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Here are How QuickBooks can Improve Your business’s Cash Flow

It’s not surprising that Intuit’s QuickBooks has been named as the best accounting software for small businesses in 2019. It not only helps a small business streamline the entire bookkeeping and accounting system, but it can also be used as a tool to help inform a business’s financial management strategy.  In fact, many small business owners make use of QuickBooks to enhance their company’s cash flow. Here are 3 ways you can use QuickBooks to improve cash flow in your business:

Make use of QuickBooks for Billing and Collection

A really recommended way to enhance your cash flow is to ensure you are regularly collecting your payments from customers and clients, and optimize your method for how you get paid. QuickBooks allows a small business to accept payments via credit cards and also via mobile. Things are made quite simple with QuickBooks – businesses can email invoices to customers with the payment link. Once the payment is made, QuickBooks automatically posts the payment to the customer’s account receivable, saving you the time of having to input the data manually.

The faster and the regular you get paid by your customers, the better your cash flow will be. With more cash on hand, you avoid wasting valuable time on collections, and you can take advantage of early payment discounts and interest earned on more money in your bank for more days.

Make use of QuickBooks to Download Bank and Credit Card Statements

Businesses using QuickBooks can set up a system by which they can download the bank and credit card statement online. This will offer you more realistic view of their current cash flow situation. You can quickly pull up these balances to gauge where your cash flow is in order to make more informed spending decisions right then and there.

Make Use of QuickBooks to Forecast Cash Flow

With the help of QuickBooks, you can create a 13-week cash flow forecast reports to help you take better financial decisions. QuickBooks users can download Accounts Receivable, Accounts Payable, and Recurring, Non-Payable Expenses from QuickBooks and lay them out in Excel to analyze the data and predict cash flow over the course of the next 13 weeks. This data can help businesses take better business decisions and even plan further ahead for the future.

If you are unable to manage your cash flow properly, then there are chances that your company may face a risk of failing. Therefore, it is advisable that you manage your accounts properly and regularly. Don’t let your business become a statistic; do your homework.

If you need help in managing your QuickBooks or any other accounting related tasks, then feel free to contact us at Affinity Outsourcing https://affinityoutsourcing.net. We are accountancy outsourcing company with more than 30 years of industry experience. Contact us for a free quote and consultation as well.

Do You Really Need Outsourcing of Accounting Services?

Accounting is one of the most concerning tasks for every organization independent of their size and nature of the business. Exactly when an individual starts another business he has some plans to save money on each possible utilize including accounting. A little while later he comprehends that accounting and other bookkeeping tasks eat up an impressive proportion of time that he could have by and large used for progressing and developing his business. It is monotonous, and also a noteworthy cerebral agony for business owners who are new to accounting. That is the inspiration driving why more businesses in London, UK, are looking for outsourcing of accounting services like Affinity Outsourcing to manage their accounting.

Do You Really Need to Look for Accountancy Outsourcing Services?

In today’s fast growing economy, only the businesses indulged in serious competition wins. It’s not a cakewalk to survive and win the benefits. If you are confused about whether you need a professional accountant or not, then you need to scrutinize the advantages of employing an accountant mentioned below;

  • To gain benefits is the basic purpose of every business. By what means would you be able to conclude whether you are making profit or not? Accounting is the correct instrument to reveal the proportion of profit earned. The profit earned should be entered successfully to know the genuine cash related position of an association. Wrong section of figures or oversight of a profit earned won’t show the veritable advantage or mishap. An experienced accountant is educated about accounting and he can keep up bookkeeping simply more suitably. Small mistakes made in accounting can wind up being radical consequences.

  • Some business owners believe that it is a good idea to own an in-house accountant rather than considering an accountancy outsourcing services. They feel this is expensive and unworthy. It is safe to say that you are one among them? If this is the situation with you, then you are totally off kilter. Setting up a staff can be costlier and extra dull.

  • Hiring an offshore accountant (remote staff) from an offshore accounting firm like Affinity Outsourcing keeps you away from a significant proportion of anxiety. You don’t need to worry about data fortification, updating accounting software, reimbursement insurance, due dates and consistence with the business. Each one of these commitments are designated to the representative.

  • Arranging and adhering to expenses structure are fundamental for the achievement of a business. A particularly figured spending saves utilization and extension pay. Exactly when an accountant gets settled with your business, he can give productive dominance bearing in orchestrating spending plans.

