Tuesday, August 29, 2017

7 Things to Look Out for in Accounting in 2017


Accounting plays a pivotal part in the operation of any business. If an accounting system is not up to the standard, you may start facing money crunch. For an organization to work smoothly, you must understand the essentials like the required costs, how much time is put in for making a product and what more should be invested in the business. If you fail to plan meticulously on these points, it is very unlikely that your business will expand. Conversely, if you have kept a track of the way, things are carried out and have a fair idea about its financial scenario, you will be able to stay ahead in the competition. There have been multiple changes over the years in accounting. Accountants have started adopting new trends that have given a boost to their income and also made their work easy to a great extent. Following list demonstrates the most-recent trends that have taken accounting industry by storm.

Shift to cloud accounting will increase

As more businesses are shifting to clouding technology to store data and cut down costs, cloud accounting is gaining importance. An emerging shift, this has set the path for enhanced cooperation among team members and given a better understanding of financial condition. This involves the use of software, which operates on server and can be accessed from anywhere through the Internet. This way, the data is available to employees and the accountant for use whenever required. It gives the accountant more transparency in work and also lets him/her keep checking on possible discrepancies.

Decentralization of accounting software

Earlier tasks such as generation of bills, reports, management of inventory and setting up a payroll system were all carried out at one place. However, more businesses are now opting for distribution of these tasks. The accounting field is making use of various applications for solving business issues with ease. These applications facilitate easy sharing of information. Decentralization has doubled the revenue for accountants as they integrate into multiple partnerships.

Automation will be an integral part of work

It eliminates manual data entry and thus reduces the burden of maintaining huge book records of years. It also reduces the chances of records being misplaced or tampered due to human negligence. This can be beneficial for small-business owners and entrepreneurs to a large extent. These tools promote effective communication between accountants and their clients and also help them deal with real time accounting problems.

Rise in social media strategy

Many businesses today prefer social media marketing of their products to increase their target audience. In the same way, use of social media strategy for accounting is also rapidly gaining attention as business owners are found more active on this platform. This trend has not only been picked up by major accounting firms but also has given entrepreneurs a better clarity to choose their accounting firm by getting an insight into the services offered. The accountants can market themselves by communicating to various people. It also enhances their exposure to new things and increases their visibility in the industry.

Increase in collaborative accounting

Although this is not which has been introduced recently, it is certainly giving new direction to business and opening up new vistas for sale. Collaborative accounting makes use of the Internet and latest technology to function irrespective of the location. For instance, the accountants can access client transactions and modify them if necessary by making use of cloud software. They can then inform about it to their clients by using different available chat platforms. This is being termed as the future of this field.

Accountants will turn into consultants

The working module is going to witness a huge change. Instead of paying your accountant on an hourly basis, flexible options will come into the picture. Apart from advice on tax deduction, accountants will be able to give you an outlook and suggestions on how to cut down your tax bill for the next financial year. They will become your trusted consultants who help you make your business grow exponentially.

Firms outsourcing their accounts

Many organizations are catching up with the latest trend of outsourcing their accounts department. This helps the owners to focus on their business and think of ways to boost it. It also helps in cutting expenses and guarantees that the accountant will scrutinize the reports for frauds.

Managing accounts form an important part of an organization. It keeps a check on the inflow of cash and enhances scalability of business. With new ways available to manage accounting of your firm, it has greatly reduced monotonous methods of handling records and increased lucidity in the working of an organization.

Article Source: http://EzineArticles.com/expert/Carol_R_Wilson/1245071

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Saturday, August 26, 2017

7 Steps to Achieve Financial Freedom


Achieving financial freedom does not necessarily mean becoming filthy rich. Use these 7 steps to accumulate wealth, become happier, AND achieve financial freedom, no matter how much money you actually have.

Wednesday, August 23, 2017

Professional Bookkeeping Solutions


Our flexible bookkeeping services embody three core fundamentals: Accurate, Consistent and Timely.

Saavy business owners realize that the lending environment is more stringent. Protocols for producing accurate and clean financials are an expectation throughout the year, not just at tax time.

Turn Key Office has long believed that the power of QuickBooks provides an invaluable business management tool for decision-makers. Our mission is to use QuickBooks to bridge the gap between the daily operations needs of our business owner clients and support the needs of their CPAs to prepare accurate and timely tax records. Needs which are aligned, but almost never the same. We do this by bringing together myriad tools which allow accurate record keeping, checks and balances, customized reports, secure data access and built-in redundancy to ensure the integrity of your data with a customizable palate of services.

Professional, Onsite Bookkeepers
Our local staff of Certified QuickBooks ProAdvisors provide customized assistance ranging from the fully outsourced ongoing CFO services to clean up of your financial records or consulting engagements. We are concentrated in the Washington DC, Maryland, Virginia area, but have active clients from Florida to New York. Outsourced professional bookkeeping is one of the fastest growing trends in industry. View the benefits of outsourcing your bookkeeping needs.

Systems Integration
We provide expert analysis of your business needs and match them to hundreds of available tools that integrate with QuickBooks to streamline business processes and maximize profits. And, we have the hands-on expertise to work with you on implementation, roll out and training — start to finish!

Bookkeeping Consultations
Keeping your goals and budget in mind, we prepare a customized solution that provides as much, or as little, bookkeeping and accounting support as you require. Preview our sales engagement process or contact us today to schedule a complimentary consultation.

Sunday, August 20, 2017

Consider Your Costs When Pricing Your Product


Hawaiian Gun Rack president and “big kahuna” Dennis Kahn explains the various factors involved with maintaining his price points.

