Tax Season is Over… But Don’t Get Lazy with Tax Planning

Are you breathing a little easier to know that you made it through the business tax season in 2018? Many business owners feel the stress and pressure during the first few months of the year due to tax paperwork that needs to be distributed and filed. Plus, the income tax payments and quarterly payments can add up during this time of year. Now that you have made it through tax season, don’t let your guard down by neglecting tax planning for the rest of the year.

Working with Your Accounting Team All Year Long

Your accountant helped you get through tax season, and you should continue leaning on the support of the accounting team for financial systems and decisions that need to be made in the future. Accounting services are more than just filing tax paperwork as needed. As a business owner, you have a depth of information and support that is available to ensure the forward progress of your company.

How often should you talk to your accountant? It depends on the size of your business and the services that are needed. But, it is important to know that your accountant is always looking for ways to support your business efforts, helping with the future success that is possible.

Not only will these accounting services help with tax filing, but tax strategy can also be suggested to ensure that you are ready for taxes next year. If you want to optimize your deductions to minimize your tax burden, then you need to be strategic with your bookkeeping and spending during every month of the year.

If your accounting team doesn’t offer this ongoing support, then it might be time to find an accounting service that specializes in small businesses. Your business will have the highest chance of success if you are working with a company that isn’t just punching the clock during tax season. Instead, your accounting team should maintain a conversation with you on an ongoing basis. You can get help with bookkeeping, payroll, quarterly filings, tax planning, and more.

It’s Never the Wrong Time of Year to Think about Taxes

One of the biggest mistakes that you can make is pushing your tax strategy to the back burner for most of the year. Too often, business owners let the financial paperwork and receipts pile up. Then, it is a stressful rush to complete the calculations and paperwork that are needed at tax time.

Instead of procrastinating your financial work, it is essential that you make it a priority to keep up with these details on a weekly and monthly basis. For example, receipts should always be filed and labeled if they can be used as tax write-offs. Proper categorization makes it easy to calculate your deductions when it is time to file tax paperwork in the future.

Other essential tax planning tasks will depend on the complexity and size of your business. So, you should talk to your accountant to get the personal recommendations that are needed for your company.

Availability of Your Accountant

Keep in mind that your accountant is likely facing a huge workload during tax season. As a result, they probably don’t have a lot of time to discuss tax strategy with you a few weeks before the tax filing deadline. If you wait until the busiest time of the tax season, then your options might be limited to have the conversations that are needed for your tax strategy.

The best thing that you can do is enlist the help of an accounting team right now. Then, you can implement a good tax plan so that you are ready for anything that might come your way through the rest of the year. Most accountants have time available right now to have detailed conversations about your business. You will receive the undivided attention that you deserve to ensure that your tax strategy is designed to be a perfect fit for your company.

Tax Forms that Need to be Filed Throughout the Year

Are you a new business owner? Then you might not realize that there are tax forms that need to be filed throughout the year. Most people know about annual tax filings, but they aren’t aware of quarterly payments and other paperwork that might need to be addressed.

The paperwork varies depending on the structure of your company. Companies with employees need to pay employment taxes and file paperwork on certain dates. Owners of LLCs need to file separate tax paperwork for the business and the company. Sole proprietors can often keep all of the tax filings under the same forms.

Additionally, there might be various paperwork requirements for state and local tax requirements. Your accountant can help you assess both federal and state level paperwork and taxes that need to be addressed.

Do You Qualify for Any Tax Credits?

Tax credits might be a good option for your strategy. Some small businesses can qualify for tax credits, helping to offset the tax burden that is carried each year. Keep in mind that these tax credits can change from year to year. So, you need to lean on the expertise of your accounting team to ensure that you are staying current with the credits that are used.

In many situations, basic tax credit information is programmed into tax preparation software programs. But, strategy and planning are required if you are going to take advantage of these credits. Thousands of credit opportunities are available on federal and state tax levels. All of the credits have unique requirements, and your accountant can help you assess how your business needs to meet the requirements.

Go Digital with Your Accounting System

Have you delayed the change to move to a digital accounting system? If you are dragging your feet with the changes, then right now can be a great opportunity to implement the new system. Going digital will give you the opportunity to improve your tax strategy. Additionally, you can enlist the services of the best accounting teams since you aren’t limited by location. Digital accounting makes it possible to share your accounting records with an online team. You can also access these records from anywhere in the world.

Online software programs can help with essential tax requirements, such as tracking employment taxes and sales tax. Then, you can run reports to see how much money needs to be paid to the government. The right system can also be used to help with payroll, ensuring that you are withholding the right amount from employee’s paychecks and also making the employer contributions that are needed.

These online tax systems are secure and effective. You have control to grant access to the tax professionals that are helping your company. Lean on the expertise of a good accounting team so that you can avoid manual calculations and busy work in the future.

How Can Tax Planning Help Your Company?

