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5 reasons that makes QuickBooks enterprise hosting an ideal solution for your accounting business

Your business won't survive if you let it fizzle out of control. If you want to survive the world of small business industry, then you'll need an accounting program that helps you focus on the bigger picture. It will help you see exactly what's going on and where in your company such as how much money you owe creditors at any point in time. Specially, this software gets more enhanced and can do wonders when merged with QuickBooks enterprise hosting, you can merge your accounting software with this cloud service known as QuickBooks enterprise cloud hosting to get more out of it.

Numbers are important, but numbers mean nothing without the context. With the right accounting software the information you collect is easily readable and understood at a glance. Cloud based QuickBooks accounting software not only helps with many tasks, such as helping you run your business properly (determining if it’s profitable or not), taking care of payroll duties, or even calculating taxes owed; it also provide updates like reminding employees about upcoming fee payments or helping you ensure that everyone has been paid on time.

We cannot emphasis enough on the importance of a multitasking accounting software. When choosing your accounting software, there are many things you should consider. Do you have employees? How do you make payments on your product or service? What is the state of your business at this time? What can time tracking software do to help you save money and increase productivity?

Let’s take a look at the benefits of QuickBooks enterprise hosting for your accounting business

Budget Estimation

With a suitable a bookkeeping application like QuickBooks, one main advantage is that you can use it to plan and budget for your expenditures. It will help you figure out how much money to put aside for various ventures using profitability reports from each department. Forecasting of an estimated budget is the key to manage your expenses wisely.

Managing Cash Flow

You can consider cash as the blood that keeps the pulse of a business going. Businesses cannot survive without the flow of cash and if you don't keep track of it, you can lose sight of how your business is doing overall. Accounting software like QuickBooks enterprise cloud hosting helps your business to manage their cash flow at all times. It monitors your company's income on a real-time basis by keeping track of what suppliers or debtors owe you money and also helps you see where your money comes from, whether it's through sales or payments or another source entirely. Accountants can provide much-needed advice on how to make sure that your business has enough cash to get by in case an emergency pops up - because when people and businesses aren't having to worry about where they're going to get their next dollar, growth becomes so much easier!

Cost Savings

If you're like many small businesses, you might not have the resources to hire a full-time employee to deal with issues that comes with accounting. QuickBooks enterprise on cloud helps small businesses by automating a lot of the accountant's tasks and getting the work done at a fraction of the cost. It is also extremely convenient for business owners who take care of their bookkeeping on their own as it does everything from entering expenses, calculating business mileage logs and even tracks how much money you need to pay in sales tax.

Fraud Detection

Any business no matter the size has risks that are inherent. However, these risks can be detected earlier with QuickBooks enterprise on cloud to so they no longer come as uncomfortable surprises. Accounting software also helps one detect the situation if there have been any attempts of manipulating inventories and sales transactions or any other metrics which might result in a fraud case against your company.

Avoid any penalty from IRS

From making sure you're in compliance with the government to helping you file your quarterly taxes, QuickBooks enterprise hosting is designed to help you remain in the government's good books. We understand that everybody has last-minute demands come deadlines, and it’s unfair for someone in that situation to be penalized for not being prepared. That’s why it is recommended; it ensures that you are well equipped to meet all of your financial obligations by helping you stay ahead of any potential delays or fines!

Conclusion

Starting an accounting business is an exhilarating experience, but it can also be an incredibly complex one. You’re responsible for managing finances, marketing your product or service, and creating a sustainable business model. Even if you have a business degree, that doesn’t make things any easier on you. The amount of time & money you will save with accounting solutions merged with cloud servers like QuickBooks enterprise hosting is guaranteed to reduce your expenses and increase your bottom line overall!

Mastering your business finances is essential whether you’re an entrepreneur or a CEO, It can be an overwhelming task and cause unnecessary headaches. That’s where QuickBooks enterprise cloud hosting service comes in to help you save time and gain unprecedented visibility into your business accessible across via all channels – desktop, cloud, mobile, and more.

