You only get one opportunity to make a great first impression. These words have rung true for customer service departments for decades. But what is good customer service? How do you create a process that guarantees you make that good first impression every time? Good customer service is the quality of timely assistance provided by a business and its employees to those who use or buy its products and services. More importantly, you provide an encounter that adds to the overall customer experience.   It sounds simple, but offering quality support is often overlooked. As a result, many organizations cannot meet the standards that their clients and users expect. Therefore, providing excellent customer service is a way for your business to differentiate itself from the competition.

Know Your Products

To offer your customers excellent support, you should first make sure your team is knowledgeable about the entirety of the products and services you offer. With this knowledge comes great responsibility. Therefore, it is essential to equip your staff with the power to fix the customer's problems on the spot.  Ideally, your customer support employees should understand your product or service's specific features, advantages, and limitations.  It is vital to create a process, so team members are constantly learning and improving their craft. Provide regular training sessions on common questions, pitfalls, and good listening skills for your staff. You could also provide monthly huddles so team members can introduce unique problems to the group.  The most important method to improve your employee's knowledge is developing a schedule and sticking to it. Many businesses spend a lot of time and energy training their employees to provide excellent customer support because this is the best way to ensure that customers will return.

Know Your Customers

Put your customers first, always. Customer-centric companies are on the rise, looking for people driven to deliver a truly exceptional customer experience or CX. According to recent research from Deloitte, companies that utilize a customer-centric approach are 60% more profitable than organizations that don't. Therefore, having poor customer support is costing your business money.  To put your customers first, you first need to understand them. Do you know what your customers need and what drives them? There are several techniques to get to this critical information. The first and easiest is to ask your customers questions.  Find out what they like or dislike about your product and how you can knock it out of the park for them. You can engage with your customers on social media to ask these questions, discover their buying trends, or just read their comments on a particular product or service. Finally, a great way to get to know your customers is to release a survey. Customer satisfaction surveys can be an impactful strategy for finding out your customer's main issues, the best solutions to these concerns, and other feedback that wasn't even on your radar. Remember, brevity is your friend in creating a successful customer survey. Keep questions concise and straightforward. The survey's main goal is to receive as much accurate information as you can. Therefore, use multiple-choice questions, true or false, with a few open-ended questions where customers can provide more specific information. 

Respond Quickly

According to customer retention statistics, 66% of individuals state that valuing their time is the most important thing a company can do to provide an excellent online customer experience. Efficiency is key.  Customers want answers to their problems right away. They could be in the middle of their workday waiting on valuable information from you, so the faster you can remedy their obstacle, the better experience they will have. If you cannot respond right away, you could set up an autoresponder that will confirm that you received their message. Include links to FAQs in this correspondence. Even though you can't help them out right away, the customer knows you got the message, and that help is coming. The faster your team can respond to customer needs, the quicker your user base learns to trust your organization. The worst-case scenario with slow response times is that they can negatively impact a business' bottom line for years to come.

Build Trust

The most critical element in providing good customer service is to build a relationship and trust with the customer. The only way for this is to deliver a human connection, not a machined response, or repeated handoffs among team members. Personal interactions let the customer know that you genuinely care about their experience. Allow your customer service representatives to show some of their personalities. Since customers want to work with other humans, don't let conversations solely be about business. Be friendly, helpful, funny, and try to get to know your customer. A little personality goes a long way in building trust and overall brand loyalty.  According to Microsoft, 90% of respondents indicated that customer service is the most important aspect of loyalty to a brand.  Overall, customers still care about the price and quality of products and services; at the same time, consumers would instead encourage companies that focus on their experience while providing value beyond their initial purchase. The Microsoft data also indicates that poor customer support leads to consumers going to other brands (56%). In comparison, good customer service leads to higher brand loyalty and more return customers.   By providing intuitive software in addition to our unmatched customer support, FINSYNC takes the confusion out of accounting services for your business. 
The Covid-19 crisis has created unprecedented opportunity to launch a virtual accounting practice. With the pandemic of Covid-19 and the Federal Government's response to an economic downturn expected to dwarf the sub-prime crisis of 2008, there has never been a better time for accounting professionals with the right skills to help get the nation back on its feet.

Tidal Wave of Applications for the SBA Paycheck Protection Program (PPP) Expected

Ask any small business owner what's on their mind in the midst of shelter-at-home, and their responses will be similar. The health of their family followed very closely by the health of their business. With shelter-at-home keeping consumers from purchasing goods and services across so many industries, unemployment rates have already skyrocketed. The CARES Act, and specifically the PPP, could not come sooner. However, not unlike the fiasco, there is already confusion about how to apply to secure the financing. With PPP, a business can secure financing that becomes a grant. As long as the business continues to pay employees in accordance with the program's requirements, the government will forgive the loan. Free money. What business owner wouldn't apply? The opportunity is fantastic, but the application process leaves a lot to be desired. The forms and documentation are so complex that a small business owner without a strong financial education has little chance of completing them correctly without assistance. An incorrect application could lead to delays in receiving the loan deposit of several weeks. Businesses who complete the form correctly the first time can have funding in as few as 2 days. A very high percentage of 30,000,000 small businesses will apply for this program in the coming weeks. That's where you come in.