Your accountant might make suggestions that will assist with the financial goals for your company. These are some of the strategies that can be built into your tax plan:

  • Decreasing the taxable income
  • Reducing your tax rate
  • Managing the schedule of tax payments
  • Identifying potential tax credits
  • Avoiding common accounting mistakes

Your accounting team will look at all of the options to manage the taxes that you are paying each year. In some situations, it might make sense to restructure your company or change the way the transactions are handled to provide the best outcome. Your accountant can analyze your situation and see if there are any areas where you might be missing out on tax benefits. As a business owner, it makes sense to maximize your tax benefits as much as possible.

Timing of Purchases and Deals

Remember that the timing of your purchases can impact your tax strategy as well. For example, if you have a low-income year followed by a high-profit year, then you might choose to purchase expensive equipment or furniture in the higher year to reduce tax burden that year. You need to evaluate where you will fall in the tax brackets to see if it makes sense to adjust your spending.

Sometimes, a purchase that you are considering in December can be pushed to January if you anticipate that you will need the write-offs more next year. So, you need to consider the cash flow and potential tax burdens, then look at the timing of the transactions for the best results in the future.

Our team of experts at Easier Accounting is always working hard to ensure optimal results for your company. We specialize in small business accounting services, giving you the peace of mind to know that you are working with a team that understands your industry. If you need tax planning or other accounting services, then we invite you to contact us for more information. We offer a variety of solutions, ensuring that the services are catered based on the needs of your company. Call the leading team of outsourced accountants if you are ready for a new tax strategy for your company: (888) 620-0770

Spring Cleaning Checklist for Your Small Business

Spring is a time of year when many people prioritize tasks to improve the comfort and quality of their homes and offices. Do you love the feeling of opening the windows and pulling the junk out of the back corner of the closets? It is common for stuff to collect throughout the year, resulting in the need to declutter and make space. Letting go of the clutter is an effective way to decrease your stress levels. This year, look for ways that you can think outside the box when you are putting together your spring cleaning checklist.

As a small business owner or entrepreneur, there are often items that fall to the backburner. You are juggling many priorities throughout the year, and many people feel like their schedules are so full… making it impossible to keep up with other tasks that need to be addressed. If you can’t keep up with everything throughout the year, then it might be time to set aside a few weeks to clean up your systems and practices in your business. Spring cleaning is a great way to create a fresh start and improve the results that you can achieve through the rest of the year.

Here are a few business spring cleaning tasks that should be added to your to-do list:

Drawers, Cabinets, and Office Clutter

How often do you shove papers in the back of the filing cabinet or push old office supplies into a storage closet? Even though your office looks good when people come in to see your desk, it can be stressful and burdensome to know that there are loads of things that need to be fixed in your closet, drawers, and other storage spaces.

If you have a personal office, then it is time to sort through the shelves and see what items are no longer used. It is common for small businesses to get rid of many office supplies when they make a transition to digital accounting. For example, you might be able to get rid of the bulky filing cabinet and folders if you are keeping all of the documents online.

Throw away expired cleaning supplies, outdated training materials, or anything else that is sitting in the closet unused. Even though it might seem like a good idea to hold onto things in case you need them in the future, you are making a mistake by hanging onto every item. Consider the mental burden that it causes when you know that things are piled up. Plus, you also need to think about the increased costs that you are spending on storage space or a larger office so that you have enough room for all of the stuff.

Digital File Cleanup

Not only do you need to get rid of the physical clutter, but it is also important to sort through the digital clutter as well. Going digital is a great way to reduce the clutter in your office, but it is common for the computer files to build up with nonsense as well. Just because things are stored digitally, doesn’t mean that you need to hold onto everything forever.

Put together an effective filing system so that you know when old folders and files need to be deleted. When you have a good archive system, you can move old invoices and receipts out of the way so that you don’t have to sift through those folders every time you are looking for a current document.

If you are always searching for the files that you need right now, then you could be wasting hours of your workweek on the cluttered storage drive. Instead of letting yourself get caught up in the distraction, set a goal to clear these files right now so that you can open up space and simplify daily processes.

Another thing to consider with digital storage is the amount of storage space that is available. If you are storing Word documents and .pdf files, then it isn’t likely that you will run out of space in the future. But, photos and video files can take up a lot of room on your storage drive. As a result, you could be facing the problem of a lack of space, causing increased costs for more room on your storage drive.

Backing Up Digital Storage

Any time the information is stored digitally; you need to be sure that you are using a solution that implements backup systems. If the storage service fails, will you lose all of your customer information and financial records? These details are important to keep on file for several years. For example, you will need to refer to the paperwork if you are ever audited by the IRS. So, make sure that you have a good backup system in place.

It is better to store your files on a secured cloud-storage service instead of keeping everything on your computer. If the computer hard-drive fails, then you will lose all of the information. There are options to back up your computer with services such as Carbonite. Pay the money for the peace of mind to know that you won’t lose your information if something goes wrong with your computer.

Most cloud storage solutions make it easy to access your files from any computer. You can work on the computer as normal, with access to all of the important information that you need. If the computer is damaged, you can access your files using another computer as necessary. Plus, you have access to this information through a smartphone app as well.

Another benefit of a cloud-based system is that you can share file information and access with your accounting team. Hiring outsourced accounting specialists is a great way to free up your time and improve your financial strategy. There’s no reason to have an accountant in your office when all of the information can be shared through digital files and software solutions.

