Why Hire Online Bookkeeping Services
Despite hybrid & remote work gaining popularity, business owners are still skeptical about hiring virtual assistants, especially in the areas of bookkeeping and accounting. It is true that bookkeeping has a key role to play in the smooth operations of your business. Without the help of online bookkeeping services, businesses won’t be able to achieve the desired outcomes. This article is curated to make you aware of how bookkeeping actually works and why you should hire one. But before that, you need to know- What Really Is Online Bookkeeping? This covers a wide range of online bookkeeping services. Here we are talking about the usual tasks, but for the most part, these services share a few components- Bookkeeping software (Cloud Based) – In general, any online bookkeeping service uses a cloud-based software such as QuickBooks for their needs. The bookkeeper is always with you – Well, not really with you but on your PC. In short, you will be able to interact with them via video conferencing or simple emailing. Your shoe rack is digital – Your bookkeeper will provide you with the necessary tools to digitize all documents so that there is no mess of physical receipts. While the aforementioned components usually go along with online bookkeeping, still not all services are created equal. Now that you have got some understanding of what it really is, let us delve into hiring online bookkeeping services for small business. 1. Enhances Productivity Using virtual collaboration technologies, remote employees can work as if they are in the same office. Let us take an example- remote employees can combine instant chats, video calls, and emails, among other types of online communication. According to a study, those who are working remotely are more likely to put in more hours as compared to onsite employees. Moreover, they are able to facilitate working in other time zones without any loss of productivity. This flexibility ultimately leads to increased business hours, which of course depends upon the online bookkeepers you hire. Additionally, your business will not be hampered by bad weather, as it is quite common with employees working onsite. 2. Highly Scalable Proficient bookkeeping services online can help your business grow. When you first start with a bookkeeper, you will be needing to record quarterly financial transactions. But as your business will continue to grow and become complex, then you will be needing assistance from additional bookkeepers. Here’s what you can expect from an online bookkeeping service- a) Payroll processing b) Weekly/monthly financial recordings c) EER (Employee Expense Reimbursements) d) Filing sale tax returns e) Collecting receivables f) Making payments 3. Access to Global Talent Most business owners don’t even realize how hiring to work on-site severely limits the recruitment process. Moreover, a work-from-home model is needed to gain substantial benefits from tapping international talent, if you deal with global clients. To be really honest, most global clients are interested and more likely to work with companies having diverse talented teams. Making a switch to bookkeeping online services will help you immensely if you are expanding, but not able to accommodate them physically. 4. Guaranteed Security Most business owners are skeptical of employing a bookkeeping service online because of the security concerns. Well, it is understandable, because the nature of financial data is quite sensitive. Moreover, any business owner would want to be extra cautious with your financial information. Therefore, you can get your online bookkeeping services provider to sign a non-disclosure agreement so as to ensure the privacy of data is intact. As remote work has already become the new norm, numerous measures have been taken by companies to ensure the utmost security online. With all such means, the idea of feeling risky hiring online bookkeeping services in this digital arena can only be a myth. 5. Low-Cost Working Model The economical effectiveness of an online bookkeeping assistant is what makes them so popular in this era. Moreover, online assistants help you save hefty bucks, as they don’t need extra expenses on office space and equipment. From sick leaves, and bonuses, to any other employee cost, hiring online employees enables you to save money. Consequently, you will be able to give attention to major parts of your business operations. In addition to that, online assistants allow the employees to save money and spend some time with family and friends. 