The Crisis is Unprecedented, the Method of Work is Not

How do you serve small businesses in this time of need? Virtually. The market for professional services has been trending towards virtual services for some time. Business owners have used virtual services in marketing technology through publicly traded companies such as Upwork and Fiverr for quite a while. Businesses use Uber to navigate business trips. FINSYNC has developed its Services Network specifically to solve the need for professional, vetted financial assistance for US-based companies. Businesses simply request services through the app, and, based on their needs, get matched to the professional best suited to their requirements. That professional could be you.

The Tools Are Readily Available

While taking first steps into the virtual, gig-economy may seem frightening at first, it's a lot more personal than you might think. Google, Zoom and others provide free tools for video conferencing. FINSYNC service providers have access to its business software that includes Payments, Accounting, Payroll, Projects, and, most importantly in the current economic climate, Cash Flow Management. FINSYNC also makes its services portal available so that you and your new business customer can communicate virtually, with activity tracking, commenting and document management all simplified and at your fingertips.

Get Started in VIRTUAL ACCOUNTing

To get your virtual accounting career started, simply complete your 10 minute application.  There's no cost to apply or become a FINSYNC Specialist. You'll be paid via direct deposit for your work helping businesses navigate the SBA application process. You'll also have the opportunity to earn future work when normalcy returns to the economy and businesses need all your other amazing skills!
Learn how to hire a bookkeeper that will help improve your company’s finances so you can get back to running your business. By FINSYNC  You look around, and suddenly your small business isn’t that small anymore. Maybe you have several employees, a big warehouse to manage, or a lot of online orders to tackle. Meanwhile, you’re spending all of your time managing the company’s books. The bottom line is you can’t do your own bookkeeping anymore.  How do you find a bookkeeper that will take over the job as seamlessly as possible? We’ve got a few tips.

Map Out Your Bookkeeping Needs

It isn’t always as easy as “I need someone to take care of my books.” Ask yourself what kind of services you want your bookkeeper to perform. Their responsibilities often stretch beyond simply keeping the books in order. Decide if you need help with:
  •     Invoicing
  •     Projects
  •     Bill pay
  •     Payroll
  •     Reporting
It would help if you also mapped out how many transactions your business has during a month. Figuring that out, together with the bullet points above, will give you an idea of whether you need a full-time bookkeeper or not. It might also help you decide if you want to work with a freelancer or hire a bookkeeping firm.

Freelance or Firm

The next thing you need to think about is whether you want to hire a freelancer or work with a firm. The latter is typically the more expensive option as firms have higher overhead costs than freelancers.  However, firms also tend to offer a wider range of services. They can offer services outside of typical bookkeeping tasks because they have specialists in other areas.  With bigger firms, you also don’t have to worry about your bookkeeper being unavailable, as there’s usually another bookkeeper that can step in. But you might end up working with multiple people, which isn’t ideal. By going the freelance route, on the other hand, you might have more control over what type of person you work with. After all, bookkeeping for eCommerce isn’t the same as it is for a flower shop or dentist. You need to find someone who has experience in bookkeeping for your industry. And you might have better luck finding a niche specialist if you do the research yourself. There is, however, a third option. You can use a network of vetted professionals (like FINSYNC) to find the right type of bookkeeper for you. The FINSYNC Network is full of bookkeepers, accountants, and other financial professionals that have been carefully interviewed and vetted. So you get access to a talented financial professional that’s best suited to help your business grow.  Regardless of what route you take, your bookkeeper should have the following qualities:
  •     Attention to Detail
As someone who will be the only one handling every transaction in your business, your bookkeeper must have the ability to spot errors and inconsistencies.
  •     Good Communication Skills
Despite what some may think, bookkeepers should be good communicators. They must be able to ask for any information they need to do their job properly, be it from external vendors or from someone on your team. Your bookkeeper should also help you make sense of the end-of-the-month reports they produce so that you understand how your business is doing financially.
  •     Experience in Your Industry
We said it once, and we’ll say it again. If you want someone to help your business from day one, you need a professional who understands the different terms and insider aspects that come with your industry. Ask for references!

The Practical Aspects of Hiring a Bookkeeper

There are several other things you need to figure out before hiring a bookkeeper. These considerations will make an easier transition when the bookkeeper starts working with your business.

Paperless Office

Is your bookkeeper going to work remotely 100% of the time, or will they come into the office? Although the latter gives you some room to keep paper receipts at the bottom of your drawer, digitizing everything is the best option in the long run. Digital documents are easier to access, less likely to be lost or destroyed, and your team can access them from anywhere in the world. These days, both freelancers and firms encourage their clients to go paperless, so you might consider starting now.