Inventory Assessment

Inventory is another topic that should be addressed with your business spring cleaning checklist. Are there any old products in your inventory that aren’t selling very well? Consider running a flash sale to clear the inventory so that you can make space for new products that are coming later this year.

You also need to think about the trends that are happening in the industry. Evaluating your inventory can help you identify the popular products. Then, you can make adjustments to your sales strategy to offer the products and services that your customers want to buy. A few small adjustments can go a long way to ensure the long-term success of your business.

As you evaluate your inventory, you can see if there is anything that needs to be reordered. Keeping the popular products in-stock ensures that you have the option to sell these items when customers are ready to buy. It is common for business owners to need to plan several months in advance to maintain inventory.

For example, you need to consider upcoming sales and demand during different times of the year. Then, the products need to be ordered with plenty of lead-time for the manufacturing to be completed before the busy season. Missing the order date by a month or two could leave you in a situation where you don’t have products to sell when the customers are ready to buy. Then, you could be stuck with too much inventory because you missed the peak time to sell those products. Strategy matters, which is why you need to think ahead regarding the times and quantities that you order for your stock.

Systems, Contractors, and Employees

The final to-do item on your spring cleaning checklist is the effectiveness of your current systems. Do you have the right software programs and systems to optimize your results and minimize busywork? Are your employees meeting the requirements that are needed to help customers and keep up with daily tasks? It might be time to make a few changes in the way things are done, to ensure optimal performance of your team.

It is easy to get stuck in a rut and continue using systems that have always been implemented. Just because something seems to be working fine, doesn’t mean that there isn’t a better way to improve efficiency. Look to industry experts for insights about the ways that you can improve your internal systems.

When you are having a hard time keeping up with the workflow, then it might seem obvious that you need to hire another employee or two. But, consider the advantage of bringing in an outsourced contractor instead. You can tap into the skillset that is needed without carrying the burden of insurance and overhead costs for employee management. Outsourced accounting and other services can save you thousands of dollars a year while improving your business systems at the same time.

At Easier Accounting, we are here to help with your small business spring cleaning goals. Contact us to see how we can help with your financial tracking and accounting services. We know the best ways to implement effective accounting systems for small businesses and entrepreneurs: (888) 620-0770

8 Things to Consider When Hiring a Small Business Accountant

Have you decided that it is time to hire a small business accountant to help with the financial tracking for your company? It might be a big step to bring in a financial professional. But, this decision is an important decision to move your business forward in a positive way. Managing the financial records will set the foundation that is needed for success in the upcoming years.

DIY accounting is one of the biggest mistakes that can be made for a start-up or small business. Even though it might seem simple to track transactions and income, the truth is that important details are often overlooked along the way. Instead of trying to save money by handling the accounting and bookkeeping in-house, it is better to spend the cash on a professional team to help. In fact, it is likely that you will save more money because of the tax write-offs and other financial benefits that come from an experienced accounting team.

If you want to move forward towards financial success, then you need to have an accountant that you can trust. Follow these important tips to help you choose the right small business accountant:

1. How Much Experience Do They Have in the Industry?

Not only do you need to consider the length of time that they’ve been working in the industry, but you also need to think about the type of experience they bring to the table. Just because someone has been working in finance for many years, doesn’t mean that they have the understanding to navigate tax laws that relate to small businesses.

Your best bet is to choose an accounting team that specializes in the types of services that you need. For example, if you are launching a start-up, look for accounting services focused on small businesses, instead of hiring a big, corporate accounting team.

2. Does Your Accountant Have the Right Education and Accreditation?

Anyone can say that they are a financial professional. But, knowing how to do data entry in an accounting software isn’t the same thing as analyzing reports and putting together a financial strategy. Ask your new accountant about the education they gained to be qualified for the position.

Knowing information about their education and experience is a great way to ensure that they have the skill set the is needed to boost the success of your company. You need to hire someone that is familiar with all types of bookkeeping systems and is willing to learn more about the nuances of your company.

3. How Often Can You Ask Questions?

Some accounting services only offer communication once or twice a year. You talk to your accountant at tax time, and then the conversation is over until the next tax season. While it is important to have an accountant who can help with taxes, you shouldn’t overlook the benefit of ongoing accounting and bookkeeping services to help your company throughout the year.

The best solution is to choose an accounting team that is always available to answer your questions. Ongoing support will make a big difference to your tax strategy, helping to minimize the amount of money that you need to pay in taxes.

4. Is the Accountant Honest and Trustworthy?

When you are handing over the financial information for your company, you need to make sure that you have a team that you can trust. Never provide password information for your financial system unless you know that you are working with a reputable team.

There are many scams in the business world, with thieves who are just trying to gain access to your bank accounts. So, it is important that you do your homework to learn more about the company that you are planning to hire. Research the business, look for online reviews, and ask around to make sure that you are picking a reputable team to help with your bookkeeping and accounting.

One way that you can determine the reputation of the company is by asking for references from other clients. Testimonials and reviews can shed light on the quality of service that you can expect if you hire the accounting team.

