Tag Archives: accounting for small business

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.

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.

Why You Must Find an Accountant to Create a Successful Franchise

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Starting a franchise can be an exciting venture, but one of the biggest factors for failure is franchisees who don’t understand the financial side of things. While you may have an understanding of how to work with figures, there’s a lot more to it than that. Most franchisees don’t understand the terms and language that accountants are familiar with, not to mention all of the complicated tax regulations. A one-time course in accounting doesn’t cut it either.

In order to have the best odds for creating a successful franchise, it’s essential to find an accountant who specializes in a franchise business. Accountants often specialize in certain industries; they are well aware of all of the ins and outs in regard to the financial side of the industry and can be a trusted adviser in helping you and your franchise achieve and exceed your goals.

Accounting experts with industry experience can save you time, money, and help clear up any confusing when it comes to managing finances and prevent you from making detrimental mistakes that can lead to business failure. They can help you to manage cash flow as well as plan for growth, assess risk and much more. The long term strategic advice provided can be invaluable, including such things as budgeting and forecastingfind an accountant with goodaccountants.com or franchise startup advice.

So how do you find an accountant who is the most qualified for your franchise? You can do it the hard way and speak to other businesses and colleagues to gather a list of candidates, or place an ad; of course you’ll have to then schedule an in-depth interview and conduct extensive reference checks.

To find an accountant that has the knowledge of your particular type of franchise can seem rather overwhelming as the time it takes can be time you don’t often have.

Fortunately, you have another option. Just by calling the consultants at GoodAccountants.com, you’ll be matched with the most qualified accounts that are ideal for the needs of your type of franchise. There is no cost for this valuable service, saving you time, headaches and the stress it takes to locate this often-elusive candidate on your own.