Make sure the bookkeeper you’re considering has experience working in your bookkeeping software. Each solution has its own processes and shortcuts that are important to keeping your books in order. The FINSYNC Network is full of professionals that are certified on FINSYNC’s all-in-one accounting software to ensure you have a smooth transition. Read about Jennifer Brenner's story as a certified FINSYNC bookkeeper. Ultimately, the type of working relationship you have with your bookkeeper will depend on the size of your company, your plans for growth, the level of reporting you want, etc. Check out FINSYNC's network of vetted professionals to find a bookkeeper that’s right for your business.
The relationship you have with your bookkeeper is crucial to the success of your business. Follow these tips to learn how to best work with your new or existing bookkeeper. By FINSYNC  Many small businesses grow to a point that DIY bookkeeping will no longer cut it. Hiring a bookkeeper can take many time-consuming tasks off of your plate, and provide financial expertise that can help your business grow.  However, poor communication and processes can lead to confusion and added work for you. If you’re just starting to work with a bookkeeper or are looking to make your existing relationship more effective, make sure you’re getting the full value of your bookkeeper by following these best practices.

Be Prepared for Every Meeting

Prepare well before each meeting with your bookkeeper, especially if it’s the first meeting. That means organizing (and potentially digitizing) any receipts, letters, or other documents that you will hand over to your bookkeeper. Not only does this show respect for their time, it will save you money if you’re paying your bookkeeper by the hour. If you’re unsure what your bookkeeper needs, ask them.  If you’ve been working with your bookkeeper for a while, set some time aside beforehand to go over any changes that happened in your business. This includes any planned changes or business development opportunities you’d like to pursue. We’ll talk in more detail about that later in the article.

Clear Communication is Key to work with your bookkeeper

Your bookkeeper is the financial window into your business, so it’s crucial to communicate with them often. At the beginning of a working relationship, it’s best to meet face to face. If it’s not feasible because your bookkeeper works remotely, schedule video calls. Every two weeks is optimal.  Once you’ve settled into a routine, you should meet with your bookkeeper at least once a month (virtually or in-person) to go over the monthly reports. If you have any questions, this is the time to ask them. A good bookkeeper should not only provide the reports but also teach you how to understand them. After a while, you should be able to work with the reports mostly on your own.  In the previous section, we mentioned talking to your bookkeeper about what’s going on in your business. The most helpful tool you can use for this conversation is a business plan. If you communicate to your bookkeeper where your business is heading, the two of you can better discuss different scenarios and possible problems that might arise. Your bookkeeper can also help you focus on measuring the right KPIs (key performance indicators).

What Your Bookkeeper Should Deliver to You

Exactly what you will need from your bookkeeper will depend on your company, but the most important reports that every bookkeeper should give to you at the end of the month are:
  •     Cash flow statement — shows how much has been spent and earned, plus a prognosis for the next three to six months
  •     Balance sheet — a snapshot of the financial situation at the end of the month
  •     Income statement — shows revenue and expenses for the month
If you’re preparing to raise money or apply for funding, your bookkeeper can also help you with any financial documents you might need. The FINSYNC dashboard can provide access to these reports as well to keep you and your bookkeeper updated and on the same page.  Other tasks that your bookkeeper can help you with include:
  1. Monitoring fixed assets
  2. Overseeing company debt and compliance with debt agreements
  3. Preparing information for and assisting in the annual audit
  4. Making annual budgets
  5. Complying with local, state, and federal government reporting requirements

What Your Bookkeeper Needs From You

Here is what your bookkeeper needs from you in order to do their job in the best way possible:
  •     All incoming bills. This includes invoices from creditors, office supplies, insurance, utilities, equipment repairs and maintenance, etc. In other words, anything that your company has purchased on credit.
  •     Customer invoices. If your bookkeeper also does the invoicing for you, you can skip this step. Otherwise, you’ll need to provide them with any invoices you send to your customers.
  •     Any receipts for cash payments you’ve made in your company’s name.
  •     All of the details about salaries. This includes wages you’ve taken out for yourself and your staff, in addition to all time sheets. 
  •     Bank statements for every account connected to your business. If you trust your bookkeeper, you can provide them with access to your bank to get the statements. Even if you connect your accounts to FINSYNC electronically, you’ll still want to provide PDF statements so that your bookkeeper can complete the account reconciliation.     
  •     New lease and loan agreements, and updates on the existing ones. 
If this seems a bit overwhelming to you, don’t worry. A professional bookkeeper, which you can easily find through FINSYNC’s Network, will let you know what they need way in advance. Building a solid long-term relationship with your bookkeeper will take time. Schedule frequent meetings, even if they’re over the phone or video conference. If something is unclear to you, ask questions.  Communicate any changes you plan to make in your business early. The more information you can provide to your bookkeeper, the better they can help you understand your business from a financial standpoint.  Need help deciding if your business is ready to take on the task of hiring a bookkeeper? Find out.  Get the right person at the right time with FINSYNC's service network.
Bookkeeper Linda Cappadona shares tips and recommendations for small business success by discussing bookkeeping for beginners. By FINSYNC If you’re like most small business owners, you probably don’t enjoy pulling monthly financial reports and managing things like payments and bank reconciliations. If you did enjoy these things, you probably would have opened an accounting firm. Nevertheless, managing your small business finances is something that you have to do if you want to stay in business. At FINSYNC, we’re committed to helping your small business succeed and know how many business owners struggle with bookkeeping.  We turned to Linda Cappadona, a bookkeeper in the FINSYNC Network, for bookkeeping tips and insight into the best ways to keep your business in the black.

