small business

Re-Organizing Your Small Business Finances? Get It Right The First Time!

Every business owner has one underlying reason which took them out of their day job and into the role of CEO. Some of them were passionate about solving an issue within their industry, and wanted to make that problem a thing of the past the only way that was possible. Others simply hated being subordinate to a boss, and wanted the unique sense of freedom that comes with becoming an entrepreneur. Whatever the reason you started your business, I’m sure it wasn’t because you wanted to spend your days pouring over financial figures and trying to make sense of them! Giving your finances a good spring clean certainly isn’t the most thrilling part of being a business owner, but you can’t put it off forever! If your small business’s finances are causing you nothing but stress, here are some tips for re-organizing your small business finances.

Get the Right Help Early On

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A lot of business owners put off talking to their tax advisors or accountants until the deadline for their returns are just around the corner. While you may get through the tax season relatively unscathed, and deduct everything you can, this certainly isn’t the best way to go about it. Immediately after filing your returns and getting into the next tax year, you should be arranging to meet with your CPA to discuss the road ahead of you. This will give you more time to talk about your financials, and figure out a better long-term strategy, rather than simply scraping in by the skin of your teeth. If you have enough capital to throw around, then you may want to look into some top fee only financial advisors to formulate an even better strategy. It’s easy to put off reaching out to the pros, but the sooner you start a dialogue and get all the financial advice you can, the healthier your small business finances will be in the long run.

Re-Evaluate Your Entity

There are a lot of business owners that start their ventures off as partnerships or proprietorships, and transition to a different business entity as they grow and expand. If your business isn’t incorporated, for example, you may consider incorporating later on, or forming an LLC. This has the potential to shelter you from a little financial risk, and save you some money on taxes. Occasionally, entities can be formed with a single income target in mind. If this is the case with you, you may want to re-think the entity you’re operating as for a different income level. Fail to adjust your entity based on your revenue, and it could wind up costing you a copious amount of money. There are a range of legal entities you can establish your business as, each with their various pros and cons. Talk to your main financial advisor about the options available to you, and they’ll be able to help you in determining the best entity for your specific situation, and the best possible time for you to make the change.

Separate Your Personal and Business Finances

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When you first started your venture, possibly as a sole trader, it was probably easy enough for you to manage both your personal and business finances as the same kind of system. However, if you stick with this model, you’ll eventually outgrow it, and need to separate your business and personal finances from one another. This is pretty much mandatory if you’re running a corporation or LLC. Still, it’s a good practice even if you’re still operating as a sole trader. In order to do this, you’ll need to open a business credit card. Generally, I tell people to avoid opening new lines of credit at all costs. However, when you’re taking steps to separate your personal and professional finances, this is a smart move. When you move all your business expenses onto a business credit card, you’ll have an instant audit trail to fall back on when it’s time to deal with your taxes again. Remember to save all of your merchant receipts as well! The other thing you should do is open a business checking or savings account. When you’re running an LLC or corporation, your business must have its own checking account. If you’re a sole proprietor, on the other hand, you’ll be able to keep things slightly simpler by using your own personal checking account. Still, you should think about opening a dedicated money market account or savings account. With these, you can transfer about a quarter of each payment and check you receive, and designate it as your own personal tax withholdings. If you adopt this kind of strategy, paying your own business and self-employment taxes will become far less painful.

Tech to the Rescue!

You’ll have no trouble finding a cloud-based tool which can help you streamline your small business’s operations and finances. Obviously, once you’ve been in the usual swing of your business for some time, it can feel easy to stick with what you know. However, once you incorporate enough helpful tech into your financial processes, you’ll find them all so much easier to handle. That one little period of shakiness will be a pretty reasonable price for the massive amount of time you’ll save! For example, you can use software like QuickBooks for your invoicing, or Expensify for managing your expense reports. These are just the tip of the iceberg in a whole range of apps and tools you can use to make your finances easier to manage. If you’re not sure about the kind of tool you should be adopting first, think about what the hardest parts of managing your finances are. Does your invoicing process take too long? Do you always forget to track your mileage during meetings with clients and partners? Did you need to dig through a mountain of old receipts when dealing with your last tax returns? When you’re eyeing tech solutions, always start with the ones that will help with your biggest headaches. These will give greater opportunity to improve your execution, and promise more for your money in the long run.


