Tag Archives: small business accountants

The Financial Information Every Business Owner Needs: CPA Insight and Benefits

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Half of businesses will fail within the first 5 years of operation, but you don’t have to be in the bottom half of that statistic. A CPA is the professional you need to keep your business spending and budget tight, while making the right financial investments for a long lasting future. The American Institute of Certified Personal Accountants has now launched a website to show the more than 28 million business owners in America, how a CPA can help their business.

A CPA can go beyond bookkeeping and payroll, and can do an audit of your business. Small business accountants can determine if employee reports are accurate, if money is missing from accounts, or if you have people stealing from you. They will evaluate expenses and spending to determine your needs and to see what can be cut back. The accountant will work to help you lower the amount of business debt you’ve accumulated or required for startup, while gaining equity in your business assets or commercial property.

The CPA is trained to help you with mergers, risk management, contracts, expansion and more. The business finances will be documented properly and organized, and the CPA can give you tax advice. The CPA can help the business save money for emergencies and so you have a cushion, and they can also help with personal savings goals.

The more profitable the business is, the more money the business owner has for savings, retirement and for other investments. The launch of the website from the AICPA is a great tool that all business owners can take advantage of to gain success. Get your business finances on the right path with a professional from Goodaccountants.com.

Is Bookkeeping the Worst Part of Business Ownership? Don’t Let it Cost You Everything

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If you are one of the 40 percent of business owners that thinks accounting work is the worst part of owning a business, and you are spending over 80 hours a year trying to manage your own books, conserve your valuable time and outsource the work to small business accountants. Having an accountant doesn’t just save you time, but the accountant can make your business more profitable.

About 80 percent of entrepreneurs fail within 18 months of opening for business, and this is avoidable. The accountants are going to input your financial data, manage your bookkeeping and payroll, total the amount of money going out for expenses, and look at your profits. You will get financial statements at the end of each month, quarter, and as needed, to determine where you need to save money, and to see how profitable your business really is.

Small business accountants can help you reach profit goals by reducing spending, they can set a budget and payment schedule to pay off debts and gain equity, and they help business owners save money to invest back into the business. They work to keep your documents error free, and you don’t have to learn or buy the computer programs to manage your own books. You also get financial guidance and advice from a professional. All of these things are favorable, but it’s during tax time that the true value of an accountant is appreciated.

If you aren’t taking out the right amount of taxes, you make an accounting error, or you file incorrectly when you go to submit your tax documents, you can get audited. A tax audit caused by submission errors will cost money in legal fees, and it will take time to compile the financial information requested by the IRS. It can also put you at a higher risk for an audit in the future.

Small business accountants and tax preparers have your financial information compiled for the year, they know what expenses are deductible, and they attend annual conferences to stay up to date with filing changes. Throughout the year they will let you know if you need to donate, spend money on the business, or stop hiring for a more beneficial tax return.

The majority of business owners are already spending around $1,000-$5,000 for their small business accounting needs. Why not use this money more wisely, and let small business accountants at Goodaccountants.com handle your business finances to save time and improve financial success.

How a Small Business Accountant Can Help A Business Affected by the Government Shutdown

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The government shutdown has caused a domino effect, which has trickled down to small business owners. The impact of government closures has created a negative impact on many small businesses, and it may take several months for these businesses to recover. Even though the government was shut down for only a few weeks, it could take as long as six months for small business owners to recover. These business owners don’t have control over the decisions that are being made by the government, but they are still directly impacted by the events that happened in Washington.

Because of the financial impact from the government shutdown, many business owners are looking for ways to cut costs and save money. Certain services are needed to keep the business running, but those professional services can really add up. One option to save on professional services is by hiring a small business accountant to help with the financial management of the company.

When a business owner is working with a small business accountant, the business owner can focus on running their business instead of trying to decipher the numbers on the accounting reports. The small business accountant will step in and to analyze the strengths and weaknesses of the company, and help the business owner understand how the money is flowing throughout the year. The accountant will be able to provide a real-time picture of the inflow and outflow of cash within the company, which allows the business owner to make decisions based on the finances that are available. On the other hand, if this information is not being tracked, then the owner is at risk of making a poor decision because they didn’t have the necessary information to help them move the company forward financially.

It can be expensive to hire a full-time accountant to work for your company, but the services can be outsourced for a fraction of the cost. Companies such as GoodAccountants.com offer a small business owner the ability to connect with a good accountant who has the skills and training to manage the books and keep the business on track. The accountant will be able to offer advice on financial decisions that are being made within the company, in order to manage cash flow and assets of the business.

How Accountants for Small Business Can Help You Survive IRS Troubles

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small business accountants can save you from the irsAfter 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.

Technology is Changing the Game for Small Business Accountants

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small business accountantsNew legislation in New Zealand is poised to make life easier on small business accountants and small business owners alike. The relationship between those two groups has always been a difficult one, with business owners struggling to see the value in retaining accountants to handle tasks that they may be able to do on their own. However, historically strict reporting requirements by the government has dictated that accountants ‘jump through the hoops’ to comply with the law even when it is not helping the business and is leading to countless hours of duplicated work.

