Category Archives: Small Business Accountant

Make Your Business a Pillar in the Community, Not a Trend with Financial Guidance

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If you want a new business to make it in today’s economy, it’s all about the numbers. It’s reported that 80 percent of new business owners will fail in the first 18 months after they open their doors, often because of poor money management by the business owner. Not just overspending, but not saving, investing and budgeting where it’s necessary all play a part in new business failure. With bookkeeping services for small businesses, this chaos can be avoided.

A professional bookkeeper or CPA will look at the costs you have to run your business, as well as your profits, to see where you need to save money and where you could potentially save money. The bookkeeper will budget all of your business accounts, like the checking account, payroll account and savings or investment accounts. If you have loans on any equipment or other items, they will also help manage the loans.

The idea when owning a small business is to minimize or eliminate debt. This allows you to be as profitable as possible and reduces your risk of bankruptcy. The bookkeeper can help you pay off the loans you have faster, so you can gain more equity in your assets and your business. They will also be a valuable source of information for tax related matters.

You want to find a CPA that does bookkeeping services for small businesses who is also a tax expert. Many CPA professionals are also tax accountants, and they can help you pay less to the government. They will let you know what purchases to make to write off expenses, how you can save on payroll tax, and what amount you should to donate to charity.

The accountant can come in and do a financial analysis of your business to see if you are missing money, losing money, and what is going wrong. They will reform your budget, create a new plan for you to follow, and help you start investing your money more wisely so you can put money back into your company and plan for the future. Find an accountant to get you on the right financial path at Goodaccountants.com.

The Financial Information Every Business Owner Needs: CPA Insight and Benefits

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Half of businesses will fail within the first 5 years of operation, but you don’t have to be in the bottom half of that statistic. A CPA is the professional you need to keep your business spending and budget tight, while making the right financial investments for a long lasting future. The American Institute of Certified Personal Accountants has now launched a website to show the more than 28 million business owners in America, how a CPA can help their business.

A CPA can go beyond bookkeeping and payroll, and can do an audit of your business. Small business accountants can determine if employee reports are accurate, if money is missing from accounts, or if you have people stealing from you. They will evaluate expenses and spending to determine your needs and to see what can be cut back. The accountant will work to help you lower the amount of business debt you’ve accumulated or required for startup, while gaining equity in your business assets or commercial property.

The CPA is trained to help you with mergers, risk management, contracts, expansion and more. The business finances will be documented properly and organized, and the CPA can give you tax advice. The CPA can help the business save money for emergencies and so you have a cushion, and they can also help with personal savings goals.

The more profitable the business is, the more money the business owner has for savings, retirement and for other investments. The launch of the website from the AICPA is a great tool that all business owners can take advantage of to gain success. Get your business finances on the right path with a professional from Goodaccountants.com.

Is Bookkeeping the Worst Part of Business Ownership? Don’t Let it Cost You Everything

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If you are one of the 40 percent of business owners that thinks accounting work is the worst part of owning a business, and you are spending over 80 hours a year trying to manage your own books, conserve your valuable time and outsource the work to small business accountants. Having an accountant doesn’t just save you time, but the accountant can make your business more profitable.

About 80 percent of entrepreneurs fail within 18 months of opening for business, and this is avoidable. The accountants are going to input your financial data, manage your bookkeeping and payroll, total the amount of money going out for expenses, and look at your profits. You will get financial statements at the end of each month, quarter, and as needed, to determine where you need to save money, and to see how profitable your business really is.

Small business accountants can help you reach profit goals by reducing spending, they can set a budget and payment schedule to pay off debts and gain equity, and they help business owners save money to invest back into the business. They work to keep your documents error free, and you don’t have to learn or buy the computer programs to manage your own books. You also get financial guidance and advice from a professional. All of these things are favorable, but it’s during tax time that the true value of an accountant is appreciated.

If you aren’t taking out the right amount of taxes, you make an accounting error, or you file incorrectly when you go to submit your tax documents, you can get audited. A tax audit caused by submission errors will cost money in legal fees, and it will take time to compile the financial information requested by the IRS. It can also put you at a higher risk for an audit in the future.

Small business accountants and tax preparers have your financial information compiled for the year, they know what expenses are deductible, and they attend annual conferences to stay up to date with filing changes. Throughout the year they will let you know if you need to donate, spend money on the business, or stop hiring for a more beneficial tax return.

The majority of business owners are already spending around $1,000-$5,000 for their small business accounting needs. Why not use this money more wisely, and let small business accountants at Goodaccountants.com handle your business finances to save time and improve financial success.