Don’t Neglect Bank and Credit Card Reconciliation

Think of bank reconciliations as balancing your business checkbook. It’s how you verify that the funds going in and out of your bookkeeping solution coincide with the funds going in and out of your bank account. According to Linda, “The best place to start is by reconciling your bank and credit card accounts. That covers everything you’ve ever done because everything feeds either through a bank account or credit card. If you can do that, it gives you a really good sense of where your money is going.” Start from your beginning balance and reconcile to the end of the month, every month. If the closing balance in your accounting software doesn’t match the closing balance of your bank account, then you need to find out why and make a correction. If you don’t conduct bank and credit card reconciliations, you won't be able to discover what’s causing the discrepancy and fix it.

Build a Payments Rhythm

The second rule of small business bookkeeping for beginners is to build a payments rhythm. Don’t push data-entry and reconciliation tasks off because it’s tedious and time-consuming. It’s crucial that you review your books at least once a week.  It can help to set recurring calendar events and automate processes wherever you can. One way to build a payments rhythm is to automate your bookkeeping to ensure your books are always up-to-date.  Falling behind on bookkeeping can create a mess and problems become more difficult to undo. At the very least, make sure you always keep accurate and consistent records.  “Before a bookkeeper comes on board, if you aren’t reconciling your transactions and bank accounts, you need to keep good records,” says Linda. “When you start a new business and are moving in a hundred different directions, that can be difficult.” 

Make a Category for “Ask My Accountant”

Once you have an accountant on your payroll, it’s important that you utilize them. Make a category for “ask my accountant” and keep them busy with questions. It’s a good idea to file any items you aren’t sure of into this category as they come up. That way they don’t slow you down when making payments or running reconciliations.  Then, at the end of the month (or sooner) you can bring all of your questions to your accountant’s attention to get the answers you need and broaden the conversation as to how you can mitigate inefficiencies and improve your business finances.

Hire a Bookkeeper

At some point, your books will become too complicated and time consuming for you to handle. A pro can help you categorize, process bank reconciliations, prepare sales invoices, enter purchase invoices and help you choose the right accounting software for your business.  Most importantly, a professional bookkeeper will understand what is legal, what is taxable. Also how to organize your accounting solution to maximize efficiency. Researching and learning these things yourself can quickly consume all of your time. According to Linda, “Trust is the main reason business owners are gun shy of hiring a bookkeeper.” She advises business owners to get references, only hire from a reputable company, and don’t hire the cheapest person out there.  “Remember, a good, ethical, trustworthy bookkeeper can streamline your business and monitor your spending habits while keeping an eye out for fraud or unusual activity, and in turn ultimately save you money,” she says. FINSYNC’s Virtual Assistance Network is staffed by skilled bookkeeping professionals like Linda Cappadona. Her role is to help you keep your books on track and improve cash flow management.  Tapping an independent financial professional through FINSYNC’s network can help your business run more efficiently. Without sharply increasing your labor costs or investing time to go through a lengthy employee search.  Here's a refresher on 5 differences between an accountant and a bookkeeper.

Choose The Right Bookkeeping Software

The key to selecting bookkeeping for beginners software that will provide the greatest benefit to your business is finding a software that takes a centralized approach to payments and helps you manage cash flow with less time, effort and cost to your business. FINSYNC is the only all-in-one payments platform that can help you keep your business finances in sync, centralize control of cash flow, and connect you with the right financial professional at the right time. “FINSYNC has a really good platform for projects,” says Linda, adding, “I actually like the FINSYNC platform better than QuickBooks.” “A business owner can easily get on the FINSYNC platform and see where everything is,” says Linda. “They can see where their money is going, where they need to cut back, and they can access reports. Such as Profit and Loss and Balance Sheets. As a business owner, that is what you should be focusing on.”   If you’d like to get more advice on bookkeeping for beginners or see how a bookkeeper can use FINSYNC to help improve your business, connect to the FINSYNC Network.
Learn how bookkeepers and accountants can increase business with better cash flow advisory practices. That way more value is delivered to clients. By FINSYNC Thanks to sophisticated Fintech software like FINSYNC, repetitive tasks like data entry have become virtually obsolete. Accountants and bookkeepers can stay relevant and win new business. They can strengthen their brand by offering new, more strategic and value-added services. Cash flow advisory services are a major opportunity for you to position your business as a partner and financial expert. That way your clients can rely on for services that tap into your technical knowledge and ultimately provide valuable insight.

