Online Accounting

BooksTime: Online Bookkeeping Services Review

22.12.2021Accounting Blog

Agenda

Accounting in one form or another has existed for a very long time and appeared when people began to engage in trade. If you want to conduct business in an organized way, then you need a bookkeeping system to streamline and track business transactions.

Accounting is an orderly system of collecting, registering and summarizing information about the state of the company’s assets, obligations and their changes with continuous bookkeeping of all business transactions. In simple language, accounting is the recording of all transactions in any way related to the company’s activities.

Competent accounting is very important, both for small private enterprises and for large organizations. The bookkeeper is an important assistant in the company because the success of a business greatly depends on him. It is the analysis of financial transactions recorded by the bookkeeper and conclusions that follow from it that allow the manager to make the right decisions.

Make Decisions Based on Actual Data

Bookkeeping is not only important for calculating taxes but is also necessary if you want to be able to evaluate and analyze your business and make certain forecasts for its development. Having a system for tracking the assets, liabilities, and income of your business allows you to make thoughtful and reasonable business decisions and always have an overview of the business as a whole.

Thanks to a clear, organized bookkeeping system, up-to-date records maintained by BooksTime and timely reports, you can not only analyze the financial data of your company but also help it grow and make a profit. You should know where your company is financially in terms of income and expenses at any time. This will help you better understand what you need to do in the future to maintain this level or to ensure further growth.

Accounting also helps you keep track of who owes you money and what you owe, pay attention to salaries, track loans, attract potential investors, maintain a budget, and provide all the necessary tax data. The leaders of the most successful organizations resort to bookkeeping and accounting services to make decisions not only based on experience and intuition, but also on the basis of accurate data accumulated over a certain period of time.

Bookkeeping and accounting help to make decisions such as whether to purchase equipment or supplies, hire new staff, invest or take a loan. For example, some entrepreneurs try to get a loan without carefully analyzing their payback abilities. If approved by the bank, there is a risk that the amount invested in production will not get paid off. Thus, in the future, they may have difficulties with the repayment of the loan amount.

If the entrepreneur is more cautious, he makes the decision whether to take a loan or not take a loan only after he has enough accounting data. Having received such data, the accountant carries out analysis to see the dynamics of growth and payback abilities of the enterprise, according to which the owner can make the right decision without unnecessary risks.

Prevent Legal Issues

The entrepreneur might not actually realize that something is wrong in the bookkeeping until the first tax audit. There are many reasons for this. Some of the most common cases that carry serious tax risks to the owner of the company (the amounts of which can break a company) include incorrect recognition or lack of properly executed expenditure documents that reduce the income tax base. If there is no properly executed document with all signatures, stamps, with correct dates, it means there is no expense either. So, the tax auditor will simply recount the income tax, which can significantly increase it.

Here is an example of similar cases mentions in BooksTime reviews:

Our company came out of the dark ages finding Books Time. The everyday service demands of our small family plumbing and heating business gave us little time to look at the numbers and make sense out of them. We were lucky to even have a handle on how much money was really coming in and out, let alone how much was really in the bank. Four months in, we now know immediately where our accounts stand and can begin to plan ahead financially. Books Time staff have tutored us through the entire process and every month our confidence in understanding the systems increases. Books Time has helped us get a new grip on our business and organizing us for expansion down the road, as well as streamlined the time we spent laboring through numbers.

Chris Murphy recommend BooksTime.
22 of April

Inaccurate actions of the accounting department can greatly harm the organization when it is checked by regulatory authorities and entail more serious consequences for the business.

Therefore, it is necessary to approach bookkeeping and accounting functions in an organized and professional manner. For companies specializing in bookkeeping, this is the main business process, and they direct their entire resources specifically to developing and maintaining everything on a high level.

For example, frequent changes in accounting and tax laws require constant monitoring of changes. And you, in turn, should provide the company’s accounting department with the opportunity to stay on top of these changes. For this, it is necessary to organize regular attendance of training and seminars, subscription to professional publications, etc. All these investments do not bring additional value to your main product; therefore, you will most often refuse these costs.