Small Business Accountants Help You Handle Common Accounting Stresses

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Small business accountants can solve your headaches

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As a small business owner, you likely already know that accounting is not without its headaches.  There are a number of stresses that come along with trying to maintain and balance the books, and they can feel overwhelming when you are also dealing with the daily stresses of owning and running your business. Here, we will examine three of the most common stressors that affect small businesses and we will look at why outsourcing your accounting to qualified small business accountants can be the best choice.

Stressor #1- Managing the Paper Trail

Recording every single transaction can be overwhelming for new business owners, and keeping track of every receipt and record can feel next to impossible. While cloud software can make it easier, the simple fact is that it can be a gargantuan task to undertake on your own without bookkeeping experience, especially if you are also tending to all of the minutiae of your business. Great small business accountants can make sure that every one of your transactions is recorded and accounted for, making it easy to see patterns in your income and expenses and providing a much needed paper trail in the event of an internal or external audit.

Stressor #2- Tax Deadlines

Managing taxes can certainly be a headache for small business owners. Depending on the type of business you own, you may owe any number of different types of tax. Not only are you responsible for filing your taxes on time, but you are responsible for ensuring that they are paid on time as well. The forms required to file business taxes are notoriously complicated, and the assistance of a qualified accountant can help you avoid what is undoubtedly a major source of stress.

Stressor #3- Maximizing Profits

As a business owner, you need to make sure that, from a tax standpoint you are taking out your business profits in the most efficient way.  You also need to make sure that you are always aware of your profits and that you are not utilizing company money for personal expenses. Small business accountants can help you get the most from your profits.

While there are individual solutions that can be enacted to some degree to alleviate each of these individual stressors, you will find that hiring an accountant can help remedy all of these problems and more. GoodAccountants makes it easy to find excellent small business accountants in your area who can get the job done right. If you own a small business and want to eliminate the stress that comes with managing your accounting, let us help.

Accounting Salaries Expected to Rise Next Year, Why Now is the Right Time to Hire a Small Business Accountant

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accountant salaries are on the rise find an accountant for small business todayWith average starting salaries for accounting and finance professionals across the U.S. predicted to rise by 3.5 percent next year, now may be the time to hire accountants for small business. According to the staffing company Robert Half, all types of accounting professionals, including staff accountants, business systems analysts and senior financial analysts, are in strong demand with the regulatory environment driving hiring for risk, compliance and internal audit professionals.

In a market where skilled candidates like these know they’re in demand, it’s essential for businesses to benchmark salaries to remain competitive. Smart organizations realize the importance of accountants for small business.

If you’re worried about the cost, it’s important to consider that hiring an accountant typically pays for itself over the long run. As a highly qualified professional can help you figure out the best way to use your assets to get the most beneficial financial advantage. An accountant can also help ensure the financial health of your organization, offering invaluable advice on what information is key for any business to be aware of.

While small business owners are typically experts in their own industry, rarely are they accounting or tax experts. Accountants for small business can provide essential information on how to save and manage money to give your business the best chance for success.

Professional accountants are also kept up to date, and have important tax law knowledge for small businesses. They can help to ensure you’re in compliance, warding off tax troubles in the future in addition to being knowledgeable about various tax breaks that can be taken, so that you can take advantage of everything available to you.

Accountants for small businesses often act as important advisors and can perform business reviews that may be essential for key financial reports that your company relies on to make other important business decisions. They can also assist with appraising the viability of future projects by providing gain and loss forecasts, as well as being instrumental in preparing business proposals and plans that can help grow your business.

More than 10 million business owners have turned to GoodAccountants.com to help them find the right accountant for their organization. No matter what the size of your company, you can be matched with the top accountants that are right for you.

New Financial Reporting Framework Released for Private Companies, Do You Have an Accountant Who Can Help?

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aicpa-logoThe American Institute of CPAs recently released a new financial reporting framework for private companies. Some feel that in certain circumstances it may be an easy to use, useful tool that can provide owners and lenders financial statements on a consistent basis.

The accounting rules used to put together the framework are comprehensive and were developed after a rigorous process, although they are not U.S. GAAP (Generally Accepted Accounting Principles). GAAP is the nation’s highest standard of accounting rules, generally set by the Financial Accounting Standards Board.

Whether or not smaller private companies and banks will accept the Framework is currently being put to the test. There remains a great deal of uncertainty as well as a great deal of interest. The main problem that the Framework tries to resolve, is that small and closely held companies often don’t need the types of standards that large and public companies need. Smaller, more entrepreneurial organizations mainly deal with bankers, not outside investors and bondholders, for their financial needs. Many of those companies believe that GAAP is overly complex and too difficult and expensive to implement.

