Monthly Archives: November 2012

The Importance of Accounting Services for Your Business

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accounting services can make or break your business.  Accounting services are a necessity for the survival of a business and can even save you a ton of money by increasing business efficiency and allowing you to make better financial decisions by providing valuable information such as the assessment of business solvency and productivity.

Accounting is truly the heart of the organization – if the company’s funds aren’t managed properly, it will eventually lead to the failure of the business. While many small business owners believe they can manage their company’s finances on their own, they often realize too late that there aren’t enough hours in the day to handle every aspect of accounting while trying to grow the business.

Your time

Never forget the old cliché, “time equals money,” as this especially true when it comes to running a successful business. If you aren’t spending the majority of your time managing the company’s finances, you’ll be able to spend it much more productively by networking and winning new clients, maintaining relationships with existing clients, managing and motivating your employees and other tasks that are crucial to the growth of your business.

Hiring an accounting services firm will allow you to use your time wisely, saving money over the long run.

Taxes and government regulation

Handling taxes and trying to adhere to complex government regulations are a huge headache, even when you don’t have a business to run. By using accounting services, you’ll save money on taxes and avoid the stress that comes with it.

Whether you have a small or a large business, there are often complicated tax issues involved and trained accounting experts are required to keep up with the tax laws that are constantly changing. Can you imagine the time it would take to keep updated on all of this in addition to trying to figure out where to spend, where to cut back and everything else?

Paying your employees

Payroll is a very time consuming task, and if you’ve got employees to pay, this is another aspect of your business that accounting services can take care of. Handling payroll on site typically costs more than outsourcing – it’s also more secure when handled by an outside source with fewer in-house employees having access to this highly sensitive information.

Utilizing professional services

By utilizing the free services of GoodAccountants.com, you can be assured that qualified and experienced accounting experts will take care of every financial aspect of your company from payroll to taxes and more, leaving you with fewer worries and more time to concentrate on taking your business to the pinnacle of success.

How to Make Sure Your Company’s Finances are in the Hands of the Best Accountants

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goodaccountants.com can help you find the best accountants in the businessIf you want to set your business up for a successful future, ensuring that the financial aspects are handled by the best accountants is imperative. Your accountants serve as valued advisors and receiving the wrong advice by a poorly qualified accountant or trying to handle the business finances on your own can lead to financial disaster.

The best accountants will make sure your company is in compliance with complex government legislation, including taxes, offer valuable tax planning and reporting services, maintain the business’ financial records, generate financial documents, and much more.

With so many accountants out there to choose from, how do you know that your firm’s finances will be handled by the best?

Ask questions

There is no such thing as a bad question, and that certainly applies to finding the best accountants. Ask lots of questions to potential candidates including:

  • Why should I use you?
  • Do you have industry experience?
  • Who are some of your other clients? Can I call them for a reference?
  • What type of advice do you typically offer?
  • What are your credentials?
  • What is the scope of services offered?
  • How can you save or make my business money?
  • When are you available? (Days, hours, or even season as some tax preparers are only available during the first four months of the year)

Come up with your own list of questions based on the needs of your business, the more the better. You’ll also want to be sure the accountant is a good fit personally in addition to professionally with a high level of access to privileged information.

The accountant should also ask you lots of questions about your business to determine if he or she is a good fit. If the accountant seems uninterested, look elsewhere.

References

Once you believe the accountant has the potential as the right one for your business, ask for references from a variety of clients, and if possible include one who owns a business that is similar to yours. Call each and ask them to convince you that he or she is one of the best accountants for the job.

Using a referral service

One of the easiest and most effective ways to find the right accountant is to contact GoodAccountants.com. With a nationwide registry that includes thousands of the most qualified – and the best accountants in the business, their expert business consultants can assist you in finding the one that is perfect for your business or personal needs at absolutely no cost to you

Which Industries Employ the Most Accountants and Auditors – Infographic

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Accountants and Auditors

Ever wonder which industry contains the most accountants? Accounting is a lucrative job, and large companies who hire accountants and auditors can avoid financial mistakes before they happen.

We’ve created an infographic that details the industries that employ the most accountants and auditors, and the results are very interesting! Check it out:

Which industries employ the most accountants and auditors- Infographic

Benefits of Hiring an Accountant for Internal Audits

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find out about the benefits of hiring an accountant for your internal audit An accountant who handles internal audits for a company is able to review the firm’s financial management practices as well as check for fraud, waste and imperfect practices. They are able to examine internal financial documents and can serve to increase accuracy of financial data that will help the business avoid potential legal or financial issues.