6. Training Process Becomes Much Easier We all know that recruitment is the first level of the on-boarding process. After that, comes training and companies use different tools or software for that process. That is because new employees take some time to adapt to new working scenarios. If you outsource your bookkeeping services, it will significantly benefit you. Additionally, most reputed online bookkeepers offer NQAIR (No Questions Asked Instant Replacement), in case they are unable to work due to some emergency. Now you will have a new online bookkeeper ready to start in a short span of time. 7. Eliminating Software Version Control There was a time when desktop bookkeeping software was used. You had to purchase the new version each year if you wanted to keep up with the sales tax changes. But with the development of cloud-based software, there is no need to update it manually. Many leading companies nowadays have created a perfect roadmap of brand-new features that are released and automatically updated with little to no human intervention. Tasks That Can be Outsourced to Online Bookkeeping Services Reconciliation of Bank Statements Reconciling your statements including corporate bank accounts can be a challenging task. Especially, if you don’t have experience, then the chances of errors increase significantly. An online bookkeeper can assist you in maintaining your finances with no mistakes. Making Balance Sheets Profit/loss reports and balance sheets are one of the integral financial documents which are very critical to business owners. Moreover, these documents ensure the primal running of the business. Hiring a reputed online bookkeeper will make these documents accessible for review as well as usage at any time. General
Why Bookkeeping For Small Business is Vital (Top 10 Reasons)
‘Bookkeeping for small business’ is just as essential as it is for large companies, yet some business owners still take it lightly. Many mistakenly believe that hiring a bookkeeping expert is an extravagant expense, especially for smaller operations. So, they try to handle it themselves or settle for someone less qualified, not realizing the serious impact this can have on their company’s financial health. Accurate bookkeeping and tracking every dollar are non-negotiable for long-term success, and leaving these tasks to someone inexperienced can spell trouble. The Importance of Accurate Financial Records Only accurate financial records can give you a clear understanding of your business’s financial health. Books of accounts are the first and fundamental step to maintaining these accurate records. You can streamline and optimize your business better when you carefully log every aspect of all transactions in the journals and ledgers on a daily basis without fail. Besides helping you keep an eye on your money and meet compliance, bookkeeping also provides documentation for future reference. For instance, when you want to secure funding for business expansion, investors or lenders may ask for balance sheets and income statements to assess your company’s creditworthiness. Therefore, it makes sense to hire an experienced in-house resource or outsource expert bookkeeping services to help you out. 10 Reasons Why Proper Bookkeeping For Small Business Is Vital Let’s delve deeper into the most compelling reasons to understand the need for proper and meticulous bookkeeping when you are a small business owner. 1. Bookkeeping: The Cornerstone of Business Success Businesses must keep a record of daily transactions. And small businesses should also not put it off until a later date. You can make sure all your customer invoices (accounts receivable) and vendor invoices (accounts payable) are processed smoothly with daily recordkeeping. Also, you can trace all bank transactions without a hitch. You won’t miss out on any credit transactions as well. Accurate and timely financial dealings are keys to trustworthiness in the business world, right? 2. Unlocking the Power of Financial Data When bookkeeping is done correctly, you can assess the state of your business finances in great detail: investments, debt, income, and expenses. You are able pinpoint exactly where your money is going and coming from—and determine whether your business is profitable or not. But it would be difficult to make a fair assessment without all transaction data, isn’t it? Furthermore, good bookkeeping also supports business evelopment. The data mining enables you to observe trends and gain a good understanding of your business’s life cycle. Interestingly, your accounting grows more complex with each phase. 3. Bookkeeping for Informed Decision Making Budgeting becomes easier when you maintain your accounts with proper bookkeeping. Since you have accurate and organized income and expense data at your disposal, you can easily review your financial resources at any given point in time. The budget thus prepared serves as a perfect financial roadmap to plan for future business spending and estimate resources to cover those expenses. 4. Business Tax Filings? Organized Books Come in Handy! All qualified business establishments have to file and pay taxes on received income in the assessment year, as per the applicable laws. Tax preparation and filing can grind you heavily, especially if you’re not an expert yourself or you’re short on time. Many small business owners scramble through data compilation and paperwork when the tax deadline is near. So, why not leave the heavy lifting to a professional bookkeeper to make the entire process simple, easy, and error-free? Some interesting facts about small business taxes: Remember, systematic recordkeeping and well-maintained books help you avoid last-minute hassles and potential tax penalties that may harm your business’s reputation. 