Accountants for small business can help eliminate the stress and time it takes for the entrepreneur to handle the complexity of what’s involved in the financial aspect of the business, so you don’t have to worry about the Framework or the GAAP. While there may be a great temptation to assume if you’re the business owner, you can handle all of the accounting functions yourself, the truth is, hiring accountants for small business is an investment that can actually save money, and over time, pay for itself.

If you’re a busy entrepreneur trying to grow your business, do you really want to spend time trying to get familiar with the complex GAAP, or the new Framework for reporting?

Accountants for small business can help manage day-to-day financial transactions to ensure everything is compliant with current laws, find cost savings with vendors, employees and office operations, prepare those financial reports as well as tax preparation, and even make plans for changes in business expenses to ensure additional costs don’t cause financial hardship.

If you aren’t sure where to start, GoodAccountants.com can help find top qualified accountants in your area in just seconds, with no cost or obligation to you or your business.

David Dube: Featured Accountant in Leominster, MA

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Finding an experienced accountant in Leominster, MA is essential to managing the finances for your family or business, and David Dube is one of the leading accountants in the area. His firm, Dube & Hazelwood, P.C. offers a variety of accounting services to meet your needs.

david dube accountant in leominsterWhen you work with David Dube and his firm, you will see that they have a reputation for quality accounting services, high levels of professionalism, as well as fast and accurate information. You will have the advantage of personal attention from your accountant, and he will bring extensive experience to make sure that your finances are managed correctly. Some of the services that are available include:

Business Accounting Services

Setting up an accounting program for your business is key to the financial success of your company, and David Dube can help you to get the system setup and manage it on an ongoing basis. He offers QuickBooks setup, training, tune-ups, and report analysis. Other business services include succession planning, cash flow management, reviews, audits, and more.

Tax Accounting Services

Planning and preparing your tax paperwork is a necessary task for every family and business, and working with an experienced accountant in Leominster, MA will give you the advantage of using the right tax breaks to avoid unnecessary tax burden. David Dube offers a variety of tax services including IRS audit representation, tax preparation and filing, payroll tax problems, bankruptcy, IRS liens, and more.

Personal Accounting Services

An accountant can help you to structure your personal finances so that you are prepared for the future. Some of the personal accounting services that are available include estate planning, personal financial planning, and yearly tax preparation.

When you start working with an experienced accountant, you will see that their services make a difference in your financial outcomes. Having an accountant available to help with your finances is a great way to ease your burden because you can let the professionals take care of everything for you.

John Coggin: Featured Accountant in Houston, TX

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Accountant in Houston, TX

http://www.goodaccountants.com/johncoggin

If you are looking for a personal or business accountant in Houston, TX, then you will be happy with the services that John Coggin has to offer. He is an experienced financial professional, who has been working in the industry for several decades. John Coggin offers accounting services throughout the city of Houston as well as the surrounding areas.

John Coggin offers a variety of services, and can help with many of your accounting needs. He is one of the leading accountants in the area because of the vast experience that he has to offer. He is a Certified Public Accountant, and he also earned a Masters of Business Administration degree (MBA). Because of his business training, he is a valuable asset as a financial and business consultant. There aren’t many accountants who can offer both the accounting and business expertise.

His services include: tax management, general accounting, auditing, estate planning, IRS representation, bookkeeping, payroll services, accounting software setup and management, budgeting analysis, cash flow management, employee benefits, international taxation, financial forecasts, business valuations, debt advice, forensic accounting, litigation support, acquisition consulting, and many other financial services.

These services are designed to make your financial management easier, because you can let the professionals take care of the heavy lifting. If you want an accountant who can take care of your personal affairs such as yearly taxes and estate planning, as well as keeping your business on track with financial goals, then you should consider the services that John Coggin has to offer.

John Coggin’s firm includes other qualified staff who can also help with your accounting needs. The team includes accountants and bookkeepers with a broad range of experience, making it a strong accounting firm in the Houston area. Having access to a full, experienced team of accountants can be a valuable resource for your company.

If you want to learn more about the ways that John Coggin can help you, then take a look at his profile. He is a dependable and experienced accountant in Houston, TX, and you can contact him through his profile page here on GoodAccountants.com.

5 Reasons Why A Business Accountant Is So Important

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business accountant

business accountant

When running a business it is quite tempting to cut down on costs and save up by managing the finances yourself. Most business owners do this and sooner or later they realize that it was wrong to do this. Financial aspects and matters of a business are delicate matters and they require a dedicated person to handle them. One person whose sole job is to manage, record, and give advice to the business owner about finances, should be there. It goes without saying that a business accountant is crucial for a business’s success and growth.