An internal auditor can offer huge benefits to the company; often saving the company more money over time than it costs to employ their services. Just a few of the benefits of hiring an accountant for internal audits include the following.

The protection of company assets

Employee theft is extremely common and costs companies billions of dollars every year. Preventing this financial drain on your profits requires a strict system of internal controls, including hiring an experienced internal auditor. A skilled auditor can put this type of system into place and also monitor it to prevent theft by ensuring that there are no opportunities that might tempt an employee to steal from the company. The internal auditor will also perform random checks that assure that the controls put into place are effective.

Increase the value of the company by improving performance

Another benefit of internal audits is the critical analysis provided of company efficiency. This is another way that employing an accountant for this service can actually save your business money over time. The audit can determine whether or not your products and services are marketed at competitive rates and will also meet your short and long term financial goals in addition to ensuring that vendor contracts are providing the best value and services for the dollar?

Accurate financial statements

A CPA audited financial statement offers a big value by putting your investors at ease of the accuracy of information, giving them confidence that your books are accurate. Lenders will also view your company as more reputable, leading to lower interest rates when borrowing.

When a qualified accountant performs these audits, your financial statements, including various accounting documents such as accounts payable and expense reports, will be examined to be sure your business is following generally accepted accounting principles. The internal auditor will also provide a qualified opinion on these statements which will help you make informed decisions in relation to the finances of the business which can lead to greater success, and increased profits.

GoodAccountants.com is able to provide qualified and experienced accountants for internal audits for a wide variety of companies from non-profit organizations and multi-national corporations to colleges, universities, hospitals and more.

How to Find an Auditing Firm That’s Right for You

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how to find an auditing firm The U.S. is home to over a million auditors and accountants; how do you begin weeding through them all to determine which auditing firm is right for you and your business? While it can seem like a rather challenging task, by following these steps you’ll increase the odds of being able to find an auditing firm and create a long lasting, successful relationship.

What are your needs?

Before starting your search, pinpoint the needs of your business so that you can first eliminate the firms you don’t want to work with. Do you need an auditing firm that provides specific types of services or can provide a comprehensive package? Do you have a particular budget that you need to work within? Is it important that the firm have industry experience? Consider your must have criteria as well as more flexible criteria to avoid eliminating a potentially highly qualified firm.

Once you have a clear list of wishes and needs, you can begin the diligent selection process.

Professional organization recommendations

If you want to find an auditing firm that will do the best job for your business, you don’t want to peruse the yellow pages. Auditing firms that advertising in your telephone book are probably either just starting out or may be having difficulty finding clients on their own due to a questionable reputation.

Instead, contact professional organizations like the American Institute of Public Accountants or the American Accounting Associations for a list of recommended auditing firms. Once you have a list, you can review their websites or call to find out the services they offer as well as typical fees.

Screening potential firms

Screening the firms you are interested in by thoroughly checking references from current and/or past customers is a must to find an auditing firm that has the potential for a long lasting relationship that will contribute to the success of your business.

Be sure to verify education and training levels as well as all of the certifications of each audit firm. Verify that all members of the firm have graduated from accredited four-year institutions and that the CPA exam has been passed.

Referral service

Using a referral service like GoodAccoutants.com may be your best bet as well as being the most cost-effective option to find an auditing firm that’s right for you as quickly as possible, and without the hassle and headaches.  With the ability to provide multiple quotes from a variety of audit firms with your privacy completely protected, GoodAccoutants.com can do all of this leg work for you – allowing you to do what you do best for your company.

5 Reasons You Need a Business Accountant

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a good business accountant can save your businessWhile small business owners may start out thinking that a business accountant is a luxury they can’t afford, it won’t be long before they realize that a business accountant is a necessity they can’t afford not to have.

The financial health and ultimate success of your business should be put into the hands of a professional and never left to chance. Many businesses fail due to lack of financial planning and a lack of proper accounting practices.

Start your business out right

By hiring an accountant for your business, you can be assured that your company follows standard accounting practices from day one.  The accountant will make sure that your business’ spending habits are fiscally sound and that you’re properly using your business and personal funds. They’ll help you keep track of income and expenses in order to determine what’s working right, and what’s not.