Types of risks a small business can be exposed to – Knowing how to avoid them

Every business, no matter how big or small it is, is subject to different kind of risks which can straightaway lead to loss exposure. Wondering what loss exposure is? It is any possibility of monetary loss due to damage or financial claim against your small business and you. There is always risk associated with a business and it means the business won’t receive a return on investment. It is an exposure to danger to your bottomline. When you’re in business, you require considering the kinds of events which could pose a risk to your business so that you could take the required steps to solve them and protect your business.

Businesses which analyze the 4 of the most common risk management areas and personalize their insurance policies accordingly have the highest protection against loss exposures. The 4 types of loss exposure faced by small business organizations are income loss exposure, liability loss exposure, people loss exposure and property loss exposure. Read on to know the details of these exposures.

? Income loss exposure: The most common kind of income loss exposures commercial insurance policies are loss of income insurance, life insurance, loss of income extra expense insurance, disability insurance, business interruption insurance and many more. Income loss exposures have a strong impact on the financial flow of a small business. For examples, claims or losses of income might arise from loss of sales, tuition or rent or even due to sickness, injury, loss of employment or some kind of disability.

? Liability loss exposure: This kind of loss exposure stems from accidents or unforeseen events, whether accidental, intentional, criminal or civil. E & O insurance, general liability insurance, employee practices liability insurance, professional liability insurance, directors liability insurance are some of the most common types of liability loss exposure.

? Property loss exposure: Property loss exposures are some of the easiest to comprehend due to the tangible characteristic of the claims. Such type of exposure claims may arise from losses which take place to your building, inventory, automobile, tools, furniture and equipment. If there’s a fire in your office building, it is called property loss exposure. This loss exposure may even extend to intellectual property and the accounts receivable and accounts payable of your small business. Business property insurance, automobile insurance, fire insurance, inland marine insurance are a few of the property loss exposure insurance policies.

? People loss exposure: Personnel and human loss exposures or that which is called people loss exposures usually arise from injuries caused to employees, volunteers or third parties. This kind of loss exposure may involve the possibility of a loss to a small business from some kind of disability, resignation, injury, death and also retirement of employees. Workers compensation insurance, disability insurance, long term care insurance and medical insurance are few of the most common kinds of people loss exposure business insurance policies which are available.

What does direct financial risk for your business involve?

Direct financial risks involve how your business handles money and this includes the decision of which customers your business extends credit to and for how long time. What exactly is your present debt load? Does most of your business income come from only 1 or 2 clients who may even not be able to pay on time? Financial risks also consider interest rates and in case you do international business, then it also takes into account foreign exchange rates.

Therefore, if you’re wondering about how you could keep your business running in the best possible way, you can consider keeping in mind the above mentioned types of financial losses which your business may face and know the right solutions.

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Small Businesses: Here’re a few ways to save your hard-earned bucks

Finance management remains a major challenge for small business owners. As a small business owner, how exactly do you look forward to cutting down on costs and make the most of your profits? The general attitude of entrepreneurs towards money management has surfaced as a major problem for businesses today. Saving money is very important for the sustenance of the company. The idea is to identify the “right” avenues for saving. You cannot expect to cut down on your rent, electricity bills and utility bills. Hence you decide to spell out unexpectedly lower wages for employees thereby losing the opportunity to rope in some of the best minds of the business. What can you do to stop the unnecessary drain of wealth from your business and still get the best of recruits on board? Find out right here!

Small businesses: Exploring the right avenues of saving money

The finance management techniques of your small business remain incomplete without solid saving goals. Things become less onerous if you are following a few tips.

Don’t spell out unimaginably low costs—announce lower incentives instead

You cannot really hire very expensive staff. However, make sure you’re acquainting yourself with the standard wages in the market. And yes, it would be great if you slowly start introducing minimal incentives for talented staff. This is a way in which you win over your top talent. You have to compete with the larger businesses that offer substantial benefits including chunk bonus and healthy subsidies. See if your company can work out flexible working hours. And, never back down from creating ample opportunities for development for your employees.images (8)

Go paperless

Make sure you are looking forward to minimizing your printing and storage costs by going paperless. If you’re running a small clinic or departmental store where you are required giving out payment receipts, you can request your customers to provide their e-mail ids so that you can transfer the bill online itself.

Avoid payment delays

It is very important on your end to press for a 30-day contract with your client. Late payments remain one of the major problems faced by SMEs. Educate yourself about the late payment laws (that are such an integral part of the government manifestos). Late payments can even force companies to go out of businesses.

