Yasir Haseeb

When you think of the next big idea, and start working on it. Like many others you probably don’t even consider keeping a bookkeeper or utilizing an accounting software. Usually because of the costs that come with having a bookkeeper and also because you feel that the business is way too new to keep a bookkeeper, given the limited number or files, slips and receipts that you would need. Accountants just like all other consultants are an expensive ordeal to handle, the internet has made everything a lot more affordable. According to many leading researches, bookkeeping is the toughest part of the business for all small business owners. Yet they keep at it solely to save more money, and spend it on other business essentials. The costs of outsourcing a bookkeeper is much lower than keeping an in-house consultant. In order to understand the pricing system for bookkeepers it is first important to understand what they do, and what role they play in a business: Understanding Bookkeepers...

Tax season, the most dreadful time of the year for nearly all Americans, especially for small business owners. However, it could be less of a drag if you and your business are prepared for it throughout the year. Being organized is vital to achieve peace of mind and ease of filling taxes, yet even the most organized people can get stressed out because of the grueling and demanding nature of tax payment, document preparation and filing them. Unless you don’t hire an accountant or tax specialist you will have to start preparing for tax season long before it actually arrives. Within this article 5 simple steps have been discussed which if executed properly will aid you to  get ready for tax season : What to itemize and what not to When filing taxes as an individual, you get a choice between itemizing your deductions or, opting for the standard deduction. By taking this decision early on in the tax year will help you track and safe keep all documentations as well as it will hel...

When it comes to startups, accountants are generally shunned away. Startup owners usually think of taking up accountants as an additional expenditure which they would rather incur when they are big enough and would have a greater requirement to use their services. Traditional accountants and modern online accountants differ extensively, especially when it comes to cost savings. What many small business owners fail to sometimes see is that, an online accounting firm can actually reduce expenses and also help them in terms of tax preparation and managing the business’s revenue flows. Here are five reasons why your startup needs an online accountant today: Cost Effective Spending less making more, is the objective of every business. Just like any other consultant; accountants are not very light on a startup’s budget. They have their hourly rates, desk space cost, and additional reoccurring monthly expenses that you and your business are probably just not ready to handle at this st...

The dimensions of your business are of no importance when it comes to the importance of having an accountant. Whether your business comprises of just you, or you’re partnered up with a friend you still need a good bookkeeper that can improve your business processes and financial flows. Streamline your cash flows, clarify and maintain transparency in your books. A bookkeeper can help you in more ways than just simply recording your transactions (which is not a simple task either) but he/she can help you understand vital financial information that could be crucial to your business’s success. Here are some ways, how you can pick out the best bookkeeper for your small business’s bookkeeping? Why does your business need a Bookkeeper? Let’s first understand what bookkeeping is, and what it means for you and your business to have a bookkeeper. As an entrepreneur, managing your business’s day to day transactions is already a pretty time and mentally exhaustive task. Having a bookkeeper i...

The dimensions of your business are of no importance when it comes to the importance of having an accountant. Whether your business comprises of just you, or you’re partnered up with a friend you still need a good bookkeeper that can improve your business processes and financial flows. Streamline your cash flows, clarify and maintain transparency in your books. A bookkeeper can help you in more ways than just simply recording your transactions (which is not a simple task either) but he/she can help you understand vital financial information that could be crucial to your business’s success. Here are some ways, how you can pick out the best bookkeeper for your small business’s bookkeeping? Why does your business need a Bookkeeper? Let’s first understand what bookkeeping is, and what it means for you and your business to have a bookkeeper. As an entrepreneur, managing your business’s day to day transactions is already a pretty time and mentally exhaustive task. Having a bookkeeper i...

Today is the era where not even your printer needs a cable attached in order for it to function. Everything happens with a touch of a button on your smart watch or smart phone. The world is getting smarter every day, with rapid transitions into all things virtual. Studies from the Harvard business school, Forbes and the world bank reveal that almost a quarter of traditional jobs will be taken over by robots and, automated systems with in the coming decade. One of the practices, that will inevitably become obsolete will be traditional bookkeeping. This article talks a little about why and how bookkeeping is revolutionizing and adapting to the ever growing technological advancements of the digital era. What is cloud based bookkeeping? The cloud based bookkeeping is accounting just more advanced, in a manner where your entire information is accessible on every platform that you use today. Instead of having a dedicated computer system or an on paper system that is solely and devo...

