The cloud is an ingenious creation, thought up and built through a collaboration of thousands of technologically advanced minds and companies. It can do so many things, especially for businesses. One of the places it can do the most good is in a small business office. The cloud allows a small office to rent only the storage space it needs, rather than dumping money into servers and a network. The cloud can quickly become huge corporation technology found in a small office. Here are a few things the cloud can help a business office with, and why the cloud might be the best choice.
For many businesses, accounting and bookkeeping is a difficult part of running successfully, but for all businesses, it is essential. If your current business processes are lacking because of poor financial controls, governmental reporting problems, tax issues, or HR headaches, outsourcing your bookkeeping could be a great way to cost-effectively increase quality and free up time to focus on your core values.
The most important aspect of accounting is accurate and reliable money handling. While you must maintain controls for your physical cash, credit cards and bank accounts, the next level of control is your financial information. Proper accounting promotes positive communication between owners (in partnerships, LLCs and Corporations) and gives all owners (sole proprietors too) the ability to accurately manage employees, payroll, income and expenses.
Of all the things employees rely on you as a business owner to perform correctly, it's payroll. But when you're a small business owner who can't quite justify hiring full-time HR personnel to do tasks such as payroll, the burden and responsibility falls on you. The good news is you don't need to add payroll to your already too-long task list. Here are 3 main benefits of outsourcing this important job to professionals:
One of the challenges faced with a small business is hiring and maintenance of employees. While interviewees may not realize it, interviews themselves are usually awkward and nerve-wracking for the people on both sides of the desk. Jumping through all the HR regulations can also be a nightmare, and why many businesses bite the bullet and hire a full-time HR person to attend to all of that.
However, hiring someone dedicated just to HR can be a hard pill to swallow. Will their benefit outweigh their cost? Will they be able to tell who the good candidates are the same way you can? What about liability?
As we slowly recover from the Great Recession, the businesses still really struggling aren't the multi-million dollar business conglomerates, but rather the small businesses. Those lower revenues mean making difficult cuts, but many of those have already been done, so where does one go from there?
Payroll mistakes such as under or over paying employees or being late with paychecks cost employers in more ways than you might realize. They lose employees’ trust. They lose accuracy in their accounting systems. And they can lose money to IRS penalties. Many small businesses incur payroll-related IRS penalties each year, to the tune of $4.5 billion in 2013 according to the 2013 IRS Data Book. It’s important to establish an accurate and efficient payroll process and avoid common payroll mistakes.