Thursday, August 17, 2017

10 Behaviors of Smart People


Smart people make smart decisions and that's the most important factor in how things turn out for you.

Monday, August 14, 2017

Five Factors to Consider When Selecting an Accounting Firm


Whether to start a small business or make adjustments for changes in tax laws, choosing an accounting firm can be an overwhelming task. To prevent important details from slipping through the cracks, make sure to consider the following when selecting a one.

Fees

Having an amazing accounting staff that simultaneously bankrupts the company is nonsensical. Although higher-end firms can come with higher price tags, this isn't always the case. Fees should be one of the first things to consider when trying to find the right fit. It's also important to analyze charges. For example, some may charge per task, such as filing a 1040 personal income tax form or preparing a statement of net worth, and others may charge by the minute.

Certification

Some accounting firms may seem attractive on paper, but it's important that they put their money where their mouth is. A good way to ensure that one is qualified to perform the tasks it offers is to determine whether they have received certifications for said tasks. A company that mostly or exclusively employs CPAs (certified public accountants) will generally be more trustworthy than one who doesn't.

Availability

Finding the right fit only to discover that their availability is low is an inefficient use of time. Although some bigger agencies can afford to take on more clients, some spread themselves too thin and can't offer all of their clients the same amount of time and attention. One can generally determine the availability of a firm by trying to schedule an appointment or attempting to reach them by phone. If either of these is difficult at any point in the process, it may be a red flag.

References

There's a reason why employers ask for references when interviewing potential employees, and the process should be the same when selecting an accounting firm. Even if an option has the right qualifications, hearing from other companies or individuals who have worked with them in the past can clarify whether or not they are as efficient as they appear to be. Contacting business associates who have worked with them can be a good way to see if any strong impressions were made through their clients, whether good or bad.

Personal Connection

Although it may seem like an afterthought, being able to build a personal connection with an accounting firm is especially important, considering they will be handling highly important and often sensitive materials. It's important to find a business that cares about its clients as more than simply a bottom line. The contact person should be comfortable being candid about their services as well as the finances of the company. Any sense of intimidation or miscommunication that may lead to complications down the line is a sign that a different choice may be a better fit.

Choosing the right accounting firm may be a difficult task, but it's worth putting in the time and effort to ensure that it will benefit the company in the long run.

Article Source: http://EzineArticles.com/expert/Andrew_Stratton/83489

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Friday, August 11, 2017

Free Up Time, Reduce Stress & Enjoy Accurate Financials With Our In-House Team of Local Bookkeepers


Enjoy the benefits of a professional bookkeeping department regardless of your company’s size. Hire a part-time or full-time local bookkeeper to provide consultations as well as on site or remote bookkeeping help.

Unsure which bookkeeping software is right for your company?
Work with a bookkeeper to explore different bookkeeping software options, including QuickBooks and Peachtree, to find the right match. Read more about bookkeeping software consultations.

Are you starting a business or need to organize bookkeeping files?
Start your business off on the right foot by having an experienced bookkeeper set up your financial records correctly or, if you have fallen behind, let us help you reorganize and update your financial data.

Want to make sure your bookkeeping data is accurate and being entered correctly?
Meet with a bookkeeper to develop an initial bookkeeping plan and work out continued on site, or remote, support and guidance.

Don’t like bookkeeping? Tired of being pulled in a million different directions? Want to spend more time focused the business you love?
Free up your time by outsourcing your bookkeeping needs through oursecure QuickBooks Enterprise server, to our local, certified bookkeepers.

Our bookkeeping services utilize best practices suggested byAIPB and GAAP and include: 

  • Set up of Company Financial Records
  • General Ledger Maintenance
  • Bank Reconciliation
  • Full Accounts Receivable, Accounts Payable, and Billing Support
  • See Our Full List of Professional Bookkeeping Services

Our complete bookkeeping solutions allow clients to enjoy:

  • 24×7 visibility into your records, from anywhere
  • Continued on site or remote support and guidance from bookkeeping experts
  • Accuracy on business financial transactions, outflows and receivables
  • The ability to implement checks and balances; separation of accounting duties
  • Lower maintenance and staffing costs; less “on site” hours billed
  • Relief from maintenance of accounting package software versions and antiquated backup solutions
  • Easy tax planning and preparation utilizing the CPA of your choice
  • Customizable company dashboard with metrics tailored to your business
  • Multi-user simultaneous access with extensive security protocols

Fees begin at $60/month for single user access and data file hosting.

For more information, click HERE

Turn Key Office is located in Columbia, MD and serves businesses in Baltimore, Maryland, Washington, DC and Northern Virginia. Our bookkeepers are all located locally within Maryland and can provide on site bookkeeping services or work from a remote location.

Tuesday, August 8, 2017

Why Automating Your Financial Management is so Valuable


Alaia Williams is a professional organizer who loves connecting people with the resources and solutions they need to get them closer to being successful – whatever that means for them. It should come as no surprise that Alaia recognizes the importance of efficiency when it comes to managing her own small business finances.

One way in which she does this is by utilizing Quickbooks Self-Employed in order to automate repetitive tasks such as invoicing. Small business owners have enough on their plates — and minds — without having to worry about keeping track of money coming in and going out. Alaia likes to automate as many aspects of her business as she can so that she has more time to focus on helping others organize their own careers and dreams for the future.

Saturday, August 5, 2017

How to Craft a 5 Year Plan


The first step towards success, in any area of your life, is creating a plan. Brian Tracy talks about how to craft a 5-year plan so that you can live your best life.