For an outsourcing company, the main product is quality services. Therefore, you can be sure that all these training and seminars will be attended by employees of the company and they will know all the changes in the legislation. You, in turn, will receive quality service and decrease the possibility of legal issues related to bookkeeping. In fact, customer reviews demonstrate the fact that since they turned to BooksTime, they never had fines and tax audit penalties.

Thus, probably one of the main advantages of accounting outsourcing is a responsible approach to every task. A full-time accountant can quit at any time, and mistakes in his work may appear later (sometimes much later), so there will be simply no one to blame. In the case of outsourcing accounting services, such problems do not arise. The company takes full responsibility for its work and even if any issues arise, it will do everything possible to resolve them. BooksTime also performs regular checks and audits of its employees to ensure that scam and deception do not sneak into their company.

Attract Investors

We cannot overstate the importance of bookkeeping for business success. Attracting an investor for the development and growth of a business is possible only when you have a working business model, a project for which financing will be provided. Currently, few investors are willing to take risks and invest in an unknown project that does not have guarantees and prospects.

Demonstration of the ability to effectively manage cash flow and, moreover, the ability to protect your business model to the investor is crucial. Thus, you need to have very accurate bookkeeping from the very first day of your business existence. BooksTime can take care of every part of bookkeeping and ensure that everything is recorded properly and in a timely manner.

A business needs to know its value, but its definition can be quite a challenge. Determining the value of an already operating business might seem not so difficult, but in fact, it is not so easy. It involves analyzing income, expected profit and customers, and other factors to determine its price with higher accuracy. That is, there are real numbers that can be used to calculate the market value of a business. This business value will help to determine what part the investor will have in the business.

Besides maintaining your books, BooksTime can prepare necessary reports that will help you prepare a business plan and general overview of the achievements in your business operations that will attract your investors. Along with your reports, you will also get financial forecasts that should be included in your business plan. Remember that if you can visually show why you need additional funds from the investor, your chances of actually getting them will dramatically increase. In addition, investors are more likely to trust the work of a company with a good reputation than full-time accountants.

The owner is responsible for the accuracy of financial information because experienced investors can quickly reveal scams and deception. No investor will give their funds to cheaters or owners who want to embellish any part of their business to look better in the investor’s eyes. Thus, a credible business plan plays a significant role. An entrepreneur will also have a harder time attracting investments or selling a business with a mess in bookkeeping and documents. Reviews such as the one below are proof of this.

I strongly recommend BooksTime. Sonya and her team at BooksTime provide us with the highest level of service imaginable. Since we signed up in 2015, all our finances have been managed perfectly. We never have to worry about accounting or bookkeeping thanks to them. They take care of any requests we have very quickly and always make themselves available for us. They go above and beyond to meet any need we have!
Given the level of service and expertise they offer, BooksTime’s rates are surprisingly affordable. Their hourly rates are really competitive. Also, it seems like they put a lot of effort into working as efficiently as possible, which results in them working quickly and consequently billing fewer hours than we’d expect from a normal bookkeeper.
If you have any accounting or bookkeeping needs, I can’t recommend them highly enough — BooksTime is by far the best option out there. I look forward to working with Sonya and her team for many years to come.

Yuri Nikolski,
CEO of Prosapia Genetics

Thus, besides regularly, preferably once a year, conducting an external audit of accounting records and reports in your company, it is important to turn to bookkeepers and accountants who are knowledgeable, experienced and can be trusted to prevent unintentional mistakes along with intentional scam and frauds. BooksTime customer reviews are the best demonstration that this company meets all these requirements and often surpasses them.

Use Services of Highly Qualified Specialists

Only highly qualified professionals are working at BooksTime. Hiring specialists at this level are either quite expensive or difficult because it is impossible to adequately assess the level of knowledge of an accountant you want to hire. By turning to an outsourcing company, you will be sure that only professionals who are able to cope with a problem of any level of complexity work in this company. Ask yourself this: What is better: when a whole team of professionals works for you or just one person? At BooksTime, there is a whole team of specialists.