5. Improved Compliance: The Role of Bookkeeping Your business may encounter an unforeseen situation, such as relevant authorities deciding to examine your tax filings. For instance, if you’re running a small company in the United States, you could receive a notice from the Internal Revenue Service (IRS) for audit. You’ll have to furnish all the required information within a stipulated time in that case. If your books are well-organized and up-to-date, you can relax. But, if they are incomplete or messy, the auditing process will be unnecessarily prolonged. Also, expect penalties if you’re unable to comply. However, with an experienced in-house or outsourced bookkeeper by your side, you can avoid such situations. 6. Mapping Business Performance with Financial Records Bookkeeping meticulously records your financial activity. Financial statements prepared from this data provide a powerful tool for business analysis. These statements can be created for different timeframes, offering a snapshot of your business health at regular intervals. This allows you to proactively monitor your cash flow (income and expenses), accounts receivable and payable activity, and investments, loans, etc. This help you understand your business’s overall performance over time, be it quarterly or biannually. This financial intelligence empowers you to make informed decisions to drive your business forward. 7. Future-Proofing Your Business with Bookkeeping The best thing about bookkeeping is that it provides you with a solid foundation for detailed business analysis. By meticulously recording your financial transactions, you build a clear picture of your finances in the general ledger. Of course, any missing piece can ruin the analysis of the overall business performance. Keeping books for small business also helps identify areas that need urgent attention. The deep financial analysis enables you to identify shortcomings and take remedial action. 8. Bookkeeping for Business Growth Business owners are always figuring out different ways to grow and keep financial stress at bay. Both tactical and strategic planning is important to best utilize your finances. Proficient bookkeeping takes you closer to your goals. Financial data and other information in your books enable efficient planning and monitoring of efforts that need financial backing. You May Also Like : How Outsourced Bookkeeping and Accounting Saves Your Business Money 9. Building Credibility and Trust Among Potential Investors Looking for investors’ support for business expansion? They will want to look into your financial statements, bank account
Centelli Ranked BEST Robotic Process Automation Technology Company by SME Business News!
It’s official… Centelli is now ranked as the BEST Robotic Process Automation (RPA) Technology Company in UK by SME Business News! *Cue the champagne* This award signifies a huge milestone for Centelli. And it clearly showcases its excellence in quality, service, and execution. “Receiving such a prestigious award is independent validation and recognition of the value that we have been delivering to our customers. It strengthens our commitment to help organisations become more productive by deploying digital workers to take the rut out of routine”, states Aneesh Gupta, Founder. What Makes Centelli a Top RPA Solutions Company Centelli works to free employees from routine and repetitive tasks, enabling them to explore their skills and focus on more rewarding and complex tasks that require their cognitive and creative skills. The company encourages the use of Digital Workers in businesses, enabling employees to focus on more complex tasks. It leads to greater satisfaction for the employee, customer, and the business. This also ensures that employees have the time to focus on more interesting things. For instance, tasks with no scripts and less repetitive actions! In short, Centelli saves companies TIME, RESOURCES and adds to overall EMPLOYEE SATISFACTION resulting in decreased turnover. Centelli’s unique selling point is that its solutions are compatible with any organisation, any business application (including legacy systems), and ensures delivery is to the outcome that the customer needs to realise true value. Here is an example: An employee takes about 4 days to complete a task with an estimated 60,000 mouse clicks. However, a Digital Worker completed it in four hours. Not only does this save time, but it also saves mistakes being made. As more businesses take on Digital Workers, Centelli will continue to innovate and serve customers in an effective and efficient manner. Looking for the best RPA Technology Company to help you with your business process automation journey? Book a Free Consultation to learn how your company can benefit from a digital workforce!
Last Mile Delivery for AUTOMATION
RPA Today – Last Mile Delivery Article PixieBrix and UiPath combined bring a powerful solution to automating business processes. We at Centelli introduced the concept of Last mile delivery for Automation #digitalworkforce to help staff provide better customer experience while improving #employeemorale. Thank you Steve Casco for sharing our combined story with your readers at RPA Today. #automation is about remaining curious and asking questions. What can and should get automated, will eventually get automated. And this does not mean staff elimination but staff augmentation! Provide a #digitalassistant to each of your employees.
