Blog

Why You Should Outsource Payroll to a Professional Company

Payroll Services Minneapolis MNOutsourcing payroll to a professional company has become far more common than you think it is. A recent survey it shows that over 39% of the US companies have admitted that they outsource their payroll to professional companies and 43% even outsource the payroll tax responsibilities. The numbers are staggering, but why? You may argue that why should you hire a different company for handling payrolls when you have an HR team that should be handling such matters. Well, here’s what you need to know:

• Time saver – if there is anything that outsourcing payroll does, it saves time for you and your company. Processing payrolls take a lot of time and they have to be done accurately. The salaries of all the employees have to be calculated along with the deductions. This requires the eye of a professional and not HR employees who have a lot of other work to do. There are so many details and data to work with that mistakes can be made quite easily. But more than mistakes, it is the time that you save is important.

• Saves money – as you save more time by outsourcing the payrolls, you save a lot of money. Generating the reports require ink and paper that becomes an additional cost every month. When you outsource the payroll to a professional company, you are assured that everything will be taken care of by the respective company and you will get accurate payrolls at the end of the month.

• Avoiding mistakes – calculating the salary of an employee does not require special powers. You just have to be careful, that’s all. But imagine calculating the payroll of hundreds or thousands of employees at the end of the month. From calculating the tax deductions to including incentives and bonuses, the calculations get damn tricky for many of the employees. There are high chances that the HR team will make mistake if they are not attentive enough. That is why it is better to hand over the work to a company that is well-known for handling payroll calculations.

UptoDate Bookkeeping is a popular company that has over two decades of experience in handling payrolls of different companies. We have a dedicated team who look after the accounts of various companies and prepare their payrolls every month. You can contact us if you want to outsource the payroll of your company to someone you can trust.

QuickBooks Training Is A Great Benefit For Your Business!

Quickbooks Training in MinnesotaWhat makes QuickBooks such a valuable accounting software to a business owner, manager, or bookkeeper? Why should invest your time and money learning QuickBooks? If you have been asking these questions, you have come to the right place. Here is why QuickBooks training is a great benefit for your company.

Accounting is an integral part of any business – whether a start-up, small, medium or large-scale business. Without a proper accounting function, your business is likely to lose money over time. But accounting is quite a tiresome and stressful function. In fact, one of the leading causes of failure among the majority of businesses is its failure to properly manage the money that comes in and goes out of the business. That is where an accounting software such as QuickBooks comes in handy. The software provides an insight that no company can afford to do without. Your business might lose a lot of money over time if you don’t use a quality software such as QuickBooks. Managing your expenses and revenue is vital to the success of your business. Learning QuickBooks will allow you to manage all your receivables, manage the payroll, forecast the future cash flow accurately, meet all your tax obligations, and so much more for your business. That is why you should train your accounting staff to use QuickBooks successfully. It is one of the best investments you will be making in your business.

Although there are many other accounting software on the market, all of these platforms are not the best for your business. In fact, most of them cannot even come close to QuickBooks in terms of their functionality. They will waste your valuable time – which you could have spent on a number of other tasks such as marketing, sales, customer service, and employee supervision. Every minute you spend struggling with accounting software that you don’t understand is valuable time taken away from your business. That is where a quality accounting software such as QuickBooks comes in handy. It will lower the inevitable learning curve and give you more time to concentrate on the important activities of your company. On the other hand, once you have mastered QuickBooks properly, you can easily integrate it with the other operations of your business. That is why you should avail yourself of QuickBooks Training sessions offered by www.versatilebookkeeping.com. They are one of the best resources for Professional Quickbooks Training for your Business.

Do You Need to Outsource Your Bookkeeping Work?

bookkeeping services minneapolisBookkeeping and accounting can be stressful and time consuming, especially if you are not confident in your record keeping or your knowledge of the law. If you make mistakes, then you could end up being faced with fines, and an unsympathetic tax man telling you off.

We are here to help you with your bookkeeping. We have many years of expertise in handling books and accounts for businesses of all sizes. Whether you are a sole trader or a company with a couple of employees, or in a partnership with a family member, we can help you to make sure that your books are prepared in a consistent and sensible fashion and that they are accurate ready for you to file your accounts.

Outsourcing your bookkeeping can save you a lot of time and stress. As a business owner you will have things that you want to be working on, whether that is customer service, research and development, or the other day to day aspects of running your business, you do not want to have to worry too much about administrative tasks, and have them detract from the things that you do best. Your time is worth a lot of money, and your business will be in a better position to grow if you outsource the things that are outside of your area of expertise.

