How New IRS Rules and Professional Accounting Services Can Help You Increase Your Retirement Savings

The IRS increased the maximum retirement contribution limit as of January 1, from $17,500 to $18,000. Employees who are at least 50 years of age can contribute up to $6,000 extra to their retirement account as catch up contributions, also an increase of $500.

The new year can mean increased retirement savings, bringing great news to employees and others who are already maximizing their contributions, though just 12 percent of 401k participants were said to have hit that limit in 2013. If retirement is decades away, it can be difficult to get motivated to save, but it’s important to remember that the more you save now, the better of you’ll be in your later years – which tends to come sooner than most of us think. You won’t want to, or likely be able to, live on social security benefits alone.

Of course many people don’t have a retirement plan through their employer these days. If you do, be sure to take advantage of any guidance or even classes that may be offered through your employer to help you make the best investment choices.

For everyone else, as retirement planning can seem overwhelming, you may want to look for some professional assistance to help ensure a better future for yourself and your family. Hiring professional accounting services can help you maximize savings over the long term, making it more than worth the cost.

Utilizing professional accounting services is one of the best ways to create a retirement roadmap, by developing income strategies, planning for survivor ship needs and consolidating your assets.

Of course, finding the right firm to help may also seem like a daunting task. Not only does it require coming up with a list of good potential candidates, you’ll need to find out about their training and experience with financial planning as well as generating retirement income and other critical retirement planning decisions.

The good news is that by contacting Good Accountants, all of that work is done for you. Expert business consultants can assist you with finding the right professional accounting services for your needs with a nationwide registry of the most qualified candidates in your area at no cost to you.

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Using Data Analysis to Catch Fraud

If you’ve ever thought you might need to find an auditing firm, this story might encourage to take the next step. Recently, a team of forensic accountants, who serve as financial detectives, started going through refunds that were issued by a national call center and found something might be askew. There were too many fours in the data, and it was their job to find out why.

It wasn’t that long ago that a subtle anomaly like that would have easily slipped by unnoticed, but as the Wall Street Journal reports, employee fraud is estimated to cost the country an estimated $300 billion a year, so forensic accountants are coming up with new ways to catch those who are trying to cheat.

In this case it seems, there were several hundred operators across the nation that were authorized to issue refunds up to $50, anything more than that required the permission of a supervisor. Due to the large number of refunds issued, there was the opportunity for theft, so the accountants took a further look into the validity of the payments using a test called Benford’s law.

The test is based on the fact that low digits are expected to occur far more frequently than high digits. According to the law, ones should account for 30% of leading digits, while each successive number should represent a progressively smaller proportion, with the nines coming last.

For certain operators, the refunds weren’t following this law. The accountants discovered a huge spike in the number of fours, leading them to believe there were a lot of refunds issued just below $50. They ultimately identified a number of operators who’d issued fraudulent refunds to themselves, friends and family members that totaled several hundred thousand dollars. Before the analysis took place, no one had a clue there was a problem.

Companies that find an auditing firm, employing them to examine their accounts, can potentially save an organization thousands of dollars, making capital markets more efficient and ensuring that if there is any cheating going on that it’s addressed right away.

Read the full article about how they caught fraud on the WSJ.

If you’d like to find an auditing firm contacting GoodAccountants.com can help you get started in ensuring the financial health of your company in the most stress-free manner possible.

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Importance of an Honest Bookkeeper and How to Find the Right One

trust is an important factor when you need to find a bookkeeper

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In a world where trust is a luxury that can be hard to find, being able to work with someone you can put your faith in is especially treasured. While this is true in for any industry or position, it’s even more so when money is handled and the future of livelihoods and a business could be at stake.

Unfortunately, it’s not uncommon to find headlines revealing that yet another bookkeeper is being charged with stealing thousands of dollars – sometimes by making off with cash payments, taking inventory or even through elaborate skimming schemes.