Do not hesitate to ask for discounts

Make sure you are asking your suppliers for substantial discounts on the deals availed by you. Depending on the terms, SMEs might as well end up saving up to 50% on their deals. Ask them what you’re supposed to do in order to secure these discounts.

Collect cash upfront

If you are extending credit to consumers make sure you’re collecting a part of the cash up front with each and every purchase you’re making. This practice renders overall benefits for your company including risk reduction and improvement in cash flow.

Conclusion

Keep the aforementioned money saving tips in view in a bid to ensure that you’re guided the right way when it comes to saving money for your business. You necessarily do not have to compromise on your top talent in order to save money. You can definitely try out the aforementioned tips to check unnecessary drain of money from your company without really impacting its overall efficiency or functionality. Do educate yourself about the constructive money saving techniques for small businesses.

  


Should I use Quickbooks or Xero to manage my small business?

As your small business grows and its financials become more complicated, you’ll need a comprehensive piece of accounting software. There are several business apps that can do everything from managing invoices, to tracking time, but it’s QuickBooks and Xero that can do it all and more.

Forever, it seems, QuickBooks has been the logical solution. Everyone uses it. It’s proven.

But Xero is shaking up the market. It’s cloud (web)-based platform let’s users operate it from anywhere with an Internet connection and its ability to integrate with numerous business apps make it a very robust piece of software.

So, which one should you go for? It almost seems like the Apple vs. Windows debates that sparked about five to 10 years ago. QuickBooks has been around for a while, which means its safe and reliable. But can Xero’s fresh approach to accounting overcome it?

What do they have in common?

Both pieces of software allow for online accounting (the new QuickBooks is also cloud-based). They both handle accounts payable and receivable; banking synchronization; invoicing; payroll; bank reconciliation; multiple currencies; document sharing and excellent financial reporting.small-business-2014

In other words: plenty. QuickBooks and Xero can certainly handle your business’ day-to-day operations but you need to look at the intangibles, such as efficiency and ease-of-use when deciding which one to buy

Xero is mobile; Quickbooks tries to be

Xero was built with mobile in mind. Its Xero Touch app lets you keep a pulse on your business from your tablet or smartphone. And being that it was built from the ground up with the cloud in mine, it works quite well on those apps. Remember, Xero and mobile go hand-in-hand, while QuickBooks is adapting to the cloud.

QuickBooks’ mobile solution is a slimmed-down version of its desktop app. Sometimes, that’s good enough. Other times, it’s difficult to use and it feels squeezed.

Bank reconciliations

The reason you need accounting software is to ensure that money coming in and money going out is accurately reported. That’s why bank reconciliations are necessary.

QuickBooks and Xero handle this differently. Xero allows you to match invoices and receipts with account transactions, while QuickBooks uses a search engine, which can take a little more time.

Integrations

You don’t have one app on your smartphone and you’re not going to use one app to manage your business. Xero and QuickBooks realizes this and that’s why they’ve partnered with hundreds of companies to allow their apps to talk with their accounting software.

Xero is a head of the curve on this and has hundreds of integrations in its add-on market. Quickbooks is adding more, but only has a few dozen at this point.

Integrations give you a more comprehensive view of your business, which is always a good thing.

Decision time

Of course, this comes down to personal preference. Xero has a lot of promise, but buying into newer software can be risky. QuickBooks is proven, but has it gone stale?

If money is an issue, go with Xero. It allows for unlimited users, while QuickBooks charges you for more then two users. There isn’t an unlimited amount for QuickBooks users.

Both offer free trials — play around with the software then make your decision.

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The Most Common Financial Mistakes New Business Owners Make

Starting a new business is one of the biggest financial burdens a person can take on. Many people fear the financial issues that often come with starting a new business because of the immense problems those issues can cause for a person.

Every business owner wants to prepare as much as they can to avoid financial problems when starting a new business. However, many business owners keep making the same common mistakes. Here are some of the most common financial mistakes new business owners make.

Underestimating resources needed to operate

There are a lot of new businesses who do not realize just how much it will take to operate their business until they get started, at which point it is often too late. Making the correct calculations right away can allow business owners to save money and plan accordingly for all of their business needs. Businesses owners can also invest in quality resources like Connecticut u-verse TV if they plan correctly instead of opting for the cheapest thing available.

Spending too much money with loans

Loans can be a lifesaver for new businesses. However, business owners who rely too much on loans for their new business will often run into severe debt later on. Loans may seem like free money for a new business in the beginning, but loan payments with high interest rates can run even a profitable business into severe financial trouble. Business owners should instead try to split up the sources of capital that they receive, taking also from investors and even credit cards to lessen the financial burden.

