How Small Accounting firms Collaborate Online to build Global Teams

1. HOW SMALL ACCOUNTING FIRMS CAN COLLABORATE ONLINE TO BUILD GLOBAL TEAMS

2. It is not surprising to see many small- and mid- sized business organizations trying new technologies and business operations structure nowadays. The growing pressures of stiff competition, increasing costs of capital investment, demanding higher pay scales, complicated legalities, among a lot of challenges are now affecting revenue and target achievements. Such plethora of challeng- es associated with starting and running a small business including, from devel- oping your products or services to marketing them as well as handling day-to-day tasks. Through all of this, you need to maintain accurate bookkeep- ing, and produce timely reports and financial filings. It is not easy to find and maintain an in-house accounting staff you can trust, and the big firms are expensive and impersonal. Remote Accounting Services are the new age mantra, with many small businesses now opting for it with each passing day. Let us see, how Small Accounting Firms can now collaborate online, and build suc- cessful Global teams.

3. TABLE OF CONTENTS 01 Updated Information & Uninterrupted Work Completion 02 Access to Latest Software and Technology 03 Sensitive Business Data — Confidentiality & Security 04 Pay More Attention to Task List than filling Accounting Records Only 05 Work Collaboration and Coordination 06 Data and Documents at Your Fingertips 07 Expensive Full-Time Employees for Few Hours of Work Every Day! 08 Methods and Procedures — True, Tried, and Tested. 09 Precision Timing

4. UPDATED INFORMATION & UNINTERRUPTED WORK COMPLETION When overloaded with figuring out the next course of action or devis- ing plans for your business, having accurate accounting books & reports is one last task you need to worry about. Pretty much obvious, as a business owner, it’s a priority agenda to be abreast of all budget- ary matters, along with clarity on various taxes, and various govern- ment filings. Hiring an in-house accountant brings along with it sev- eral concerns along with the responsibility for making sure that person stays on schedule for completing such tasks. With remote ac- counting staff, all you need to do is set up schedules for detailed reporting and necessary delivery times. Moreover, there are always reserve or replacement staff employees, which immediately take over in the absence of the person handling your business work. This en- sures your work stays on track, and gets completed on time. Evident- ly, this is not possible with an in-house accountant. Consequently, all your business information and work status continues seamlessly, stays updated in real-time, and meets completion deadlines.

5. ACCESS TO LATEST SOFTWARE AND TECHNOLOGY In most common scenarios, an in-house ac- countant is more focused on his nature of ac- tivities — accounting. A majority of accoun- tants are not pro-level or advanced users with respect to being experts in computing tech- nology. Most wouldn’t know if and when any new updates or special new software applica- tions are available in the market. It is undeni- able that some recent technological advance- ment would increase process efficiencies, which might result in replacing their job posi- tions. Unlike their fear and despise of such sit- uations, a remote staffing service seeks out and implements all latest software, tools & techniques essential to their business. Having prestigious clients like you, is a prime driving factor for such solution providers to seek out any software updates or latest releases, which increase process efficiency and reduce opera- tional costs. Effectively, it is a win-win situation for you as well as the remote staffing solution provider.

6. SENSITIVE BUSINESS DATA - CONFIDENTIALITY & SECURITY Concerning all business operations, nothing is more critical than ensuring safety & security of each bit of information about your business and its finances. The risk of data theft falling into the hands of your competitors or sinister data thieves cannot be guaranteed 100% with an in-house em- ployee. More often than not, such closely trusted sources having access to your confidential financial information are primary causes of data theft; intentionally or unintentionally. However, this isn’t the case with any remote staffing employee, who simply processes data stored on an extremely secure server, locked down using the highest levels of data security. Moreover, experienced remote staffing solutions providers know to keep office premises free of any pen-paper-printer instruments, as well as strict audio-video monitoring of on-floor employees, as well as strict Internet usage guidelines with restricted access to any unnecessary web- sites, which has no relevance with the client’s work or tasks list. Moreover, the remote staff will never ask for or send you any documents via email, and use only those tools agreed to work with for transferring any sensitive information safely between your and their office.

