Is bookkeeping a nagging worry stopping you from focusing on key business tasks?

Small business owners have a lot of worries day in and day out, more so in the case of startups. There is just so much pressure on the business owner.  There are almost no small scale businesses that started with a big budget. Most are started on a shoestring budget with the business owner taking on as much work as possible.

When you are very good at one thing, good enough to think you will succeed in starting a business, it is your only focus. It is unlikely that you looked at learning other skills that a business owner would require. One such thing is bookkeeping.

Now as a business owner you have a whole lot of things to do. It is not unusual to find you doing the job of two or more people. However if there is one task that any business owner despises, it is bookkeeping. It is hard to understand, mundane and tedious. This is simply why it is avoided to the very last minute.

How much do classes help?
There are several classes for business owners to learn accounting software. However, only few come out of the course benefiting from it. This is because conventional accounting software is designed for accountants and bookkeepers, not laypersons. So if a business owner has to learn this, it requires a great deal of time and commitment. It is of no surprise that lots of business owners drop out from the course.

Here is what you can do to get a bookkeeper at your budget
There are several BPOs offering bookkeeping services. They are better than your local bookkeeper in so many ways. Firstly, they are cheap. It costs you less than half of what you would be paying for your local bookkeeper. You can pay them only for the number of hours they work.

The quality of bookkeeping services is also very high. This is by far the best bookkeeping solution you could ask for. 

Why choose bookkeeping outsourcing for your business

Have you ever wondered how to save time and costs on your bookkeeping?

There are many possible ways. You could hire a professional bookkeeper. You could go to an accounting firm and let them take care of your monthly bookkeeping. Or you could find a simple bookkeeping software app and manage your bookkeeping yourself.

But with each of these, there are more cons than pros. If the objective is to save costs, hiring a bookkeeper defeats the objective. Usually accountants and professional bookkeepers charge a fortune. If you are a small business owner or a freelance individual, that kind of service might be hard to afford for you.

On the other hand, if you choose to do the accounts yourself with the help of some accounting app, the objective of saving time is lost. True, they might be slightly better than spreadsheets, but with software, you have updates, and other configuration problems. Also, if you are someone without much of an accounting background, you would also not be able to understand a lot of terms used in the accounting software. It would be frustrating to go to the support team for everything and consulting manuals. So now you have effectively spent more time and money than you would have liked. That’s the opposite of what you are trying to achieve!

So is there a way out if this?

With bookkeeping outsourcing, there definitely is!

There are many outsourcing companies in places like India, where you have professional bookkeepers and accountants working for you at very affordable rates. They are trained to manage books of accounts and are acquainted with a lot of software apps.  Because of the difference in currency, you get to save a lot. There is a win-win situation. They get paid and you spend less money and gain more time to focus on your more important administrative tasks.  

Try bookkeeping outsourcing today – you have nothing to lose.

Concept, Meaning And Definitions Of Economics

Concept And Meaning Of Economics

Economics is a social science which studies and explains human behavior. But economics is a new social science as compared to other social sciences. Before 18th century economics was treated as part of Political Science, Ethics and Religion. The 18th century classical economists developed it as a separate social science. Economics is a science in the sense that the economists aim to develop theories of human behavior and to test them against the facts. 

It is customary to begin elementary economic theory with a definition of economics. Nothing, however, is settled by definition. A wide subject like economics cannot be restricted to a boundary fixed by definition. Economics extends to the subjects covered and methods used by the economists. Similarly, it also suggests that boundary of economics changes as the range of subject covered by economists changes.

Definitions Of Economics

The economic science has been differently defined by different economists. Each definitions lays stress on particular aspect of economic activities. The definitions of economics can be classified into three parts for convenience. They are wealth definition, welfare definition and scarcity definition of economics.

1. Wealth Definition Of Economics (Adam Smith)

The earliest definitions of economics were in terms of wealth. In 1776, Adam Smith, the father of economics and leader of classical economist published his epoch-making book " An enquiry into the Nature and Causes of Wealth of Nations",  popularly known as wealth of nations. It is obvious that Adam Smith considered his work to be an enquiry into the nature and causes of wealth of nations.In other words, he treated economics as a science of wealth. His followers like J.B Say. J.S Mill and F.A Walker supported him. J.S Mill defined economics as- " The practical science of the production and distribution of wealth". J.B Say called economics- " The science which treats of wealth". Walker defined it as- " That body of knowledge which relates to wealth".

Adam Smith was concerned with the broader aspects of wealth, the means by which the total volume of production could be increased. This has been a recent aim of economic policy. J.S Mill's definition is wider in the sense that he included problems of both production and distribution. These two factors influence the standard of living of people.

Adam Smith and his followers treated economics as a science of wealth. The term wealth was interpreted in a very normal sense to mean abundance money. It implies that the economists are expected to suggest ways and means of increasing the wealth of a country.