Why Cash Flow Advisory as a Means to Increase Business?

Repetitive tasks were likely a big part of the services you offered in the early days of your business.  More strategic services like cash flow advisory were probably reserved. For example, when your clients had sudden fires they needed help putting out. Now, integrated Fintech software helps businesses streamline and automate many of these more routine accounting services.  The benefit of integrating payroll, invoicing and other administrative tasks is the data that comes out of it. Analytics and projections provide insight for cash flow management, payment schedules and long-term planning. This opens up an opportunity for more proactive cash flow advisement. Helping your clients make better decisions for their overall business growth. As a financial professional, you have valuable access to client data. In addition to wealth of experience from which to draw insights. Cash flow advisory allows you to put those skills to use in more strategic ways. Especially now that the industry is shifting away from tasks that can be automated.  The data that your clients’ Fintech solutions generate allows you to start conversations around better financial management.  Helping you sell your expertise before potential problems arise.

Cash Flow Advisory Services to Focus On

Consider which cash flow advisory services would be right for your business. Do this based on your experience and the data that you have access to. These choices will help you determine how to brand your bookkeeping or accounting business. To be able to reach new and existing clients looking for more strategic accounting help. Consider the issues that your current clients are facing. What services would they benefit from the most? Here are some of the best opportunities available to you:
  • Cash Flow Forecasting: Annual or periodic forecasting is a great way to learn from past business trends and add consistent value by helping your clients stay ahead of any potential cash flow issues.
  • Cash Flow Management: For shorter periods when cash flow may be a higher priority, or during specific projects that put a strain on finances, helping your clients manage their cash flow can be an invaluable service. 
  • Opportunity-Based Cash Flow Projections: Running projections for specific scenario planning such as capital expenditures, hiring and more can present your clients with options when making critical business decisions.

FINSYNC Supports Cash Flow Advisory Services

Advisory services help leverage your specific expertise. They will also be significantly affected by the payroll, invoicing, bill pay and accounting software available to your client. Using a solution like FINSYNC provides the tools and analytics necessary to offer insightful cash flow advisory services. In part because future transactions live in the same database as accounting. Also because the system contains purpose-built tools for managing cash flow.  Here are a few of the main benefits FINSYNC brings to cash flow advisory:

Relevant Analytics From an Integrated Platform

By offering a complete cash flow and accounting solution that integrates everything. From making payments to processing payroll, FINSYNC can analyze data from every angle of a business. This presents a more complete, intelligent forecast of future cash flow and business performance. In terms of cash flow analysis, the ability to view employee time tracking in real-time and client pay schedules in an integrated financial software. This allows you to more accurately predict if the business will have an issue making payroll. Or the client needs to adjust to better manage invoicing and bill payments. 

FINSYNC Pay Offers Control Over Cash Flow, So You Can Increase Business

With FINSYNC Pay, your clients now have the ability to use their credit card for traditionally cash-only payments. Giving them ultimate control over cash flow. FINSYNC Pay provides a simple way to send vendors that aren’t set up for credit card processing a credit card payment. It can be accepted with a few simple clicks. This capability allows you to advise your clients when they should free up their cash flow by using credit for expenses such as rent. With more flexibility, you can present better cash flow advisory strategies. As a result, your clients can worry less about making payroll or missing a vendor payment. Solutions like FINSYNC help automate repetitive accounting tasks. In addition, they present a wealth of data your clients will look to you to help process. Should they make payments now or later? Should they secure financing? What financial pitfalls are on the horizon?  You can be an early adopter of this emerging form of advisory service by offering cash flow advisory services while supporting clients. By using a solution like FINSYNC. Seeing rapid demand growth and delivering exceptional value to clients. Reduce Costs with Virtual Bookkeeping or Accounting. FINSYNC connects you with the right bookkeeper or accountant for your business.
Integrated software that syncs up a client’s accounts gives business advisors a leg up with valuable insights that can help a business grow and prosper. Learn how fintech helps business advisors deliver better results for their clients. By FINSYNC It's never been easier to pay bills, stay on top of accounts and even get access to credit. Innovations in financial services applications are not only making transactions faster and more transparent. They also make it possible for users to organize and view data from various types of accounts. This provides valuable insights about what an individual, or business, does with their money. The growth of Fintech is driving this trend. The nexus of technology and financial services can be a game-changer for business advisers. These new and powerful tools can deliver an accurate, comprehensive, real-time view of a client’s financial health. In addition to giving them the means to glean valuable insights. Insights that can help them save money and chart a more profitable course.   

