2. IT Giants like Microsoft and Google have developed
2
large cloud platforms.
These platforms are relatively cheap or
free for small businesses.
You can share your files on desktop computer with
no extra efforts like sending an email or uploading
to any portal.
3. 3
Small businesses can have space in cloud for free .
Microsoft OneDrive gives up to 15 GB free storage
Google Drive gives up to 15 GB free storage
Dropbox gives 1 GB free storage. You may also get 50 GB
free storage when you buy a Samsung device.
4. 4
How to effectively use these developments to
reduce your business expenses?
Introduce a highly effective accounting
and bookkeeping system at a very
marginal cost.
5. 5
Most of the accounting systems, from small to large are
now provided as SaaS (Software as a Service)
• Small systems like Quickbooks, Xero, MYOB, Sage etc.
• ERP systems like SAP and Microsoft Dynamics
You can also have your own server set up in cloud.
6. 6
There are countries like India providing services of
qualified professionals.
You have been hiring these people and migrating to your
country. But this was expensive and was not practical if
you had only few hours of work.
But now, you can get this job done over the internet
without physically migrating the employee.
7. 7
A general workflow of
Idcrex’s
remote accounting and
bookkeeping services.
8. 8
Let us consider a small business having some of the
below processes
1. Purchases and Payments
2. Sales and Collection.
3. Payroll Processing
4. Bank reconciliation
9. Saves a scanned copy
of invoice on shared
folder or Email to us
9
Purchases, Expenses and Accounts Payable
Client instructs vendors
to copy Idcrex on the
emails with electronic
invoices and statements.
Idcrex records and
uploads the
invoices to the
accounting system.
Forward all the invoices
to Idcrex or save on
shared Dropbox / Google
drive folder
or or
Initiates payment
requests on bank
portal before due
dates.
Client
approves the
payments
Files all the invoices
on to a shared folder
on Dropbox or
Google Drive.
10. 10
Sales and Accounts Receivable
Client provides Sale
Orders, Agreements,
contracts, work order
status, standing
instructions etc.
Idcrex prepares and
emails invoices to
customers as agreed.
Idcrex records
receipts. Sends follow
up emails and
escalates when
overdue
11. 11
Payroll Processing
Client’s employees update
the time sheet on the
accounting system or
email the times sheets
Idcrex prepares and
generates payslips and
emails to the
employees and client.
Client approves the
payment
Idcrex initiates payments
on the bank portal
12. 12
Bank Reconciliation and Tax Return Preparation
Idcrex downloads
bank transactions
to system.
Allocates all the
transactions to the
respective financial
accounts
All regular
expenses
booked from
the bank
statements
Emails
questions if
there are any
unclear
transactions
Client answers the
questions
Idcrex completes
bank reconciliation
Generates, reviews and
sends the tax reports to
clients for filing
Dear Friends, Today we are going to see; How to reduce accounting and bookkeeping expenses by outsourcing through Cloud Computing technologies
IT Giants like Microsoft and Google have developed large cloud platforms. These platforms are relatively very cheap or free for small businesses.
You can share your files on desktop computer with no extra efforts like sending an email or uploading to any portal.
Small businesses can have space in cloud for free . For example; Microsoft one drive gives upto 15 GB free storage. Google drive gives upto 15 GB free storage. Dropbox gives 1 GB free storage. You may also get 50 GB free storage when you buy a Samsung device.
Now the question is; How to effectively use these developments to reduce your business expenses?
One of them is to use it to introduce a highly effective accounting and bookkeeping system at a very marginal cost.
Most of the accounting systems, from small to large are now provided as SaaS (Sofrware as a Service). There are Small systems like Quickbooks, Xero, MYOB, Sage etc. available online. There are also very large ERP systems like SAP and Microsoft Dynamics available as SaaS
In addition, you can also have your own server set up in cloud.
There are countries like India providing services of qualified professionals. Ofcourse, you have been hiring these people and migrating to your country. But this was expensive and was not practical if you had only few hours of work. But now, you can get this job done over the internet without physically migrating the employee.
Idcrex is one of such organization providing remote accounting and bookkeeping services. I will explain to you now how this process works . There may be unique situations and requirements for any specific businesses. What I am going to show you is a general workflow.
Let us think of a small business having some of the below processes like; Purchases and Payments, Sales and Collection, Payroll Processing and Bank reconciliation
The process for maintaining your expenses records will be as follows; If your supplier sends you electronic invoices via email you can ask them to copy Idcrex on those Emails. You can also save the files to a Shared folder on your desktop. Idcrex will record all the invoices to the accounting system. They will also file soft copy of the files on your shared folder. Then Idcrex will initiate a payment on your banks online portal. And you can authorize this instruction before the payment is released from bank.
Similarly, for your sales, you can provide the Sale orders, Agreements, contracts, work orders etc. to Idcrex. Idcrex will prepare invoices and send your clients. Idcrex will make sure that all the receipts are recorded on time and will escalate to you whenever required.
For your payroll, your employees will update timesheet on the system. Idcrex will run the payroll, generate pay-slips and email to each employee. Idcrex will also initiate payment on Bank portal which you can approve.
Idcrex can download all the bank statements from bank portal. They will do all the necessary accounting and discusses with you if there are any questions. This will make sure that your tax returns are filed on- time. It will take only a few extra time from you in the beginning. Like, you may have to set up an online operator/read only access with your bank. Now all banks have this facility and hence should not be difficult. It is going to be very smooth, once the process is in-line
Hope the presentation was helpful. If you want any further details or if you are interested in this services you can directly contact Idcrex.
Email :sales@idcrex.com, Phone :+91 4828 201075 (India), +61 07 30402075 (Australia)
Thank you