Combining personal and business fiThe Most Common Financial Mistakes New Business Owners Makenances

Combining finances is a common mistake for startups or small businesses. Business owners like to keep all their eggs in one basket, so to speak, but this can make things all too confusing for everyone involved with the business. Combining personal and business finances can also lead to the unethical behavior of spending business money on personal expenses, which can happen more quickly than most business owners might think.

Not keeping accurate financial records

Record keeping is commonly one of the aspects of business that business owners dread the most. Because of this, and a possible inability to hire someone to take care of it for them, many business owners simply put off taking records or do a poor job to get it over with as fast as possible. The issues with this are obvious, ranging from small issues like an overdue bill to big issues like an audit.

Not budgeting appropriately for salaries

Business owners commonly worry about things like paying rent and getting all of their equipment fixed on time to make their next shipment of product. Businesses owners have so many other expenses to worry about that they often forget to pay themselves at the end of each month. This may be a fine practice in the first few months of business, but business owners to put off paying themselves for much longer will run out of money very quickly.

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Top 4 Marketing Strategies To Work On In 2014

With already a month and half in to the year 2014, small business owners have already started experimenting with their marketing strategies to expand their outreach and woo new customers. Have you started doing the same as well? How well do you think, you’re placed at the moment with your marketing policies? Those of you all who’re still in a prolonged holiday mood, it’s clearly time to up your antics- to look back to the previous year and evaluate mistakes and accomplishments, work on both them, study the most potent marketing predictions of the year and chalk out plans based on the same. If you aren’t doing it yet, know for a fact that your competitors have already started doing the same. In fact, as per the recently released First Annual Small Business Sentiment Survey conducted by Yodle, it was revealed that that 33 percent of the entrepreneurs surveyed were concerned about keeping their current customers, while 42 percent expressed concerns relating to finding new customers. If you, too, are faced with similar concerns then here are a few small business marketing tips to aid you.

imagesLeverage Omni-Channel Marketing Possibilities

While 2013 witnessed huge strides in mobile analytics and mobile marketing, today entrepreneurs are clearly required to think beyond mobile apps and responsive web design. There is so much to be explored in terms of cross-device compatibility, leveraging data for bolstering personalization, working on feedback opportunities etc. There are instances when marketers have severely failed to implement programs for the lesser engaged customers. These are clear cases of marketers overestimating customer loyalty. It’s advisable that you devise an omni-channel strategy when it comes to mobile marketing by

  • Acknowledging cross-promotions with rewards
  • Focussing more on customer benefits
  • Implementing regular messaging

Start Working with a More Flexible Budget

Though most of the small business owners are concerned about customer attraction and retention, they allot a small budget for marketing purposes. In fact, there are business owners who have admitted that they spend nothing on marketing! However, this year’s focus should be to identify places where potential customers are going to research more on your business products and make sure that you’re spending sufficiently on the marketing strategies that would bolster your presence in these places. Plan out a practical budget that would allow you to identify new marketing opportunities and experiment on them.

Stop Neglecting Negative Online Reviews

If it was the word-of-mouth publicity that played a key role in purchasing tendencies of customers earlier, today it’s the online reviews, playing a similar role. The statistics substantiate this fact amply. A study conducted by Harvard Business School revealed that even a single star improvement in Yelp ratings can influence business sales in a major way. Therefore it’s essential for you to map out your online response plans accordingly. While a simple tip would be to create a business ambience that keeps your clients satisfied, it’s very important not to get affected by negative reviews as well. Track online responses regularly and try to get in touch with the negative reviewer directly to sort out matter offline, at first.

Take Help of Snippet Messaging

Go a little beyond “only visual marketing” and try to improve your branding efforts and small business marketing plans by means of concise messaging and story-telling.


Small Business Financing Options

If you are ready to start your small business, one thing that you might be worried about is coming up with the money that you need. Starting a business can be costly, but there are quite a few great financing options out there for you to consider. You can use one or several of them to get your initial capital, and the sky is the limit from there.

Bank Loan

Bank loans can be great options for people who have good credit and are searching for financing for their small businesses. It is essential for you to have a good credit rating in most cases, but if you do, you can often negotiate a reasonable payment plan and interest rate.

SBA Loan

The Small Business Administration offers several different loan options for people who want to start their own small businesses. It is important for you to have a good business plan to qualify, but you don’t have to worry as much about your credit score. Many people find that SBA loans are great options for opening up their businesses, but it is important to understand that it can sometimes be difficult to get approved due to strict requirements and limited funds.