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6 Ways to Help Your Clients Increase and Manage Their Cash Flow

What does it take to be successful in today's business world? To start you have a product that's wanted or needed and it has to be properly priced and that's just the beginning. In order to have a successful business practice having an accessible cash flow plays an important part. 

 What is cash flow and how it can help a business? This is the common query that will keep coming in your mind. Cash flow refers to the total sum of money that comes in and out of a business. Having a consistent positive cash flow can help you to pay expenses, and provide resources to grow your business. With the economy being as uncertain as it is today, it’s no wonder that a lot of business owners are looking for ways to improve their companies. If your business strategy is lacking in a particular area, it is time to fix it. These are the 5 tips to help your clients to increase and manage their cash flow.

   Pays Bills Strategically

 Always try to pay the necessary bill first. Paying all the business bills at the same time can lead to financial problems. Instead review bills, sort according to priority, and stagger payment dates so the most important bills — such as rent and payroll must be paid first. Also, check if discounts are available for paying bills early, and then prioritise the rest.

2.            Choose the Right Payroll Cycle

 Businesses that can generate daily revenue, such as restaurants and retailers, can more easily cover the cash needed for weekly payroll. But this can be a challenge for businesses with slower revenue streams, such as manufacturing or wholesalers because cash doesn’t come in as frequently. 

 You can contact your state department of labour on any requirement for payroll frequency. Here we have provided you with the five most common payroll schedules that might work — or not work — for your business.

Weekly payroll schedule

Biweekly payroll schedule

Semi-monthly payroll schedule

Monthly payroll schedule

       3.            Negotiate your Payments With the Suppliers

 Using low-cost suppliers may seem like the best way to improve cash flow, but having flexible payment options can be more important than rock bottom pricing. 

 Important Points To Keep In Mind While Negotiating Payment Terms With Your Vendors:

Must have to make a plan even before you reach     out to your vendors and must know what queries you're going to ask. 

Must have dynamics in your communication.     Making a good impression while having early communication is always more     welcome than suddenly reaching out in an emergency.

Always try to go for a Win-Win situation.

Never ask or quote for the least.

   4.            Collect Receivable Quickly

 Improve your business cash flow by encouraging quick payments of receivables. The main reason to collect receivables quickly— is too much-uncollected revenue. No one feels happy while calling the person who owes the money. But if multiple customers have blocked your payment, whether you are feeling unpleasant or unfortunate. To run a successful business, owners must have to find some ways to speed up their account receivables.

Secure prepayment

Set payment policies in writing

Invoice promptly

Shorten payment terms

Penalize late payers

  5.            Manage your credit policy properly

 It helps to send the invoices promptly, verify they’ve been received, and down right away on late payment. You can also monitor your accounts to identify late-paying customers and implement a cash-on-delivery policy for chronic offenders. 

 You must have to lay out the philosophy and start collecting overdue accounts. If you are not ready now to execute this plan, there’s no hope for survival. A good policy helps to do these three things:

Which customers have overdue credit and     billing.

Set the payment terms for customers whose     credit is extended.

You also have to set the time limit to set the     outstanding credit accounts

 6.     Using cloud based accounting systems

  Modern day accounting requires a lot more than basic accounting tasks; to manage day to day accounting operations is a demanding task. It is quite essentials to provide accounting team with technologies/skills and training to keep up with the pace to manage the accounting for your business. That is why modern day businesses prefer cloud based accounting systems like QuickBooks enterprise cloud hosting that helps you reduce manual tasks and automate your daily accounting stuff.

  Final Words

  Having a healthy cash flow is important for any business - large or small. There are several steps you can take to improve your business's cash flow, but it's also important to be mindful of the decisions you make in regards to marketing, customer service, product or service development, and acquiring new customers. If you're not careful with your marketing budget, you could end up spending more money than you're bringing in. Likewise, if you're not providing excellent customer service, you could lose customers and see a decline in revenue. It's important to be mindful of all aspects of your business in order to maintain a healthy cash flow.

