Saturday, December 30, 2017
Accounting services aren't just for multi-million dollar corporations. From startups to established family businesses, using an accountant to keep track of income, expenses and taxes can help any company reach its potential. Here are five reasons for any business to consider outsourcing their bookkeeping to a premier accounting provider.
1. Free Up Employees
A company may not have enough paperwork to justify a full-time accounting position. However, when non-accountant employees have to split their time between balancing the books and performing their other duties, they are unable to be as effective as employees who only have to concentrate on one job. By hiring a financial management firm to take care of their accounts, the company allows employees to do the jobs they were hired for.
2. Ensure Accuracy
Keeping up with accounts payable, accounts receivable, tax documents and other financial information can be complicated. Good accounting services employ Certified Professional Accountants, or CPAs, who are licensed and highly trained. By employing a numbers expert, a company is helping to ensure the accuracy of their books. This can help avoid costly mistakes that may lead to litigation or even the closure of the business.
3. Stay Up-To-Date
Tax laws and local regulations change frequently, and it can be hard to keep track of all the updates. Also, if a business is growing quickly, it can be difficult to keep track of the different laws that may apply at different stages of growth. A company can help ensure they stay in compliance by employing a dedicated firm whose sole responsibility is understanding these regulations. The accountant can make recommendations to the business owner about any changes that need to be made or upcoming financial legislation that may be relevant.
4. Limit Liability
Many accounting services provide some guarantee for their work within the initial contract. This means that if discrepancies occur, the service provider will be liable for any mistakes that are found. However, financial disputes can tie up working capital for long periods of time, so it's still important to do due diligence and choose a firm with a good reputation and solid experience.
5. Plan Ahead
Financial experts will understand all sides of a company's financial picture, including upcoming budgets. Expert financial analysis can help create a more balanced budget, making it easier to plan future expansions or, if necessary, cutbacks. With proper forecasting, a business will be more likely to have appropriate inventory on hand, have enough funds for payroll, and pay enough quarterly taxes, to name a few examples.
With these tips, a business owner can see why it's important to outsource their bookkeeping to a professional service provider.
Article Source: http://EzineArticles.com/expert/Andrew_Stratton/83489
Article Source: http://EzineArticles.com/9697644
Wednesday, December 27, 2017
Setting year-long goals are ineffective, say BestSelf Co. cofounders Allen Brouwer and Cathryn Levery. Instead, try these goal-setting tricks that will help you stick to your New Year's resolution.
Sunday, December 24, 2017
Thursday, December 21, 2017
Killing time is a vicious cycle. What starts as a short break browsing online, can turn into hours wasted. It feeds your lack of action and interrupts your workflow. In this video, I will teach you how to increase your productivity and move closer toward your goals just by managing what you are doing and when you are doing it.
Monday, December 18, 2017
Running a small business means staying focused on your finances. Without proper management of receivables, marketing expenses and even debts, you could end up sinking the small business before it even starts to grow. Luckily, there is always something you can do to ensure that such risks are prevented. You can create and implement simple bookkeeping strategies to save your business and help it grow to its full potential.
1. Weigh your options
Is it better to get a bookkeeper or can you handle accounting by yourself? This is the question you should start by asking yourself before anything else. Cutting costs is definitely what you are prioritizing as a small business, but helps to handle what you can and leave experts to do what they do best. You can hire accountancy services to help you get your finances in order without spending too much on the services. There are numerous accountancy firms today and most offer all sorts of accounting services at affordable rates so you can easily get what you need as a small business.
2. Separate accounts receivables from borrowed funds
Financial backing or loans are beneficial to small business to aid marketing campaigns and even capital among other things, that the business needs in the initial stages. Get organized and keep the loans separate so they do not appear in your receivables because then you can easily get confused as to what is yours and what you need to pay back. There are very good easy to use software you can use for this task to keep everything organized and clear to you.
