Author Archives: enigmatech

Business Owners Reveal Why They Go Online To Find Their Accountant

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milk-cookies Tina Casaceli, proprietor of Milk and Cookies Bakery located in New York’s West Village, says finding a good accountant is not as easy as one might think. Dissatisfied with the lack of service she was experiencing with her old accountant, Casaceli took her search for a new accountant to the Internet which led her to GoodAccountants.com, the nation’s fastest growing online accountancy referral service. According to Casaceli, she was immediately matched by GoodAccountants with a great accountant whom she now trusts with her life.

Business owners like everyone else in today’s digital milieu, are using the Internet for everything from placing help wanted ads, purchasing airline tickets to booking a hotel room. As technology increasingly dominates our lives, it also diminishes the level of human to human interaction we experience each day. No one asks for directions anymore, instead they rely on their vehicle’s navigational system when traveling to an unfamiliar destination. Similarly, business owners are no longer relying on existing relationships to identify their B2B partners but instead are using online search and social media to make these choices, which includes the selection of their accountant.

“The idea that word of mouth is still a viable way to build an accounting practice is as unrealistic a proposition as expecting a sixteen year old to use a telephone book,” says Johanna Laurent, President of GoodAccountants.com. “Today, the Internet dominates every aspect of the way we run our business and there’s just no getting around it,” she adds. “Business owners are comfortable using it to find whatever it is they’re looking for just like the rest of us,” explains Laurent.

Monique Tatum, the owner of a New York City based public relations firm says she experienced so much difficulty finding an accountant on her own she decided to go online to search for one. She successfully retained the services of Better Accounting Services for $25,000 a year, after a Google search led her to GoodAccountants.com, where she was matched with the Brooklyn, New York based accountants.

Sohin Shah, the Co-founder and Chief Operating Officer of IFunding, a web based, real estate, cloud funding platform, recently retained his bookkeeper from GoodAccountants.com for an annual fee of $24,900.

The fact is, business owners are no longer relying on ‘word-of-mouth’ to find their most trusted advisers but instead are relying on Internet search and social media to make these choices. “If you’re growing an accounting practice today or any other professional services business you have to be connected to the Internet in a very big way in order to benefit from the technology that is now all around us,” says Laurent. “We are the industry leader providing the best possible platform for accountants who are looking to grow in today’s digital world,” she adds.

What Is A Corporate CPA?

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corporate cpa

corporate cpa

Many have heard the term CPA and know that it stands for certified public accountant.  A Corporate CPA is a certified public accountant which deals strictly with corporations and the business industry, as opposed to accountants for private individuals.  If you are considering corporate cpas for your business, it is important to know exactly what services this type of accountant provides and how you can find a Corporate CPA to help you out.

What Duties Does A Corporate CPA Fulfill?

A CPA is the general type of accountant which offers individuals help with tax preparation and other related financial matters.  A corporate CPA, on the other hand, is more specialized in their knowledge regarding industry standards.  Also, these types of CPAs focus their dealings on corporations as opposed to private individuals.

A Corporate CPA is a good professional to contact if you are setting up a new business.  This type of accountant will walk you through the financial aspects of your corporate setup and help you with regard to your expenditures and more.  If you are starting a new business, contacting a CPA who is well-versed in corporate dealings is a smart move to make.

CPAs who work in the corporate end of the financial industry can also help with managing your financial statements.  They will go over your finances with you and make sure that everything adds up as it should.

Should your company face an audit in the future, you should contact a corporate CPA to help you through the audit.  They will aid you in collecting the proper documentation and walk you through the process so that you will feel at ease and have the proper knowledge when it comes to the basis of the audit.

Finding a CPA For Your Business Needs

When the time comes to locate a CPA to handle your corporate needs, there are a few places where you can look.  Some of the more popular options include online searches, Yellow Pages and asking friends and family members for recommendations.  When reviewing the possible choices, think of what you are looking for in a business CPA and how much your budget will allow you to spend for such accounting services.  Meet with prospective corporate cpas to see if they will meet your accounting needs and then select the best one based on your initial meeting and the services which the CPA will offer to you.