If you find a bookkeeper that is dishonest or incompetent, it can cause your organization to lose money or even set it up for financial disaster. A single miscalculation or a misplaced decimal point can be catastrophic. But don’t make the mistake of thinking it’s better for you to handle the job yourself. If you’re the owner of the business, your time is better spent on taking care of tasks that you do best, like growing your organization – and, if you don’t have extensive experience and training in bookkeeping, you could easily make mistakes yourself, damaging your own business.

If you think that you can find a bookkeeper that’s trustworthy by hiring a friend, your spouse or another family member, keep in mind that that’s often not the best idea either. Unless they have an extensive background in bookkeeping as a professional, there’s a good chance that your books will be incorrectly completed, and some mistakes can have devastating effects on your cash flow.

The good news is that for every bookkeeper that is doing it wrong, there are many more that are honest, competent and doing business the right way. The easiest way to find a bookkeeper who can be trusted to do the job right, is to turn to GoodAccountants.com who can help you find the very best one for your business by utilizing sophisticated search features. Not only will you be able to choose the one that’s right for you and your organization, over the long run you’ll likely save a substantial amount of money that you can reinvest back into your business.

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Debra Doble Featured Accountant in Pleasanton, California

If you need to find an accountant in Pleasanton, California, but don’t know where to start in order to find the right one, you’ll be happy to hear about our next featured accountant. Debra Doble has been a partner with Sallmann, Yang & Alameda since 1999 and previously managed a local CPA firm for 12 years. She offers a wide range of outstanding accounting services for individuals as well as for businesses.

Business accounting services

Running a successful small business requires an extensive amount of time and energy, which must be used optimally in order to succeed. Utilizing business accounting services offered by Debra Doble can help you take your business to the next level. She can assist companies through their full lifecycle, from initial formation to succession planning or dissolution.

If you’re just starting out, she can offer advice surrounding business formation including the preparation of a business plan, cash flow projections and bank negotiations.

Doble can also prepare three types of financial statements, Compilation, Review and Audit, which can be an excellent tool to help ensure your business is run more effectively. She’s available to help with all types of needs, including budgets, pension plan accounting, accounting system design and more.

Tax planning and preparation

Debra Doble can also prepare your federal and multi-state returns as well as tax projections, estimated tax payment calculations and extensive year round tax planning to minimize or defer taxes. She can eliminate the stress that comes at tax time while ensuring you’re in compliance as well as maximizing deductions.

Retirement and estate planning

Individuals can benefit not only from Doble’s tax planning and preparation services, but with retirement and estate planning. Whether you’re just starting out or have been planning for many years, she can help you evaluate your goals and guide you to your desired results. She can also help you plan out your estate in order to ensure that everything is allocated the way you want them.

If you’d like to find out more about Debra Doble, and how she might help you, just head to her Good Accountants featured profile. That’s the quickest and easiest way to get in touch with this outstanding accountant in Pleasanton, California.

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Michael S. Fedele: Featured Accountant in Homewood, Illinois

You’re in luck if you need to find an accountant in Homewood, Illinois. Our next featured accountant, Michael S. Fedele, may be just the professional you need, offering a wide variety of accounting services that can help you and your business achieve success.

Fedele founded his organization, Fedele and Associates in 1996. It’s since become a leader among small accounting firms throughout the Chicagoland area, combining quality with affordability. He serves publicly and privately owned clients in many different industries from construction and real estate to medical, educational institutions, manufacturing companies and more.

Financial auditing

If you’re in need of financial audits, Fedele is one of the best you can turn to, specializing in this service by performing the highest quality financial audits as well as outstanding reports with full disclosures in the notes so that you can present your company to creditors and third parties in a professional and impressive fashion.

In connection with financial auditing, his firm has extensive experience with some of the most difficult accounting and reporting problems for big and small companies throughout many industries. Fedele and Associates can help you reorganize your business, increase revenue, reduce costs and streamline your operations to help it become more profitable.