Alternative Loans

Fortunately, bank and SBA loans aren’t the only loan options for people who want to open their own businesses. There are a lot of companies out there that specialize in providing people with small business financing, and some of these options don’t require a high credit score at all. It is important to do a lot of searching if you want to find out about all of the other small business loan options that are available; with some research, you might be able to find the one that is just right for you and your business plan.

Investments and Help with Funding

If getting a loan doesn’t seem like an option for you, you shouldn’t give up on opening your business just yet. There are entire websites that are dedicated to helping people to get the donations that they need to start their businesses, and you can use one of these websites as a way of drumming up funds.

You can also pitch your business idea to potential investors as a way of getting cash to get started. This will involve a few meetings and a nice presentation about your business plan, but you might be surprised by the number of people who will believe in you and your idea and who will be willing to help you get started. In this situation, however, you will have to offer them some of your profits once you make them, but it might be worthwhile because it will give you a way of starting a business without having to take out a loan.

Lastly, you can try the traditional methods of saving and gathering up money to start a business. Socking away as much money as you can for a few months can yield a surprising amount of savings, and you won’t have to worry about paying anyone back. You can also talk to family members and friends who have the financial means to help you; in this case, even though you are borrowing money, you often won’t have to pay any interest, and you also don’t have to worry about your credit score.

These are just a few of the many options to consider if you are in need of money to start a small business. Even though coming up with these funds might not be easy, it will all be worth it when you have a business that is successful and all yours.

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Joseph Irvine is a small business owner who recently had to get a small business loan. It was difficult and he recommends checking out iCapital for your loan alternative needs.


3 Of The Smartest Ways To Gather Fund For Your Business

You might have a number of ideas in your pocket to start up a small business, but what if you don’t have enough money to fund that business? To drop out the entire plan for lack of cash doesn’t sound to be very wise. In fact you just can’t simply abandon your entrepreneurial dreams like that and this is why there are a number of financial alternatives to help you survive through your dreams. Right from different types of low interest loans to contributions from different sources you can easily find the required money if you know where to search for it. Even if you have already started off the business, and now finding it difficult to arrange the required cash, don’t worry; there are different financial sources which you can consider –7970335276_c40436536b

  • Try to get Small Business Loans – If you need a significant amount of capital to fund your business, a small business loan can be the ideal choice for you since it can provide you with thousands of dollars, at a comparatively lower rate of interest. Even though there are chances that you will borrow more than what you require actually, but then, considering all the other aspects a small business loan is probably one of the less expensive ways of secure funding. It is advisable to approach community lenders or credit unions instead of a popular bank, with branches all over the nation because surveys have shown that banks tend to approve only 17% of the total applications, whereas other unions and lenders approve almost 50% of the applications.
  • Consider Advance Orders – If you are clearly aware of the value of your business and also have some customers lined up for your products and/or services, you can consider advance orders as an effective option. Try to sell the products and advertise your services well in advance. This will not only provide you with sufficient working capital, but will also help you validate your business idea in a fashion, which is not possible through any sort of market research.
  • Sell your products – One of the best ways to raise funds for your business is to sell off your products. Though this option is often overlooked, this has acted as a lifesaver for many and if you are burdened with a lot of old modeled gadgets or clothes, or things like that, consider selling them off right away. For example, Music Magpie allows you to sell of those CDs, DVDs, games, electronic and technical gadgets, old clothes etc.  So, if you are bored with your old modeled ipod, you can easily sell that off at musicmagpie.co.uk. Again, for clothes, you can consider visiing cash4yourclothes.co.uk and if you want to sell off those old magazines and books as well as CDs and DVDs www.cash4yourclothes.co.uk is which can help you out the best.

Well, these are the three most simple, yet effective and fastest strategies to gather funds for your business. Try these out today and make your business a grand success.