5. Will You Receive Reliable Services?

Ongoing accountant and bookkeeping services are essential so that you can stay ahead of the cash flow for your company. If you hire someone that procrastinates the work, then you will likely be facing a messy financial situation in the future. A better solution is to hire a team with a proven system in place.

The ongoing services depend on the needs of your company. You should have a consultation with the accounting team to discuss the services that are necessary. Then, a schedule can be designed to match your preferences. This schedule should include all of the important aspects of financial tracking, such as data entry, reconciliations, payroll processing, tax payments, tax filing, and more.

Reliability is also important to give you access when questions come up. Will you be able to get on the phone with your accounting team if you have questions about a financial situation? Reliability is not only consistency with the tasks that need to be completed. It also means that your accountant will respond when you contact the team for more information.

6. How Much Transparency Will Be in the Reporting?

If a mistake is made along the way, it is important that you have transparency in the reporting to identify the problems. Accuracy is one of the most important aspects of an effective accounting system. So, you need to make sure that you have the information readily available at any time.

Transparency means that you will be able to see the work that is being completed. You can also pull financial reports to understand the current cash flow standing of your company. Plus, the accountant will be available to explain the reporting and transactions so that you can be sure that everything is on track for the future.

This openness for communication is essential so that you have all of the information that is needed for the financial health of your company.

7. Do You Have Credit and Cash Flow Management Strategies to Use?

Instead of just tracking the transactions that move through the company, your accounting team also needs to look at the strategy that will impact the financial health of your business. Most companies have credit cards and lines of credit that are used to keep the business going. Debt can be an effective way to push through slower times. But, these balances can quickly get out of hand, making it hard to get on top of the cash flow once again.

Instead of spending a lot of money on business debt, you should talk to your accounting team to look for solutions to minimize spending and pay down the balances. These strategies will contribute to the financial health of your company. Not only will you be able to manage your cash flow more effectively, but you will also be able to stay ahead of future costs that might be incurred.

A healthy business will have an emergency savings account to cover any unexpected costs that might come up. Plus, there will always be enough cash flow to stay current with the anticipated bills that come through every month. Many business owners have a hard time putting together a system to stay ahead of bill payments and credit management. So, it is a good idea to hire an accountant who can help with managing these details.

8. How Much Do the Accounting Services Cost?

The cost of the accounting services needs to be analyzed, to make sure that you can support the payments that will be needed. If you are hiring an employee to manage in-house accounting work, then you will be facing expensive costs for the salary, benefits, office space, and more. For small businesses, it probably doesn’t make sense to bring on another employee.

Instead, a better solution is to find an outsourced accounting team who can help with your business finances. You will see that the costs of a small business accountant go down when you bring on an outsourced team instead of hiring an employee. Not only will you access the skills and services that you need, but you will be able to save money at the same time.

The great thing about outsourced accounting is that your accountant can be located anywhere in the country. Instead of being limited to a geographical location, your accountant can use technology to manage your bookkeeping online. Then, you have instant access to the reporting system so that you always have a current picture of the financial health of your company.

Do you want to learn more about the benefits of outsourced accounting? You need to talk to our team at Easier Accounting. We have been working hard to build a great reputation in the industry. You will see that our services are leading the industry, offering the best options that are needed for small business accounting. Call today to see if our services match the needs of your company: (888) 620-0770

Legal Deductions to Reduce the Tax Burden on Your Business in 2018

Taxes don’t have to be difficult! When the topic comes up among small business owners, many people automatically think about stressful paperwork and unreasonable fees. Do you feel overwhelmed when it is time to file your taxes? Then it means that you are doing things wrong. Instead of carrying the burden by yourself, it is better to hire an accounting professional to handle the details.

People often assume that taxes are complicated. But, your accounting team can help to simplify the process, making it easy to maximize your deductions so that you can minimize your tax burden. The right strategy is necessary to support your business goals and improve the results that are available for your company.

Whether you are in the early stages of starting a company or you are going through growing pains as the business expands, an accounting team can support your financials during this time. We can put together a solid tax strategy, so that you have complete financial information whenever it is time to make big decisions for your business.

It is important that you take control of your financial tracking and documentation. Then, use these details to leverage your deductions in a legal, effective way. This documentation will back up the tax paperwork that is filed, so that there aren’t any discrepancies if the IRS comes to do an audit.

At Easier Accounting, we understand the tax laws. As a result, we can help you know the best ways to leverage your tax filing, giving you legal options to manage your tax burden. These savings can add up over time, helping to boost the profitability of your company.

Here are some of the legal strategies that you might use to minimize tax burden:

Understand Possible Deductions and Track Your Spending

Look at every penny that you are spending which could be a related business expense. If you are spending money on services, equipment, or supplies that are used to help your business efforts, then those costs can be added to your list of expenses for the year.

One of the biggest mistakes made by small business owners is that they don’t track some of the small expenses that go into running their company. Whether you have a home-based business or a nearby office, it is easy to overlook some of the costs that come from your personal bank account. For example, taking a client out to lunch should be charged to the company, but it is easy to forget that expense and put the meal on your personal credit card instead.