It’s imperative that your business follows all of the complicated state, federal and local regulations – and your accountant will make sure that your financial records are straight and that you’re following all of the current laws.

Taxes

Having a business accountant can often pay for itself by saving you money on taxes. He or she will help you take advantage of areas in which you can save. These accountants are also up to date on all of the latest tax laws for small businesses, and they can make sure that you’re in compliance in order to avoid future tax issues.

Time for the business owner take care of day-to-day operations

One of the biggest advantages of securing a business accountant is that you’ll have time to concentrate on what you do best, and that’s running the business. If you have to the majority of your time worrying about the financial end of things, you’ll never have time to grow the company.

Planning

A business accountant will plan ahead for to handle upcoming expenses and make sure there is money on hand to pay employees when the cash flow is down. He’ll help identify areas that are the most profitable and which might be losing money- which can save your company’s future.

Value

It’s easy to see how hiring an accountant can offer a great value in not only helping the company save money and avoid dangerous pitfalls, but as a proactive partner in growing the business, they’re often an invaluable asset.

If you aren’t sure where to find a good business accountant, GoodAccountants.com has access to thousands of highly qualified accountants with experts available to assist you in finding the right one for your business at no cost to you.

Why You Need a Corporate CPA

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a corporate CPA can help your businessA corporate CPA is similar to a regular Certified Public Accountant, but deals with corporations and the business industry. They are specialized in their knowledge in regard to industry standards and can be an outstanding asset for those who are starting a new business.

Setting up your future

Setting up your business for a successful future is crucial, and a corporate CPA is an expert at doing just that. With the ability to walk you through the financial aspects of your corporate setup as well as to offer both short and long term financial strategies. An accountant who is well-versed in corporate dealings can make the difference in the success or failure of the business.

Government regulations

As most of us realize, following and being aware of all of the numerous government regulations can be a nightmare to keep up with as they continue to grow more complicated almost every day. A corporate CPA is required to keep up to date with all of this, including pertinent legislation changes. They can help the small business owner determine the appropriate business structure for their venture and also assist with setup, taxation, registration as well as filing corporate tax returns.

As a business owner, trying to deal with all of this while running a company can be a nightmare, but a dedicated corporate CPA can help you with this so that you can move on with handling what you do best –running the day-to-day operations and making your business grow.

Tax planning

A good corporate accountant can not only help you with standard tax reporting, but should also be able to offer general tax planning advice in order to maximize business tax deductions. The accountant can often save you more money than his services cost by providing the business owner with the knowledge of what can be claimed and cannot be claimed.

Other services

A corporate accountant can help you maintain the business’ financial records, generate standardized financial documents and reports and even sending up a business banking account. This type of accountant often provides priceless business consulting advice in regard to cash flow management, inventory management and price control as well as business financing.

Finding a trusted corporate CPA may sound like a daunting task, but by contacting GoodAccountants.com, this free service will help you find the right accountant for your business with access to thousands of the best and most qualified accountants and accounting firms.

How to Find a Forensic Accountant

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a forensic accountant gets to the bottom of financial crimesIf you’re in search of a forensic accountant, the odds are, you and your business may be under quite a bit of stress as forensic accounting is usually involved when there is a legal dispute, including law suits, or investigations including fraud, embezzlement or identity theft.

Finding a reputable forensic accountant can save you time and stress and allow you to focus on the other important aspects of running your company. These professional financial investigators are able to decipher complicated financial data including tax returns, bank statements and other business records and prepare reports from the information that can be more easily understood and used in court proceedings.

Finding the right accountant

Finding the right forensic accountant in this type of situation is crucial. Choosing a general accountant without experience in forensic accounting is akin to asking a dentist to perform heart surgery. The accountant should be a Certified Fraud Examiner.

GoodAccountants.com employs the services of more than fifty, full-time professional business consultants that are able to assist business owners in finding the best accounting professional for their particular business and situation. This free service can be a key factor in assuring you’ll secure the right forensic accountant that can contribute to the ultimate success of your business.

The accountant must be credible as they’ll typically be called as an expert witness in order to provide evidence. With the opposing counsel designed to reveal any flaws in the accountant’s abilities, there cannot be any question when it comes to their experience, skills, professional and personal background. Utilizing the services of GoodAccountants.com will assure that all of these bases are covered.

