Five Ways Accounting Firms Can Help Your Small Business

accounting firms such as goodaccountants.com can help your small business Many business owners start out handling every aspect of their company, including its finances. While it may be manageable at the start, accounting firms can provide services that will allow you to set your business up for a successful future. Here is a look at just five of the ways that using accounting firms can help you get your business off on the right foot.

Business setup

Just a few of the services provided can include financial advice for your corporate setup, with long and short term financial strategies. Most firms can help you to set up appropriate accounting software as well as the implementation and training.

An accountant can help a small business owner to determine the type of appropriate business structure and assist with setting up taxation, registration and filing corporate tax returns as well.

General bookkeeping services

If you don’t plan to have a full-charge bookkeeper on staff, handling the books is probably not something you want to spend your time doing when you should be out networking and growing your business. This is another service that can be provided including the management of payables and receivables, maintaining the business’ financial records and taking care of financial reports for banks and investors.

Payroll

Payroll is a very time consuming task that can be handled by the use of accounting firms. They can take care of payroll management as well as payroll preparation and payroll tax reporting in addition to setting up a direct deposit system.

Tax planning

Business taxes are another complicated but necessary aspect of a business. An especially valuable service that can be provided is the help with standard tax reporting in addition to general planning advice that can help a business owner to maximize business tax deductions that will save you money over time – often much more than the expense of the service itself.

Networking

One of the keys to growing a successful business is by connecting with others throughout your local community. By employing the services of accounting firms such as the accountants and firms provided by GoodAccountants.com, you’ll find that you are set up with a highly qualified, experienced accountant who is a pillar of the local community. Professionals who’ve lived in an area for several years or more can often be an invaluable source of business and financing contacts as well as a wide variety of other local connections.

The Importance of Accounting Services for Your Business

accounting services can make or break your business.  Accounting services are a necessity for the survival of a business and can even save you a ton of money by increasing business efficiency and allowing you to make better financial decisions by providing valuable information such as the assessment of business solvency and productivity.

Accounting is truly the heart of the organization – if the company’s funds aren’t managed properly, it will eventually lead to the failure of the business. While many small business owners believe they can manage their company’s finances on their own, they often realize too late that there aren’t enough hours in the day to handle every aspect of accounting while trying to grow the business.

Your time

Never forget the old cliché, “time equals money,” as this especially true when it comes to running a successful business. If you aren’t spending the majority of your time managing the company’s finances, you’ll be able to spend it much more productively by networking and winning new clients, maintaining relationships with existing clients, managing and motivating your employees and other tasks that are crucial to the growth of your business.

Hiring an accounting services firm will allow you to use your time wisely, saving money over the long run.

Taxes and government regulation

Handling taxes and trying to adhere to complex government regulations are a huge headache, even when you don’t have a business to run. By using accounting services, you’ll save money on taxes and avoid the stress that comes with it.

Whether you have a small or a large business, there are often complicated tax issues involved and trained accounting experts are required to keep up with the tax laws that are constantly changing. Can you imagine the time it would take to keep updated on all of this in addition to trying to figure out where to spend, where to cut back and everything else?

Paying your employees

Payroll is a very time consuming task, and if you’ve got employees to pay, this is another aspect of your business that accounting services can take care of. Handling payroll on site typically costs more than outsourcing – it’s also more secure when handled by an outside source with fewer in-house employees having access to this highly sensitive information.

Utilizing professional services

By utilizing the free services of GoodAccountants.com, you can be assured that qualified and experienced accounting experts will take care of every financial aspect of your company from payroll to taxes and more, leaving you with fewer worries and more time to concentrate on taking your business to the pinnacle of success.

How to Make Sure Your Company’s Finances are in the Hands of the Best Accountants

goodaccountants.com can help you find the best accountants in the businessIf you want to set your business up for a successful future, ensuring that the financial aspects are handled by the best accountants is imperative. Your accountants serve as valued advisors and receiving the wrong advice by a poorly qualified accountant or trying to handle the business finances on your own can lead to financial disaster.

The best accountants will make sure your company is in compliance with complex government legislation, including taxes, offer valuable tax planning and reporting services, maintain the business’ financial records, generate financial documents, and much more.

With so many accountants out there to choose from, how do you know that your firm’s finances will be handled by the best?

Ask questions

There is no such thing as a bad question, and that certainly applies to finding the best accountants. Ask lots of questions to potential candidates including:

  • Why should I use you?
  • Do you have industry experience?
  • Who are some of your other clients? Can I call them for a reference?
  • What type of advice do you typically offer?
  • What are your credentials?
  • What is the scope of services offered?
  • How can you save or make my business money?
  • When are you available? (Days, hours, or even season as some tax preparers are only available during the first four months of the year)

Come up with your own list of questions based on the needs of your business, the more the better. You’ll also want to be sure the accountant is a good fit personally in addition to professionally with a high level of access to privileged information.

The accountant should also ask you lots of questions about your business to determine if he or she is a good fit. If the accountant seems uninterested, look elsewhere.

References

Once you believe the accountant has the potential as the right one for your business, ask for references from a variety of clients, and if possible include one who owns a business that is similar to yours. Call each and ask them to convince you that he or she is one of the best accountants for the job.

Using a referral service

One of the easiest and most effective ways to find the right accountant is to contact GoodAccountants.com. With a nationwide registry that includes thousands of the most qualified – and the best accountants in the business, their expert business consultants can assist you in finding the one that is perfect for your business or personal needs at absolutely no cost to you

Tips to Find a Bookkeeper

Finding an individual or company to provide bookkeeping services for your business can be extremely difficult. The difficulty is not in the lack of bookkeepers, but rather from the large number of companies and individuals who offer bookkeeping. How do you know which bookkeeper to choose? To find a bookkeeper may seem daunting enough, but then you must select from many choices.