Why is a business accountant important?

1. An Accountant Helps Manage Expenses

This is by far the most essential role a business accountant plays. They help owners keep an eye on all the outgoing and overheads. Having a business accountant to do this can help business owners save a lot of time which they can use to work on growth and expansion.

Particularly in the first few months, a business accountant is vital for a business and they help it survive and excel towards maturity.

2. An Accountant Helps Cut Down Costs

Hiring a professional business accountant obviously means you will have to spend a substantial chunk of money. Look at it as an investment in the long term profitability and life of your business. Accountants are aware of the best legal loop holes from which businesses can benefit immensely to cut down on costs. They are also skilled at advising businesses from year-end accounts to tax returns and preparations which can significantly help you save large amounts of money.

If hiring an accountant as a full time employee is difficult for you, you can decide on a pay-for-services model initially, to keep track of how an accountant’s services can possibly excel your

business growth in the long-term.

3. An Accountant Gives Professional Advice

small business accountant

small business accountant

A good business accountant does much more than just keeping records. Knowing your business’s finances to the core, they can offer you valuable advice. Professional business accountants are experts at offering an unbiased and objective view of your business.

A business accountant can serve as an invaluable asset for startups and small business owners by offering the right financial advice that can help you stay in business for the long term.

4. An Accountant Will Save Your Time

Look at all the things an accountant can help you accomplish, and then look at your duties and the time constraints. It is often quite tempting and motivational for business owners to manage their own accounts but it is always advisable to delegate things to reliable specialists if you are serious about your business. This gives you a lot of time which you can spend on other business growth aspects.

5. An Accountant Helps You in Audits and Legal Issues

Getting audited and checked by government authorities is a nightmare for businesses whose accounts are managed by the owners. A professional business accountant will handle all your audit related issues in a better way. Given that they are efficient and well aware of all the records, you don’t have to worry about tax season or audits. Skilled accountants also offer you great advice on legal financial issues.

Finding the best suitable business accountant might seem like a difficult task. Once you do, your business is bound to prosper!

Dummies Guide to Accountants for Small Businesses

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For most people an accountant is someone who solves problems you didn’t know you had in a way you don’t understand. Well, maybe that’s not entirely true. But as with most humor and fun, there is an aspect of truth to it.

Many small business owners start off by wearing the accountant tag themselves but as operations expand, money starts to come in or even when it starts to go out, the services of a professional accountant are required. Are your financial statements incomplete or imprecise? Do you sit in front of QuickBooks wondering where to start off? These are indicators that it is time to start looking for an accountant.

A Firm Or An Inside Accountant?

Many small businesses don’t really need a full or part time employee. Why? Their volumes of transactions aren’t high enough to hire a paid in-house professional. But if you can afford to keep an accountant from the start then there’s no harm in it. It is better than handing over your invoices and ledgers to a tax preparer at the year end.

On the other hand, hiring a professional accounting services firm could cost you substantially less than hiring a salary based professional. These firms mostly provide a fee-for-service model, which means you only need to pay for the specific services you need.

Accounting Firms

Out-house financial firms usually provide the following services:

  • Preparing financial statements (balance sheets, income, and cash statements)
  • Tax return preparation
  • Supervising the accounting and financial department
  • Budgeting
  • Handling investments

Every company is different; meaning a business owner can expand or contract the scope of services he might be looking for. An accountant firm may offer an hourly rate or a pay-per-service schedule.

Inside Accountant

As the business gradually expands, so do their financial transactions and operations. This might be the time to go for a full-time in-house accountant. The setback with financial firms is that their cost increases with the growth of business, when operations grow big, it might be financially better for you to hire an accountant employee.

Normally, in-house accountant’s responsibilities include:

  • Cash and treasury management including bank reconciliation
  • Preparation of financial statements
  • Fixed asset accounting
  • Payroll accounting
  • General account maintenance

When bringing expertise on board, which you don’t currently have, choosing to discuss the compensations last is the best option. The employee will be a part of your company, so make sure you hire the best.

Standard Qualifications

When choosing an outhouse financial firm or an in-house accountant, look for qualifications such as:

  • Certified Public Accountant (CPA)
  • Certified Management Accountant (CMA)
  • Certified Valuation Analyst (CVA)
  • Chartered Accountant (CA)
  • Accredited in Business Valuation (ABV)
  • Personal Financial Analyst (PFA)
  • Look for majors in finance as well

Choosing an accountant firm or an employee is an indication that the business is serious about its operations and its ultimate aim is company growth.