3 of the Smartest Ways to Produce Funds for Your Business

BusinessYou might have a number of ideas for how to start up a small business, but what if you don’t have enough money to fund that business? You just shouldn’t simply abandon your entrepreneurial dreams because of a lack of cash. There are a number of financial alternatives to help you realize your dreams. From different types of low interest loans to contributions from different sources, you can easily find the required money if you know where to search for it. Even if you have already started your dream business, and are now finding it difficult to produce some extra much-needed cash, don’t worry; here are a few different financial sources which you can consider –

  • Try to get Small Business Loans – If you need a significant amount of capital to fund your business, a small business loan can be the ideal choice, since it can provide you with thousands, at a comparatively lower rate of interest. Even though there is the chance that you will borrow more than what you actually require, a small business loan is probably one of the less expensive ways of securing funding.
  • Consider Advance Orders – If you are clearly aware of the value of your business and also have some customers lined up for your products and/or services, you can consider advance orders as an effective option. Advertise your services well in advance, to promote your business and your offerings. This will not only provide you with sufficient working capital, but will also help you validate your business idea. g

Sell your own stuff for cash– One of the best ways to raise funds for your business is to sell off your own personal products. This can be an ideal solution for many to make some quick and instant cash. For example, MusicMagpie allows you to sell all of those old CDs, DVDs, games, electronic and technical gadgets, old clothes etc. It’s free to send these items to them, so just pack them up and post them off, or get their convenient courier service to take all your unwanted stuff off your hands!


Different Kinds Of Accounting Services

For a small family-run business, outsourcing any aspect of the business management is often challenging both financially as well as addressing the issue of giving up some power and hands-on management of their love, their passion, their livelihood.  But there are simply times when a business owner must recognize that they have limitations in their skill sets or lack the time required to undertake these activities.  One area that many business owners find themselves lacking is in the area of bookkeeping and accounting services.  Outsourcing these services may be the difference between financial challenges and financial health.

More than Just Bookkeeping

Bookkeeping is the recording of financial transactions which may include purchases, sales, receipts and payments by an individual or organization.  A bookkeeper focuses on recording the day-to-day financial transactions and has very limited access to the full organizations’ financial picture.  Accounting services are broader than bookkeeping and include providing services such as account open, account update, account balance, account detail, account close, account discounts, account bill/usage tally, account payment settlement, tax considerations, etc.

Many individuals mistakenly consider bookkeeping and accounting to be the same thing. This confusion is understandable because the accounting process includes the bookkeeping function, but is just one part of the accounting process. The accountant creates reports from the recorded financial transactions recorded by the bookkeeper and files forms with government agencies.

Types of Accounting Services

Let’s look at little more closely at the types of accounting services that a small business may require to outsource.  A large accounting services firm may provide services in the following areas: audit and assurance; consulting; deals; human resources; legal services; and, taxes.  Specific to audit and assurance, small businesses may require both internal and external audits, regulatory compliance and reporting, corporate reporting improvement and streamlining or improvements office / bookkeeping efficiencies.

Accounting firms also have expertise in the field of consulting.  They are able to understand the business market and work with the small business owner, sharing strategies to create growth and sustainability.  Many firms will be able to suggest technologies to help streamline operations and processes while addressing governance, risk and compliance considerations.  Some businesses may be in recovery mode from the weak market of late – they may require assistance on restructuring, addressing financial due diligence, working with government agencies to address financial accountability, or looking at internal human resources management challenges. Other accounting services firms can provide legal services, mediate dispute resolutions, real estate, etc.

Tax Support

Probably one of the most common accounting services provided is tax support.  Many people think of tax support as something provided just before the filing of our annual taxes.

This is not the case.

Most businesses, including small family-run businesses have monthly tax payments due, they have payroll taxes to address for each employee, and they may have the reporting of taxes both paid and collected.  This is a very time consuming aspect of a business and requires both time and expertise to be aware of all the current tax trends, changes and considerations that might impact a business.  Filing and paying taxes with errors can lead to large penalties for a company and will require more time to fix.  Have the right resources in place such as accounting services to address these reporting requirements right the first time will alleviate both added frustrations and resources down the road.

Accounting for Small Businesses

Accounting for small businesses needs to continue to be front and centre throughout the lifespan of the business and particularly through the ebb and flows.  An accountant can be a significant resource in managing the growth process or streamlining financial procedures during tight times. During challenging times such as audits, or to assist with financial forecasting, having an accountant on retainer can take away the stress and unknown elements to allow small business owners to concentrate on running their business.

For a small business that requires assistance with filing, and managing the daily books, it might be more relevant, and less expensive, to hire a part-time bookkeeper.  However, for assistance with more detailed financial accounting, more intense accounting services and financial expertise, hiring an agency that provides detailed accounting services would be more beneficial. When it comes to the financial health of the business, an accounting firm can be an integral member of the team.

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This article was written by Sylvester Veles, who believes that there are different kinds of accounting services, and that bookkeeping is just one of them.


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