Talk to your accounting team for a detailed list of things that can be written off. You can also find a list of potential write-offs on the IRS website. Each time you spend money on items for the company, make sure to document the spending and record the transaction in your accounting software. The data entry won’t be enough; you need to make sure to keep a copy of the receipt as well.

Even the smallest deductions can add up over time. If you saved receipts that averaged $5 per day, it could add up to $1,825 in deductions over a year! That money is better spent on business development. Or, put the savings into an untouched bank account for your emergency fund.

Use a Good Accounting Software

The most effective way to track your expenses is with a digital, cloud-based software. Gone are the days when hand-written ledgers were sufficient to run a company. Now, you need a software that will help with quarterly tax calculations, ongoing expenses, invoicing, payroll and more.

If you are behind the times and you haven’t implemented an intuitive software yet, then right now is a great opportunity to explore your options. Talk to our team to learn more about the recommendations that we suggest for your company and industry. We have experience working with a variety of small businesses in many different industries. This first-hand experience is a great way for us to offer suggestions that are based on first-hand results. We know what works, and we will always guide your company in the right way.

Be Creative with Employee Raises

Do you have employees who deserve a bonus because of outstanding performance? If your company is thriving, then it might be tempting to offer raises or bonuses for everyone. While these rewards can be a good way to say “Thank You,” you also need to consider the tax implications for yourself and your employees.

When the employee salary goes up, then you need to add in the additional expenses that are required for employment taxes and income taxes. On the other hand, certain types of benefits don’t need to be taxed. If you choose to host a company party, then employees won’t need to pay taxes on the bonus. Or, you might contribute more to the employee’s retirement fund or health insurance costs, helping to offset their out-of-pocket expenses without incurring the tax fees.

These creative bonuses will enable you to leverage the money that you are spending more effectively. Spend the cash on items that can be used as tax deductions, while minimizing the amount that you will need to spend on employment taxes.

Home Office and Business Expenses

It is common for small businesses to start in the guest room or garage of the owner’s home. In this situation, dedicate the space for business efforts. Then, you will have the option to write-off a portion of the costs of maintaining the household. The IRS requires that the area is devoted to your business, so you need to make sure that you aren’t using the room for both personal and business efforts.

Your accountant can help you with write-offs for the square footage that is used (as a percentage of your home), as well as the utilities that are related to maintaining the space. Don’t overlook other costs that might be incurred, such as cell phone use, internet costs, computers, office equipment, and more.

Many times, home-based businesses also have a greater need to spend time in the car for business purposes. Whether you are driving to the bank or going to meet a client for a consultation, make sure to track those miles. These expenses can help with the deductions that will minimize your tax burden when it is time to file your tax paperwork.

Put Together a Tax Plan with Your Accountant

Throughout the year, you need to be looking at anticipated profitability for the business, so that you know what to expect when it is time to file your taxes at the end of the year. If you aren’t tracking the numbers, then it increases the likelihood that you will face a few big surprises when it is time to file your taxes.

Lack of planning can lead to tax bills that are higher than you anticipated. Not only will it cause a strain on your cash flow. But, the tax costs could have been minimized if you leveraged the right deductions for the year. The only way to dial in these strategic deductions is by following a tax plan that was created by your accountant.

This strategy can be customized to match the needs of your company. You can evaluate the upcoming costs and anticipated income. Then, you can be strategic with the purchases of equipment and property to maximize the tax benefits that are available. Timing these purchases can help with the cash flow and tax burden on a year to year basis.

One strategy that you might consider is structuring the way the money is saved after it comes into your bank account. Instead of leaving the cash in the account to be spent on a whim, have a strategy that helps you save for upcoming taxes and potential expenses. You might have 10% that goes to savings, 30% for taxes and miscellaneous fees, and 10% that goes towards product development.

If you have the cash flow available, consider spending 10% on charitable giving. These funds can be used as tax write-offs for your company. Not only will you feel good about supporting your community, but the charitable gifts can also help to minimize your tax burden at the same time.

Talk to the Experts in the Industry

Is it time to improve your business tax strategy? Don’t leave money on the table by overlooking potential deductions that could be used for your tax filing. At Easier Accounting, we are dedicated to offering custom services to our clients. Talk to our team to learn more about how our packages can be catered to match your business needs.

Our team at Easier Accounting offers much more than just tax filing. We strive to support your business goals by providing financial insights and strategies that will help your company grow. We invite you to contact us to learn more about the ways that we can help your small business. We are always here to answer your questions and offer the support that you need: (888) 620-0770

Accounting Practices to Help Your Small Business Thrive Through the Holidays

We are at the peak of the holiday shopping season, which means that it is probably a great time of year for your small business. The increase in shopping habits can help your business expand so that you can end the year on a great note. Are you going to make it through the holidays without running into major problems in your business?

A few small changes and important business tips will ensure that you avoid some of the common roadblocks that are encountered by business owners during this time of year.

Keeping Up with the Busiest Time of Year

Have you found that the holiday season is the busiest time of year for your business efforts? Not only is there a spike in business activities, but you also are trying to keep up with the personal and family responsibilities at home.