Among other things, what this new finance law promises to do is set aside various ‘carve-outs’ for entities such as small businesses, small charities, and other organizations. This means that the old one-size-fits-all approach to financial reporting compliance will go out the door. Large corporations have very little in common with small businesses – but until now they have had the same requirements to comply with reporting law. Small business accountants are certainly grateful for this change, as it has the potential to greatly streamline what they can provide to small businesses when technology is leveraged.

Using so-called ‘cloud’ computing services, small business owners and small business accountants can now be on the same page at the same time, even if they are not physically in the same location. What this means is accountants will have the ability to view live data and offer more consulting and analytical services to business owners, rather than just spending their time preparing forms to submit to the government. When an accountant can take on a more advisory role, the value of their time and service is much easier for a small business owner to understand and appreciate. This could mean more employment opportunities within small businesses on a more regular basis.

Talented small business accountants all across the country can be located quickly and easily using GoodAccountants.com. Having a long-term working relationship with an accountant is one of the best intangible assets a business can have, especially in this technological age where so much more information can be shared with the push of a button. Find your own ideal accountant today and see what opportunities open up for your business.

Small Businesses in the US: Why They Matter More Than Ever – Infographic

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Small Business Accountants Matter

What would our country be without small businesses? The team here at GoodAccountants.com put together this infographic to show just how vital small businesses are to the American economy. GoodAccountants.com provides bookkeeping and auditing services to help small businesses thrive in today’s market, by saving money and keeping finances in order.  Outsourcing bookkeeping and other financial services gives small businesses the leverage they need to stay afloat amongst large corporations.

Small Businesses in the US: Why They Matter More Than Ever – Infographic

The Power Of Small Business Accountants

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find the best business accountant with goodaccountants.comJust as a rocket ship waits for fuel to power out of the dock, your business is only one accountant away from blasting out of the starting gate. Too many small and medium size business owners believe accountants only come in handy during tax season, when in fact, hiring one of the best accountants full time places your business on solid financial ground. It’s one thing to have a booming business from the start, but it’s quite another thing to poorly manage your business income.

Why Your Business Needs an Accountant
Let’s admit it: QuickBooks cannot account for every dollar that comes in and goes out of your business. You need a professional to crunch the numbers and accurately portray the financial status of your company. Sheela Murphy’s immigration law firm hired an accountant to manage the financials and her firm immediately took off with more clients and better cases. Instead of playing a CSI crunching the firm’s numbers, Sheela hired an accountant to stay abreast of accounts payable and accounts receivable.

Hiring one of the best small business accountants not only provided Sheela’s firm with an accurate assessment of financial health, it also freed up the partners to drum up business and take on more complicated cases. Accountants save you time and help navigate your way through cumbersome tax laws and business regulations. Small business accountants spot financial irregularities that can cost your small business thousands of dollars. More than simply a tax preparer who shows up every April, your small business accountant helps you manage cash flow, assess business risks, and comply with accounting standards. The money you save hiring one of the best small business accountants allows you to invest in online marketing strategies and the latest computer information system.

How to Hire one of the Best Small Business Accountants
You’re probably thinking, “I’m sold on hiring an accountant, but where do I find one?” The answer lies at GoodAccountants.com, an accountant clearinghouse that has over 50,000 accounting firms in its database. You register your business on the first page by entering general information or enter the same information on the bookkeeping page. The headline on the bookkeeping page says it all; “Why hire internally when you can outsource and save?” From saving money on hidden tax deductions to depreciating assets you never thought qualified for depreciation, you can expect that hiring one of the best small business accountants at GoodAccountants.com to be the best business decision you ever make.

How Small Business Accountants Can Benefit Your Company

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small business accountantsOwning a small business can mean financial freedom or financial disaster depending on the decisions the owner makes when it comes to accounting practices. Many owners make the mistake of trying to handle every task in the organization themselves including the finances without realizing the time and knowledge that is really necessary for a smooth running, successful business.

Small business accountants can be a priceless asset for keeping your organization on the path to success.

Bookkeeping

Bookkeeping is a necessary part of any business – without detailed, accurate records of financial transactions it will be difficult if not impossible to predict future gains or losses. Proper bookkeeping can help you avoid a major financial crisis, not something that someone without the right expertise should be handling. A business owner should be out networking and growing the business, and leave the bookkeeping to professionals like small business accountants who are trained and knowledgeable on correct accounting practices.

Setting up the financial side of the business

Small business accountants can help a new business owner by providing useful advice on short and long term financial strategies as well as the financial structure that will serve as a guide for all of your business operations, including setting up taxation and registration as well as filing corporate tax returns.

Many can assist or actually set up the accounting software that will work best for your organization and even provide training.

Payroll

Payroll is one of the most time-consuming of accounting tasks and small business accountants can help standardize a payroll system as well as handle payroll management, preparation, tax reporting and setting up direct deposit systems.

Taxes

Business taxes are, of course, a necessary but complicated part of running a business. Handling this aspect of the organization while trying to comply with complex government regulations can be a huge headache in addition to being a nearly full-time job in itself.

By hiring professional financial experts, you’ll save money on taxes as well as the time and stress it takes to get all of this done. Tax reporting and tax planning advice that allows the owner to maximize business tax deductions will often pay for the expensive of service and then some.

GoodAccountants.com offers an invaluable – and free service, locating qualified, experienced small business accountants with expertise in your industry to successfully handle every financial aspect of your business – allowing you to focus on taking your company to the top.