Monthly Archives: January 2013

How Financial Accounting Services Can Strengthen Your Business

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financial accounting services for your businessFinancial Accounting is considered the backbone of any business, no matter what the size.  It’s the management of a company’s finances that will determine its stability in the future for the short and the long term. No matter how many sales are made, if an organization doesn’t have a smoothly running financial management system, it probably won’t have much of a future.

While hiring a permanent staff of accounting professionals to fulfill every role related to the finances of a business may not be feasible, especially for a small business owner, seeking a firm in which financial accounting services can be utilized can be an especially sound strategy.

What does financial accounting entail?

The main purpose of financial accounting is to provide the information needed in order to make sound economic decisions. It includes preparing reports, including financial statements, offering information about the organization’s performance to third parties such as stockholders, government agencies, banks, creditors, etc.  It’s easy to see why this critical information can make or break a business; financial statements can reveal how the business will earn a profit and remain solvent.

Can a business owner handle the financial accounting of the business?

While most business owners have a lot of smarts when it comes to running a business as well as transforming ideas into profitable services or products and selling, most do not have enough knowledge and experience specifically in accounting to run the financial side of things, at least successfully.

Business owners who try to handle financial accounting on their own often end up spending an incredible amount of time trying to do the job effectively only to find out that there are not enough hours in the day in order to handle it efficiently and perform all of the other tasks involved in running the business.

Using an accounting firm

Often the most cost effective option is to hire financial accounting services – taking the time, stress and worry away from the business owner so time can be better focused on growing the business.  By using an accounting firm such as those that can be found for free through GoodAccountants.com, they can help by:

  • Allow an owner to easily monitor the performance and status of their financials
  • Determine solvency and productivity levels
  • Providing necessary financial reports whenever needed
  • Offer crucial financial information that can allow productivity to be increased

GoodAccountants.com has access to the most qualified accounting firms and accountants, with business consultants available to find the best financial accounting services for your needs at no cost or obligation.

Should You Do the Accounting for Your Business?

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accounting for your businessOne of the biggest mistakes a small business owner can make is to believe they can do everything it takes to make their organization a success, including accounting.  This mistake can lead to the failure of the business if it’s not resolved quickly.

If you’re embarking on a new business venture, and are considering handling the accounting for your business, be sure to review the following to avoid possible financial disaster that can end your hopes for a successful business.

Saving money

While you may think that doing the accounting for your business on your own will save you money, it is likely to cost you more in the long run. Small business owners often end up paying more in taxes due to poorly organized financial records. A professional can also advise on the best ways to move debt around in order to pay minimal interest, and provide a wealth of other advice that can save money and help the business owner create sound financial strategies.

Taxes

Most small business owners don’t have enough tax knowledge they need to stay out of trouble let alone enough time to keep up on ever-changing tax regulations in order to take advantage of deductions.  A professional will make sure that all of the financial records of the business are well-organized and kept in a way that should an audit happen, the burden of proof will fall upon the I.R.S. and not the business owner. Experts are also aware of the best legal options for the business to pay no more tax than absolutely necessary.

Financial strategies

An accounting professional can help the business owner make sound financial decisions for the future. While many owners are great at coming up with good ideas and making money, most have difficulty managing the money as well as understanding and interpreting financial statements.  By hiring expert accounting services, problems can be spotted and resolved quickly – avoiding business failure.

Time

If you still think you can do the accounting for your business, and run it successfully, keep in mind that you’ll probably have to spend the majority of your time handling the books including management of payables and receivables, bill collecting, maintaining financial records, preparing financial reports for banks and investors, taking care of payroll and much more. This is all time that could be spent networking and expanding your business, making it more profitable.

When you’ve come to the realization that handling the accounting for your business is best left to the professionals, visit GoodAccountants.com and let our consultants help you find the most qualified accounting experts for your business – at no cost to you.

Utilizing Bookkeeping Services for Small Business is Cost Effective and Smart

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bookkeeping services for small businessA small business owner is often faced with numerous tasks, wearing many different hats that might include performing the role of sales person, marketing/advertising exec, boss, lawyer, bill collector, purchasing agent, and the list goes on. Few small business owners can really afford to squeeze in the time to become to be a full-charge bookkeeper, and perform the job adequately.

Utilizing bookkeeping services for small business is one of the best ways to allow a business owner to get out and network, spending their time to actually grow the business. It’s also typically more cost effective to outsource these services instead of hiring an internal bookkeeper due to the expense of adding another employee to the staff, including taxes, medical insurance, other benefits and the time and cost of advertising for candidates as well as a nearly endless list of other associated expenses.

High quality services

With a shortage of qualified and available bookkeepers, using the free services of GoodAccountants.com will assure that you’re getting the highest quality work performed at the fraction of the cost of hiring your own bookkeeper.  Knowledge of proper accounting practices is essential and expert bookkeepers using the most advanced technology will can save you money by avoiding costly mistakes and adhering to the latest government regulations.