It is important to maintain a good balance between work and home so that you can keep up with everything that is going on. Work hard when you are in the office, but make sure to take time for yourself and your family. Finding this balance is important so that you don’t miss out on the best things about this fun time of year.

Set a schedule to ensure that you can complete everything before the due dates. Then, stick to that schedule so that you dedicate the time that is needed in the office. Don’t be afraid to make adjustments to your daily habits if you can see that things need to be changed. For example, you might arrive at the office an hour earlier, giving you time to get ahead of emails and messages before the rest of the staff arrives. Then, you have the flexibility to leave on time at the end of the day to be home for dinner with the family.

Lean on Your Support Staff

As you are working in the office, know that you don’t have to manage everything by yourself. Lean on your team of employees and outsourced staff to ensure that everything gets done promptly. It is important that you have a group of people that can offload some of the work.

As the business owner, you shouldn’t be caught up in the daily tasks of answering customer service questions or entering the invoices. Instead, you need a team of employees who can address these issues so that you can stay focused on the bigger issues. In some cases, it might be a good idea to bring in temporary help so that you can get through the holiday season.

What tasks can you offload to your employees and contractors? Look for anything that is mundane or busy work. For example, all bookkeeping tasks can be handed off to your accounting team. We can handle details of incoming and outgoing invoices, bank reconciliations, payroll and more. Other examples of outsourced tasks might include office cleaning, customer service, stocking shelves, and anything else that can be handed to someone else easily.

If necessary, you might need to take time to train your support staff on the best practices in the industry. A little bit of training can go a long way to ensure that everything is handled to match your standards. When the team isn’t performing as you want, then it means that there was probably a discrepancy in the training practices.

Inventory Tracking During the Holidays

One of the biggest mistakes that you can make it getting behind on inventory tracking during this time of year. Products are moving off the shelves faster than ever, which means that you need to make sure that you have the inventory and resources to restock when needed.

Know what your customers want, and then make sure that you have those products or services available when the customers are ready to buy. This key factor will have a long-lasting impact on your business success during the holiday season, and throughout the rest of the year.

Look at the sales numbers for last year, then consider options to adjust current inventory as needed. These trends can help you identify anticipated sales for the season so that you can keep up with demand. Keep detailed records of sales and trends this year, so that you can use the information to prepare for next year as well.

Also, make sure that the inventory numbers are matched up with the details in the system. For example, it can be a problem if the website shows more inventory than what you really have on hand. Don’t sell products to customers unless you can deliver the items before Christmas. Backorder issues could result in angry customers if they were hoping to have the product to use as a Christmas present.

Minimize Busy Work to Manage Your Schedule

Back-office work is never-ending, but you need to look for ways to minimize these activities. It might be all right to put in extra hours in the office when there isn’t a lot going on at home. But, long hours at the office can be crushing if you need to attend holiday parties and events with the family.

Be aware of the way the back-office busy work is detracting from the experience that you can offer the customers. Instead of sifting through paperwork all the time, you need to be looking for options to focus more on the customers and less on the other tasks.

Software solutions are great options to consider if you want to reduce the time that you are spending in front of the computer. Talk to our team about the accounting systems that can be implemented to automate processes and speed up the time to complete specific tasks.

Take advantage of the technology that is available! Don’t get caught in the trap of doing accounting calculations by hand when there are tools that will do these calculations for you. Talk to the experts to learn more about apps, automation, billing, customer data management, and more.

Don’t Get Lax with Accounting

It is easy to assume that you will get caught up with the books when the busy holiday season is over. But, if you wait to take care of important accounting tasks, then you will end up with a bigger mess in the future. Instead, make it a priority to keep a good system so that you can stay ahead of the sales and expenses that are moving through your company this month.

Things are moving at a fast pace during the holiday season. But, that doesn’t mean that you can’t take a few minutes to see how the numbers are pulling together. The most effective solution is to have a trusted accounting team who can offer the assistance and support that you need to stay ahead of these details.

These accounting practices need to be in place throughout the year, regardless of how busy you are during a certain season. Maintain the books, and you will be glad that you put in the effort when you need to run reports in the future.

Keep Up with the Momentum

It is exciting to see the momentum that can be created when sales go up during the holidays! Look for ways that you can maintain this momentum in the upcoming months. For example, you might start thinking about your goals for the new year, and look for options to keep going with the strong sales in January.

Proper accounting and planning is an important part of this process. If you are keeping up with the busy work, then you won’t get bogged down trying to get caught up on everything after the holidays are over. Instead, you can look at the ways that you can implement new marketing practices which will boost sales and keep your business going strong in 2018.

Focus on the Bigger Picture

Remember that December is just one month in the year, and you need to implement business practices that will carry your company through every month. Consistency is more important than the short bursts of activity. While these short bursts during the holidays can help to boost the bottom line, it is more important to make sure that your customers continue coming back when they are ready to buy again.

A good accounting system can give you the data and information that you need to assess the success of your company. These details will help you make the right decisions that will lead to future success. Small and big decisions create the foundation of a successful business, which is why you need to lean on the support of experts in the industry.

