The Role of Bookkeepers in Today’s World

Will machines eventually completely replace people? And now with the proliferation of cloud accounting software, our industry is asking, “What is happening to the role of the bookkeeper? Will cloud accounting automation make bookkeepers obsolete?”

The traditional bookkeeper role went something like this: client gives bookkeeper a stack of receipts and paper bank statements at some point after the close of the month. At best, this would be about two weeks after the close of the period.

Then the information all had to be keyed into the accounting software. Depending on the volume of activity and the bookkeeper’s schedule, this could take another couple of weeks, so by the time the information was returned to the business owner, the financial information was, at best, already a month out of date.

Now that people are use to real-time information anytime and anywhere, business owners’ expectations have changed, and if bookkeepers don’t adapt their methods and tools, they will soon find themselves with a dwindling client list.

In today’s world, information is provided real-time through automatic bank feeds and simply by logging into a various financial websites. It’s not unrealistic to have the information necessary to keep most accounts reconciled every single day and have the books closed within a day or two after the close of the month.

However, the improvements everyone sees in efficiency and being able to provide real-time information is just the beginning. Many would argue that the role is changing even more than that. Traditional bookkeepers as we’ve known them are going away entirely. It used to be that a good bookkeeper had solid accounting knowledge combined with quick data entry skills, and the best were also very knowledgeable about accounting software as well.

Today’s cloud bookkeepers must be knowledgeable not only about accounting software but also about many other add-on tools that could connect with that accounting software to improve productivity, eliminate data entry, and provide good results for the clients. They need to know how to evaluate them, use them, and train their clients on them. They need to provide more customer support for their clients and be able to oversee the process of data flow. They need such a strong fundamental understanding of both accounting and technology that when exceptions do pop up (as they invariably do), they need to know how to deal with them and fix the system going forward.

And then, when all the information is into the system and clean and reconciled, the accountant needs to be able to interpret the information for the client. Long gone are the days when the business owner would receive a set of financial statements (that they didn’t know how to read) as proof of a job well done. More and more they expect to understand what their numbers are telling them about their business. And if you can’t do that, someone else will.

urBook$ is committed to stay up-to-date with the latest technology available in the bookkeeping world. Our SmartVault and software allows our clients to access their data in real time, and we train our clients to maximize their services provided by urBook$ in order to provide them with more time to focus on their passion - THEIR BUSINESS!

If you have not experienced the urBook$ difference today, contact us at 469.304.0036 and experience The urBook$ difference today!

Everything You Should Know About the Switch to Chip Cards

If you haven’t received a new credit card with a “chip” on the front yet, chances are you will soon.  There is a nationwide EMV migration and it is well underway.  So what exactly is EMV? We are certain many of our clients have questions, and we will walk you through the basics of what this switch to EMV or chip cards means to you the business owner, and how your business can best prepare itself. 

Many U.S. banks are switching up the insides of our credit cards, adding what is called EMV technology, which stands for “Europay, MasterCard and Visa.”  So what exactly does that mean?  It simply means that credit cards will be equipped with a small computer chip that is extremely hard to counterfeit.  

What is driving this change? According to forbes.com Nearly 1/2 of the world’s credit card fraud occurs within the United States, while only 1/4 of all credit card transactions actually occur here.  Europe and much of the rest of the world have been using EMV technology for years now and their credit card fraud rate is a fraction of what the United States reports each year.  Therefore banks want to rein this in ASAP by moving away from magnetic stripe cards, which are much easier to counterfeit.  As you are aware there have been numerous high profile security breaches at some of the country’s largest retailers which has added motivation to make the switch quickly. 

How will this affect your business? Beginning October 2015, businesses that do not have EMV processing decides could be on the hook for fraudulent chip card transactions.  This is called “liability shift.”  Currently if your business runs a fraudulent card, banks absorb the cost.  Starting October 2015, if someone pays with a fraudulent chip card, and you are not set up with an EMV card reader, the banks are no longer liable.  

How do I avoid this liability? The answer is quite simple, contact your merchant account representative (whoever processes your credit card transactions), and simply ask them to send you a chip reader processing system, which accepts BOTH EMV and NFC payments.  NFC or “near field communication” payments is the technology you have seen that allows smartphones and other devices to communicate with each other when they are close together.  Apple Pay is probably the largest example of NFC. 

If you want to stay at up to date with technology and offer these secure  transaction options for your clients, contact your merchant services representative today and order your EMV and NFC device reader today.  

UrBook$ is committed to staying on top of the latest information that can affect any business.  This is part of our urBook$ difference.  If you haven’t experienced the urBook$ difference yet, contact us today www.urbooksplano.com and get started as a client.  We can handle your business needs such as bill pay, payroll and bookkeeping services.  