Robotic Process Automation in the Hotel & Hospitality Sector
The hospitality industry is finally opening up again. After a year of staying in, people are only too happy to be parting with their money in restaurants and hotels whilst catching up with loved ones. However, the face of hospitality is very different to how it was pre-pandemic. As a result of the furlough scheme and hospitality staff finding new employment, there are now severe staff shortages in the industry. With more of the world opening up each week, the hospitality sector is now scrambling to get processes in place with reduced staff numbers. There are reports that as many as 9 in 10 venues that are now short staffed*. It’s not only due to lockdown, in the UK, Brexit has also had an effect on staff members too. Now that so many of us have renewed confidence due to vaccinations, we’re venturing out again in high numbers. This means venues are booking up, leaving restaurants struggling to cope with demand. All of this leads to increased competition for available hospitality staff. Although two thirds of employers are confident about recruiting and training in time – retaining staff will become imperative to remain cost effective. This is where Robotic Process Automation (RPA) can help. ‘Digital workers’ can continuously work throughout the day. Tasks that are classed as ‘dull’ and ‘repetitive’ are completed with ease. Basic tasks such as email reservations are automatically taken care of, so your staff can focus on welcoming customers back! Here are some of the jobs RPA can automate for you. Leaving the worry of staff shortages out of the running of your business; Payment collection – Collecting payment for pre-paid bookings is now much easier. It can be automated using Robotic Process Automation, freeing up staff time to focus elsewhere Insight – If you’re finding much of your resource is being used to generate essential reports, consider using RPA for this instead. You’ll find the data you require can be pulled together quickly and easily. Contact centre – Routine emails including email reservations, amendments or cancellations can all be taken care of. Any time of the day or night. Finance – Vendor setup and retiral, supplier reconciliation, and revenue postings are some of the financial aspects RPA can automate for your business Projects – We can provide fantastic support for projects. Covering anything from data migration, to rate code setup and user permission management. Easily controlled by you and carried out by our digital workers. To find out more about how Centelli has helped automate processes in the hospitality industry, take a look at our case study for Village Hotels. If you would like more information on how Centelli provides tailor-made solutions, get in touch with us today. Click here to Contact us TODAY! *Figures and information obtained at the time of publishing. https://dailybusinessgroup.co.uk/2021/06/hospitality-faces-growing-staff-shortage-crisis/
Robotic Process Automation in the Supply Chain
Companies across the world are looking at ways to automate core business processes and reduce costs in various departments of their business. It all needs to be achieved with customer service and experience at the heart of the operation. At Centelli, we’ve helped companies improve their supply chains and we’ll show you how Robotic Process Automation in supply chain could help your company. Why might I need to make changes to my supply chain operations? It’s good practice to regularly review your supply chain operations and there are many factors to consider. There is a requirement to keep margins low with cost effective practices in every area of the chain. Not only this, but when you are managing staff, it’s important to challenge and inspire them to do a great job. All whilst providing the top level customer experience you’re known for. Automating processes within the supply chain not only increases productivity, it also removes manual error and the need for re-work. How can Robotic Process Automation improve my supply chain? Hiring staff can be expensive. It takes time to train to a sufficient standard for the smooth running of a company. With the introduction of KPIs as your company evolves, it can become time intensive and stressful. Here are some of the key benefits of employing RPA and ‘Digital Workers’ into your supply chain; RPA can easily integrate into your existing software and applications. There’s no need to start from scratch with the programmes you use Digital Workers are constantly undertaking work, 24/7. This means your company can do the same Time consuming, manual processes become automated. Administration tasks such as inputting purchase orders are easily taken care of Human error is removed from the process, giving you clearer and more reliable data The data you obtain can lead to efficiencies and optimisation throughout the chain Robotic Process Automation can increase your return on investment Will RPA benefit my staff? RPA doesn’t replace staff, it simply allows you to distribute them to other departments of the business. Implementing new programmes and procedures can not only be time consuming, it can also be stressful for staff. We’ve found that introducing RPA to a company’s operation actually helps with staff retention. ‘Mundane tasks’ are undertaken via Digital Workers which increases employee satisfaction considerably. RPA can help grow your value chain, without any costly hiring charges. All of this can be done whilst allowing you to keep ahead of your competitors. How Centelli can help with your RPA requirements For more information on how Centelli can help – take a look at our video on dock door scheduling. Tasks such as managing appointments can be easily automated, using Robotic Process Automation. You’ll see how we’re helping companies across the world by using SMS text messaging and smart conversional AI. We’re using Digital Workers to quickly and efficiently create intelligent solutions. If you’d like more information on how RPA can help your business – get in touch with Centelli today. You can reach us by emailing info@Centelli.com or calling us on +44 7900 232396.