Here at Easier Accounting, we have the experience that you need to support your business goals. Our team understands the nuances of running a small business, and we can adjust your accounting practices accordingly. Learn more about our services, and you will see that we are here to help with anything that you need during the holiday season and throughout the rest of the year: (888) 620-0770

Hiring a Business Accountant? Look for These Important Qualities

It is easy to see the many benefits that you will experience when you choose to hire a business accountant. Not only will you save time on the daily financial tasks, but you can also tap into the skills that are needed to maximize the future success of your company. If you don’t already have an accounting team to help your small business, then you need to pick an accounting service as soon as possible.

Do You Need a Business Accountant?

The size of your company doesn’t matter, because you still need to track details such as payroll, expenses, sales, taxes, and more. Most entrepreneurs or small business owners don’t have the knowledge or experience to stay ahead of the numbers. So, they fall behind in the books and face a financial mess that needs to be cleaned up. Instead of getting caught up in these details, hire a business accountant who can track the financial information so that you can focus on other tasks that will help your company grow.

Not only will these business accounting services reduce your stress levels, but they also ensure that you are staying current with local and federal tax laws. You need to make sure that you are staying compliant with the laws to avoid potential fines and problems in the future.

Some business owners see the benefits of working with an accountant. But, they get overwhelmed with the task of choosing an accounting firm. Instead of over-analyzing the options, look for these important factors that will help with your decision:

Consistency and Reliability

When it comes to business financials, the details need to be looked at regularly. It is a bad habit to look at the numbers once and then neglect them for a few months. Instead, these details need to be managed all the time to ensure that reports and details are accurate when making big financial decisions.

Consistent service means that you talk to your accounting team throughout the year. If your current accountant only touches base when it is time to file your annual taxes, then you are missing out on many of the benefits of having a business accountant. Instead, you need to find a team that offers ongoing support and advice throughout the year. These services will ensure that you are staying on track with your business goals.

Look for an accounting team with a long history of success in the industry. This reliability will ensure that the accountants will stay consistent with the services that are offered for your business. You deserve an accounting team that offers timely, efficient services to support the needs of your company.

Industry Experience

Hands-on experience in the industry is much better than anything that can be learned in a book or classroom lecture. Choose an accounting team that has experience with other similar businesses. For example, if you are managing a start-up company, then it might not be the best solution to hire an accounting team that has been supporting large corporations with hundreds of employees. Instead, you will find more benefit by hiring a team that specializes in small businesses.

This industry experience will help you avoid some of the common pitfalls that new businesses face. Since the accounting team knows the potential problems that could come up, they will use proven systems to reduce the risk of these issues.

Systems and Organization

It is a red flag if you walk into an accounting office to see a mess of papers and files. If you are looking at an online accounting service, then you might be able to identify organizational factors in the way ongoing tasks and customer service are handled. Make sure that the team is staying ahead of the requirements, instead of missing deadlines and dropping important things that need to be addressed.

During your consultation with the accounting team, ask about checkpoints and reconciliation strategies that are used to ensure that nothing slips through the cracks. These details are important to ensure that your business receives the attention that it deserves.

Modern Tools

If you talk to an accounting team that suggests implementing a manual spreadsheet tracking system, then it is a good sign that you need to walk away and find another accounting service. Manual financial tracking is a thing of the past! There are so many great accounting software programs that will improve your results and maximize the future success of your company.

Using manual accounting methods means that you will miss out on important information that can be gathered from ongoing financial reports. It is hard to get a clear picture of the financial standing of your company if you are trying to crunch spreadsheet numbers or doing the math on a piece of paper!

The right business accountant will integrate a software program that will stay ahead of the reporting and reconciliations. This system will allow you to see real-time financial details. You have the opportunity to customize the analysis to match the needs of your company.

One benefit of the right account system is that you can avoid potential filing errors and reporting issues. This computerized program will systemize the process to reduce the risk of a manual error. As a result, you can maximize tax savings and avoid potential fines or fees associated with mistakes that could be made on the forms or tracking information.

Current Industry Knowledge

There is no doubt that the bookkeeping and accounting industry has become more complicated over the years. Business owners see the benefits of hiring an accountant because they are unable to keep up with the changing laws and trends in the industry.

So, you need to be sure that your accountant is proactive to pay attention to the changes in the laws and regulations. Tax laws change every year, and there are often small adjustments to employment tax rates, tax filing forms, and more. Unless you are focused on the accounting industry, you won’t be able to keep up with everything by yourself! Instead, you can lean on the expertise of your accountant to ensure that the team is taking care of the details.

Ongoing Strategy

Working with an accountant who focuses on the big picture can be a valuable way to help your company grow. This accounting advice is more than just basic information about how to fill out a tax form. You need a team who can assess the cash flow and current growth of your company, and then make recommendations to match your needs.

These accounting recommendations can be anything from tax advice to ways to changes that are needed for your financial system. Improving your daily habits and regular business practices can go a long way to boost your future success. For example, your accountant might help you see the way your company is struggling with cash flow, then make recommendations about the steps that can be followed to help you keep cash in the bank.