The millennial era, did not just bring the revolution and boom of the digital media, it also saw an influx of entrepreneurs. A home based business is no longer part of the cottage business model; which has evolved exponentially into becoming  globally born  corporations. Since the internet made everything more accessible and available at the tap of an icon. Startups have started to rocket; as a matter of fact, they now account for more than half of the jobs in the US. However, even though the internet has empowered a great number of individuals to work for themselves. It is also important to understand that more startups shut down as compared to those that open up. One of the major reasons behind it is small business owner’s ability to manage and maintain their expenses and bookkeeping matters. Majority of the reasons behind these closures is the misinterpretation and mishandling of the business’s financial data. Within this article are 4 suggestions for small business o...

The millennial era, did not just bring the revolution and boom of the digital media, it also saw an influx of entrepreneurs. A home based business is no longer part of the cottage business model; which has evolved exponentially into becoming  globally born  corporations. Since the internet made everything more accessible and available at the tap of an icon. Startups have started to rocket; as a matter of fact, they now account for more than half of the jobs in the US. However, even though the internet has empowered a great number of individuals to work for themselves. It is also important to understand that more startups shut down as compared to those that open up. One of the major reasons behind it is small business owner’s ability to manage and maintain their expenses and bookkeeping matters. Majority of the reasons behind these closures is the misinterpretation and mishandling of the business’s financial data. Within this article are 4 suggestions for small business o...

Today is the era where not even your printer needs a cable attached in order for it to function. Everything happens with a touch of a button on your smart watch or smart phone. The world is getting smarter every day, with rapid transitions into all things virtual. Studies from the Harvard business school, Forbes and the world bank reveal that almost a quarter of traditional jobs will be taken over by robots and, automated systems with in the coming decade. One of the practices, that will inevitably become obsolete will be traditional bookkeeping. This article talks a little about why and how bookkeeping is revolutionizing and adapting to the ever growing technological advancements of the digital era. What is cloud based bookkeeping? The cloud based bookkeeping is accounting just more advanced, in a manner where your entire information is accessible on every platform that you use today. Instead of having a dedicated computer system or an on paper system that is solely and devo...

Today is the era where not even your printer needs a cable attached in order to it. Everything happens with a touch of a button on your smart watch or smart phone. The world is getting smarter every day with more rapid transitions into all things virtual. Studies from the Harvard business school, Forbes and the world bank reveal that almost a quarter of traditional jobs will be taken over by robots and automated systems with in the coming decade. One of these practices that will inevitably become obsolete will be traditional bookkeeping. This article talks a little about why and how bookkeeping is revolutionizing and adapting to the ever growing technological advancements. What is cloud based bookkeeping? The cloud based bookkeeping is accounting just more advanced in a manner where your entire information is accessible on every platform that you use today. Instead of having a dedicated computer system or paperwork that are devotedly being used for accounting processes of the...

So what makes a law firm financial operations any different than any other firms on the market? The answer is simple, Bookkeeping! When it comes to tax cutting and paying bills, it helps you handle cases profoundly making stressful situations extremely easy every day. No lawyer in today’s world should be juggling around with million dollars without keeping track of how to manage his/her finances accordingly. Challenges can pile up! You can end up with problems such as catching up with priorities and paying up your due taxes and bills on time. At Monily, we look forward to help lawyers who want a counter-productive and cost effective solution for their respective businesses. Most lawyers are focused on a single task at a time, just like they are tackling a case in a court… They take a similar approach to manage financials accordingly. To get out of the cycle of failing consistently, they take a different approach. An approach to set up systems that can automatically optimize the...

The leaders of the new generation are millennials. More than 75 million of the overall world population are categorized as one of them. The oldest millennials may range in between the age cycle of early 30s so they are not quite old. These are the business leaders of tomorrow, and as every other business niche have some shining emblems, one such are present in the sphere of financial circle. Having an imperishable impression, the millennials are now becoming the decision makers. They are trying to cultivate organizations that can control economies. Some examples can be seen in accounting firms likewise. Firms that are not good enough to retain these millennials seamlessly result in losing potential clients and jeopardizing their organizational growth opportunities. A Strategic Look Towards the Transforming World of Accounting Firms Millennial business owners of the modern world take a different approach towards performing effective analysis to gain an upper hand among similar b...