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QuickBooks enterprise hosting for Accountants, Bookkeepers, CPAs on secure & reliable cloud servers. Get your free trial of QuickBooks enterprise cloud hosting.

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4 ways remote technology has changed the landscape of accounting industry

The accountant’s world has changed a lot in the last few decades. If you compare the accountants of the early 90s to modern-day accountants, you will find differences in their work culture, skill set, solutions, and many other areas. For instance, early accountants were more likely to use paper and pencil to complete their work, while today’s accountants are more likely to use computers and software. In addition, early accountants were less likely to specialize in a particular area of accounting, while today’s accountants are more likely to specialize in one or two areas.

 Technology has undeniably had the most impact on shaping the accounting industry as we know it today. If it weren't for technology, accountants would still be considered nerdy geeks who only dealt with repetitive tasks and long piles of papers on a daily basis. You don't need to be an expert in technology to know about remote accounting solutions like QuickBooks enterprise hosting. In today's age, remote access has become common place for all types and sizes of businesses and individuals. Remote access allows a person to access data and solutions from any location. This type of solution enables accountants to access their books and data from anywhere, at any time, and through any type of device.

 Let’s take a look how remote technological solutions are defining the new era of accounting

 Makes visits optional instead of a mandate

As an accountant, you might have clients and visit each of their offices to access their books, thinking it's no big deal. However, as your client base begins to grow beyond, it quickly becomes impractical, if not impossible, to visit each one of their office locations. This is where remote access comes in to help you cut down on time-consuming travel and other hassles associated with accounting for multiple clients in different locations.

If an accountant uses remote access, they can access their clients' books from their own desktop or mobile device instead of physically going to their office. This would save time on travelling and allow more time to be dedicated towards other important tasks.

  Increased productivity in your accounting business

One of the main advantages of using remote access is that it can help improve your business turnover. If you're an accountant or you manage an accounting firm, then by using remote access, you can allow your employees to access the accounting software solution via remote desktop. This will minimize or even remove any type of interruption and non-productive time, which can be very beneficial for your business.

Many accountants who work remotely find that they are able to save time by using cloud-based remote solutions. This allows them to access their office desktop from home, which can increase overall business efficiency. There's no doubt that remote access has given a major boost to accounting firms all over the world. If you're a solo accountant, you can follow suit and enjoy the same success by simply increasing your business turnover. This can be easily done by providing remote access to your clients.

  Upfront IT savings

If you are an accountant who works freelance, then you know that money is always a factor in deciding whether to keep or ditch your hardware or software - or if you can just get away with updating it. Most accountants only update their hardware once a year, since they have other financial obligations to consider. In most cases, accountants will ignore any type of upgrade until their current system stops working or starts having issues. But if you want to get rid of these kinds of problems and don't want a hardware upgrade to become a burden on your budget, then you can go for remote access instead.

The best remote access solutions require minimal resources in terms of administration and servers, so you won't have to worry about the cost of hardware upgrades very often.

 Higher business continuity

As an accountant, one of the most important things you need in order to provide better accounting services in the market is business continuity. If your clients can't trust your services and don't have confidence that you'll always be available, they'll go to another accountant without hesitation.

Using a QuickBooks enterprise cloud hosting remote access solution has many benefits, one of which is that you won't be limited to accessing your books from a single system. With remote access, you can get to your books from any device, including mobile phones and tablets. This will ensure that you have proper business continuity and that you're always available for your clients.

Final Words

In today's business world, technological solutions have brought about many changes - some industries have been merely changed while others have been completely transformed. The accounting industry is one of those that have been deeply affected by new technologies. In the past, simple accounting software was all that was available to accountants but now, cloud computing has made a huge impact and has changed the way accounting is done. As a result, accountants are more effective, accurate, efficient and productive.