Automating Repetitive Tasks Using Digital Workers
At Centelli, our business is working with you to solve whatever that problem is for your organization. Our customers have seen a step change in customer experience, business performance and employee satisfaction because Digital Workers. Read the official Cobb County Chamber Press Release
RPA In Your Business.
There are lots of ways businesses can benefit from RPA in your business (robotic process automation). Companies around the world are using it and we don’t even realise! It automates your processes and frees up time and resources within your company without significant IT costs. In fact, RPA works with your existing systems and provides rapid ROI. But don’t take our word for it, these are some of the industries Centelli have worked in and optimised processes that have provided tangible benefits. Automotive 91% of companies are now using automation technologies (or Digital Workers as we call them) to increase efficiency and capacity within the business and improve customer service. Our clients in the automotive sector have Digital Workers across Pricing Analysis, Sales Processing, Vehicle Inventory and managing all sorts of back-office processes (such as PO creation & invoicing). RPA in your business, automation can increase output, without hiring more staff. Whilst creating efficiencies that allows your staff to be happier and more productive in their work. Financial Within the Financial sector, RPA automates high values and high transaction processes. This can be anything from loan applications, responding to standard customer queries, and in harmonizing data across various banking systems. We call our automation ‘digital workers’ as they work faster, with fewer mistakes every day of the year. RPA also revolutionizes banking compliance by automating monitoring of key elements across banking systems. Supply chain By introducing RPA to your supply chain, you save valuable time and man-power throughout your logistics operation. You can avoid costly staff recruitment and training, allowing employees to work on other projects across the company. Information such as machine downtime can be monitored and relayed across relevant departments. This means quick communication and less disruption. Some other examples of where RPA in your business has benefited Supply chain include, order processing, invoice processing, shipment scheduling, customer management and customer portal integration. Which all lead to significantly improved customer and supplier experiences, and a happier workforce that leads to reduced staff turnover! Hotels and hospitality We have worked with a number of chains within the hotel industry and are constantly finding new ways to automate processes. Many of the day to day processes involved in hospitality can be undertaken by digital workers. This has been particularly relevant in the past year, where there are added restrictions and safety measures in place. All of which have required additional attention from staff. One of the most obvious ways we can help is by automating jobs such as reservation booking, amends and cancellations. Digital Workers can handle routine jobs like these, as well as collection of payments for pre-paid bookings, rate code set up and supplier reconciliation. Leaving your staff to focus on ensuring COVID safety measures as their top priority. Construction You may be questioning how robotic process automation could possibly help in the construction industry! Construction is rapidly relying on new technologies and RPA ties into this. We have helped companies keep control of their costs more easily, aided tax preparation and onboarded contractors with minimum fuss. Implementing digital workers to help with things like this removes the risk of human error and allows projects to keep on budget. If you think Centelli can help improve processes within your company, give us a call! You can reach us by phoning +44 (0)7900 232396 (UK), +1 678 566 6942 (USA) or by emailing info@Centelli.com.
Preventing RPA Programme from Stalling
Robotic Process Automation (RPA), or Digital Workers, promises to change the world. It is exciting. It has proven itself. Its impact is wide reaching. However, many RPA Programme initiatives stall after the initial stage. Based on our experience at Centelli, there are 3 clear stages in the evolutionary journey once an organisation embarks on an automation journey. Successful organisations can overcome the crisis that follows each stage of the journey. The main reasons that we have seen for RPA transformation programmes stalling are: Sponsorship: Newton’s first law of motion states that a body remains in the same state of motion unless a force is applied. An organisation is no different. For it to change, a force must be applied. The sponsor is the force. More senior the sponsor, the greater the force they can apply. In initial phases, the problem that RPA programme might be solving will could be great enough to make change happen but that change remains limited and localised. Quality of implementation, especially in initial phases: Success breeds success. Initial success is critical. Without that, the organisation will lose trust in the solution and the initiative will be dead in the water. Pick the right processes to automate balancing process complexity with benefit. Ideally, a high volume, low complexity process with high benefit. Of course, life is not ideal, and it will mean striking a balance between these three. Impact: processes that impact customers experience generate momentum that everyone will get behind. If the process does not directly impact customer experience, then focus on employee experience. It is about people: Consider the impact on people that the automation will have. Aim for a positive experience. Don’t forget Polyani’s paradox (we know more than we can tell): There will be surprises in the process and be ready for them. Addressing the surprises will be dependent on the creativity of the team to find solutions and ensuring the process is automated without diluting benefits. Implementation team: the implementation team must be the A-team! They must be behind the initiative completely, not just as a delivery task. The team must have the commitment and skills to make success happen no matter what challenge comes up. Most often, organisations engage partners such as Centelli for the initial phases while they build their own team. Make sure the partner is flexible in addressing challenges / surprises and is 100% aligned with the objectives of the programme. What next? There will be lots of ideas at the start of an initiative. Whilst the initial set of processes are being implemented, the rest of the processes tend to fizzle away. Build a pipeline, engage the organisation through the sponsor to build on the momentum If you’re looking for more information on how RPA can help your company thrive, get in touch with Centelli. Learn about how we’re reducing costs, saving time and removing errors for businesses across the country. Call today on 07900 232396 or email info@Centelli.com.