The Duties Of An Accountant And Auditor – Infographic

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Here is an infographic that shows the duties of an accountant and an auditor. Many people are unsure about the specific job duties of these positions, so we wanted to clear it up for a final time! Please let us know what you think about the infographic, and comment on the post if you want to add anything that we didn’t include in our infographic!
Learn about the duties and responsibilities of an accountant and auditor

Myths About Filing Taxes

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Taxes and tax filing are often one of the most confusing issues people face all year.  With the ever changing laws and guidelines the areas of what is allowed and what is not allowed is often quite difficult to determine.  What’s more is that what works for one person may not work for another leading to even greater confusion.  To help you a bit with the process, below are three common myths about filing taxes.

The first myth has to do with paper filing.  Many people believe that they must file on paper because it is better than filing electronically.  People who often keep every last record for their taxes take great comfort in printing their returns on paper for filing.  That being said, there have been great advances in the e-filing process and this option is now usually the best way to file.   Not only do you receive your refund faster than mailing in a paper return, e-filed returns are often more accurate than their paper counterparts.  There is no waiting in line at the post office, no paying for postage, and you can still print a copy to keep for your records.

The next myth is that you should spend more on tax deductible items just to get more write offs.  While this can be somewhat tempting to do, the amount you are spending is not going to come close to equaling the amount you get back in your tax refund.  Furthermore, spending too much reduces the amount of money you have on hand to work with day to day, just for the chance at a bigger return at the end of the year.  So, think twice about doing this.  It is advisable that you speak with a CPA firm to determine the best purchases to make and the best tax deductions to take.

The third myth when it comes to filing taxes is that a big refund is always best.  Many people attempt to modify their withholding amount during the year, in the hopes of getting a big check at tax time.  Doing this could actually work in the opposite way, and you may end up owing taxes which could negatively impact your personal budget.  Plus, when you overpay through withholding all you are doing is giving the government your money interest free, and you could be using that money now.  Talk to an accountant to find out what your recommended withholding rate is and try to stick to it.  Having more money in your hand each week definitely outweighs a large check one time per year.

What is An Accounting Audit?

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accounting audit An accounting audit is a type of financial check that is done externally to monitor a company’s accounting methods.  This check is used to verify financial information has been compiled in a manner that is in accordance with standard practices and there are no errors.  A specialized type of accounting firm, known as an auditing firm performs these external checks.  There are some industries that require companies to submit their books for auditing on an annual basis, to ensure nothing is being overlooked or erroneously reported, either intentionally or unintentionally.

Accounting audits play a very important role in the business world and there is a certain amount of finesse that goes into the process in order to verify the accounting process is done correctly yet the client company is pleased and an ongoing business relationship is established.  This is because if an auditing firm finds many errors and questionable items on a client company’s accounting records, it is very possible the company would opt to not use that firm’s services again.

On the other hand, if the auditing firm is too lax and does not properly analyze the data, the integrity of the financial accounts of the company being subjected to the audit cannot be guaranteed.  If the company were to suffer a major financial issue, the accounting audit would be called into question, and the reputation of the auditing firm would also be looked into.  The auditing firm may suffer just as much as the company being scrutinized since it may lose business from other companies because of these serious issues.

It is very important that accounting audits be conducted on a regular basis, in a proper manner, by a reputable company.  Being able to know for complete certainty that your financial records are complete, accurate, and up to date is extremely important in the business world.  This will help companies to quickly identify many serious situations that could crop up such as someone embezzling from the company, missing accounts, reporting errors, or internal fraud.

When a company takes the steps necessary to complete these types of audits, and the auditing firm completes them in the correct way, to a high standard, information can be accessed promptly, presented to organizations that request it, and it will not be questioned for authenticity or accuracy.  This level of care and trust can truly make or break a company; especially in today’s extremely competitive marketplace.

Hiring CFO Services for Small Businesses

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Just about every type of business can benefit from tcfo serviceshe expertise a chief financial officer has to offer.  These professionals are highly skilled in the financial world and can provide a number of CFO services to keep your business’s books and financial records up to date and accurate.   They can also provide a great deal of advice to help plan for the future, to help with tax services, and keep your business running efficiently.