Bookkeepers and accountants at BooksTime regularly undergo testing and training to ensure that their skills and knowledge are on the highest level and get an overview of new bookkeeping tools and laws. They also have experience working with various types of businesses, which means that they are more likely to know the peculiarities of bookkeeping in your industry and less likely to miss something or make inappropriate records, reports, and analysis.

This way, you can be confident that you are getting the most out of bookkeeping and accounting, will not run into legal issues nor have unnecessary expenses related to correcting any errors. In their reviews, BooksTime customers frequently mention the high professionalism of its employees, their responsible approach to every detail of the tasks they are entrusted with. Many also note a respectful and considerate approach to every customer and their requirements and inquiries.

The ability to use the services of this specialist for any part of your bookkeeping and accounting needs is also considered an advantage because you can get a custom package of bookkeeping services and will need to pay only for what you need and when you need it. It turns out that the range of issues that can be addressed by an outsourcing company is much broader than that which its own accounting department is capable of solving.

The high professionalism of the company is also guaranteed by its reputation and the numerous positive reviews. If an employee of the accounting department only risks being fired in case of an error in documentation (if, of course, it was an error, and not intentional fraud or scam), the company faces the loss of reputation and, accordingly, loss of customers. In other words, even simple mistakes will be very costly companies such as BooksTime, so every detail is checked several times to eliminate the possibility of errors. Scammers, cheaters, and companies who do not take their work seriously will not last as long as BooksTime has because they will destroy their reputation and lose all their customers.

Optimize Business Processes

Many entrepreneurs believe that outsourcing bookkeeping and accounting will decrease efficiency, as they will have to constantly delve into new features of accounting and analyze the situation. This could not be further from the truth because a number of employees take on the problem and are able to conduct a quick analysis and make an operational decision regarding certain areas of your bookkeeping and accounting. BooksTime guarantees that you’ll be satisfied with the quality of their bookkeeping services or you can get your money back.

Among other things, outsourcing accounting services is also beneficial because you don’t need to worry about work being paused if one of the employees gets sick or goes on vacation. This can happen quite often in your own accounting department, but not in a well-organized company because you to quickly get in touch with another specialist working in this company and give him a part of the work or it will be transferred on your behalf. Thus, the principle of interchangeability eliminates the possibility of downtime and not meeting deadlines.

When your bookkeeping is done by BooksTime, you can stop worrying about making your payments on time and recording them properly. You will forget about running payroll and an expense reporting system will ensure that nothing is missed. Regular asset control minimizes the likelihood of scam. Moreover, you will get reports that will help you to effectively evaluate the success of your business strategies, cash flows and get a visual overview of your operations from the balance sheet and income statement.

Remember that only a well-developed accounting system allows you to have access to the necessary information and systematize it to ensure the management of the enterprise’s economic activities and to make the right management decisions. Thanks to modern technology and the best bookkeeping software at BooksTime, you will know the state of your finances, the number of goods in your warehouses, your current revenue at any time. Your business and settlement transactions will be up to date. The regular financial reports improve the quality of management decisions.

Save on Rental and Equipment

Many companies are faced with the dilemma of deciding how much importance to place on the accounting department. After all, on one hand, raising the importance of accounting they will increase their bookkeeping costs, and on the other, if they downplay this significance, they may face a complete lack of control, which would entail a huge number of errors, legal issues and negative consequence for the business in general.

The fact is that the organization and maintenance of its own accounting department require impressive material costs. The first and most obvious advantage of working with BooksTime: you do not need to maintain office space for the accountant. The purchase of furniture for the allocated room, the necessary computer equipment, software, supplies, and so on that will need to be regularly replenished and updated. Among other things, you will have to pay monthly wages to employees of the accounting department, send them to refresher courses and so on.

A firm that provides accounting services is engaged in providing its accountants with all the necessary conditions for work on its own, while you pay only the result itself. At the same time, companies that offer external accounting, often have professional equipment and software that business owners cannot always afford to buy for the accounting department.