Tax services

Fedele also provides a wide range of tax services that goes far beyond simple tax preparation. He can help with everything from money and tax saving strategies to estate tax preparation, consultation and wealth maximization. Whether you have unfiled tax returns, are facing an audit, tax liens or other issues, Fedele can help resolve your problems and get you back on track.

Full scope business strategies

Whether you’re just starting your business or are at any other point in its lifecycle, Fedele can provide services that will help you achieve success, including everything from new business set up and development to business strategy consulting and solutions, full service payroll, operation streamlining strategies, fraud investigation and research, and much more.

If you’d like to find out more about Michael S. Fedele and how he can help you, the easiest way to do that is through his Good Accountants featured profile. Get in touch with this outstanding accountant in Homewood, Illinois today, and you’ll likely wish you hadn’t waited so long

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Rochelle Chandler Featured Accountant in Flower Mound, TX

Irochelle chandler featured accountant in flower mound texasf you own a Texas business and find yourself seeking accountants in Flower Mound, TX, our featured accountant offers the services and quality that you require. Raised right here in the Lone Star State, Rochelle Chandler received her bachelor’s degree in accounting from the University of Texas. Chandler founded the CPA practice of Chandler and Knowles CPAs after a decade in the industry, and she puts her significant talents to work for each and every one of her clients. Not only is she a CPA, but she is also a certified payroll professional, adding to her already considerable list of skills.

Tax Services

Chandler offers tax services that include, but also go well beyond, simple tax preparation. She can prepare taxes for individuals, partnerships, corporations, and more and can help with estate and gift taxes as well as tax planning. She also offers advanced tax strategy services, including estate planning, captive insurance companies, tax-free retirement plans, and irrevocable trusts.

Business Services

In addition to tax services, Rochelle Chandler provides a wide range of business services. Business accounting is one of her many specialties, and she offers not only everyday business accounting, but end of year tax planning as well. Accounting services include accounting system consulting and implementation, preparation of financial statements, bank reconciliation, bookkeeping, payroll preparation and tax reporting, and sales tax reporting. Rochelle also offers business consulting services such as management advice, corporate structuring, financial projections, and cash flow and budget analysis.

If you are just starting your business, you find yourself facing the major decision of whether to form a sole proprietorship, partnership, LLC, or a corporation or S-corp.  Rochelle Chandler is well versed in business and can help you understand the implications of each choice so that you can determine which one might be the best fit for your business.

Finding accountants in Flower Mound, TX doesn’t have to be difficult, and we help make it simple. If you want to learn more about Rochelle Chandler, we encourage you to take the time to check out her Good Accountants profile. When experience and expertise matter, put your trust in Rochelle.

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Small Business Accountants Help You Handle Common Accounting Stresses

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.

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Thomas Fontes – Featured Accountant in Metairie, LA

Thomas Fontes featured accountant in lousianaTrying to find an accountant in Metairie, Louisiana can be tough. Sure, there are plenty of options on offer, but as anyone who has ever hired an accountant can tell you, not all experts are created equal. That’s where GoodAccountants Featured Accountant Thomas Fontes comes in. As one of greater New Orleans’ leading accountants, Fontes is the ideal choice whether you are looking for someone to help with personal or business taxes, to offer accounting or bookkeeping services, or to help with payroll.

Accounting Services

Working for a company called Accounting Services Unlimited since 2007, Fontes offers a number of services. His service offers complete accounting statements that include balance sheets, expense ledgers, sales and purchase records, financial statements, and more. The service provides all bookkeeping materials that may be necessary and will pick up bookkeeping every two weeks as needed by their clients.

Every client who works with Fontes’ accounting service receives their own Quickbooks accounting data file. This file is tailored to the unique requirements of your business. If you already have a Quickbooks file for your business, Fontes will work to import it and to preserve your data.

Payroll Services

Fontes and ASU also offer employee payroll services. Not only can they provide both printed checks and direct deposit, but they will also handle 1099 or W2 forms. As a business owner, having a payroll service you can trust is important, and Fontes works to make it easy for you.