3. Keep an eye on your balances
Large amounts on your receivable column can be a good thing indicating that your business is doing well, but it is a different case when the money does not end up reflecting in your business account. Clients can be tricky and can avoid payments and when this happens regularly then your business remains at risk. Put in strict policies or terms so that you are able to receive due payments at the right time. You might be desperate to get clients, but you can't do it at the expense of your growing business; if you must refuse to give more services or materials until pending payments are made.
4. Keep track of your daily expenses
Everyday expenses records are very important for all kinds of business, but more so the small businesses. Keeping track of your daily expenses does not only help in clearly knowing where your money is but also puts you in a better position to budget for the weeks ahead.
5. Know your minimum monthly profit
Even the smallest businesses require running strategies and when you have an accurate system in place, then you will manage to keep things in order. Calculate your expenses and regular obligations so you know the minimum income needed every month. Have a target in terms of how much you should earn every month, so the numbers don't get too confusing.
Article Source: http://EzineArticles.com/expert/Jovia_D'Souza/2007086
Article Source: http://EzineArticles.com/9319403
Friday, December 15, 2017
Tuesday, December 12, 2017
The research is in and it turns out employees are wasting more time than ever before. If you feel like you don't have enough time to get things done at work, you need to take a closer look at your habits. These habits specifically.
Saturday, December 9, 2017
Along with actually running the day-to-day operations of a store, franchise, or company, there is also the financial paperwork, which has to be completed just right or you could face serious legal consequences. Owners need to keep track of expenses, salaries, profits, insurance, taxes, and tax breaks. The best way to handle these details is to hire professionals. Here are three reasons why bookkeeping services can help you.
Accuracy When It Matters
First off, unless you have a CPA license, bookkeeping services will handle your accounting more accurately and promptly than if you attempt to do it yourself. Trained professionals complete this type of work every single day and can focus on each and every detail. Depending on the type of business and size, there are certain accounting methods that can be utilized to maintain records. Private firms can analyze your company and figure out which organization method will be most accurate for your finances. You will always have an up-to-date idea of how your business is doing financially, and what you can and cannot afford. Furthermore, a firm can complete these tasks quicker than the average owner.
Save Valuable Time
Secondly, doing your own accounting and tax filing takes time. In some cases, it takes a lot of time. The time it takes you to crunch numbers can impact the day-to-day operations of your company. Bookkeeping services can take this extra work off of your plate. This will allow you to focus your energy on your overall vision for your store or company, rather than on the little details. So while a professional firm may initially seem expensive, you must consider how much more money you can bring in by not spending hours every week on your books.
Avoid Potential Conflicts
Hiring bookkeeping services is ideal if there are any potential conflicts of interest. If your company is a partnership or has a complex business arrangement, there could be multiple parties with an interest in your venture's accounting. By bringing in an outside firm, all partners can be assured that the numbers come from an independent source with no preference. Along with ensuring you receive the correct numbers, this will also help prevent any potential suspicion between partners.
In short, hiring bookkeeping services can be an excellent way to keep your business running smoothly. When tax season comes around, having kept accurate records will make filing your returns much easier, which is one less thing a business owner needs to stress about.
Article Source: http://EzineArticles.com/expert/Abraham_Avotina/663190
Article Source: http://EzineArticles.com/9288318
Wednesday, December 6, 2017
I know first-hand how stressful and exhausting having a busy lifestyle can be. But I also know first-hand how to make sure you don’t burn out or find yourself helpless, irritable, and unhappy. Here are my top stress reducing tips.
Sunday, December 3, 2017
So you're ready to switch from your old QuickBooks to QuickBooks online. Great!
First, you need to export your QuickBooks desktop company file to QuickBooks online.
Doing this export doesn't change or harm your QuickBooks desktop company file. It just copies it and adds the copy to your QuickBooks Online account. You can still use QuickBooks desktop just like you always have. We'll show you how in this video tutorial.