2.Welfare Definition Of Economics ( A. Marshall)

Alfred Marshall, a neo-classical economist, is the leader of welfare definition of economics. A.C Pigou and Edwin Cannan supported his view,The emphasis shifted from wealth to material welfare. It is because wealth is only a means to and end, end being human welfare. As opined by Marshall- " Economics is, on one side, a study of wealth; and on the other and more important side, a part of the study of man".

Marshall defined economics in these words- " Economics is a study of mankind in the ordinary business of life; it explains that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being".

3.Scarcity Definition Of Economics (L. Robbins)

Lionel Robbins gave his own definition of economics in his book " Nature and Significance of Economics" published in 1932. His definition was supported by a long line of economists like Samuelson, Oskar Lange, Stigler, A,p Lerner, Cairncross and so on.

According to Robbins -" Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses".

Supporting Robbins, Oskar Lange defined economics as" The science of administration of scares resources in human society".

The basic propositions of Robbins definition are as follows:

* Wants or ends are unlimited

* Means are scarce

* Scarce means have alternative uses

* The ends are of varying importance.

Are you worried that the bookkeeping costs are no longer manageable?

This is quite understandable if you are a small business owner or a self employed individual. Bookkeeping is simply not your thing. There are so many other things that warrant your attention and expertise, bookkeeping is sure to be last on the list.

There are of course certain business owners who effectively manage bookkeeping along with other tasks. They are perhaps exceptionally good with learning something new and committing to it or they have a lot more time than their peers.  Either way, you can be sure that the majority cannot manage their bookkeeping themselves without making a mess of it.

Hiring a local bookkeeper solves the problem but..
A bookkeeper comes like a welcome relief for someone who has been struggling with the task. All the pain is relived in an instant. The only problem is that the pain is back and more severe when you realize that bookkeeping costs are eating into your profits.

Here is a way to work around this
As unimaginable as it may seem, it is possible to get the expertise of a bookkeeper at a very affordable cost. This is through bookkeeping outsourcing. Do not be scared of the word. There a couple of credible BPOs that offer high quality bookkeeping services at rates that you will be happy with.

Such bookkeeping services will cost you less than half of hiring a bookkeeper in your city. Then there are additional advantages which include flexible hours. You pay only for the number if hours a bookkeeper works. This means you don’t have to pay salaries. Also during peak business season you can have the bookkeeper work longer hours without any hassle.

Bookkeeping outsourcing is definitely the way to affordable bookkeeping.

Concept And Meaning Of Unit Banking

Unit banking has one office. Generally, limited banking services are offered to customers by unit banking organization. Although unit banking organization has one banking office, it can spread cash counters in market place such as walk-in windows, automated teller machines, retail store point-of-sale terminals that are linked to the bank's computer system.
Unit banking is the oldest kind of banking organization most common in the world banking today. One reason for the comparatively large number of unit banks is the rapid formation of new banks. It can be established easily even in an age of electronic banking and mega mergers among industry leaders. Many customers still seem to prefer small banks, which get to know their customers well and often provide personalized services.
Most new banks start out as unit organization, because their capital, management and staffs are severely limited until the bank can grow and attract additional resources and professional staff. Later, they try to convert them into branch banking organization. However, economic and legal barriers to banks expanding geographically into new territory still exist in some places. Yet, most banks desire to create multiple service facilities-branch offices, electronic networks, and other service outlets. In competitive banking market, it is essential to open new markets and diversify geographically in order to lower risk and cost of banking services. If the surrounding economy weakens and people move away to other market areas, it becomes very risky in relying on a single office location, from which to receive customers and income.

Tired of managing your accounts books yourself?

If you are a business owner, you are probably tired of managing your books of accounts yourself. There are several things that you would have to do as a business owner – you have to meet with your clients, stakeholders, work with your staff to get things done – and bookkeeping is at the end of that list. True, bookkeeping is not exactly the most interesting task in the world, but it is important to do this so that your books of accounts are in order and ready by the end of the year for tax season. Otherwise, you are going to have to pay a heavy price in terms of penalty. 

If you are thinking of alternatives to managing your books yourself, the first that probably occurs to you is to find an in-house bookkeeper. It would be great to hire someone else just for this as it is like a huge weight off your shoulder – but then you end up having to pay a fortune for the bookkeeper’s salary. Apart from his salary, there are other overhead costs such as office stationary, computer, software installation, hiring and training and so on. We are talking about a lot of money here. If you are okay with spending so much, you can go ahead, but honestly, is it worth all the trouble?

You could at least look at other alternatives, the best of all being, outsourcing. Yes. If you outsource your bookkeeping to professionals in countries like India, you get unbelievable rates. It is really a win-win situation because of the difference in currency rates. They are happy, you are happy. The only thing you need to wary of is data-security measures. Make sure they have taken efforts such as 24/7 surveillance, privacy policies with employee etc, to protect your data. Once you select the right outsourcing partner, bookkeeping is nothing to worry about. Your accounts would be updated and prepared while you sleep. Give bookkeeping outsourcing a try, you have nothing to lose.