Bookkeeping, traditionally, is an activity that keeps track of a business’ financial affairs by recording transactions and posting the amounts into accounts in ledgers. These accounts include sales, rent, wages, loans payable, etc. Once this is done, the accounting phase begins where an accountant adjusts entries and prepares financial statements and other reports.
- The high cost of traditional bookkeeping
Because data entry is performed by a bookkeeper who manually writes, rewrites and calculates amounts, traditional bookkeeping services are not only prone to errors, but they also takes long hours to accomplish. Hours that translate into expensive operational cost.
A full-time, salaried bookkeeper can cost around $60,000 a year, which is too much for a small business owner to afford. But because bookkeeping is very important to any company, many business owners try to manage their books themselves. This is not a viable option, first, because it takes their attention away from actually running the business, and second, because of the lack of skillset required for the task. No wonder 50% of small businesses fail within the first five years due to poor bookkeeping.
- The cost-effective alternative
Thanks to the electronic speed of computers, as well as the development of cloud bookkeeping and cloud accounting software, many bookkeeping and accounting tasks can now be automated and performed simultaneously online, eliminating the usual errors attached to traditional bookkeeping services, while dramatically slashing costs.
Unlike traditional bookkeeping, cloud bookkeeping allows you to sign up for services that costs less than half of what you would normally pay an on-site bookkeeper. Degünt Cloud Bookkeeping, for instance, offers services from $5 per day (among the lowest rates in the industry).
Additionally, you no longer have to invest in or maintain expensive servers, software or hardware because all data is stored remotely in highly secure servers, while processes are performed over the internet by qualified and certified cloud bookkeepers. You can rest assured that your information is safer than it ever was, and your financial records are accurate and accessible. All you really need is an internet connected device to stay updated with your finances—wherever you are, whatever time of day.
- Don’t be stuck in a rut
When you find yourself spending most of your valuable resources taking care of your financial records, you know it’s time to let the low-cost cloud bookkeepers manage your financial records. With cloud bookkeeping, you can be less involved with complicated processes, such as bank reconciliation or financial reporting, and more involved with your business’ core functions.
Explore Degünt’s value for money cloud bookkeeping solutions here: https://degunt.com/our-service.