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Bookkeeping Services: Bookkeeping as a Service (BaaS) for Your Business

Kreyon — Sat, 07 Aug 2021 18:43:22 +0000

Bookkeeping services are the backbone of the financial reporting for a business. Bookkeeping as a service helps companies report business income, prepare and file state and federal tax reports. Online bookkeeping organises a business using online invoicing, tracking payables and receivables, meeting tax deadlines and process payroll with ease.
Bookkeeping as a service is a convenient way for companies to leverage online software services for accounting automation. Here’s a quick overview of how it works.

1. Day to Day Account Management

The basic bookkeeping tasks involve recording transactions for the financial year. It involves reconciliation of bank statements, taking care of the inventory, receipts, expenses, sales, purchases etc. The online bookkeeping services prepare upto date reconciliation for your financial transactions. With bookkeeping as a service, you can stay on top of your finances:

a) Recording of year round entries for the completed financial year
b) Preparation of Ledger Accounts for Cash, Assets, Sales, Purchases, Expenses
c) Reconcile all bills, receipts and expenses
d) Bank reconciliation statement on current date
e) Track account receivables and payables till date
f) Inventory & stock summary as on date
g) Reconcile fixed assets, long term liabilities and capital expenditures

2. Tax Preparation Service

Companies typically pay an awful lot of amount on tax reports preparation and regulatory reporting. As per SBA, SMB owners spend an average of $12,000 a year on direct and indirect regulatory costs. Over 40% of them spend over 80 hours on their accounting reports.

The online bookkeeping is a welcome relief. It helps companies to prepare their tax reports for federal and state filing with ease. The bookkeeping automation lays the foundation for all the data that needs to be submitted to the government. It helps companies prepare tax reports like 1099s, 1099-MISC, W8 BEN, W8 BEN-E, W9, income taxes, 1040 etc with confidence.

3. Streamlined Automation

The online bookkeeping service works seamlessly behind the scenes to get all your data in sync with your bank accounts, credit cards, bills, expenses and other transactions. You can access the live status updates of all your transactions, tax reports and financial data.

With bookkeeping automation, you can supervise closings, record, reconcile and track transactions to get up to date books each week, month, quarter or financial year. The bookkeeping automation also sets up processes for sending up to date books for the chosen financial period to the designated persons. It creates live reminders for tax and regulatory compliance reporting as well.

Organisations can use bookkeeping software for choosing the right accounting policies. They can opt for industry specific or custom financial reporting as per their needs to uncover business insights.

4. Up to Date Financial Statements

Bookkeeping as a services uses all bank accounts, credit card transactions and statements for the following:

a) Categorizing all financial transactions
b) Reconciling all the bank accounts, credit card and cash payments etc.
c) Track all payables and receivables
d) Prepare the financial statements

The bookkeeping helps companies manage their financial and accounting statements. Once the reconciliation of accounts is done, the accounting software can prepare the balance sheet, profit and loss, cash flow and trial balance reports. The compliance reports for state and federal governments are also done with up to date accounting data.

5. Prepare for Audits

The online bookkeeping and accounting software helps companies build the right systems for financial automation. It helps them with the audit trail of each and every transaction. The companies can use the online services for documentation of expenses, adopting best practices for revenue recognition, streamline operations, cost of goods, R&D tax credits etc.

Companies with strong internal checks and balances have fewer regulatory issues. They have necessary documentation, processes and policies with accounting automation. When companies are growing and operating in multiple jurisdictions, automation is of great assistance.

Businesses can maintain proper R&D tax credits and complete documentation of their financial data using accounting software. It is easier for claim processing, submitting the necessary documentation to back up your claim with the IRS.

6. Tax Expertise & Filing Support

Bookkeeping as a service not only helps you keep your books upto date, but also helps with tax expertise. Kreyon provides assistance for companies to get dedicated tax experts for guidance and handholding support for tax filing. By automation, you get access to all your regulatory reports with the data prefilled with AI based account categorization.

Your business queries and industry specific R&D tax credits etc are discussed and finalised. On average, companies receive higher refunds, faster resolution and more accurate tax filing. This leads to improved business management & compliance with federal as well as state laws for your business.

7. Cash flow Analysis with AR/AP

Managing accounts receivables and payables can have a significant impact on the cash flow of a business. With automation of accounting, companies can manage their invoices, account receivables by setting up automated reminders for payments. The payment collection process can be done online with automation. Late fees rules, taxes and complete lifecycle management of invoices can be done with online bookkeeping.

The supplier supplier invoices, petty cash and expenses can also be done with the bookkeeping software. The payments are reconciled with ledgers real time as per the latest banking feeds. The real time cash flow improves visibility of revenues and expenses for companies. Companies can zone into their financial statements and analyse their cash flow. The financial insights act as levers for defining company policies like imposing late fee on invoices or providing discounts for annual payments etc.

Kreyon Systems offers bookkeeping services & accounting for companies using SaaS solutions. The solutions are geared for increased organisational productivity, accounting reports, regulatory compliance and reliability. If you need any assistance , please get in touch.

The post Bookkeeping Services: Bookkeeping as a Service (BaaS) for Your Business appeared first on Kreyon Systems | Blog | Software Company | Software Development | Software Design.