Privacy and security

By using bookkeeping services for small business, it removes the risk of having privileged financial information leaked throughout your office. When it comes to accounting, including payroll, privacy and confidentiality are crucial – and by outsourcing this part of the business it takes the stress away with individuals performing the work not affected by the number they’re working with.

Time

Of course one of the most important reasons for utilizing bookkeeping services for small business is that it allows the owner to focus on their primary responsibilities that will most likely enable the business to grow.  In addition, without the need to worry about time consuming financial records and other related activities, this will help path the way to a clearer mind and more sound decisions.

Better use of space

Not only will you have fewer piles of paper work to deal with, not having a full-time bookkeeper or an entire accounting department saves you the office space which can be used for other more productive means or just help save on the cost of rent.

Save money and grow your business by allowing the experts at GoodAccountants.com to show you how outsourcing bookkeeping services for small business may be the most cost effective, smart decision you can make as part of your planning strategies.

How Small Business Accountants Can Benefit Your Company

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small business accountantsOwning a small business can mean financial freedom or financial disaster depending on the decisions the owner makes when it comes to accounting practices. Many owners make the mistake of trying to handle every task in the organization themselves including the finances without realizing the time and knowledge that is really necessary for a smooth running, successful business.

Small business accountants can be a priceless asset for keeping your organization on the path to success.

Bookkeeping

Bookkeeping is a necessary part of any business – without detailed, accurate records of financial transactions it will be difficult if not impossible to predict future gains or losses. Proper bookkeeping can help you avoid a major financial crisis, not something that someone without the right expertise should be handling. A business owner should be out networking and growing the business, and leave the bookkeeping to professionals like small business accountants who are trained and knowledgeable on correct accounting practices.

Setting up the financial side of the business

Small business accountants can help a new business owner by providing useful advice on short and long term financial strategies as well as the financial structure that will serve as a guide for all of your business operations, including setting up taxation and registration as well as filing corporate tax returns.

Many can assist or actually set up the accounting software that will work best for your organization and even provide training.

Payroll

Payroll is one of the most time-consuming of accounting tasks and small business accountants can help standardize a payroll system as well as handle payroll management, preparation, tax reporting and setting up direct deposit systems.

Taxes

Business taxes are, of course, a necessary but complicated part of running a business. Handling this aspect of the organization while trying to comply with complex government regulations can be a huge headache in addition to being a nearly full-time job in itself.

By hiring professional financial experts, you’ll save money on taxes as well as the time and stress it takes to get all of this done. Tax reporting and tax planning advice that allows the owner to maximize business tax deductions will often pay for the expensive of service and then some.

GoodAccountants.com offers an invaluable – and free service, locating qualified, experienced small business accountants with expertise in your industry to successfully handle every financial aspect of your business – allowing you to focus on taking your company to the top.

Three Crucial Steps to Find a CFO You Can Trust

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find a cfo for your small businessIf you want to find a CFO for your company, you probably realize the importance of this decision for your firm’s financial health as well as the ultimate success of the organization. Finding a CFO that you can trust to handle privileged information and make sound financial decisions may be one of the most crucial strategies in taking your business to the top.

To find a CFO that is right for you and your organization, it will take some time and effort, but there is no doubt that your diligence will pay off by finding a professional that can be counted on. Consider these three important steps and you’ll be well on your way to hiring the right CFO for the job.

What do you want in a CFO?

Your first step in locating a CFO is to determine the critical roles you’d like this person to be responsible for. A CFO may be able to help develop and execute financial strategies, implement business plans, create contingency plans during a soft market, provide financial insight, review accounting and finance procedures and recommend changes, review accounting books as well as records and reports, developing new financial reporting methods or review current methods are just a few of the responsibilities to consider.

Once you have an idea of what this professional will do for your firm, you can begin to find a CFO that will be able to meet those needs.

Referrals

The best CFOs are typically found through referrals from others within the same, or a similar industry, but it can be difficult to locate a CFO with the expertise you need who is also seeking a new position. With GoodAccountants.com employing over fifty, full-time professional business consultants who excel at locating those hard to find financial experts, this free service is one of the best ways to secure a CFO who can be trusted to help you and your firm reach its goals.

In person meetings and reference checks

Holding an in-depth meeting with each potential CFO candidate who help you narrow down your choices and compare expertise and qualifications. Asking plenty of questions to determine both a professional and personal fit is imperative.

Thoroughly checking references to find out about past performance and determine possible future performance is also a crucial step to find a CFO who will do the best job for you. Fortunately, GoodAccountants.com is able to take these consuming tasks out of your hands at no cost or obligation and find the most qualified financial expert to meet your needs.