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Is your business ready for accounting automation?

Despite the challenges after 2020, the global finance and accounting industry still managed to bring in billions of dollars in revenue thanks to intelligent automation. However, it's interesting to note that only a small fraction of small businesses have adopted automated accounting practices globally. This means that the majority of this growth is coming from large corporations rather than small businesses.

This is a worrying trend for the future since small businesses are the backbone of many economies. In order to stay afloat and relevant in today's market, it is important to deploy accounting software’s like such as QuickBooks enterprise hosting, SAP, Acumatica, and Sage in a timely manner in your accounting practices as modern day clients are looking for more than just the accounting services, they want consultation, financial help and advice on investments. Advanced accounting software platforms are designed to help small companies succeed by optimizing efficiency in their accounting department which leads to generate more revenue.

According to recent statistics, over 63% of small businesses have implemented automation and AI-driven technologies in order to expedite growth and revenue. If you're thinking about following it, now would be an ideal time to start preparing for small business accounting automation. Automated accounting software not only helps you make your business more sustainable, but it also increases employee satisfaction and enjoyment. By reducing the need for employees to perform repetitive tasks, paperwork, and analytical reporting, it can help boost employee productivity and autonomy.

Automated accounting is the future of accounting and definitely here to stay as well. Here are all the tips and tricks that’ll help you navigate the process swiftly and efficiently:

Training of employees

A Dissatisfied training program can lead to non-productivity and will also impact employees by resisting to actually learning about the new software tool.  For a new automated accounting tool to be successful, make proper training a must; also give sufficient time and put all efforts to make training as clear and well-received as possible by your staff.

Asking employees to help test and give feedback on new accounting software can be an effective way to get them more invested and ensure successful adoption. Assist them in understanding the importance of the new software and how it will positively impact the organization by making their work easier. For example, explain how the automation of accounting tasks will save time and improve accuracy.

Set realistic deadlines

Conducting regular one-on-ones with employees is crucial to ensuring the success of automated accounting. By communicating how and when the tool will be implemented, as well as setting measurable performance goals and realistic deadlines, you can help employees understand the process and ensure a smooth transition. Racing into the change will not only reverse the effects but also lead to the negative impact on the overall performance of the employees, so the first step to the transition should be setting a realistic period as deadline by which your accounting department will be trained and ready to use newly adapted accounting tools.

Consider both internal & external factors

There are many factors to consider before moving to an automated environment in your small business, one of them is when you are considering cloud-hosted accounting software for your company, is sure to take all the necessary steps to safeguard your data. This includes considering all internal and external factors that might create hurdles in the implementation of automated accounting.

Use tools that can help you monitor & centralize the data for automated validation. This will help ensure that your data is protected throughout the transition to a cloud-hosted platform.

Finally, research different cloud hosted accounting software’s before finalizing a decision. This will help you find the best software for your company's needs.

Involve all of your staff

Automation is inevitable and will drastically change the employed accounting workforce as we know it. Therefore, it is imperative that all businesses communicate these changes with their employees - not just those in accounting, but in other departments as well (such as marketing, HR, supply chain, etc.) since accounting plays an integral role in a business and all other departments rely on it.

It is highly important to involve employees from the IT department as well so they can ensure the program functionality. Moving to a cloud based hosted software like QuickBooks enterprise cloud hosting will automate many of the tasks that would otherwise require additional employees, saving you time and money - an added benefit for automating your accounting.

Final Words

To streamline the automation process, it is essential to stay on top of management, planning, supervision, and coordination tasks. By ensuring that these tasks are running smoothly, you can bring all employees onto one platform and create a more efficient workflow. Hopefully, more small businesses will start to adopt automated accounting practices in the coming years so that they can compete with larger businesses on a level playing field.