Beyond Accounting Software   

Businesses typically rely on off-the-shelf accounting software that churns out a fairly limited, if useful, set of details about their books. Their bookkeeper or other accounting professional will generate month-end snapshots such as an income statement and balance sheet. This is essentially a backward-looking snapshot of a business, offering a limited path toward a more forward-looking, strategic outlook.    Business advisors generally work with this baseline to provide counsel on how their client can better manage their finances. Here's where the new class of Fintech solutions can make a big difference. When businesses use integrated, cloud-based software to manage all of their finances, they open the door to proactive work. Such as mapping out a big-picture strategy. An area where a business advisor can really add value.    The key is in linking the digital platforms used to handle everything from making payments and processing payroll, to automating invoicing and tracking employee work hours. This integration makes it possible to analyze data from the various components of the business. In a way that yields more thorough, intelligent business forecasting.   Consider the task of cash flow analysis. A business advisor can more easily and accurately forecast a business' cash flow when the firm uses integrated financial software.    This type of approach provides an up-to-the-moment view of a company's payables including payroll and receivables, and can be used to automate tasks like invoicing and bill payments in order to maximize available cash ahead of expenses, such as payroll or an essential purchase of supplies.    The result is something every business can use more of: strategic flexibility. 

Valuable Insights, Better Outcomes   

Armed with more useful accounting data, business advisors are likely to offer more valuable insights. Such as identifying whether a marketing campaign is justifying its cost. Or which products or services the company should focus on to maximize sales in the next year.    Business advisors can also glean valuable insights when a small business client connects their payroll system with project profitability software. This enables them to offer clients both short-term advice and long-term advice. Such as “you’re overbudget on phase 1 of your project,” or “you’re not adequately covering the cost of your transportation needs.”   

Not Just for Clients   

An integrated system like FINSYNC's financial platform connects a business' financial transactions in one place automatically. This can help business advisors build projections that translate into more profitable decisions for their clients.    Fintech software can also help business advisors manage their own business, while handling their client-facing tasks more quickly and efficiently. A recent study by Schwab Advisory Services found that nearly 60% of independent financial advisory firms planned to invest in new technology this year.    Digitized, cloud-based software like FINSYNC connects advisors to their clients easily, making it a snap to share charts and other presentation elements remotely. There's also little to no need for manual data entry. Spending less time on tasks that can be automated means more time available for business development activity. As we close in on the start of a new decade, the wave of Fintech innovations is expected to continue growing. Last year alone, global, venture capital-backed Fintech funding jumped more than twofold to $40.3 billion. This is from $18.3 billion a year earlier. According to CB Insights.    The trend increases the likelihood that an integrated, software-led approach to managing finances will be more widely adopted by small businesses eager to remain competitive and save money — and that’s good news for business advisors tasked with the job of guiding them to a brighter future. Unlike QuickBooks and similar accounting applications, FINSYNC is an all-in-one platform that automates accounting, helps you manage cash flow, and grow your business with less time and better results.
Most businesses are born from a great product or service and strong leadership. Unfortunately, many fail because of poor finances. Fortunately, there are several ways businesses can benefit from expert financial advice. Companies that struggle with cash flow, delayed vendor or employee payments, or mismanaged bookkeeping understand the importance of a company’s financial health.  Still, six out of ten small business owners have not consulted with a financial advisor, according to a study by The American College. Small business owners that handle all the back-office tasks themselves often feel that financial analysis should remain their responsibility. In fact, the longer your company operates or grows, the more difficult you’ll find it to manage your finances. Especially without seeking outside help.  The 40% of small businesses that seek expert financial advice benefit from a second set of eyes that can help take tasks off of their plate and free up time to plan for long-term growth.  Unsure if your business has reached a point where it will benefit from a financial advisor? Consider these three benefits:

Reclaim Valuable Time

As a small business owner, you expect to wear many hats — especially in the early stages of your company's growth. However, when you start to get pulled in too many different directions your business often begins to suffer. If you’re spending too much time on accounting and finances, it may be time for a change.  Your time is too valuable for simple bookkeeping and accounting tasks. While integrated cash flow management, accounting, and payroll software will go a long way to help you streamline the management of your company’s finances, problem-solving and personalized planning require the insight of an expert financial analyst. As your business grows, your financial concerns will also grow more complex. If you didn’t have time before, you certainly don’t have time to gain the financial expertise necessary to deal with these new challenges. Instead, your time should be spent focusing on what you do best for your business. Learn how FINSYNC can help you project cash flow.

Benefit from a Wider Experience Set

The problems your business may face will often require expert guidance from someone with a deep understanding of the common financial pitfalls that frequently confront small businesses. A qualified financial analyst is backed by years of experience working with a variety of different businesses that have experienced a vast array of challenges.  This wider experience set will help the financial expert see things that you can’t, and suggest creative solutions to your problems. Having a second, objective set of eyes for your financials can also help you find new solutions to problems, or help improve expenses in ways you didn’t see before.

