Why You Must Find an Accountant to Create a Successful Franchise

Posted on September 15, 2013 by goodaccountants.com

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 forecasting 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.

How Accountants for Small Business Can Help You Survive IRS Troubles

Posted on September 14, 2013 by goodaccountants.com

After discovering about $450 billion is likely owed and going uncollected, with under-reporting by small business accounting for about $140 billion of that figure, the IRS has been cracking down on small businesses. Since the fall of 2012, the Internal Revenue Service has reportedly sent out letters to some 20,000 small businesses to notify them of possible income under-reporting.

In this case, they are trying to nab businesses they believe have an unusually high number of reported sales through credit card transactions, with the thinking that they are getting a lot of cash transactions that aren’t being reported. It is likely that the IRS will also come up with other methods to go after small businesses to make up for the billions of missing revenue.

The IRS is not an organization that any business, or individual, wants to have to deal with. But if you should get a similar letter, utilizing accountants for small business can be essential to positively dealing with the situation and coming out on top.

Experienced accountants for small business understand exactly what the IRS is looking for and why. If you receive a letter, or are audited, you need an accountant on your side. An accounting expert specializing in a business like yours can help you respond appropriately or represent you in the audit.

If you’ve been handling all of the financial aspects of your business, you’re probably feeling overwhelmed; keeping all of the records straight and ensuring that you’re following all of the IRS rules and regulations is a full-time job of its own.

While you may be pulling your hair out at this point, there is some good news. Fortunately, GoodAccountants.com can help you to find the best accountants for small businesses to ensure your taxes and any IRS issues are handled correctly.

Finding an expert accountant now can also help you be better prepared in the future. The right individual is much more than just a tax preparer, but can also become a trusted advisor helping you to manage cash flow, keep your books in order and plan for growth. This will allow you to take care of your most urgent responsibilities such as earning money for your company, while leaving the majority of the financial paperwork and IRS dealings in the hands of an experienced, qualified accounting professional.

The Best Accountants Can be Trusted with Sensitive Information

Posted on August 17, 2013 by goodaccountants.com

On August 26^th, rapper Fat Joe will head to prison after a tax evasion conviction in December of 2012. He will serve four months for failing to pay taxes on over $1 million in income during 2007 and 2008. Failing to pay income taxes is a very serious violation of the law, and Fat Joe might be lucky to only be serving four months.

Where the story interesting, however, is in the fact that Fat Joe is claiming his failure to pay taxes is the fault of a suspect accountant. You would imagine that a millionaire rapper would only employ the best accountants, but apparently that is not the case. Either he is not telling the truth regarding the unpaid taxes, or Joe needs a little help interviewing his employees and choosing the best in the field. Surely, he could have afforded an accountant who would ensure that his taxes were paid and that he remained a free man.

This story is relevant to every business owner or manager because almost every business entity has an accountant or a group of accountants working on their behalf. You would hope that you only have the best accountants on your team, but how do you know? If your accountant can’t be trusted with highly sensitive and important information, you could find yourself unwittingly in the middle of a serious problem. Assuming Fat Joe is telling the truth regarding his case, that is exactly what has happened to him.

Vetting any accountant before they are trusted with your information and tax responsibilities is an important process. You should take the time to check references and work history thoroughly, especially considering how much trust you will be placing in their hands. Using GoodAccountants.com to locate a list of qualified accountants within your area will make finding the best accountants simple and straightforward. Once you have an accountant that you know can be trusted with even the most sensitive of materials, you will feel as if a weight has been lifted off your shoulders. Get started choosing your accountant today to ensure that you don’t suffer the same fate as poor Fat Joe.

Use a Tax Accounting Company to Take the Hassle Out of Form 941

Posted on August 14, 2013 by goodaccountants.com

If you own or operate a business that employs at least one employee on a regular basis, you will need to fill out and submit the Form 941 to the IRS on a quarterly basis. This form identifies the individuals that are on your payroll, the amount of withholding and other payroll taxes that you have kept from their paychecks, and is accompanied by the appropriate payment when it is sent to the government.

Are you tired of filling this form out by yourself each month, or are you concerned you don’t have the knowledge to do it correctly? While the Form 941 is not the most complex accounting task in the world, it can still be a headache for many business owners. With that said, retaining the services of a tax accounting company to shoulder the load and complete this form for you is a great choice. GoodAccountants.com is a great place to find qualified accountants that you can be confident will complete your forms in an accurate and timely manner.

While all tax matters are taken very seriously by the government, employment taxes are watched especially closely. If a business withholds pay from employees for tax purposes and that money is not properly accounted for on Form 941, it will be viewed as a crime. You surely have no intent of stealing or cheating the system, but filling out these forms incorrectly could land you in a position you never expected to be in. A good tax accounting company will prevent this from being a possibility and you can spend your time on things you want to be doing – like successfully running the business.

If you don’t know who to contact for a reliable tax accounting company, start your search at GoodAccountants.com and sort through a long list of capable businesses that can come to your aid. Spending the money it costs to retain the services of one of these companies will more than pay for itself in peace of mind and confidence that your Form 941 is being filed correctly every quarter.

Lower Taxes: One of Many Benefits of Using Professional Accounting Services for the Small Business

Posted on February 24, 2013 by goodaccountants.com

For the small business, professional accounting services are often a necessity and certainly never a frivolous expense. Providing expert assistance with everything from tax planning and preparation to implementing financial strategies that can ensure not only the success, but the survival of a business, utilizing their services may be one of the best decisions a business owner can make when it comes to the word many dread, taxes.