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Proven Tips to Manage your Business Finances like a Pro

According to the SBA (Small Business Administration), around 35 million small businesses are operating in the United States. However, with the business environment being as saturated and competitive as it is, the survival rate for small businesses has decreased significantly.

Small business owners always need to be looking for an edge over their competition. They need to find every advantage and use it to their fullest extent. For many small business owners, one of those advantages comes in the form of advanced accounting software. It provides many benefits that can give small business owners a leg up on their competition.

Many people get into the business world because they have the ability to efficiently manage day-to-day operations. While this is an important aspect of running a business, it only scratches the surface. To be a successful business owner, you must also focus on sound accounting and bookkeeping practices. These financial pillars will keep your business running smoothly and profitably.

Here are some common financial management mistakes made by small business owners:

Incorrect record Bookkeeping

Financial record keeping can be tedious, and it's easy to see why new business owners might want to cut corners in this area. However, poor financial record keeping is one of the most common mistakes made by new business owners. While efficient record keeping can add to your expenses, it’ll pay for itself many times over in the long run.

Overinvestment

Too much inventory can be a real problem for small businesses, especially if they have initial success. More inventories can mean more revenue, but it all depends on sales. If sales stay high, then it's no problem. But if sales drop, that extra inventory just becomes wasted money. When you have too much money tied up in things you don't need, it can cause cash flow issues for your business

Shortage of contingent funds

Having a contingency fund is vital for any business. Why? Because things don't always go as planned and you need to be prepared for when they don't. If you make any of the financial mistakes mentioned below, your business could lack the funds for things like bad debts and asset depreciation. Plus, your business might not be able to afford insurance against fire, flood and other accidents.

How Accounting Automation Can Help Achieve Long-Term Organizational Success?

Poor financial planning and data organization can lead to a lot of financial mistakes. If your company's financial data is a mess, it will be hard for the owner to get a clear picture of the business's finances. This can cause them to make bad decisions about the business. Also, when a business's finances are disorganized, it can slow down the workflow and hurt productivity.

Automated accounting is a great solution for businesses that need to improve their inventory management, customer relations, and cash flow. Accounting software like QuickBooks enterprise cloud hosting can help you plan for your business's future and keep track of your finances in one place.

It is a great bookkeeping tool that enhances an organization's financial and accounting processes. The software organizes your business's financial data and combines it into a single, convenient interface. Accounting automation allows you to easily consolidate your organization's data, so that you can have all of your business' finances at your fingertips. This saves you time and money, and reduces errors and mistakes. Vendor or customer calls you with a query, or you require some critical details to solve a problem yourself, it provides you with the information you need instantly.

Accounting is more than just a numbers game. When used correctly, this provides a plethora of benefits that can make your business run more smoothly.

But how do modern day accounting tools manage to do all of this? Let’s take a closer look.

Helps you find the right balance between expenses & income

Before you can even think about improving your business's cash flow, you need to figure out where the financial bottlenecks are. Cloud based accounting tools such as QuickBooks enterprise cloud highlights this information in your emails for both expenses and income. Not only can you easily view all your past-due invoices, but it also allows you to automatically send reminders and automates the process of delivery as well.

Better & improved customer interaction

Your customers are the bread and butter of your business, so you need to have a clear understanding of their payment history and details, as well as all current, past, and future transactions. Customer Information Records template not only provides all of that, but also gives you access to customer contact information and real-time status updates of their payments and invoices, time activities, etc.

More profitable & stable inventory

Maintaining proper inventory levels is the key to success for any business that sells goods. Overstocking unnecessarily ties up large portions of your resources, while under stocking will turn away potential customers and result in lost future business. Modern accounting software’s helps you keep track of your inventory so that you always have the right amount on hand. Its inventory tracking feature gives you a complete picture of your stock levels and sales, so you can tell when it's time to order more and how much to order.