Unfortunately, many small businesses cannot afford to hire an internal CFO as the salary is far too high for businesses of this size to spend yearly.  This does not mean that you have to entirely give up on being able to make use of these skilled professionals.  You can outsource this position and take advantage of part time CFO services.  This makes it easy for all businesses to have access to the skills of a financial expert, with the convenience of paying as the services are needed.

A chief financial officer will work with your financial staff and supervise them to make sure all of your internal accounting operations are working as well as they should be and that all issues are in compliance.  These professionals will be a major factor in the direction and planning of your business and will help a great deal with efficiency.

Some of the most common CFO services include the following:

Developing and executing existing and new financial strategies;

Creating contingency plans to assist with complications and issues with customers and markets before they become a problem;

Completing an analysis to detect issues that may need to be repaired in order to get margins back in alignment;

Creating business plans to help establish or meet short and long term goals, as well as establishing forecasts to assist with the business plans;

Providing ideas to challenge the way your business currently operates in effort to promote growth;

Providing in depth knowledge that will cause the business operators to ask certain questions in order to implement proven growth strategies.

CFO services used on a part time basis will give you all of the above mentioned benefits on an as needed basis, as you see fit.  Whether you decide to make use of these professionals for months, weeks, or even hours, you will find they help to increase profitability, and will keep your business operating smoothly.  You will notice a great improvement in your financial operations, yet you will be paying a fraction of the cost of hiring a full time CFO for your business.

When Your Business Should Hire a CPA Firm

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cpa firmsCPA firms provide a number of benefits when compared to other types of financial professionals.  These firms employ highly trained, well educated professionals who have a deep understanding of all of the financial laws and regulations in place for businesses.  They also have a strict code of ethics that promotes integrity.

A CPA firm can help your business in many different ways, and should not be thought of as just bean counters that you need at certain times to the year to help with year-end reporting or tax time.  CPAs can help with a number of business issues including business planning, investment advice, tax planning, financial planning, and even employee benefit packages.

To ensure you get the very most out of CPA firms you should keep in mind certain qualifications.  The first thing you need to look into are licenses.  The firm you are considering should be able to provide proof that they are licensed to practice in your area and all accountants on staff are also licensed and certified.  You may also want to find out if the firm belongs to any professional organizations and if they hold any other accreditation.  You will want to be sure they are familiar with your situation and will be compatible to work with your business.

To ensure compatibility with your business, think about what services you will need the CPA firm to perform.  The firm must be able to abide by all of the laws and regulations that govern your business in your area.  While most firms do offer a full line of services to accommodate several different types of businesses in many industries, not all of them do, so take the time to make sure the firm you choose will work to meet your precise needs.

You should also spend some time and interview a number of different firms.  Never hire the first company you come across.  Ask about their years in business, the level of experience their staff possess, their rate schedule, and if they will work with your business and your financial staff.  You will want to be sure you feel comfortable with, and trust, your choice as you will be disclosing a great deal of personal financial information.

Finally, you will want to verify what is included in their fees so that you get the most for your money.  If you are paying top dollar for CPA services you will want to make sure you are getting a full and comprehensive service package.

Purpose of Auditing Firms

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Businesses large and sauditing firmsmall have used auditing firms in the past to ensure the financial responsibility of the company and produce a determination that the business is financially sound and more.  Auditing firms are third-party entities which review the financial aspects of a company by reviewing the financial paperwork and determining the current financial status of a company.  The following will detail the purpose of an auditing firm and highlight why such a third-party entity is important.

What Does An Auditing Firm Do?

An auditing firm will review the various financial aspects of a company and create a detailed report thereafter reporting the findings.  This usually occurs once per year and gives the company owner and its department officials insight into how the business is doing with the state of their finances.  The auditing firm is paid by the business and completes their work with efficiency and thoroughness.

Why Auditing Firms Are Important

Auditing firms are extremely important for a few different reasons.  First, a firm which completes audits for entities ranging from small, privately-owned businesses to large corporations provides the business with a clear picture of their financial status.  In addition, this type of firm compiles the proper information to let shareholders and company clients know how the company is faring.