Searching For The Bookkeeper

One of the easiest ways to find a bookkeeper is to perform a search online. Online registries of professional accountants and bookkeepers, such as Goodaccountants.com, provide information for reputable, experienced bookkeepers. You can also use a search engine to look for bookkeepers. Pay particular attention to the top ten or so listings, as they have earned the best internet reputations. You can also ask colleagues for recommendations for bookkeepers in your area whom they have been satisfied with. Another option for finding a bookkeeper is consulting the yellow pages of your local phone directory. You will find contact information at a minimum, and if the bookkeeper has an ad, you can find out more about individual services offered.

Once you have found some prospective bookkeepers, you need to narrow down your choices and make a decision. Many bookkeepers offer free consultations so that you can meet them and find out more about the services they offer and the fees that they charge. An individual or company that will offer you a free consultation is always a good sign, because it shows that they care about gaining new clients and are much more likely to work with you to suit your unique needs rather than a one-size-fits-all approach. By speaking with the prospective bookkeeper, you will be able to easily assess if their services are in line with your goals.

Interviewing

There are many important questions you will need to ask a prospective bookkeeper. You should, of course, ask about experience and get some references for companies they have worked for that are similar to your own. Every industry differs in its accounting needs, and what works in one industry is not always the best option for another industry. You know what your specific needs are, so be sure to choose a bookkeeper who is experienced and capable in those areas. If your business is related to the internet, for example, you will need a bookkeeper who is experienced with e-commerce.

You also need to establish how many hours per week you will need bookkeeping services so that you can find a bookkeeper who can accommodate your needs. If you are only looking for a part time bookkeeper, consider consulting an online registry, such as Good Accountants, that can provide you with contact information for accountants and bookkeepers that can be hired on a part time or short term basis. A registry can also provide contact information for bookkeepers that are available for full time employment as well.

Recover Lost Profits with an Accounting Audit

An inefficient accounting system can cost you money. Duplicating payments, overlooking billing errors, and over paying taxes are just some of the ways that inefficiency in your accounting can cost your business. Problems with accounts receivable aspects, such as delaying the sending of invoices or neglecting overdue accounts, can also take a bite out of your profits. If you have concerns about the efficiency or effectiveness of the accounting operations of your business, then consider hiring a professional to conduct an accounting audit for you.

Errors

By discovering how your accounting system is costing you money, you can work on solving the problems, which will increase your profits. Not only will an audit find your accounting errors, but it will also find out why errors were made. For example, if overpayments are being made, an audit can discover the reasons for it. It may be that your software needs an adjustment, or it could be an error in the practice of your accountants. If you are losing money in many ways, such as over payments, duplicate payments or accrual errors, then an audit will detect the number and scope of the errors. Every error that costs you money reduces your profit margin, and understanding the reasons behind the errors is crucial to preventing the same kind in the future. Whatever the accounting problem may be, an accounting audit is the first step towards solving it.

Business Growth

If your business has grown, it is likely that your accounting system may not be growing with it. More business means more complexities, and complexities lead to errors. An audit of your accounting practices can determine if there is a need for additional employees in your accounting department, or if your current employees need additional training to manage new responsibilities. While good accounting software is a great start, your employees are just as important. Especially with the changes each year in tax laws and regulations, it is important that your accountants are up to date at all times on all of the tax changes that affect your bottom line. An accounting audit can reveal errors that have occurred in deductions that are costing you money.

A complete analysis of your accounting system by a professional and experienced auditor can not only find and recover errors, but it will help you devise new financial strategies. The percentage of the recovered money paid to the auditor will be made back many times over by finding and solving problems in your accounting system. Even errors of a few cents can add up over time, and audits often find errors considerably larger being made all of the time. An online registry of professional accountants, such as Goodaccountants.com, can provide you with a professional to conduct an accounting audit on your business.

How Can CFO Services Help Your Bottom Line?

Would your company benefit from having a chief financial officer (CFO)? Of course it would. A CFO oversees all of your business’s financial and accounting needs. CFO services include keeping your books up to date and providing financial reports. A CFO also offers strategies and advice for your company based on years of financial experience. Paying for this knowledgeable expert doesn’t have to break the bank, however.

Benefits Of A CFO

In addition to overseeing your daily financial operations, a CFO provides your business with many other benefits. They can offer your business new financial strategies that can maximize profit and help your company grow. A CFO can also provide your company with a financial contingency plan should the market go soft for any reason. They have insight into many financial trends, so they can advise you on opportunities to take advantage of as well as others to avoid. If your margins are not in line, they can analyze your business operations and devise a plan to solve the problem. A CFO can also help you to set up some longtime business goals or help you stay on track for ones you’ve already chosen.

What About Part-Time Help

With the help of part time CFO services, you can have all of the benefits without the hefty salary of a full time position. A part time CFO can work a couple of hours every other day or just a few hours a month at crucial times to help the financial ends of your business run smoothly. You may find that as they set goals and utilize strategies for your company’s success, you are better able to take care of or delegate your financial duties. On the contrary, as your business expands, or if you find the services of the CFO are invaluable, you may consider hiring full time.

A part time CFO also offers ease with hiring in and out. For example, if you need help with a financial project, and your other employees have too much to do or too little experience to adequately complete the job, you can hire in a part time CFO to get the project started. When the project is ready to be turned over to your regular employees, you can end the CFOs role.

Any business will run better with the knowledge and expertise of a chief financial officer heading up your financial operations. You can have the comfort and security of knowing that the financial aspects of your business are running smoothly, freeing you up to take care of other important aspects of running your business. CFO services can make your business more efficient and profitable as well. Consult an online accountant registry, such as Goodaccountants.com for more information on hiring a full time, interim, or part time chief financial officer for your business today.