When one thinks of bookkeeping, it has nothing to with getting things done because they have to be done. It’s about keeping personalized records which you can present to organizations interested in observing your financial returns. This not only helps you focus on your business prospects, but you also learn the benefits of healthy bookkeeping. At Monily, we don’t see bookkeeping like that at all. Cash flow is the lifeblood of business, and a healthy understanding of what’s going on with the cash can make all the difference in your ventures. Let’s observe bookkeeping as a powerful scoreboard that can help leverage your business as a major result and pushes you to look life like an entrepreneur. Set your thoughts into action and give way to entrepreneurs. Find out the benefit and quality of effective bookkeeping. Focus on Your Strengths Bookkeeping can become a powerful tool. But, hiring a good bookkeeper can become a rather difficult task. It pushes you forward to dig deep in ...

Technology, today, plays a vital part in every niche and industry. On-site consulting is now becoming a thing of the past with the rise of brief off-site meetings. Such servings are now visible in our day to day business tasks. It’s because technological advances have surpassed the outdated methodologies incorporated by most organizations around us. In corporate circumference of today, finance holds utmost importance. New technological advancements are laying siege to take control of remote sessions, manipulate real-time data and even perform the most basic desktop-based software functionalities. Entering the new millennial, cloud technology is making huge changes in the world of   finance and bookkeeping  industry. One such example lies ahead of us is how companies used to provide on-site consultation when finance departments are observing dilemmas in proving their point. Today, business to business consultations are now more relied on online consultation. Accounting ...

Most American business owners do realize the importance of receipts; however, you can observe most Americans saying “No” when they are offered a receipt for their purchases. Do they wish to collect these receipts and save it because they want to forecast market trends? Not really, they want to avoid tax return perils, therefore they keep them collected in one place. Receipts are audit protection and for some, it is a serious concern. Paul made a number of purchases during the last year and forgot to collect receipts from multiple stores. He went around the world expelling thousands of dollars on travelling, food, entertainment, cellular services and other expenses. What he failed to realize is that he will have to face tax files, paperwork and documentations to financial sectors that they were business related. Sadly, Paul is one of the many individuals who failed to realize the importance of keeping receipts in one place. Now, he is left with questions to ponder and answers to p...

Business model subscriptions are not to keep within boxes. Can you create a recurring revenue stream to acclaim rising business benefits? Well now you can with subscription billing. Recurring bills can be adopted using subscription billing process. This means that you can make an agreement that can automatically charge your customers payments to save their credit or debit card billing hassles, if they have invoices to pay up to you. One of the most important reason to adopt this methodology is to make revenue more predictable, create better cash flows and spend more time on tasks that help you make good amount of money. A subscription business model works best both ways – It is an accepted method for product as well as service based businesses. It can be set up for either only a segment of your customers or you can have a portion of it based on your need. Customer subscriptions are built on helping better relationships and creating brand loyalty. If you have the right tools t...

Are you an online store owner? Or have you recently opted in to become one? If you have already taken the leap to launch an online e-store, your business will gain attraction. Customers will make relevant purchases and you are definitely going to get swarmed with paperwork. You can always keep your receipts in shoe boxes and organize them under a desk wondering when an accountant pays you a visit or you can simply keep a few checks on organizing your e-store in an ecommerce bookkeeping friendly way. If you think second option sounds like a great idea! Always make sure you consider the following aspects. Observe Tax Internationalization Whenever you create an e-store using an online ecommerce platform, your tax rates are automatically pre-setted. They are configured in coherence to your address and the location you are going to ship your product to. However, if you seek to establish a global presence and sell internationally, make sure to update your tax rates for each country...

It’s important to understand that accounting is an essential part of your business. Rare are the chances that an accountant may end up with committing a mistake; however, human error is unavoidable. All thanks to technology, the market is now filled with a number of accounting applications that benefits medium and small sized organizations effectively. It’s now easier for business owners to keep an accurate record on the structured money flow. Today we are going to discuss the importance of  bookkeeping services for small business  and how a business accountant can easily avoid committing accounting blunders. More than 80% of businesses reviewed by our expert researchers present that the probability of committing an accounting error is high. Therefore, today we are going to discuss on some of the most basic accounting errors observed in accounting and bookkeeping services by entrepreneurs. 9 Basic Accounting Mistakes All Entrepreneurs Have to Face Accounting mistakes c...