Business executives fear that these savings can end up costing them quite a large sum because such companies can turn out to be scammers and do not want to deal with cheaters. However, proof of the quality and reliability of BooksTime accounting services is a positive experience of customers that are served by BooksTime for several years and their grateful reviews. Moreover, this company guarantees the best prices for all their services in the United States.

BooksTime also has a very informative website that includes blog posts with valuable information about bookkeeping and accounting. Your questions will be promptly answered, and you can also get a free quote and a free consultation. With modern technology development, monitoring of the bookkeeping process remotely will also not pose any problems. In fact, your customers will be thankful that their payments are processed quickly, and no misunderstanding arises along the way.

Ensure Security

With a large increase in the shadow economy and competition, it is rather dangerous to trust your financial indicators and documents in the hands of other firms, this can lead directly to information leakage, scam or due to the simple negligence of employees of an outsourcing firm, important primary documents may be lost. That is why before agreeing to such services, you should check the company for the reliability of the services and here customer reviews will be very valuable.

Since the outsourcer and his client are business partners whose interests must coincide, a legal agreement should be signed to keep secret any information obtained in connection with the execution of the contract, in order to avoid losses and damage to the interests of the client. The contract contains clearly defined obligations of each of the parties and their responsibility for non-compliance with their obligations.

In order to ensure confidentiality, numerous interaction options can be used to prevent information leakage through various channels, including scammers. When you simply hire a bookkeeper, this problem is more serious because he has no interest in the prosperity and development of a particular firm. As a rule, there is a possibility that such a bookkeeper will be pass on important information to competitors during his or her work at your company or after leaving it and cheaters can use it against you.

Quality assurance of accounting services, strict confidentiality and security is of particular importance. At BooksTime, they are committed to ensuring the protection of any information provided by their customers in accordance with the strict internal standards on the protection and preservation of customer information from scam or any misuse that are written in detail on their official website.

Accordingly, you will be working with a company that is honest and open to their clients, since professional ethics are fundamental for them and trusting long-term relationships are the highest value. BooksTime guarantees cover security breaches caused by a flaw in BooksTime’s security systems or negligence on the part of BooksTime that causes you damage. Thus, if you take due diligence on your side, there is practically a zero chance that scammers will get to any of your financial information.

Receive Services Tailored to Your Business

BooksTime has a personalized approach to each customer, regardless of the size of his business. This company values and appreciates each client understands and fulfills all their requirements and wishes. The basic principle of this company is to work with each client as if he is an only client. Service quality is BooksTime’s top priority.

BooksTime offers a wide range of bookkeeping and accounting services. They are quite flexible and ready to create the package of services that will fully meet all your needs and wishes. You will not overpay for services you do not need because the pricing will be calculated based on the tasks that will be performed for your business, whether it is a day to day bookkeeping, monthly reports or one-time service.

When working with BooksTime, customers receive not only operational assistance but also complete confidentiality and data integrity. The employees minimally distract the customer from his business and are always ready for effective contact and provide any report desired that makes perception of all the data as simple as possible and enables them to make the right decision. Transferring bookkeeping and accounting to this company will help to significantly improve the efficiency of the enterprise.

Since accounting is carried out remotely, the exchange of information and documents is done through modern means of communication. At the same time, great attention is paid to ensuring confidentiality. Information transfer to the customer can be carried out in different ways: paper carriers, by email, through certain programs that are developed by technical specialists of the accounting firm and in each case and for each client an individual interaction plan is developed in order to ensure uninterrupted, timely and convenient cooperation.

Every BooksTime customer feels that they are being treated individually and write in their reviews. Here are some reviews that mention it:

I tried out multiple bookkeepers before finding BooksTime with little success in regards to setting up the Quickbooks platform so that it integrates with my Ecommerce site, Amazon and manages my inventory all at the same time. BooksTime took their time to set it up properly, was always extremely communicative, and very thorough in cleaning up the mess I had made along the way. I highly recommend them for your bookkeeping needs and especially for those who have had trouble managing multiple channels and inventory through Ecommerce, retail, direct, etc.