  • An experienced and qualified accountant from Affinity Outsourcing would help you with financing, valuing, advertising, IT and cash related direction. The outcome of this is the general proficiency of the business.

  • When you hire an experienced accountant, you will have no more worries over late lodgement, wrong invoicing, misguided coding of taxes etc.

Get a Free Consultation to Know More About the Advantages of Accountancy Outsourcing Services:

If you wish to know more about how outsourcing of accounting and bookkeeping services can increase your profit margin and help you manage your finances, then contact us for a free consultation today. To schedule a consultation, please contact us at https://affinityoutsourcing.net/ contact or dial 0203–848–4450.

Questions to Ask Before You Engage Any Accountancy Outsourcing Services Provider

So you are finally giving serious thought to the outsourcing of accounting work. It is a good move, believe it! No matter the size of your accountancy practice, outsourcing of accounting services, partially or wholly, will be profitable.

You need to, however, slow down before selecting any random accountancy outsourcing services provider. While it is true that the benefits of outsourcing of accounting work of your practice are significant, in order to actually realise those benefits, it is essential that you collaborate only with a decent accountancy outsourcing services provider. Partnering with inapt or inexperienced providers of accountancy outsourcing services often does not yield the true benefits of outsourcing. In order to not disappoint with your first outsourcing experience, it is absolutely crucial that you collaborate with a decent partner.

Now, how would you identify a good partner on whom you can truly rely on for outsourcing of accounting work or services of your practice? It is simple – just ask the right questions, which will help understand whether or not the potential partner is decent! Below are some of the sensible questions that you can ask any accountancy outsourcing provider before signing them.

What’s your experience?

You need to find out whether the potential partner is experienced enough to take on your accounting jobs easily and efficiently. Can they deal with taxation jobs? If your clients are financial services firms or clubs whose accounting needs are different, will your partner be able to handle these jobs when you outsource? Experience always matters, no matter the field of work!

What about my clients’ data security?

Whenever outsourcing any work of your clients to a third-party, it is essential that you make sure the data of your clients remain secure. Discover what sorts of security protocols are set up by the potential partner to protect your clients’ data.

What about confidentiality?

It is highly unlikely that your partner would steal away your clients, but who knows, it could happen. Therefore, it is recommended to always sign an agreement, which offers the confidentiality protection among other things.

Can you handle bookkeeping?

Bookkeeping is a trivial task, but an important one. It is also a time-consuming task for accountants and accountancy firms. Outsourcing the bookkeeping work of your clients will, in fact, free you so that you can focus on other important tasks of your practice, like bringing more clients or offering lucrative value-added services. Learn whether your potential partner is able to offer quality outsourced bookkeeping services.

Can you work with my preferred software?

You want to continue offering your clients the same quality work in the same format using the same software that your practice has been providing them thus far. For that reason, find out whether your potential partner is capable of using your preferred accounting software to deliver quality work in your desired format.

What about the communication?

When outsourcing the accounting work or services of your practice to someone, you may want to keep in touch with them constantly in order to know the current status. See how efficient and effective the potential partner will be when it comes to communicating with you.

Can you handle urgent jobs?

Your practice may come across urgent, large-quantum jobs at any time. Discover whether your potential partner has the additional capacity to help you out in such instances.

How much will outsourcing of accounting work cost me?

Different providers of accountancy outsourcing services have different pricing mechanisms set in place. While most providers of accountancy outsourcing services in the UK charge on an hourly or monthly basis, there are some who have a totally unique pricing system. Take us, for instance. At Affinity Outsourcing, we charge each job at a set percentage of the fee you collect from your client. While this pricing system may seem a bit odd, it guarantees that our clients make the most out of outsourcing! Discover more about how our pricing works here.

Conclusion

Outsourcing of accounting work or services of your practice is definitely a great move. However, be sure to collaborate with the right partner from the onset in order to have a great outsourcing experience. Asking the above questions to the potential provider of accountancy outsourcing services will certainly help you collaborate with the right partner.

When it comes to outsourcing of accounting work, UK accountants and accountancy firms count on us. At Affinity, we have massive experience and a great team to make your outsourcing experience smooth, hassle-free, and lucrative. We are already helping many accountants and accountancy practices improve their margins and reduce their stress – we can help you too!

Get in touch with us today to discover how you can benefit from outsourcing of accounting work at Affinity. To contact us, visit https://affinityoutsourcing.net/contact/.