Why Outsourcing Accounting is a Good Idea for You!

CPA firms and Small Businesses are discovering that outsourcing accounting online saves payroll, overhead cost and it's a giant step in freeing up valuable time. As a business owner your time is best spent doing what you do well - working with customers. Time spent on bookkeeping problems add little or no value to your customer relationship. To remain competitive, it is imperative that a company rethinks its strategies, take a hard look at where they are creating value for their customers, then focus on those processes. The most successful businesses of today have gone to online outsourcing and now have time and money to spend on differentiating themselves in the marketplace. If you are looking for ways to reduce overhead and focus on your core business, now is the perfect time to make the switch to outsourced accounting.

Outsourcing - Some Remarkable Facts!
In a recent Accenture survey of more than 800 companies in the US and Europe, 86% of the companies said outsourcing gives them more control over business results in a variety of critical areas, the most important being the ability to plan. While cost-cutting is among these key areas, the executives also reported equal levels of control in reliability, cost variability improvements and effective implementation of ideas. Furthermore, 55% of respondents said outsourcing allows their companies to implement strategies and change at a faster and more controlled rate. Outsourcing has been declared as a life saver for the many accounting firms. Accounting outsourcing has almost become mandatory for all those accounting firms who want to pay attention to increasing their profits. The idea of accounting outsourcing has been developed to lessen the burden of accounting firms, so that they can manage their peak season tasks well. Accounting outsourcing is being favored by a large number of accounting firms today. The outsourcing services helps such companies manage their work well. As the total cost for managing the accounting work by outsourcing firm is far lesser than hiring in-house staff, almost every company is making accounting outsourcing a part of its long-term sustainable business model.

Key Benefits of Online Accounting Outsourcing
The most common reasons management chooses to outsource accounting services are to reduce operating costs, improve company focus, improve quality, free up capital, increase capabilities not otherwise available and to reduce cycle time.
By outsourcing your accounting your company could:

• Focus on Core Business.
• Off-load non-core functions
• Get access to World-class technology at lower rates
• Get Skilled manpower at affordable prices.
• Cost savings of 50% or more!
• Increase customer satisfaction.
• Improve speed and service.
• Beat Competition

Let us know your thoughts.....

Is Your Firm Outsourcing Compatible?

If you can answer yes to any of the following questions then Outsourcing Your Accounting Is the right choice:

· Are you spending too much time managing your books and not enough time growing or running your business?
· Do you find that you are cutting corners, or you are uncomfortable with your accounting because it is too time consuming, or you do not really understand how to do some of it?
· Do you want professional grade accounting but either cannot afford or simply do not have the need for a full time accounting person or department?
· Do you have a basic understanding of financial reports, so that you can stay informed about your business on an “at-a-glance” basis.
· Are you not afraid to ask questions if you notice things on financial statements that you do not understand?
· Do you want the flexibility to examine your accounts whenever and wherever you’d like, combined with the peace of mind that your books are being maintained by dedicated professionals?

Selecting a Bookkeeper or Accountant what certifications should I Look for?

As like any industry accounting has several organizations which monitor and enforce codes of conduct and ethics. Within the accounting and bookkeeping areas there are several which include: AIPB (American Institute of Professional Bookkeepers); BBB Online (Better, Business, Bureau). Also, there are software certifications including: Quickbooks, Peachtree, etc. But one of the most important is to know what all the abbreviations mean. Following is a list:

CB - Certified Bookkeeper:
The work of a Certified Bookkeeper is interesting, stimulating and varied. They work for public accounting firms, both small and large, as well as small neighborhood businesses. As essential members of the organization they are involved in many aspects on a daily basis.
CFM - Certified in Financial Management:
Designed to recognize the unique qualifications and expertise of those professionals engaged in management accounting and financial management.
CGA - Certified General Accountant:
Certified General Accountants are professional accountants who have acquired their accounting education through and are members of the Certified General Accountants Association. Many CGAs own their own accounting firms and provide tax and financial advice to individuals and to businesses of all sizes. Other CGAs are employed in senior positions in industry, commerce, academia and government. As trusted accounting professionals, CGAs offer the highest standards of expertise in taxation, finance, information technology and strategic business management.
CIA - Certified Internal Auditor:
Reflected competence in the principles and practices of internal auditing and has served as the only internationally accepted designation for internal auditors.
CMA - Certified Management Accountant:
Certified Management Accountants are strategic and financial management professionals who combine accounting expertise and business acumen with professional management skills to provide leadership, innovation and an integrating perspective to organizational decision-making. They apply contemporary and emerging best management practices in a wide array of business functions, including strategic planning, sales and marketing, information technology, human resources, finance, and operations. CMAs bring a strong market focus to strategic management and resource deployment, synthesizing and analyzing financial and non-financial information to develop total business solutions, identify new market opportunities, and maximize shareholder value.
CPA - Certified Public Accountant:
CPAs are many things. A public accountant who has been certified by a state examining board as having met the state's legal requirements. They are chief financial officers for Fortune 500 companies and advisors to small neighborhood businesses. They work for public accounting firms, both small and large. They are well-respected strategic business advisors and decision-makers. They act as consultants on many issues, including taxes and accounting.
CPB - Certified Public Bookkeeper or PB - Professional Bookkeeper:
Building on basic general accounting concepts, the Professional Bookkeeper is seen as an Affordable Professional Alternative to a self-preparation, a CPA or an independent tax professional for the following taxpayer segments: (1) professionals, (2) small business owners, and (3) small not for profits. The PB designation can only be used by the graduates of the Universal Accounting Center.

So, at the end of the day talk to your prospective bookkeeper, accountant and cpa. In addition to having certifications and letters after there practice make sure that your comfortable with them. How did you find your accountant? Are they certified? What does that mean to you? Let us know.

http://www.taxtalkonline.com/
954-349-0045
info@TaxTalkOnline.com

How To Sell Your Practice!

Proprieters spend years developing relationships, establishing clients and maintaining strong working relationships to build successful bookkeeping, accounting and CPA firms to one day realize that the 60+ hours a week and constant demands of customers has taken a toll on there lives. At this point the owner for the first time struggles and wonders - how do I sell my practice and get out with more than what I started with?

At first, one looks on the internet and finds brokers and other classified opportunities to advertise there practices and fetch them fair value for there hard work. The only challenge with this is tha the commisions can range from a mere 10% to 30% and the broker does not make any guarantees before, after or during the sale.

This mere struggle is for accounting owners is what allowed TaxTalkOnline to develop a program to work with bookkeeping, accounting and CPA firms to purchase there businesses without the hassels, challenges and concerns that go along with typical sales. To find out more information either email or click the following link: http://www.taxtalkonline.com/index_files/SellYourPractice.htm

http://www.taxtalkonline.com/
954-349-0045
Info@TaxTalkOnline.com

Is My CPA Outsourcing My Work?

Did you know that CPA's are finding it harder and harder to deliver bookkeeping and accounting services to the small to medium sized business at affordable rates? They are combating this by outsourcing the services to providers who can delivery quality services at lower rates. How is this done? By finding good labor at a lower cost. This means utilizing reasources from around country and sometimes from around the world. Some business owners have concerns others don't. What's your opinion?