5 Habits to Improve Your Credit

Whether you've skipped credit cards altogether, as about 1 in every 3 young adults opts to do, or you're ready to rebuild your credit history after years of late (or non) payments, now is a great time to get started. Consider these creditworthy habits that will help you get on the path to a high credit score – and lower interest rates on loans, as a result. 

 
1. Fix Your Mistakes: They might not even be your mistakes, per se, but inconsistencies can show up on your credit report as a result of errors or even identity theft. If you pull your credit report from any respectable credit agency such as Equifax, Experian, Trans Union , you can find aberrations and get them reversed as soon as possible.

2. Make Timely Payments: Paying off your bills on time each month is a surefire way to raise your credit score over time. If you miss a payment or are late, then your card issuer (or another entity that's charging you, like a utility company) can inform the credit bureaus, which will ding your score. 

3. Check Account Statements: As with your credit report, monthly statements from your bank or credit card issuer are worth combing through carefully because an errant charge is often the first sign of identity theft. If you do notice a problem, be sure to report it to your financial institution right away so it can be addressed

4. Stay Under Your Limit: One factor that influences your credit score is your credit utilization ratio – the percentage of your credit limit that you're using at any given time. You can improve it by either increasing your credit line or using less credit. Either approach can help boost your score.

5. Save Along with Paying Debts: Even if you're trying to pay off credit card or other forms of debt, it's also a good idea to channel some money into a savings account for emergencies. That way, the next time an unexpected expense comes up, you can use your savings to pay for it instead of charging more to your credit card.

urBook$ is committed to providing the best services possible to increase your business' financial position.  Efficient bill pay, payroll and bookkeeping can aid in easing the stress of day to day business functions.  We will ensure timely payments, correct any mistakes that could be lying out there on your credit, reconcile your statements in a timely manner each month and track your cash flow to assist with your business needs and expenses. 

Don't take on theses daunting tasks alone, contact urBook$ today to begin your experience as a urBook$ client and spend YOUR time focused on your passion - YOUR BUSINESS! 

Happy Independence Day from urBook$

Let Freedom Ring! 

As we get ready to celebrate America’s Independence, urBook$ would like to thank every service member for their courage, strength and sacrifice.  The freedom we have as United States citizens allows for courage, choice and ultimately gives anyone the ability to follow their dreams.  

urBook$ is honored to have courageous clients that began their own business and followed their dreams.  Our goal is to ease financial book keeping, bill pay and payroll services that can be daunting tasks to any business owner.  

As you celebrate freedom this July 4th weekend, be safe and enjoy time with family and friends. 

Top 5 Reasons You Should Outsource Your Payroll

As a business owner finding the time to dedicate to the ongoing payroll process can be daunting.  Outsourcing payroll by small business owners is increasing every year, and allows you to focus on processes and strategies that directly affect the future of your business.  Read 5 benefits to outsourcing your payroll as a small business owner: 

1. Time Saved 

Regardless of the number of people employed by your business, attending to payroll demands a great deal of time and attention to detail. Pay period follows pay period, each time requiring the business owner to input considerable amounts of data and double-check for any keying errors—time taken away from tasks a small business owner must attend to (including service to valued customers).

Outsourcing this function immediately frees up precious time. Employers only need to make contact with their customer service representative once each pay period.

2. Money Saved 

Time saved is money saved. Think of the time required for each of the following:

• Calculating payroll each time period
• Printing, signing, and distributing paychecks or pay stubs
• Generating reports for in-house and accountant use
• Preparing and remitting payroll taxes and returns to government agencies

When evaluated on a per-payroll-period or a monthly basis, a time/cost analysis may well indicate the benefits of an affordable payroll service provider. 

3. Enhanced Security 

Payroll processing is a complex and potentially risky business operation. Even with trusted employees, there is always a risk of identity theft, embezzlement of funds, or tampering with company records for personal gain. There's also an ever-present risk when using in-house payroll software: How safe and secure is payroll data on the company's server or network? This nagging question can consume a business owner's energy and attention as well.

By contrast, online payroll solutions offer a "safe haven" for your confidential payroll data. In addition to redundant backup and multiple server locations, a quality payroll provider invests in state-of-the-art systems for storing and protecting data, simply because it's part of the service provided to clients. urBook$ offers Smart Vault for your security. 

4. Compliance with Government Regulations

Generally speaking, small business owners aren't experts in the complicated world of government tax regulations. At the same time, they are legally responsible for any cases of misrepresentation or a failure to accurately report employment taxes to federal and state government agencies.