What Are the Benefits of RPA?
At Centelli, we see companies from a wide range of industries come to us as they begin to understand how they can improve their workflow through RPA implementation. So, what are the benefits of RPA exactly? Read on… Robotic Process Automation (RPA) has become a popular business process transformation tool. As demand for quicker and better service and innovative products continues to grow, companies are relying on technology more than ever. Are you wondering how your business could benefit from RPA or Digital Workers? RPA focuses on automating repetitive, rule-based tasks and is an essential component for many Digital Worker and Intelligent Automation solutions. Top 5 Benefits of RPA You Can’t Afford to Ignore Let’s take a look at some biggest advantages RPA brings to businesses and workplaces: 1. Faster Turnaround with RPA at Work RPA is constantly working, 24/7. Unlike human workers, ‘Digital Workers’ can continue working all day, every day of the year. So, there are no legal working hours to adhere to or unexpected sick days. You can meet deadlines and take on more work, knowing that the automated process will keep working behind the scenes. This will ensure your company remains reliable when it counts! 2. Greater Accuracy; Reduced Business Risk Without the element of human error, you will see a significant reduction in the incidence of mistakes within your workflow. These can often happen when you have many manual processes. RPA removes this risk! However, we’re not saying that there is no place for humans—far from it! By employing RPA, your employees can focus on and make more time for profit driving exercises. All of this, with automation taking care of some of the more straightforward but time-consuming processes. 3. Improved Data Quality: A Critical RPA Benefit With RPA, the data and information you obtain will become more reliable as time goes on. This in turn will give you a better indication of how your company is performing and what changes need to be implemented in the future. The benefit of RPA makes it quicker and easier to deep-dive into previous data. This allows for more instantaneous data-backed reporting and comparisons, something that would take considerable man hours normally. Understand your company’s output in real time! 4. No HR Management Burden with RPA / Digital Bots The great thing about Digital Workers and RPA bots is that they need no management! The Robotic Process Automation (RPA) market is set to expand by USD 37.6 billion from 2024 to 2028, fueled by the demand for cost-saving solutions Source: PR Newswire Want to leverage RPA / Digital Workers to elevate your workflows? Get in touch with Centelli! Discover how our custom-built RPA solutions are removing errors while optimizing costs and time efficiencies for businesses across the USA, UK, Europe, India, and Dubai (UAE). There is less demand on your HR department, leaving them to focus on more important issues within your company. RPA removes the jobs that are often considered mundane, giving your workforce more fulfilling roles and improving the overall morale of your company. This in turn helps reduce staff turnover, which gives a better overall impression of your company and greater job satisfaction for your employees. 5. Improved Customer Satisfaction with RPA Implementation All of these great improvements you’ve made to your processes will lead the ultimate goal of any company i.e. improved customer satisfaction! You May Also Like: Overcoming Automation Implementation Challenges: A Guide Because how your customers feel about the service you offer directly makes a difference and determines if they choose you again. It also affects whether they recommend you or talk about you positively, both online and face-to-face. Therefore, by reducing errors and customer service issues, you’re creating better relationships with your customers. Ultimately giving your company, a great reputation!