Helps your business to grow & scale

Being prepared for growth is essential for any business, even if you have no intention of expanding. Opportunities for expansion can pop up at any time, and being ready with the necessary capital is crucial.

If you’re in the business of pitching proposals to investors or applying for business loans, then you know that a lot of financial information is required. This information comes in various formats, and in addition to regular financial statements, your potential lenders or investors might ask for specific types of reports. Accounting software like QuickBooks enterprise hosting has templates for lots of financial reports and statements, like Profit/Loss Statement, Balance Sheet, Cash Flow Statement, etc., and it can generate them quickly.

Final Words

Accounting automation with the help of modern day accounting software’s can help you not only keep track of your finances, but streamline a variety of business processes. By putting all of your data into one user-friendly interface, you're able to get a 360 degree view of your company's finances. This allows you to make sound decisions that will help your business be successful in the long run.

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4 Things to keep in mind before choosing a trustworthy cloud service provider

With more and more companies moving their data and applications to the cloud, the task of choosing a reliable commercial hosting provider has become increasingly difficult. There are some essential factors that can help make the decision easier, but selecting a trustworthy QuickBooks enterprise cloud hosting provider is still not a straight forward task as it involves your financial accounting data.

Here are few things to consider before opting for a cloud service provider

Roadmap of the service

When you're looking for a cloud service provider, it's important to think about their roadmap for service development. You should ask what steps they're taking to make sure they're always improving and innovate their services, as well as any plans they have for future growth. You should also find out what technologies they're using now and whether they plan to upgrade those in the future.

When you're trying to figure out which service roadmap is the best fit for your company, you need to make sure that it lines up with the way that you work. Making a switch to a new vendor can be tough- it takes a lot of time and effort to plan and execute the switch, and your employees might not be as productive during the transition. Keep all of this in mind when you're making your decision so that you can choose the right service provider for your business.

Review the technology

Review the technologies and cloud platform services offered by your service provider to verify that they fit your needs. Consider what standards, cloud services, and network architectures will work best for your workload preferences and management. You may also need to consider how much customization you want. For example, some companies in specific industries may need special customizations that not all service providers can manage.

Be upfront about the kind of customized plan your business is going to need to ensure that they can handle third party integrations as well.

Security

A risk-based approach to security is often ideal because it helps service providers determine exactly which areas to prioritize and protect. According to the Institute’s Cost of a Data Breach Report, the average cost of a data breach is $3.86 million. Small businesses are quickly becoming a favorite target for hackers because they often have little to no security safeguards in place. This makes them an easy target for attacks.

Preventing security breaches is critical for any company. You need to work with your service provider to develop a comprehensive preventative strategy that will safeguard your company's assets. The security system should include physical controls at all hardware locations, environmental safeguards at data centers, backup powers to ensure business continuity, and customer data integrity protocols.

It's important to know what security measures your cloud service provider intends to implement. You'll need to take into account factors like:

· The security of data and systems

· Governance processes around security

· The maturity of security protocols

Disaster Recovery

When it comes to understanding a cloud service provider's provisioning, one of the best places to start is by looking at their disaster recovery processes. Even with the best security mechanisms in place, having a strong disaster recovery plan is essential. A robust disaster recovery plan will typically include integrity checks, data backup and restoration, data scheduling, and a clear understanding of which data is critical.

Losing business information can cost your company dearly, and preventing such delays is critical. By having a vendor service agreement that outlines roles and responsibilities, as well as escalation processes, you can be sure that everyone is on the same page and knows what to do in case of an emergency.

Conclusion

Data security is always a concern for businesses, both big and small. Hackers attempt to infiltrate company databases to get unauthorized access to confidential information all the time. This is why physical security and cyber security solutions are important, but they can also be expensive. This is why it's important for businesses to budget for these solutions. Cloud service providers who have a good reputation offer high levels of security, like multiple layers of encryption and a firewall, to make sure that your private and sensitive business data is protected from cybercriminals.

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