We can help you to get your bookkeeping done more quickly, and give you tips to reduce that part of your admin burden. We have an understanding of the best ways to keep records, and the things that need recorded for your type of business.

Records that Show the Whole Picture

Accurate record keeping is the lifeblood of every business. You need good financial records not just for the tax man but also so that you know whether your business is in good health or not. Systematic bookkeeping will flag up potential issues with cash flow and will help you to make better decisions about where your business is going. Can you afford that bigger office? Is it time to diversify your stock? Can you make that part time employee full time now? Should you be investing more heavily in marketing? These are the kind of questions that you can answer once you have quality records to look back on.

Don’t struggle along with bookkeeping by yourself. Call us today to learn more about our services and how we can help you..

How Our Consultation Can Help You

Quickbooks Training in MinnesotaWhen you are trying to get all of your work done for your business you may find one of the biggest challenges is keeping all of your accounts straight. This is when you should know more about how our consultation can help you out in figuring out what you should be doing and how you should be doing it. Then you will have an easier time in managing your books than what you imagined, but also know the books will be done right and know that when it comes time for you to complete your taxes you are going to know exactly what figure to put in where.

The first thing that you will notice is our consultation from versatilebookkeeping.com is going to allow you to know more about what kind of budget you should have in place. This will allow you to actually make money and know where you are making the money instead of losing money all the time on what you felt were popular items, but were being such a big loss leader that you were unable to make up the difference except for a few cents at a time, which does not help you stay in business for long.

The second thing you will find is our consultation will help you set up your books so you can easily glance at the books and see what is going on with your finances. Without this, you could end up spending your entire Saturday off at home with your books and try to figure out where your funds are going and coming from. With the set up that is provided you will find it is easier for you to just glance at the books and know exactly what is going on with your company and how you should be doing compared to what you are doing.

Being able to get the best bookkeeping around for your business may be expensive, but it is worth the cost. If you cannot afford the cost, then you may want to consider the consultations that we can provide for you. By knowing about this it will be easy for you to get the information you need and know exactly what your business is doing at any point in time. Then you can finally have a good idea on how you can continue to grow and support your business to the point you can hand it down to the next generation.

Hire a Bookkeeper and be Worry-Free on Your Financial Records

bookkeeping services minneapolisEvery business, no matter the size, must deal with the financials. That can include payroll, inventory, marketing, rent, taxes, etc. For a business owner to handle this job alone can be difficult. That is why bookkeepers are so valuable. If you’re struggling with bookkeeping for your company, hire a professional and be worry-free.

What is a Bookkeeper?

The existence of bookkeepers has been around since the 26th century BC. Businesses dating back to ancient times have always needed bookkeepers. This is a person who handles your day-to-day financial matters which comprises a wide variety of content including sales, payments, purchases, and receipts. A bookkeeper must ensure that details are clear, concise and organized and they keep separate ledgers for suppliers, customers, etc. They typically keep records with the help of bookkeeping software, such as QuickBooks.

How Much Education Should a Bookkeeper Have?

A bookkeeper is not required to have a college degree. However, it is generally agreed that the best bookkeepers have at least an associate’s degree in Accounting from a two-year college. The best bookkeepers are also familiar with bookkeeping software.

What Should You Look for in a Bookkeeper?

In addition to the minimum level of education recommended, look for someone who has at least one or two years of experience working for a company. Ensure that the person you choose to hire is reliable, which is easier to determine when you hire someone with experience, and you have references to review that the candidate has provided. The candidate should be well-aware of major bookkeeping software, as most bookkeepers utilize software as a more accessible and more accurate way to keep financial records. Make sure the person is up-to-date with the latest tax and business regulations and that they make it a habit of staying informed. Finally, ensure that the person you are hiring understands your business and how your business operates. The bookkeeper you hire will hold a pivotal role in your company, and it’s essential that they know how your organization works.

Keep in mind that a bookkeeper is not an accountant. They do not have a CPA and cannot do things like audit your records. While you can often leave your documents in the hands of a qualified accountant with the assurance that everything will be handled professionally and correctly, it’s always advised to oversee a bookkeeper to ensure that your financial records are recorded properly and on-time.