7. PAY MORE ATTENTION TO TASK LIST THAN FILLING ACCOUNTING RECORDS ONLY Only Accounting is not your primary source of income, but a part function from a vast array of business functions that run your firm. Be it food service, consulting, or design industry, accounting runs all other functions of your business, and thus helps fetching your revenue. Instead of focusing on the operational functions of your business firm, trying to setup and maintain accounting staff involves added responsibility of hiring, screening, training, etc. about your type of business. Such extra workload robs you of precious time, energy, and ideas you could utilize in other aspects of running your firm. Consider remote accounting solutions, whose sole focus managing accounting aspects of a business. A team of experts is assigned tasks according to their skills, competencies, and experience, which are trained to handle and execute any accounting tasks quickly, effortlessly! Giving you more freedom to focus your energies to planning and managing other important areas of your industry. and experience is

8. WORK COLLABORATION AND COORDINATION With an employee who isn’t working in your office premises, coordination and cooperation between both the parties becomes quite a ponderous task. Usual- ly, they’re either located in much far cities with some time zone difference, or halfway round the world where your day is their night, and vice versa. The benefits of having the latter kind of arrangement ensures that when you step into your office next morning, all your pending, assigned work is completed and ready as per your requirements! This saves you valuable time, and you have completed work tasks at the beginning of every day, rather than in the late hours of each day!

9. DATA AND DOCUMENTS AT YOUR FINGER- TIPS Maybe some days, you might be travelling to far off locations for business purposes. Having all your accounts work within your office premises limits your access to critical information when needed. With a remote staff employee, you get 24x7 accessibility to all your data from anywhere, anytime if you have internet access. There’s no way you can have this convenience from an accounting firm, or your in-house accountant on a Sunday night.

10. EXPENSIVE FULL-TIME EMPLOYEES FOR FEW HOURS OF WORK EVERY DAY! Being a small business firm, there’s a limitation of resources you can deploy for each function of your organization. Having more personnel for tiny tasks results in too much cash outflow in the beginning than necessary leading to reduced revenue and lesser profits. Not only are your bearing their salary, but also payroll taxes, benefits, and training, along with infrastructure including office space, desks, phones, computer hardware and software, and much more. For an initial startup, you should calculate all the unnecessary additions to the workforce, which is not contributing materially to the process of growing your business and your revenue. With a remote staff personnel, you only need to pay for the number of hours they have worked for, to process and complete your office’s work tasks. Nothing more, nothing less. In fact, it costs you effectively much lesser than having a part-time in-house employee!

11. METHODS AND PROCEDURES - TRUE, TRIED, AND TESTED Starting your own business, involves setting up an ac- counting system with cus- tom-tailored methodologies, which is time consuming, and risky for a fresh organization. Furthermore, in-house accounting profes- sional would be tedious, as they would more likely brings in certain styles of working, and methodologies they have learnt from their previous organization. With a remote staffing solution provider, a team understands and acts exactly as per your require- ments and guidelines, since they have already completed relevant research, and have company policy and procedure manuals, checklists, and controls specific to your organization. You get the benefits of gaining best key practices, including consistency, accuracy, and timeliness, which they have been providing flawlessly over the years. Be it restaurant business, a law firm, or a design shop, you need the freedom to divert all your strength and energies into your core expertise, but not accounting all the time. A seasoned remote staff ac- counting firm is well versed with all standard accounting practices, laws, and tax regulations. They also have experience in dealing with any possible financial situ- ations or issues, which could arise for your company. All through their stringent selection process for selecting the right professionals for the right job. recruiting an

12. PRECISION TIMING At sunrise each day, your regular pre-set day schedule begins when you enter your office, and after a few long hours, it’s almost end of your work- ing day. You surely do sometimes feel the hours aren’t enough. Having remote staff working for you, while you are away from office, between the precise timings of sundown and sunrise, work progressively for your firm in having completed work the next day when you step into your office premises. This precision setup is worth more than all the time, money, and efforts it might take to have more local staff working for you all d ay long! This is one of the prime reasons a lot of small- and medium- sized businesses are relying on remote staff since, in a way, there’s twice the output of precision qualitative and quantitative work results in a single day. A team of experienced professionals cleanly and accurately manages your bookkeeping, monthly basis of closing accounting books, filing busi- ness returns on time, as well as closing books before the end of January each year. Along with error-free, timely filings, remote staff adds value to their services by providing you with a list of every deduction you’re enti- tled to, including some you may not even have noticed during recent tax law updates!

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