We use Katalyst Office Management to outsource many of our bookkeeping and administrative functions.
Using at outsourced admin person means we gain the expert knowledge of their staff, who do a similar job for many other companies during their day, yet we only need to pay for the hours worked for our company. In comparison, the cost of hiring a dedicated accounts person for any small or medium sized business can be quite costly, and or that person might not like the limited hours of employment.
Katalyst take care of our monthly customer accounts, receipts, domain renewals and registrations, debt monitoring and forwarding uncollected items to our deb collector (waterstone). They also offer many other services that greatly interest us, and we are progressing towards making greater use of them.
One of the key benefits that Katalyst have bought to our business is the use of Xero accounting system. This cloud based accounting system means that myself, my virtual accounts person at Katalyst, and my accountant, can all share and see the same upto date accounting data while all working at different office locations. Because of the automated bank feeds, all the information is upto date. The best feature I have found with Xero is the simple "notes" feature, which just lets me discuss odd transactions with my bookkepper, with out actually having to worry about the technicalities of setting up new chart of accounts codes.
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Posted: Friday 22 July 2011