Give Yourself A Break – Let The Experts Care For Your Bookkeeping Needs!

bookkeeping services minneapolisDo you love to do your bookkeeping? Do you anticipate the task with happy and excited baited breath? Is it your favorite activity of the year? If you answered ‘yes’ to all of these questions you can stop reading right now!

However, we know that for pretty much everyone else, bookkeeping is one of those dreaded tasks that you hate to do. You put it off, try not to think about it and wonder why it keeps invading your thoughts.

Whilst we understand that this is most peoples’ opinion of bookkeeping, we sure don’t share it! To us, bookkeeping is what we eat, breath and sleep. We know it makes us strange, but for you and your business, it can make us your new best friends.

Not only do we have a passion for bookkeeping, we also have the knowledge, expertise, and skills to handle it in an efficient, timely and professional way. Can you really say the same for how you handle your bookkeeping needs? We didn’t think so!

So if you decide to give yourself a break and allow us to care for your bookkeeping needs, what benefits can you enjoy?

You Have More Time To Do The Things You Do Best

Your business is not a bookkeeping one, right? That means that there is something that you know how to do very well. However, if you have to devote a lot of time and effort into your bookkeeping, in effect, you are stealing time away from what you do best.

By allowing us to care for your bookkeeping needs for you, all you need to do is devote your time and energy into growing your business.

You’ll Sleep Better At Night

Even if you do attempt to do your bookkeeping yourself, it can lead to another problem; sleepless nights. Did you complete everything correctly? Have you forgotten about any red tape or important matter? All of these worries sure can make your pillow a hard one to sleep on at night. By having us care for the bookkeeping needs you give yourself one of the softest pillows you have ever experienced.

Indeed, we know that most people view bookkeeping as a dreaded chore. However, we sure don’t fit into that category. If you want to give yourself a break its time to turn that bookkeeping duty over to the experts, and we are ready and waiting to be at your service.

The Advantages Of Outsourcing Accounts Payable And Accounts Receivable

bookkeeping companies mnMany small business owners try to manage the accounts payable and receivable functions in-house without concentrating on the main functions of their businesses. This is not the best thing to do when you are just starting-up or running a small business. There are many advantages of outsourcing the accounts payable and receivable functions to a third-party accounts service on the market. In fact, you shouldn’t allocate useful human resources to chores that don’t have a direct benefit to the bottom line of your company when you are operating a start-up or small business. Here are the advantages of outsourcing accounts payable and accounts receivable to a third-party accounts company in the area.

When you outsource the accounts functions to a third-party company, you have more time to concentrate on the basics of your business. These basic core functions are very important to improve the sales, revenue, and bottom line of your company. Hiring a full-time accounts staff is not cheap. You may have to pay through the nose to hire and retain a fully-fledged accounts division in your small or start-up business. It is much better to outsource these functions to a specialized third-party accounts service in the area. That way you pay for the functions that you exactly need for the growth of your company. You can discontinue the services of the accounts company at any time you wish to do so. There are no hard and fast rules to hiring a third-party accounts company for your small business. That is why you need to consider working with a highly specialized accounts outsourcing company in the area when you are operating a start-up or small business.

Many business owners think that hiring a third-party accounts company will burn a hole in their pockets. But this is not the actual case. In fact, there are many reliable accounts services that offer affordable packages to suit every type of business on the market – whether you run a start-up, small, medium, or large-scale business. But you should be doing the required research before choosing the best company in the area. That is the best way to select a reputable and experienced third-party accounts company for your small business.

Are you searching for a reputable accounts outsourcing company in the area? Make sure you do the research properly before picking the right company for the job. The above read offers information on the benefits of outsourcing accounts payable and accounts receivable.

The Ways Outsourcing Your Payroll Can Benefit Your Company

bookkeeping companies mnThere are some businesses that choose to handle their payroll themselves, but there are others who outsource this. If you are considering what to do with your payroll, you should consider the ways that outsourcing can benefit your company.

You Can Save Time

One of the major issues that businesses face when they complete their own payroll is the fact that it takes a lot of time. This is due to the attention to detail that is required for this process. The demand on your time will also increase as your business grows.

Outsourcing your payroll will save you a lot of time because you will not have to take the time to complete this. The time that you save can be better used for other processes such as refining sales or complete services that your customers want. Failing to delegate your business tasks will lead to bad business habits that you should avoid at all costs.

