background checks focusing on tiny details.
    Pay special attention to the hiring of employees who will be handling cash, records, or confidential data.
  • Regular and Surprise Auditing: Auditing in regular intervals will help in avoiding fraudulent activities as well as help in detecting them. Any unusual activity can be identified and acted upon. Surprise audits can keep a check on the same. This will reduce chances of records and accounts getting hampered.

Keep in mind these steps to avoid fraudulent activities in your company. Small businesses are very much vulnerable and these fraudsters prefer to exploit them since they are easy to take advantage of. Online accounting apps & consultations from CPAs (Certified Public Accountants) are the best to check these frauds since they come with high-level protection.
Thus, don’t waste more time before opting for SKB accounting which will provide you with all the necessities for your business with a professional level of security. Sign up now!

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Technological advancements in Accounting industry and their benefits for your business

By Anushka Menghwani for SKB Accounting

There have been dramatic changes in the Accounting Industry over time. With the continuous technological advancements, traditional ways of business functions are transforming.
Modern Accountants are not responsible for just tallying financial columns now; they act as Financial Managers of the Company. The principles of accounting have remained the same, but the technology adopted has changed drastically.

Before the automation of accounting functions, accountants did everything manually. There were higher occurrences of mistakes that would take hours to recalculate and reconcile. Accounting and bookkeeping were also much more of a cumbersome process than they are today.

Accountants have to adapt to changing technologies and upgrades continuously. E-business activities help integrate various business functions like sales, marketing, accounting, etc., resulting in streamlined processing. Cloud-based systems, ERP services, etc., make things available on a single portal with easy real-time access.

Here’s why you should take advantage of Virtual Accounting services and Automated Accounting:

  1. Modern Technology has simplified accounting for both accountants as well as clients. Accounting functions are now more streamlined with the integration of various software. These software tools help in better tracking and analysis of the financial transactions and data of any business.
  2. With Global digitization, the need for in-person communication and consultations has gone down. Clients can access real-time data whenever they want.
  3. Data crunching is now largely automated, allowing accountants to focus on and add value with other financial information vital to the businesses. They help managers formulate better business policies. After computerized accounting, the margin of error has been minimized. Instead of generating and recording the transactions, more focus can be put on their study and interpretation
  4. Automation does all the grunt work. It results in higher precision, accuracy and reduces the possibility of errors. It also saves time that an accountant would’ve spent doing work manually. By saving time, productivity increases.
  5. Gone are the days of accountants rummaging through storage rooms full of thousands of files. Now they access files virtually in seconds. All the information has become easy to categorize, store and filter through.

Technology has changed the present and future of Accounting. By moving to cloud-based accounting systems, businesses can save 30-70% on IT costs. Having virtual accountants and bookkeeping services also helps save costs and time.

Similarly, SKB Accounting helps you focus on running your business. You can give maximum time and attention to the core functions of your business while our experts take care of your accounting and bookkeeping needs. When you are relieved of the accounting functions being taken care of, your time and funds can be redirected towards the business’s operations.

Our bookkeeping services are designed to achieve accuracy and precision along with saving costs. We believe in acting as your partner, providing tailor-made services , which are not limited to just numbers.

Click here for more information on our Accounting and bookkeeping services.

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4 Benefits of virtual bookkeeping services

Bookkeeping functions are the base of a strong accounting foundation for any business. While Production, Distribution, Sales, and marketing can be the core functions of any business, Accounting and Bookkeeping require maximum precision and accuracy. The finances of the business need to be in good hands. By hiring a virtual bookkeeper, you can avail yourself of multiple benefits like reduced costs, increased productivity, and more time to focus on critical areas of the business.

More than 1/3rd of small businesses are outsourcing their bookkeeping functions and here’s why:-

  • Save on costs 

You can save on costs like Payroll, Employee Benefits, Training costs, and Recruiting expenses. Hiring an in-house bookkeeper involves considerable additional expenses, which can be avoided by hiring virtual bookkeeping services. You can spend these funds more on employees who support the core functions of your business and increase productivity.

  • Flexibility and Customized services

You can have your work done on time and according to your schedule. You can have quick access to all financial reports & analysis with specifics and key information about your business and its Financial Health according to your needs. SKB Accounting provides tailor-made services to suit your needs. You can customize the package of services you receive by adding payroll, Virtual CFO services, Accounts receivable, etc. or any of our other services. We can work with various software like Quickbooks, Xero, Buildium, etc

  • Proficient Technical Support

SKB Accounting offers professionals equipped with the latest technology and updated accounting tools. You get the latest technological support at all times without spending extra on technical updates. We are Quickbooks certified proadvisors and provide strategic insights with an unbiased perspective and professional experience of 25+ years.

  • Ehanced Efficiency

SKB Accounting helps you focus on running your business. You can give maximum time and attention to the core functions of your business while our experts take care of your accounting and bookkeeping needs. When you are relieved of the accounting functions being taken care of, your time and funds can be redirected towards the business’s operations.

Our bookkeeping services are designed to achieve accuracy and precision along with saving costs. We believe in acting as your partner, providing tailor-made services , which are not limited to just numbers.

Click here for more information on our Accounting and bookkeeping services.