Mistakes can lead to audits and penalties—situations no small business wants or needs. As noted by ProfessionalEmployer.net, "The IRS estimates that over 40 percent of small businesses in the United States pay penalties of over $800 per year ... the result of late or incorrect filing and payments."

Government rules and regulations are always changing and small business owners can't be expected to stay on top of these changes. Professional payroll providers, on the other hand, must stay current with rules, regulations and changes in tax rates.

5. The Expertise of Professionals 

A professional payroll provider employs individuals who know payroll processing inside and out. These individuals specialize in the complexities of payroll taxes, as well as compliance with government regulations. It's what they're trained to do and part of the guaranteed service they provide.

Savings in time and money, greater data security and the comfort of knowing experts are handling your payroll functions—these are compelling reasons to explore the benefits of outsourcing today.

urBook$ offers affordable payroll services for businesses.  Contact urBook$ today and benefit from outsourced payroll for your small business. 

Marketing Tips for Small Businesses

Many small businesses struggle with creating a marketing budget and plan.  Often times you can create successful marketing campaigns within a relatively small budget.  Here are 3 tips proven to be successful on a limited budget.


1. Create Relative Content - Whether utilizing social media, blogs or electronic newsletters, make sure your content is relative to your audience.  This does not always mean your content must be related to your industry.  For example, creating content that solely promotes your business is a quick way to drive loyal clients away from your online media.  Mix up your content to include items that will engage your audience. Think about what you actually take time to read on social media / blogs and create similar content for your audience.  Conversely think of what content you skip right over and avoid it!

2. Utilize Online Media - Social media and blogs are FREE ways to generate buzz regarding your business.  Take the time to encourage your loyal clientele to engage in your online media.  Ask them to join your social media pages and follow your blog.  Inform them they will receive incentives for being great customers. Then deliver on your promise. Post exclusive promotions for your online followers.

3. Develop Online Marketing Strategies -  Facebook and Google offer ways to target very specific audiences with paid advertising campaigns.  You can set your investment to fit your marketing budget and adjust throughout your campaign.  If you are not familiar with online search engine marketing search for outsourced help with this part of your plan.  There are many experts in this field that can achieve your exact goals.  Paying for this service will be well worth your investment if you are inexperienced in online paid marketing campaigns.  Otherwise you might waste your money by paying for advertising and not actually reaching your target audience.

urBook$ is ultimately your biggest advocate as your small business bookkeeper, bill pay and payroll service provider.  Ensuring that your budget accurately reflects a realistic marketing budget is a key piece to your success.  Contact urBook$ today if you are not already a client!

5 Money Saving Tips for Moms

Many families struggle with managing their monthly budget.  Often times, people find their expenses increasing at a greater rate than their income.  Below are a few tips for Moms everywhere, that can trim your expenses and free up your hard-earned money.

1. Review your monthly bills for hidden fees.  Many bills such as credit cards, wireless phones, internet and home phone bills will gradually increase over time.  Keep a close eye on your bills each month.  If you notice a trend of services and fees increasing, simply take a few minutes to contact the company and ask them why your bill continues to increase.  Often times, customer service will be able to remove the increased fees and lower your bill.

2. Set an automatic savings deposit from your pay check.  Whether it be your pay check or your partner's, set aside an agreed upon amount from each pay period to directly deposit into your savings account.  Over time you will see your savings increase.  Forbes suggests that the ideal savings amount to aim for is 3 - 6 months worth of living expenses.  Once you reach that goal, set a new one and keep increasing your savings.

3. Decrease your insurance premiums.  Many insurers will cut home owners policies up to 15% for customers that have a burglar alarm or deadbolt locks.  Similarly, many auto insurers will cut your policy rates for good driving records.  Periodically check with your insurance companies to see if there are any discounts you are not taking advantage of to lower your premiums.

4. Sign-up for rewards programs.  Many businesses such as your local grocery stores offer reward programs for the shopping you are already doing.  Make sure you take the time to sign up for reward programs at stores you frequently shop.  Then take the time to learn about the reward program to learn how your family can benefit best.  For example,  if your store offers fuel savings as a reward, make sure you take advantage of this savings.  Cents off each gallon over accumulated tanks of gas will add up.

5. Enjoying the fruits of your labor.  Many people will allocate every dollar of their budget to pre-determined expenses.  Re-visit your budget and see where you can carve out some personal spending money each month.  You might find that taking advantage of money savings tips mentioned above will free up money in your budget.  Take an agreed upon amount of that savings and divide it up for personal spending.  Allow yourself to splurge on that cute outfit you have your eye on at the mall.

urBook$ wishes all moms a very Happy Mother's Day.  Hopefully these tips will be beneficial to you and your family.  Contact urBook$ today to become a client and experience the urBook$ difference.