Plan for Your Financial Future

The most important benefit of expert financial advice is the ability to plan for your company’s future. Once you aren’t spending time doing your own accounting and you have the benefit of expert advice, you can make use of:
  • Projections

    What are your objectives for the next 3-5 years, and how do you plan to reach them? Having accurate financial projections on your business growth is a major step to turning your business goals into real, measurable objectives with a clear timeline for success. Knowing the true financial health of your business and the likelihood of meeting your goals will help you put together a realistic plan for your future.
  • Market Insights

    The decisions you make for your business can be greatly affected by how the overall market will perform in the next few years. A financial analyst can provide insights into what the rest of the market is doing. This helps to prepare for any possible market fluctuations.
  • Formal Financial Plan

    How will you transition your business to a new owner? Do you plan to sell your business or pass it on to a family member? Having a formal financial plan is extremely important. The plan will help with how to manage income and expenses during a transition. In addition, how to set yourself up for retirement. A financial expert can help you with your exit planning. Making sure you and the business are in good financial shape when that time comes. Find out more financial tips for small business owners in this article.
There are a number of other benefits your business could see from gaining expert financial advice. Truth is, many of these benefits won’t be clear until you tap an expert. They will provide an unbiased look at your financials. What issues are you dealing with that you aren’t even aware of? Where are you losing money? If you’re ready to call in a financial expert, FINSYNC’s Virtual Assistance Network makes it easy to find a vetted financial analyst that’s the perfect fit for your business. Take a look at our network of experts today to find someone that fits your unique needs.
Here are five signs that it's time to hire a bookkeeper because your financials have grown too complicated or time-consuming for your existing team (which may just be you). By FINSYNC Small business owners pride themselves on minimizing costs and bootstrapping their way to success, often by taking on many of the business roles themselves. If you often wear the hats of the CFO, CMO, COO and a number of other positions, you know exactly what we’re talking about. However, at some point your organization will likely get too big for you and your team to handle everything. When it comes to managing your books, knowing the right time to hire a bookkeeper can go a long way towards the future financial success of your business. While it can be stressful as you grow and bring in more help, failing to do so could end up costing you a lot more in the long run. Is it time for your small business to hire a bookkeeper? Here are five signs you should look for to determine if the timing is right: 

Spending Too Much Time on Bookkeeping

If you’re still handling all of the bookkeeping yourself, it can quickly start to take up a large portion of your time. Not sure? Use a time tracking app to determine exactly how much time you and other employees are spending on bookkeeping. This is time being pulled away from other tasks that are critical to your business success. Your time is more valuable than the cost of a professional bookkeeper. Once you get to the point where a significant percent of your time is spent on an easily delegated task — delegate it.

Your Books Are Behind

Unfortunately, many small businesses fall into a hole where nobody is regularly maintaining the books. This may result in your bookkeeping being months or even an entire year behind. The consequences and symptoms are significant for your company:
  • Unclear Profit Margins If you don’t know how much money you’re making or spending, you aren’t able to make important decisions about the direction of your business. Many companies see their revenue increase but their profits stay the same because they’re unable to properly analyze and manage their profit margins.
  • Unpredictable Cash Flow Not having full awareness of your profits and losses makes it difficult to accurately predict cash flow. This makes it more likely that you could miss payroll or fail to pay vendors on time.
  • Trouble with Collections A professional bookkeeper can keep an eye on your accounts receivable to make sure you’re getting paid on time. If you’re behind on your books, you could go months without realizing that an invoice is overdue.

Taxes are Becoming More Work

Several clear symptoms of mismanaged financials or outdated books come about when tax season rolls around. Ideally, you should be able to hand over the year’s financials to your accountant, immediately file your taxes, and receive your refund. Without a bookkeeper, your taxes may require much more work. You’re likely to find yourself working a lot more with your accountant to piece together a year’s worth of books in order to get enough information together to file. Paying estimated taxes can also become impossible when you don’t have an up-to-date view of your quarterly financials.

Limited Ability to Make High-Level Business Decisions

As a business owner, you must be able to make decisions to help grow your company and move it forward. Without a complete, updated view of your company’s financial health, you may be forced to act blindly. On the other hand, if you’re spending all of your time keeping your books up-to-date, you’re limiting your ability to spend time on big picture decision making. A bookkeeper can free up your time while providing you the insights necessary to make informed decisions that help your business grow.  Learn more about how bookkeepers and accountants can increase business with cash flow advisory.