How to Choose the Right Bookkeeping Software

Kreyon — Tue, 22 Jun 2021 19:52:04 +0000

No one likes bookkeeping. It is a tedious task that consumes resources and quickly becoming outdated. The bookkeeping software is a necessity today, the automation of accounting and bookkeeping can help drive key aspects of a company. The right bookkeeping software can help an organisation keep its accounting up to date and stay on top of their business with real time data.

While accounting software takes care of the basic needs for financial reports like profit and loss, balance sheet, trial balance and cash flow etc. Bookkeeping is the process by which an organisation keeps its record and reconciles data into these reports. Here’s a look at the key considerations for choosing the right bookkeeping software for your company:

1. Automation Workflows

The bookkeeping software is not meant for accountants, but companies. A design thinking approach for bookkeeping software works best for people with a non accounting background. The workflows are intuitive and help people automatically reconcile bank statements, automate bookkeeping and get all their reports inorder with minimal assistance.

The workflow of good bookkeeping software is fluid and doesn’t need any great expertise to operate. Any person should be able to set-up and use the bookkeeping software to operate things. The online support forums, chatbots, tutorials and videos could be used for mastering all nuances of bookkeeping.

2. AI Driven

Artificial intelligence is driving the key software functionality today in most areas. Bookkeeping and accounting are no different. Infact, one of the most crucial use cases for AI is the automatic categorisation of the accounting data. This can help organisations to automate most of their bookkeeping services.

This means that instead of the manual rules and configurations, AI software can be used for categorisation of accounting data. So, the transactions and data can be categorized in an automated way. For e.g. a vendor bill for an expense is automatically categorized in the expenses, with the taxes and refunds updated accordingly. A good bookkeeping software will automate and make use of advanced technology for organisations.

3. Easy Accessibility

The cloud based bookkeeping software allows easy accessibility to company’s data anytime from anywhere. So, when your accountant needs access to finalise accounts, or your employees need to submit bills, they can simply login to the system from anywhere.

The software can be setup and made accessible to the authorised employees, clients, vendors, and accountants etc. It helps create an interconnected system to produce a realtime picture of the business with latest accounting data. The bookkeeping software can be used to manage various locations and departments of a business too. It makes accounting convenient and reconciliation easy. At any given point of time, you readily have the information you need.

4. Import & Export Data

The upto date bookkeeping services ensure that all accounting data is available for the company. So, when you need monthly reports for your revenues, expenses, assets, liabilities, assets or equity etc. You get these reports with all data reconciled till the current date.

The bookkeeping software should also facilitate easy import and export of data for companies. These reports can be emailed automatically at the end of the accounting period or whenever needed for business management. Many bookkeeping softwares provide functionality to automatically link and reconcile banking data. This ensures that all your accounting is done in line with your banking transactions & available in your bookkeeping software.

5. Payroll & Tax Services

Businesses need to be on top of their compliance activities. Whether it is the set-up of employees payroll or processing salaries for them, a good bookkeeping software provides these options. With integration of the banking and payment gateways, the salaries, taxes for federal/states can be automated.

The bookkeeping software provides options for recording all payments to employees, tax authorities in an integrated manner. The taxes are also filed using third party integrations with the IRS.

A bookkeeping software with payroll and tax services is a great need for companies. It doesn’t need separate reconciliation or going back and forth with information of salaries, taxes etc. Everything is set-up and reconciled at one place without any external or manual efforts.

6. Sales & Revenue

A bookkeeping software that provides functionality for client invoicing and collection of payments can record revenues directly. The recurring invoices can be set-up for SaaS based businesses for clients with integrated payment options. Bookkeeping needs an automated way for SaaS companies to reconcile their revenue collections and payables with just in time records.

The automated reminders, reconciliation and tax services can help companies sell their products/services with ease. The invoicing can be set-up as per the applicable laws of the land and jurisdictions. It helps businesses manage things with consistency and simplifies tasks for the sales teams too.

7. Tax Collection & Compliances

A good bookkeeping software takes care of every compliance report, tax inputs, credits, reconciliations and filing taxes for a business. Simply put, it provides everything that is needed for accounting and bookkeeping compliance activities as per applicable regulations.

The tax collections for sales tax can be automated with invoicing and customer payments. The tax liabilities can be calculated and filed as per the due dates for companies. A good sales and tax management system is the backbone of a business. A bookkeeping software that keeps integrated taxes for clients, vendors and employees can handle all compliance reporting. It can be used for preparing and filing tax reports for employees as well as companies.

Overall, the bookkeeping software is a quintessential tool that helps a company run its operations and compliances better. It automates company transactions and prepares accurate data that can be used for multi-state and federal compliances. It allows CPAs and accountants to use data from the system as it is and reduce your dependency on them. A good bookkeeping software reduces the need for hiring accountants, saves time, resources and improves compliance reporting for your business. A good bookkeeping SaaS solution offers an integrated and end to end service for your business accounting.

Kreyon Systems has in-depth expertise in automation of bookkeeping services & accounting for companies using SaaS solutions. The solutions are geared for improved employee productivity, accounting reports accuracy, regulatory compliance and reliability. If you need any assistance or have queries for us, please get in touch.

The post How to Choose the Right Bookkeeping Software appeared first on Kreyon Systems | Blog | Software Company | Software Development | Software Design.