Complicated tax regulations and preparation

Accounting professionals must keep up with all of the constantly changing tax laws in addition to the latest technologies available to help them to do just that. Tax consultants and leaders within the accounting industry are currently attending the 2013 Thought Leader Symposium in order to ensure they are on top of their game when it becomes to providing their clients with the best.

As a business owner, do you really have time to take on a full-time role as your own accountant? Your time can be spent much more productively winning your own new clients rather than researching and studying tax laws. Let the accounting experts do what they do best so that you can use your own time wisely and save money over the long run.

Legal and financial tax advice

Small businesses who utilize professional accounting services will be in a much better position to understand the details of their company’s finances, including complicated tax issues. Professional accountants are aware of all of the rules and regulations when it comes to accounting and taxes, and are able to provide advice on a wide range of money matters including tax related issues and helping to resolve them should they crop up.

Accounting experts can provide advice on tax breaks that you’ll be able to take advantage of based on your location, size, business model and other aspects in order to potentially reduce taxes.

Finding the best professional accounting services

With the free services provided by GoodAccountants.com, you can be assured you’ll be connected with the most qualified and experienced professional accounting services who can take care of the financial needs of your business, including taxes. With fewer worries, less stress and more time, you’ll be on the road to taking your business to the top.

Why Accountants for Small Business are a Must at Tax Time and Beneficial Year Round

Posted on February 22, 2013 by goodaccountants.com

Small business owners throughout the nation often struggle to keep up with their daily responsibilities while playing the role of accountant at the same time, and at this time of year with tax deadlines looming, many are beginning to panic.

Hiring accountants for small business is an excellent option for handling the demanding task of preparing taxes can also be very beneficial year round with the cost often paying for itself.

Complicated regulations

With the ever-changing tax laws and regulations, many small business owners spend hours studying the tax code without coming close to a real understanding of what’s required. A mistake can cost thousands of dollars in addition to the often missed deductions, credits and incentives that can lower taxes as well.

Navigating the complicated tax code can be an overwhelming challenge even for the most savvy veteran business owners. Good accountants for small business will help you avoid underpaying, decrease the chances of audit and will always be on top of tax law changes, especially those that apply to you and your business.

Organization of records

There are many small business owners who tend to throw their receipts in a box or into a drawer and forget about them until tax time. They tend to have a big mess of records and quite a few don’t even use an accounting system.

Accountants for small business can not only help to get those financial records in order they can recommend accounting software and help put a system into a place, ensuring records are updated so that there are no surprises come tax time.

Preparation and filing of taxes

Hiring an accountant will allow you to receive priceless long-term strategic advice to help you manage your small business finances as well as budgeting and forecasting. Of course, at tax time, having an accountant on hand will minimize headaches, decrease stress and allow the business owner to use their time wisely – often saving more money than the cost of the services.

By utilizing the services of GoodAccountants.com you can be matched with the most knowledgeable accountants in your industry; dedicated to helping the small business owner keep more of their hard earned money where it belongs.

Which Industries Employ the Most Accountants and Auditors – Infographic

Posted on November 28, 2012 by goodaccountants.com

Accountants and Auditors

Ever wonder which industry contains the most accountants? Accounting is a lucrative job, and large companies who hire accountants and auditors can avoid financial mistakes before they happen.

We’ve created an infographic that details the industries that employ the most accountants and auditors, and the results are very interesting! Check it out:

How Accounting Services Can Help Your Business

Posted on November 3, 2012 by goodaccountants.com

Many 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.

When Your Business Needs a Forensic Accountant and How to Find the Right One

Posted on September 17, 2012 by goodaccountants.com

‘Forensic Accountant’ is not a term that many people are familiar with and the word forensic may instantly bring to mind the image of a criminal investigation, which may seem a little odd when connected with accounting. But forensic literally means “relating to the application of scientific knowledge to a legal problem,” or “usable in a court of law.”

A Forensic Accountant might work with a business when fraud or embezzlement is suspected, or with government organizations like the FBI or CIA to resolve a crime. They are financial investigators who decipher complicated financial data such as business records, bank statements and tax return and prepare reports from this information that are more easily understood and can be used in court proceedings.

Forensic accounting is often used to help resolve a wide variety of legal disputes including bankruptcy and divorce proceedings, shareholder disagreements, business dissolutions, malpractice claims as well as fraud and embezzlement.

Benefits of a Forensic Accountant

A forensic accountant can be very helpful in collecting evidence in court that may be used to assert a claim or settle a dispute between shareholders and partners or in medical malpractice suits, between the doctor and the patient.
If employee fraud is suspected in your business, forensic accounting services are also beneficial.
If your business is involved in any type of insurance claim, potential professional negligence or identity theft, engaging the services of a knowledgeable forensic accountant to assist in the investigation can be crucial.

Finding the Right Forensic Accountant

If your business needs the services of this type of accountant, it’s important to realize you can’t just choose any accountant. Choosing the wrong one may be like asking a cardiologist to perform brain surgery. A forensic accountant is typically not just a Certified Public Accountant with an accounting degree, but is a Certified Fraud Examiner. It’s important to be sure that qualified personnel have these designations.

The right accountant will have experience and skills that match the needs of your business and the case at hand, and because the forensic accountant’s work will typically result in giving evidence as an expert witness, it’s crucial that they are credible. The opposing counsel is designed to reveal any flaws in the accountant’s abilities, and there cannot be any question when it comes to their experience, skills, professional and personal background.

GoodAccountants.com Blog

Tag Archives: accounting