Online bookkeeping gives you real-time access to accurate figures, and custom financial reports, ready for use in making strategic decisions.
Historically, bookkeeping was undervalued. Too often, we see small businesses place unqualified personnel in charge of the books. Now, with modern accounting software, we believe the person coding economic transactions plays an even more vital role. Once these transactions are entered into the software, the software can generate financial reports. But, if the transactions are not coded correctly, and in a way that allows for meaningful analysis, these reports will prove useless or deceptive.
Faulty categorization also produces inaccurate tax returns.
After all, the “DNA” of every business is merely the accumulation of economic transactions that flow in and out of a company’s books. Solid bookkeeping is the foundation of all organizations, from carpentry, to professional football.
Ohio Bookkeeping was founded by an Ohio tax attorney. We believe cloud-based accounting software is a “game-changer” and exclusively use QuickBooks Online, or the more advanced, QuickBooks Enterprise Hosted. In fact, our core bookkeeping service includes a subscription to Intuit’s QuickBooks Online software at no separate charge.
Benefits of our online bookkeeping service
Below, we discuss five reasons to consider our online bookkeeping service: (1) designate a single (remote) accounting platform, (2) improve accuracy and reduce data entry, (3) access custom financial reports, (4) lower human resource costs, and (5) stay ahead, while freeing your mind to focus.
Designate a single (remote) accounting platform
QuickBooks Online is hosted in the “cloud.” Intuit, the maker of QuickBooks, is responsible to store, secure, and backup the data. For small businesses, we believe this hosting service is best outsourced to a large, publicly-traded firm, like Intuit, with their technical expertise and financial resources.
By maintaining your data in the cloud, multiple users (and departments) can instantaneously access the same set of books via Internet connection. All users will see updates in real-time. QuickBooks Online also allows you to designate user privileges; for example, you may want to provide certain employees viewing access but not grant them authority to make changes to coded transactions.
Such a universal platform eliminates much of the back and forth communication and reconciling, which took place before, when financials were stored on users’ personal, local systems. You no longer need to use USB drives to backup your data. And, you can access your books from any location with a cellphone and the QuickBooks Online mobile application.
Improve accuracy and reduce data entry
QuickBooks Online will connect to your bank and credit card accounts and directly upload economic transactions. This ability greatly diminishes the need for mundane data entry, copying receipt figures into bookkeeping software. Also, suffice to say, computers are more accurate than humans when replicating data. As a result, less time is spent on error-correction.
At Ohio Bookkeeping, we believe a highly-qualified person, with an in-depth understanding of tax accounting principles, should be in charge of coding transactions into QuickBooks Online. This person’s work-product will be directly responsible for the precision of figures used in financial reporting analysis and tax return preparation.
Access custom financial reports
Industries and organizations are unique. What matters to a construction business owner, may mean very little to a manufacturer, and vice versa. The factors that make a business work are of unique interest to us, and we strive to create custom financial reports, which give you access to the information you need to make competitive decisions. This process begins with studying your industry and developing a distinct Chart of Accounts, “buckets” to categorize economic transactions in ways that make sense to you as the business owner. Finance is personal. In this role, we hope that you begin to view us as your trusted financial consultant, equipped with the task of helping you succeed.
Lower human resource costs
Finding a qualified, part-time bookkeeper to work as your internal employee is a challenge. Several of our clients tried a number of long-term candidates before deciding to outsource. Note, with Ohio Bookkeeping, you are not responsible for employer payroll taxes related to our services or the costs of other employee benefits, such as health insurance and retirement plans. You simply pay a service fee for work performed. Over the long-term, if you continue with our bookkeeping services, we believe you will see additional cost reduction from the lack of employee turnover in this role.
Stay ahead, while freeing your mind to focus
We offer bookkeeping packages with account reconciliation on a monthly, quarterly, or annual basis. Monthly reconciliation will ensure that your books match your bank and credit card statements each month, which allows you to grab up-to-date reports and assess the financial status of your business. Often in business, you need to move fast. Current accounting books place you in a better position to rapidly secure loans, make offers, and analyze offers you receive from customers or other interested parties.
Opening and running a small business is hard. The vast majority of entrepreneurs did not start their businesses to sit behind a desk and crunch numbers. We believe your time is best spent developing your product or service and building the relationships and awareness required to sell your offering. Hopefully, you started a business, because of your passion, and we want to enable you to focus on the operational tasks you enjoy.
John D. Rockefeller, the oil tycoon and founder of Standard Oil, was the wealthiest American in our nation’s history (adjusted for inflation). He was a bookkeeper by trade.
We are passionate about the importance of intelligent bookkeeping. While our competitors at other accounting firms may hesitate to adopt new technology, Ohio Bookkeeping embraces the age of cloud accountancy. We are exclusively dedicated to serving Ohio’s small businesses. We hope for and welcome the opportunity to demonstrate how our system works. To learn more, give us a call today at (513) 460-7691 for a free initial consultation.