How to save money on accounting?
Updated: Feb 12, 2018
Accounting bills can be a quite significant cost for small companies, but it does not have to be like that. X-accounting will in this blog explain you how you can reduce your bill with up to 60%.
The main difference is that X-accounting provide our customers with the right technology to cut their accounting cost significantly and that we charge our customers per voucher we bookkeep manually or per open post that we reconcile.
How we do it:
First of all, X-accounting uses the full power of the online accounting system 24SevenOffice. We give all our customers a 24SevenOffice account where our customers can invoice and do simple bookkeeping them self. The 24SevenOffice system will help you do your part as well in the following ways:
You will get a dedicated inbox with a dedicated email address where you, or even better your customers, can send you their invoices directly and electronically into 24SevenOffice
24SevenOffice will OCR the invoice
If you or we have book-kept this invoice before, 24SevenOffice will automatically suggest the right cost account for you. This means you will probably only pay us once for manual bookkeeping and repeating incoming invoices
You only forward the invoices/vouchers too our manual service the ones you want too or the ones you find too complicated to do your self. X-accounting charge you $10 per voucher we manually bookkeep.
No more surprising accounting bills. With X-accounting your bill for X invoices will be X times $10
Since you invoice in the same system as we do the accounts, we never have to double punch Invoice information or bookkeep the invoices manually. You will also have more updated accounts in your business.
Live reports and increased control.
Since your business and your accountant work live in the same system you will get an outstanding control of your business. All reports like P&L, Balance sheet etc will be live updated and they are accessible on both web and mobile. All reports support drilldown all the way down to the actual voucher.
Drill down and live reports will be a game changer for your business.
You can also easily bookkeep your outgoing payments and your customer's payment in one easy to use interface where you don´t need to understand debit and credit to get the job done. This saves you money on accounting and keeps your accounts and ledgers up to date, always.
Leave the rest up to us
With this way of working you do what you want your self and leave the rest for us. All our customers do their own invoicing but other than that we have all levels of cooperation:
Some customers only bookkeep them self the invoices that have been automatically OCR read and has a cost account suggestion from the system, and forward the few rest to us.
Others bookkeep all incoming invoices possible them self and keep the ledgers up to date them self.
There is important to mention that there are some vouchers that have to be book-kept manually because they are to advanced for the easy to use customer friendly bookkeeping function. If you make errors in the ledgers etc, you have to pay fees on transactions with checks etc, then the bank reconciliation must be done by one of our professionals. We charge you 5 dollar pr open post that has to be reconciled manually.
Your company will anyway with our concept normally save from 30 to 60% and at the same time gain more control of your business.
X-accounting is a full-service accounting firm full outsourcing of bookkeeping if you want or pick and choose from services like bank reconciliation, Payroll, 1099 reporting, analyses, quality check, etc. This is done with an hourly rate of $60.
A system you can grow with
24SevenOffice is one of the most comprehensive cloud-based ERP systems in the world and a system who supports businesses with hundreds of employees all over the world. Our customers can upgrade to 24SevenOffice Pro version at any time without change login information or import data into a new client. 24SevenOffice Pro provides your business with a powerful ERP system with everything from CRM, Finance and Accounting software, Project Management, Time registration, Reporting and Travel expenses. You have full control over the processes in your business from A to Z – in a single, completely integrated system. (24SevenOffice Pro will cost additional pr user and is not a part of our small business service)