Other factors

Forensic accounting can be complicated, and it’s especially important to find the right professional whose accomplishments and affiliations are the closest match to the business owner’s needs. The accountant should have a working knowledge of your business and industry, or of a business similar to yours. They should have excellent references from both past and present business clients as well.

With some many stringent requirements in obtaining this type of accounting professional, it may seem a bit overwhelming. The time it would take to locate, interview and check references of each and every forensic accountant in your area would make it nearly impossible to continue handling the day-to-day responsibilities of your business.

Fortunately, GoodAccountants.com has already done this work for you and you can get back to doing what you do best.

How to Find the Right Tax Attorney

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finding the right tax attorney for your business is crucial for success Tax attorneys are lawyers that specialize in the often complex and technical arena of tax law. Facing tax issues, whether personally or professionally, can be one of the most stressful events in anyone’s life, and choosing the right tax attorney will help make the journey a smoother, less-anxiety ridden trek. Choose the wrong one, and you might end up pulling your hair out as you scream and run for the hills.

Don’t go to the yellow pages

While your first thought may be to begin with the yellow pages, this may be the worst source of all. An attorney that needs to advertise may not be the best unless they just moved to the area, or are just starting out- and in that case you probably want someone with more experience anyway.

The best source is someone who has been in your particular situation and has a reputable tax attorney that did a good job for them. If that isn’t an option, you can also do some searching online to find candidates, but it will be important to weed out potential scammers or inept attorneys who could put you in an even worse situation than you’re already in.

Questions to ask

  • How long has the attorney been in business specifically solving IRS problems? The longer the better – and he/she should also have references from past clients who were satisfied with their work. A general lawyer or CPA may do tax law on the side, but without handling tax resolution every day, it would be impossible for them to know all of the tricks of the trade as well as the loopholes.
  • What is their success rate on tax cases? It’s important to compare cases that are similar to your particular tax situation. Ask specifically how much the tax attorney saved their clients.
  • If the attorney asks for all of the fees upfront, this is a clear sign that it’s time to walk away. Without any forthcoming payment, the attorney has no incentive to work hard at saving you money on your taxes.
  • Remember that when you’re dealing with the IRS, there are no guarantees. No self- respecting attorney should offer a guarantee in regard to resolving your tax situation.

Referral service

Your best option in finding the right tax attorney to help you or your business is to contact a reputable service such as GoodAccoutants.com with access to over 50,000 accounting firms and tax professionals who are dedicated to helping to reduce your tax liability. This is your best route at keeping more of your hard earned money without having to hand it all over to the IRS

How Accounting Services Can Help Your Business

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find the right accounting services for your businessMany small businesses owners start out by handling all of the financial matters of the company on their own, and initially it’s easy enough to handle. You may not even think about needed accounting services, but as soon as your business begins to grow, it can quickly turn into something that is overwhelming; trying to take care of the taxes and all of the business finances while running day-to-day operations requires more hours than there are in a day.

Saving money

Accounting services can save you lots of money by increasing your business efficiency and allowing you to concentrate on business expansion and profit generation. It allows you to make more sound financial decisions that will be better for your business in the long run. In addition, you’ll be able to assess productivity and business solvency enabling you to be more proactive about making necessary changes.

Employing an accounting firm to handle you’re the finances of the business rather than having to employ and train your own employees is usually a lot more cost effective, especially for a small business.

Taxes

Accounting services can also save you money on your taxes, as well as a big headache. Businesses of all sizes can often have complicated tax issues, and trained experts are required to keep up with ever-changing tax laws. Staying updated on all of these laws are time consuming but also vital to a successful business. By utilizing the professionals you’ll find at GoodAccountants.com, you’ll be assured that your business is not assessed with penalties or interest, and you’ll receive advice on tax breaks enabling you to save even more money.

Professionals

Hiring professionals such as the accountants and accounting firms you’ll find through GoodAccountants.com will allow you to utilize the most qualified and experienced in your industry to handle the accounting for your business- without having to weed through hundreds of candidates and hiring someone on staff.  With the peace of mind knowing that your company’s finances are being taken care of by knowledgeable and reputable professionals, this is one less worry off your mind.

You now have more time to focus on your business and make income from it.

Payroll

In addition to handling taxes and other finance related tasks, accounting services can be utilized for payroll as well. Outsourcing payroll can often be more cost effective than doing payroll on site, with fewer employees needed it saves money on salaries as well as benefits. Payroll is also more secure when done by an outside source, with less people within the company having access to it.