Budget-Friendly Bookkeeping

Are you in the habit of handing all of your expense reports and invoices to your accountant at the end of the year so they can manage your books? You may be spending more than necessary for bookkeeping. CPAs will generally charge much more for bookkeeping services than you would pay a professional bookkeeper. Luckily, it’s not difficult to find an affordable bookkeeper — or accountant — that fits your business needs. If your company isn’t ready to hire a full-time employee to handle your books, consider hiring a freelance financial professional. FINSYNC’s Virtual Assistance Network pairs you with a qualified and vetted bookkeeper that suits your business’ needs. If you’ve seen any of the above signs in your business, it may be time to take a look. FINSYNC Specialist, Neisha Casey, CPA talks about her holistic approach to helping small businesses succeed through FINSYNC's service network. Getting matched with a FINSYNC specialist is quick and efficient. Get started today!
From flexibility to rising pay, independent skilled professionals have much to gain from businesses’ increasing reliance on virtual assistance.  Learn the benefits of virtual assistance for contractors. By FINSYNC The internet, automation and other technological innovations are reshaping the global economy. Causing no shortage of displacement for companies and their employees. But through this wave of change, one thing is clear. Companies have a need for a growing variety of highly skilled workers, and they're increasingly turning to virtual assistance. Hiring independent contractors who work remotely.   For independent workers who can handle the typical trade-offs involved. Namely, zero health benefits, no vacation or paid sick days. There is a growing marketplace for employment that allows for work-life balance and flexibility, valuable benefits in their own right.    Some 64% of freelance workers opt to work on a contract basis. As it allows them to organize work around their life, according to a report from staff outsourcing company Kelly Services.   

Rolling with the Changes   

Employers are increasingly relying on virtual assistance as a way to hedge against an uncertain global economy that's being swiftly reshaped by massive technological changes.  This strategy enables businesses to quickly bolster the effectiveness of their workforce without sharply increasing their labor costs or going through a lengthy employee search. The bottom line is contract workers cost less money, posing less of an overhead risk for companies.     As industries adapt to the changes wrought by automation and other technological trends, their need for skilled workers in these and other emerging areas is growing. While showing no signs of slowing.   Some 65% of executives say their external workforce of freelance hires is essential for operating at full capacity and meeting demand, according to a report by MBO Partners.    Read more about the 4 ways virtual assistance can benefit your business.

Flexibility, Freedom & More   

Independent contractors who work remotely enjoy many benefits. Working on a freelance basis allows hires to set their own hours. Enabling them to design their schedule to fit the demands of family life. They can also determine how long of a contract they want to sign. It could be one month or three, or for as long as it takes to complete a specific project. Independent contractors are also free to make it a one-off and move on to some other opportunity.    Virtual assistance is embraced by many companies, who are using freelancers to fill in for permanent employees or to bolster their ranks when tackling big projects.    Increasingly, freelance workers are also being hired to do jobs remotely. Especially as companies rely more on cloud-storage services, email and online communications platforms. For example, Slack allows workers to collaborate in real-time. Regardless of how much distance separates them.    That helps reduce the company's cost for leasing office space, computers, furniture and other expenses. Freelancers, meanwhile, get the freedom to live anywhere they choose. Giving them more control over how much they spend on housing, food and other costs.   

Advantages of working remotely

One key advantage of working remotely as an independent professional is sparing a daily commute to the office. On average, Americans spend 26.4 minutes commuting each way to work, according to the U.S. Census' 2017 American Community Survey.    Working from home also means a lot less wear and tear on cars and clothing.  Another big draw to freelance work: The pay is getting better. Roughly 18% of U.S. freelancers earned between $75,000 and $99,999 annually last year. Up from 9% in 2014, according to a report from Upwork. And some 10% earned $100,000 to $149,000. Up from 5% in 2014.    Being an independent contractor can also provide more opportunity for workers to expand their skills. Due to enabling them to work around the time they need to take university courses or certification programs.   

Greater Access Through Technology 

The advent of high-speed internet, cloud computing and online collaboration platforms have helped pave the way for virtual assistance.   More Americans are getting in on the action, taking on work as remote, independent workers. Some 56.7 million Americans, or more than a third of all U.S. employees, freelanced in 2018. This is according to a study commissioned by Upwork and the Freelancers Union. That's a 7% increase from 2014.    A surge in companies operating websites and apps geared to connecting freelance workers with employers is making it easier for contract workers to find jobs. Among these are Upwork, Freelancer, and Zirtual, among others.    FINSYNC's virtual community of specialists connects businesses with independent skilled professionals who provide unrivaled support for bookkeeping, accounting, human capital management, financial analysis and corporate strategy. Are you an accountant interested in starting a career in virtual accounting? Find out more of the benefits. Finding clients through a network like FINSYNC makes it easy for skilled professionals to connect with high-quality employers. Saving significant time and outreach efforts to land valuable jobs. The best part? It’s free for both parties to join the network and see if they find the right fit.   
Services FinSync Quickbooks Gusto Expensify TSheets Harvest
Bill Pay
Expense Reimbursement
Time Clock
Time Sheets
Cash Flow Management