How Accounting Services Can Help Your Business

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.

Top Reasons You Should Consider A Business Accountant

the best business accountant can now be used entirely online with goodaccountants.comBeing in business requires a person to learn and master many skills. They will need to master people skills, verbal skills and time management just for starters. In addition, they’ll need to know something about laws, taxes and different property codes, all depending on the type of business they are in. A wide range of knowledge can be a great thing but it often doesn’t allow a person to be an expert in any one given area. If a business is only able to hire one expert it should be an professional business accountant.

An Excellent Accountant Can Save Your Business Money

It may seem strange to think that hiring another person will actually save your business money but in this case it is absolutely true. A good business accountant can help your company save money by providing tax advice. There are many ways a company can save thousands of dollars when they do their taxes and having a professional help you navigate through Uncle Sam’s backyard can really pay off.  In addition to giving advice on taxes they can also provide advice on bookkeeping.

You may be using a specific way to keep track of expenses and income only to find that it is flawed. Perhaps too much time is taken to input money or the system is too complicated. When working with an accountant their professional eye can pick up on nuances you might have missed. They may be able to help you select software or implement time saving strategies to help you keep and maintain your books.

Guidance With Business Planning And Cashflow

Managing cashflow is a term that is often completely misunderstood and when it is, it can run your business into the ground quickly. Having a professional business accountant on board to help you analyze your cashflow can help you navigate through tight times better. They can often spot problems well before the average business owner and come up with solutions to keep an ideal cashflow rock solid.

One of the best things about using an accountant is that if they work with businesses, then they see them at all stages. The wisdom gained by looking at many different types of businesses in different stages and various financial situations is priceless. This kind of experience makes it possible for a good accountant to come up with a wide range of solutions for a host of different problems. The wisdom from their experiences can help with planning what the business should do and how the assets should be managed.

Discovering the right accountant for your business doesn’t have to be difficult. Often online searches will turn up countless prospects. There are even directories like Goodaccounting.com that can get you in touch with many professionals able to offer the service you are looking for.

How to Find an Accountant

when it comes time to find an accountant think of goodaccountants.comIf you need to find an accountant for your business, searching the internet is a good place to start. After searching for a few minutes, you should have a general idea of the services offered and prices charged for accounting services. An internet search is also useful if you are not sure what specific services you need. With the many listings of accountants and services offered, you can decide your specific needs and then choose an accountant who can provide those services for your business. If you use a search engine to look for an accountant, you will find on the first search page many established firms that provide accounting services. Keep in mind that just because they are first in the search, they might not be best for your needs .Search thoroughly to see the full range of accountants available to you.

Specific Websites

Another way to find an accountant is to use a quotation website. These allow you to enter the services needed, and accountants registered through the site send you a quote. Of course you won’t want to just pick the lowest quote; you will need to inquire further before making a choice. You can also find accountants through your search, and view their websites. You can view the list of services they provide to see if they offer what your company needs. They often have references from former and current customers available for you to read. Many offer an option for submitting information about your needs, and then they will send you a quote for their rates on the requested services.

Online Registries

Another way to locate an accountant for your company is to go to an online registry of professional accountants. An accountant registry, such as Goodaccountants.com, can provide you with information on registered accountants that are available for full time, part time, long term and short term hiring. You tell them what you need, and they match you with accountants, accounting firms, and auditors. Their matching services are free. You can then narrow down the choices by contacting the ones you are most interested in. You should, by then, have established the criteria you are looking for so that you are able to ask questions as needed in order to make your final choice.

Sources Besides The Net

If you have exhausted your online search, but haven’t been able to make a final determination, there are several other ways to find an accountant. One way is to check the yellow pages of your local phone directory. Many accountants and accountant firms have ads posted in the yellow pages that provide a list of their services, as well as contact information. Many have websites that you may not have come across in your search. You can browse the websites of local accountants listed in the yellow pages. You can also contact colleagues and acquaintances to see which accounting firms they use. Although every business has different accounting needs, if a colleague is happy with the services of an accounting firm, the firm could be a good match for you as well.

The Duties Of An Accountant And Auditor – Infographic

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

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?

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

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

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

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

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.