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Future of cloud accounting

By Nivedita Verma for SKB accounting

What is cloud accounting?

Cloud accounting means storing, editing, and accessing your accounting and bookkeeping data over the internet or ‘in the cloud’ instead of a physical hard drive/computer.

The companies who use cloud accounting can login online to access their data securely through their cloud service provider or software. You can also integrate third party softwares with your core cloud accounting server to further increase your productivity and quality of work if your cloud accounting has an open Application Programming Interface.

What are the benefits of cloud accounting?

Before the cloud, accounting softwares were desktop-based, the application would be installed and run from the hard drive of your office desktop computer. This system needed constant software updates and periodical backing up of all the information.

Online accounting moves the whole accounting process to the cloud and improves it. Here are some perks of cloud accounting~

  1. Seamless collaboration: Cloud based accounting enables you to work with anyone who has access to your cloud software. You can edit documents together, share annotations and upload data, all in real time. This allows you to collaborate seamlessly with a co-worker or a client anytime remotely.
  2. Flexible: With cloud accounting softwares you can access your updated data anytime and anywhere. This allows the flow of information-based wise decisions and data analysis whenever needed. Your accountants can work-from-home or on a vacation if need be without stressing about being in the office to access the desktop.
  3. Scalability: The flexibility of cloud accounting helps the users to meet the growing demands of their business. You will have access to additional features, support, and storage immediately. Desktop-based softwares lack this feature and often fail to support the rapid business pace. If your cloud accounting software has an open API, you can also integrate with third party software
  4. Security: Cloud accounting means that your data is not stored in a physical device, instead it is backed up on one or more servers at a time. Your data is immune to corruption, destruction, or theft as long as you use a secure cloud accounting software.
    Other benefits of cloud accounting are automation of repetitive tasks, cost efficiency, and easy to learn user interface that comes with understandable tutorials.

The future potential of cloud accounting

As more and more businesses are moving towards cloud accounting software, the ones who have still not upgraded will have to catch up to remain competitive. Cloud accounting can never replace the whole job of accountants as some complex issues still need human understanding. The developments in the accounting sector have taken place due to the growth of the AI world and the benefits it provides to enhance the job of accountants. The future of accounting is safe and bright with the right technologies at play.

Get started with us today

We at SKB are Quickbooks Pro Certified accountants with 25+ years of experience. We provide expert services in Accounting, Bookkeeping, CFO, Payroll, and Reporting Automation.

Book a free consultation call with us today to see what suits your business the best!

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3 reasons why small business owners must take expert advice to become successful

Written by- Nivedita Verma for SKB Accounting

Do you have a brilliant money-making business idea but lack the knowledge on how to move forward with it?

Or do you have a plan but lack market knowledge?

It is high time you may want to book a business expert to get your business running on track.

While you may have a great business idea and a plan for making the business of your dreams come true, you may not have the expert knowledge needed to study and analyze the market. This is where business experts come in.

Consulting an expert to take advice will help you in countless ways, but the core advantages that you will get are as follows:

 

1. Analytical advice and latest tips

Business metrics are quantifiable data that are used to track and analyze all the business processes of a business. These business metrics may just seem like numbers to you, but they play a significant role in determining the success of your business, and that’s why understanding them holds extreme importance as you may not be an expert on how to analyze data. You must consider consulting a business expert as they are trained specially to draw meaningful conclusions from a large quantity of data and they will fill you in with actionable advice that will help you to achieve your business goals.

Getting your business metrics like cost per acquisition, overhead costs, monthly profit/loss, variable cost percentage, productivity ratios, etc., by an expert will give you insights on how to lower your expenses and increase your profits.

 

2. Knowledge of how to penetrate the market

Your small business idea may be the best out there, but you won’t reach anywhere with a good idea if you lack market knowledge. Business advisors are the way to go if you need a deep understanding of the market you are trying to penetrate. Gaining knowledge about your market will allow you to know your customers and trends better.
Advisors are trained individuals and have already scrutinized the market you are trying to enter and its risks. You can benefit from their knowledge and expertise and apply it to your business to establish a loyal client base for yourself as early as possible.

 

3. Risk awareness and prevention

There are a lot of business risks that you must have calculated already if you are setting up a business, but there can be many hidden risks that you might be unaware of. As business expert advisors are people who know what kind of risks you may face and how to avoid them most conveniently, they will make you understand the unforeseen risks, so you are better prepared when they arrive.

For example, if you are running an online business selling clothes, you might have considered the risk of getting the clothes damaged in storage but you wouldn’t have thought what would you do if your internet connection went down for 4 days straight and you lose contact to all your customers and pending orders.

A business mentor will make you aware of all the hidden risks that may occur.

You can avoid losing a lot of your research time by taking advice from an expert and accelerating the growth of your business. Why take the slow road without anybody’s help when you can speed up your success journey by learning from an expert?

Consult a business expert for your field of business today and enjoy the long-term results.

We at SKB Accounting are Quickbooks Pro Certified accountants with 25+ years of experience. We provide expert services in outsourced Accounting, Bookkeeping, Payroll and Virtual Bookkeeping. It is time for you to join hands with accounting experts and take your business to full potential.

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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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