Reduce Your Overhead Costs

Every dollar you make is important when you have a business and you need to look at cutting back your overhead costs. The time you save by outsourcing your payroll will increase the time you spend generating income. Additionally, when you outsource your payroll you will not have to pay the salary of an in-house payroll clerk.

While you will have to pay the outsource payroll service, it will be a fraction of what you would pay someone in-house. This is due to the fact that these services will only charge you for the time they spend working on your payroll. If you have a small payroll, you will not have to pay very much. There are also some payroll services that offer a tiered pricing structure based on the number of employees that you have.

Guaranteed Government Compliance

When you get something wrong with payroll, you can face some very costly consequences. Not being an expert in payroll does not mean that you will not be responsible for the mistakes that are made. Compliance with government regulations relating to tax is something that you will not have to worry about when using an outsourced service.

When you make a mistake with the payroll you can open your business to costly penalties and audits. Payroll companies will be experts in the regulations that you need to follow. You will also get a guarantee for the accuracy and compliance of your payroll.

What Are The Benefits Of Outsourcing Your Company’s Payroll?

Payroll Services Minneapolis MNThere can be many great benefits to outsourcing your company’s payroll and in this short body of text, we are going to briefly outline a few of them. Keep in mind that you need to ensure you only hire outsourced services from reputable providers. Your company’s payroll data is confidential, so you need to ensure the outsourcers you work with are trustworthy agents.

Increased Productivity

An outsourced company employs large numbers of staff, so you can be sure your payroll will always be completed on time. Outsourced workers will not have to deal with other distractions in your business like your regular employees. Overseeing payroll onsite while trying to take care of the day-to-day running of your business can be tough, by outsourcing the task, you will have more time to focus on other vital elements of your business.

Lower Costs

Outsourcing to remote workers can save you a large amount of money on staff costs. With outsourced workers, you donΓÇÖt have to worry about making any employer contributions to pension plans, medical insurance plans and more. In addition, you don’t have to provide outsourcers with a work environment, since they work remotely.

Improved Accuracy

Outsourced payroll administrators have professional training and knowledge of correct business financial accounting procedures. They also have access to software that can quickly detect any payroll fraud or suspicious manipulations in your books.

Expert Guidance

The best providers will offer you expert guidance based on their years of experience in the field. They will then make recommendations about any changes you should make to ensure your business is meeting government requirements regarding sick pay, minimum wage, maternity pay, holiday pay, etc.

Payroll should not be holding your business back. By working with the best third-party providers, you can make the process much easier to manage, not to mention much more affordable.

What to Look For When Looking For a Bookkeeping Company in Minneapolis.

bookkeeping services minneapolisIf you want to outsource your bookkeeping services, it is good that you look for a company that offers quality services. So, what should you to look for when looking for a bookkeeping company? Below are the factors you need to consider when looking for a bookkeeping company in Minneapolis.

Experience

One of the most important things to look at when looking for a bookkeeping company is exact market linked experience. Always remember that the longer the bookkeeping company has been in the market, then the better the services they offer.

It is also very important to look for a company that comes with dedicated experience in working for businesses like yours. For instance, if you own a small business, it may be a good idea to look for a company that is accustomed to offering services to small businesses rather than one that works with corporate associations.

Flexibility

When looking for a bookkeeping company, it is good to choose a flexible company. Such a company is usually adaptable with respect to offering services that can be designed to match your needs.

For example, some bookkeeping companies offer packages that may not work with what your business needs. Therefore, it is good to look for a company that offers flexible services tailored to your specific needs. Avoid those companies that provide off shelf packages which don’t always fit the bill.

Proactivity

Ensure that you choose a bookkeeping company dedicated to streamlining your working process so that you can have peace of mind and stop worrying about fines, deadlines, and paperwork. If you don’t have time to deal with these things, then it is a good idea to look for someone who can do it effectively. Look for a company that can work proactively and ensures that you beat deadlines.

Ease of contact

It may be a good idea to hire a bookkeeping company you can speak to or see outside office hours especially if you spend the entire day doing your job. This is why it is usually important to ask a bookkeeping company how and when they can be contacted.

If you find a company that is flexible and happy to speak to you during evenings and weekends, then it is good to consider hiring them as they will make your life much easier.

Testimonials

Most of the companies in Minneapolis will claim that they offer the best services in the market. But, the question is, do they have testimonials that can substantiate their claims? It is usually important to check that other businesses have been satisfied with the company’s services before hiring them.