Business Services

If you are just starting your business, you will find that there are many ways that Thomas Fontes’ experience can benefit you. He can help you obtain necessary licenses as well as with government tax filing applications. He can also help you if you are forming an LLC or corporation and can assist you in filing occupational paperwork.

As a business owner, you have many demands on your time and attention. Don’t subject yourself to the stresses and risks of trying to manage your own bookkeeping and payroll.  If you are trying to find an accountant in Metairie, LA,  click here to visit Thomas Fontes’ Good Accountants profile and learn more about his services.

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Trying to Find a Bookkeeper- Avoiding the Bad

Bad bookkeeping can catch up with you in a number of unpleasant and unforeseen ways. For some businesses, it may be that you don’t notice employee theft or financial losses in one segment of the company, while for others, poor bookkeeping may mask the fact that the company is failing. In some cases, bad bookkeeping can lead to audits from the IRS and even financial or legal penalties.  The bottom line? While hiring a novice bookkeeper may save you a bit of money initially, it almost always costs you more in the long run.

Even when hiring a bad bookkeeper doesn’t cost you in fees or penalties, it still costs your business money. Eventually, either you or someone you hire will need to go back through your accounts and figure out where money was coming in and going out. If you do it yourself, you are looking at lost time that could be spent performing other tasks, while hiring someone is a direct financial expense that is best avoided when possible. Because there are so many risks when you are looking to find a bookkeeper, it is important that you make sure you have hired someone who really knows what they are doing and who will take the time to do it right.

Hiring an experienced bookkeeper helps you make sure that things are getting done the right way. It keeps your invoices going out on time, avoids costly payroll mistakes, enables you to track labor, and creates that all important paper trail so that you have everything you need at your fingertips in the unlikely event of an audit.  A good bookkeeper also helps to reduce your chances of being audited in the first place.

If you are trying to find a bookkeeper, the do it yourself approach might not be the best.  Instead, put your trust in GoodAccountants to help you find a bookkeeper in your area who can do the job properly. Getting the right bookkeeper is about more than finding the best rate, it is about finding the person who is the most qualified and will do the best job- something we specialize in!

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Spencer Hostetter – Featured Accountant in Tucker, GA

spencer hostetter featured accountant in tucker georgiaChoosing the right accountant is very important, and if you own a business, you need someone who understands business on an intricate level. Spencer Hostetter is the right choice if you are looking for an accountant in Tucker, GA. Hostetter not only owns his own firm, but he is a CPA, a management consultant, and the CFO of a private company. In short, he knows and understands business in a way that most accountants simply couldn’t.

Tax Services

Spencer Hostetter provides a number of important tax services. Not only can he help with tax preparation and planning, but he can also provide services in the event of tax problems. If you are facing an audit, failed to file, owe back taxes, are subject to liens or levies or have other tax woes, Spencer can help. He can also help you set up a payment plan with the IRS, present an Offer in Compromise, help you file for Innocent Spouse Relief, and more. Tax problems can certainly be stressful, but when you have a qualified accountant on your side, you can breathe much easier. Spencer Hostetter will go to work for you and understands the ins and outs of dealing with the Internal Revenue Service so that you don’t have to feel like you are going it alone.

Business Services

As a business owner, it is important to hire the right accountant. You need someone who is capable of handling important accounting tasks as well as things such as payroll and internal audits. Spencer Hostetter provides these services as well as cash flow management, assistance with new business formation, business valuation, and bank financing.

Spencer Hostetter Is the Right Choice for Tucker Residents

If you are looking to hire an accountant or tax expert for your business, it would be well worth your time to consider Spencer Hostetter. His experience helps make his service second to none for people living in and around Tucker, GA. With an excellent reputation for quality service and a high set of standards by which he operates, Hostetter and his firm stand head and shoulders above the competition.

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