Carrie Forbes
24 of May

BooksTime provides full-service bookkeeping for my company, from payroll and invoicing to bank reconciliation and cash flow analysis. Their expert advice and high-quality work allow me to focus on my business, not the books.

Steve B.
Founder of Icelandic+

Building an effective system that reflects your business operations requires specialists to study its activities in detail. At the stage of concluding a contract for services, a comprehensive analysis is carried out. Employees of the company evaluate the industry specifics, organizational form of the enterprise, as well as determine the amount of the anticipated work and the cost of services. The responsible specialist ensures the collection and storage of information, observing the rules of confidentiality.

Acquire Free Time to Focus on Core Business Activities

You can cross bookkeeping and accounting from your to-do list because now true professionals, whose only task is to keep accurate records of your transactions and make quality analysis and reports. Now, you will have much more time to focus on other tasks that are close to your heart and play an important role in the success of your business.

If you are hesitating about transferring all of your bookkeeping and accounting, you can start small and entrust only some tasks, such as payroll and monthly reports. Reading reviews of large and small companies, who have already taken advantage of bookkeeping outsourcing should also alleviate some of your doubts and fear that your choice of bookkeepers can lead you to scammers or cheaters. Although not every company is honest and professional, there are bookkeeping companies that value their customers and their reputation and reviews below about BooksTime that demonstrate that.

Fantastic company with very smart, customer-oriented people.

Chuck Casto
30 of September

BooksTime is a great bookkeeping service for small and medium businesses. They are professional, efficient and very affordable.
They have clients in many fields of business and these clients all have one thing in common; they are all very happy they chose to use BooksTime.

George Mastaby
15 of November

BooksTime provides a complete set of accounting services for individuals and legal entities and delivers high-quality accounting services, so you can focus your own efforts and save time directly on the core business activities, management system, and business planning while avoiding the solution of routine organizational issues, records of numerous transactions and piles of paperwork. You will not need to spend precious time studying the ever-changing complex norms and provisions of current legislation to ensure compliance and can instead concentrate on the direct development of your own business.

Like any type of outsourcing, accounting involves close interaction between the parties. The organization of the fast exchange of information is given much attention. Thanks to the electronic transfer of documents, you can request all necessary references, an overview of any part of finances, statements, and reports at any time. The system operates in the remote access mode, which fully meets the needs of leading managers of the company and eliminates the likelihood of scam. The transition to outsourcing has a positive effect on the automation of processes and reduces administrative risks.

Get Access to Top Systems

High-quality, effective accounting cannot be imagined without modern technology. Classical paper bookkeeping is gradually becoming a thing of the past. It is replaced by electronic document management. Accounting is improved and automated to the maximum. All this requires functional software and reliable equipment. The most advanced software, strategies, and best accounting practices will be available for your business.

Large accounting companies are actively using modern technology. The use of modern technology in the accounting department ensures the uniformity of operations. In addition, it allows you to quickly process, efficiently analyze, and safely store information. As a result, the risk of accidental errors (or intentional fraud by cheaters), data loss and information leakage is significantly reduced. Modern accounting technologies allow you to securely protect sensitive data.

User reviews can help to choose the best bookkeeping software and programs, but it does not mean that your bookkeeper will know how to set it up or operate. If you are a small business, then the likelihood of lack of knowledge, experience and necessary funds to use the tops systems increases.

At BooksTime, bookkeepers and accountants have experience with various bookkeeping technology from the simplest to the most advanced. Also, besides working with programs you already use, they can suggest and help to set up software that might enable you to better manage your financial operations. Moreover, their stuff already has access to the best technologies, and it will not cost you anything.

Using BooksTime services, you can sleep peacefully because all your financial data will be regularly, safely backed and no matter what happens in your own office, you will be able to quickly restore operations and not even feel a slight glitch in your business processes. You will not have to invest your funds into highly secured servers with the best encryption technology that professional bookkeeping services have.