Also, firms which complete audits help the businesses whom they audit to show that their dealings are fair and honest.  Since the audit firms are independent of the company, they offer a true picture of the state of the company and their finances.  Therefore, outsiders can trust the information and know that it is not coming directly from the company which the audit covers but from an outside auditing entity instead.

In addition, audits of this type help the business and its owners prepare for the future.  The results let the business owners know what their financial status currently is and can use this information to properly proceed in business into the future.  They can tailor future expenses to the results received due to the audit and their shareholders can feel at ease knowing the financial state of the company in which they hold stock in.

Using an auditing firm is a wise move for any business to make.  It will keep the business firmly grounded and help to make it even more of a success in the years which follow.  There are many excellent audit firms out there today and plenty to choose from when it comes time to pick a firm to audit your business.

Duties of a Business Accountant

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A Business accountant is a professional role filled with plentiful duties and busy days at the office.  The general basis of business accounting involves helping sole proprietors, companies and corporations carry out the financial dealings of their daily business transactions.  Although business accountants will help out greatly during tax season, their role is not only applicable during this time but throughout the year as well.

What Does a Business Accountant Do?

First and foremost, a Business accountant will keep a tally of all financial transactions which the business handles on a daily basis.  The accountant will record the transactions in order to have a concrete record for the company whenever they need it available to them.  This is especially helpful when it comes time to pay taxes on the business and can easily be retrieved due to the excellent record-keeping skills of the accountant within the business.

Also, your business accounting expert will let you know which purchases are best to make, which ones have tax benefits related to them and, overall, how to make the most of your money.  Your accountant in the business arena is your “go-to professional” when it comes to keeping track of spending and handling tax issues surrounding such expenditures.

Hiring a Business Accountant

You have a couple of options with regard to hiring an accountant for your business.  One option is to hire an accountant and keep them on staff as a full-time employee and another option is to utilize the services of an accountant for your company or corporation on a part-time basis.  When considering which option works best for you, look at your business accounting needs as well as your budget in order to make the best decision.  Some companies like to have their accountant present each and every day in order to help them make the best decisions while others are fine with having a part-time accounting professional on call where they can make use of their services on an as-needed basis.

Accountants in the business arena are extremely important professionals.  They help company officials to spend their company funds wisely, get the best tax benefits along the way and keep track of the income and expenditures which a company makes.  Depending on your accountant, the duties of the company accountant can be as few or as voluminous as you desire.  No matter what type of duties your accountant possesses, it is simply a good idea to ensure that you have a knowledgeable accounting professional on your staff in some capacity.

Prepare for Tax Season: Find an Accountant

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With tax season upon us, making sure that you have everything ready to be sent to the IRS can be nothing short of a headache.  Whether you are an individual looking to make the most of itemized deductions or the owner of a business, filling out tax forms beyond the traditional 1040 can get complicated very quickly.  The new year has brought a ton of changes to the tax laws, and navigating all of the loopholes and minute details by yourself can be tricky at best.  If tax season is more than you can or should handle alone, it might be time to find an accountant to do the hard work for you.

Making the Right Choice

If you own a business, it can be a bit tricky to find accountants who are well suited for the job.  Ideally, you will want to find a firm that has experience working with businesses similar to yours in size and nature.  The right experience means that you can feel confident that the firm you hire will be able to find all of the right deductions to help you pay only what is absolutely necessary in overall taxes.  You will find that the right team can work to review all of your statements and financial data to ensure that you are not paying more than needed.

Do I Need to Hire the Most Expensive Firm?

One thing that many business owners and individuals alike find themselves struggling with is whether or not it is necessary to choose the biggest or most expensive firm out there.  When you are trying to find an accountant, it is important to realize that size and cost are not the most important factors to consider.  Instead, look to the experience and reputation of the firms you are considering and determine which one will best fit your needs.

The Bottom Line

The most essential thing to consider when you are looking to find accountants is whether you are looking for long term or short term service.  Do you just want someone to take your paperwork and records and fill out your forms accurately, or do you want someone who can also provide tax or financial planning advice?  Do you want someone who can also provide auditing to help you reduce next year’s taxes?  Think about exactly what you hope to gain from your accountant, then work to find the individual or firm that best fits your needs.