Many aspects need to be considered for future growth. Not only do you need the cash flow and investments to support growing inventory and workforce, but you also need to think about other overhead costs and maintenance. An experienced accountant will help you see the big picture so that you are prepared for any potential roadblocks that might be in the future. Managing the costs and income of your business will help you stay ahead of the trends so that you can take advantage of opportunities when they come along.

Personal Attention

You have unique concerns and requirements for your company, which means that you need personalized service from your accounting team. Choose a business accountant who is willing to have a conversation to understand your needs. Then, the services can be catered to match your business plan and requirements.

These personalized services are important to ensure that you aren’t getting a cookie-cutter approach that won’t work for your company. Instead, the systems will be designed to fit around your business goals, helping you achieve the long-term success that you desire.

Talk to the Leading Team in the Accounting Industry

If you are looking for a business accountant, then we invite you to talk to our team for more information. Here at Easier Accounting, we are working hard to provide the best small business accounting services that will support the needs of your company.

Before you decide to hire an outsource accountant, it is important that you learn more about the company that you would like to hire. As you research our business, you will see that we have built a solid reputation in the industry.

We understand the importance of a solid relationship with our customers. You can rest assured to know that someone is always available to answer your questions and offer the advice that you need. Not only will you receive honest, caring service from our company, but you will be working with a team that specializes in small businesses.

When you are ready for more information, talk to the experts in the industry: Easier Accounting. Call today to learn more about the ways that we can help your company: (888) 620-0770

How AP/AR Processing Impacts Cashflow Management

Cashflow management is a critical part of running a business. Without cash in the bank, your company can’t function! Cash is necessary for nearly every aspect of running a company, so you need to look to the future to ensure that you have the funds that are needed for upcoming expenses.

Unfortunately, cash flow is an issue that many business owners face. Have you found yourself in a situation where you aren’t sure if there will be enough cash to cover payroll or buy new inventory? Your business can’t move forward if you don’t have employees or product to sell. So, it is important that you make a few changes so that you always have the cash flow needed to keep your company running.

Foundation of Cashflow Management: AP/AR

When are you are working to improve your business cash flow, Accounts Payable and Accounts Receivable should be the area where you direct your focus. Invoices that are coming in and going out will impact the money that moves through your bank account. Accounts Receivable encompasses the money that is owed to you by clients and customers. Accounts Payable includes the money that you owe suppliers and vendors. You also need to be aware of potential shortfalls, which are times when the incoming funds won’t cover outgoing expenses.

Accounts Receivable has an obvious impact on cash flow since it is an overall picture of the money that you will be receiving from clients and customers. Sometimes, companies get behind in their invoicing, which delays the receipt of money because the invoices are so late. If you want to be paid, then you need to be sure that the invoices are sent promptly.

Also, late invoicing can be a problem for your clients who are trying to manage their own cash flow. Whether you are dealing with business-to-business transactions or you have individuals who are buying your services, most people will need to work to be sure that the cost fits into their budget. Having an invoice in hand as soon as possible makes it easier for your customers to manage their cash flow to pay the costs that are due.

Even though it seems like Accounts Receivable is the biggest influence on your cash flow, you shouldn’t overlook how much Accounts Payable will impact your cash position as well.

Accounts Payable and Cash Flow

Once you have dialed in the invoicing system and you have the money flowing in from customers, it is also important to make sure that you are controlling the money that is moving out of your bank account. Overhead expenses and other costs are unavoidable… it takes money to earn money! It isn’t a bad thing to have invoices that need to be paid, but you need to be careful to ensure that you are tracking business spending and avoiding unnecessary costs.

The biggest problem that you can face with Accounts Payable is failing to track upcoming expenses, and then facing a situation where you need to pay a large bill and the money isn’t available. Some business owners make financial decisions based on the amount of money currently in their bank account. Then, a big bill will come through, and they no longer have the cash to pay for the expense.

For example, if you land a contract with a big client and have an infusion of money into your bank account, then it might create a false sense of security that you can spend a little more than normal. Some business owners use this type of situation to justify extra costs such as new office furniture or hiring a new employee. Spending the money as soon as it comes in might result in an issue with cash flow later.

Even though the money was available at one point, what will you do when a large, unavoidable expense comes through? Tax bills are one area where small business owners can often get caught off guard, resulting in problems because they don’t have the cash to pay the bill.

With a little bit of planning, you can look ahead to see the anticipated costs that will be coming up. Then, you can work with an experienced accounting team to ensure that you are using the best strategies with incoming and outgoing expenses to support your future financial growth.

Tips to Improve Small Business Cashflow

Whether you are currently facing cash flow problems or you are looking for a way to improve your financial future, there are a few things that you can do to improve your account management and tracking. Here are some ideas to help you get started:

  • Know Where You Will Break Even: Your breakeven point won’t necessarily impact your cash flow, but it can provide an overall picture of the financial stability of your company. Having a clear picture of the profitability of your business will help you to see whether there is enough cash left over after the expenses are paid. If your breakeven point is too high, then you might need to ramp up efforts to increase profitability.
  • Always Have Emergency Reserves: It is hard to know when an emergency will pop up. Emergencies can be in the form of equipment that needs to be replaced or damage from a natural disaster. Your cash reserves can be used to keep your company running while you are sorting through the details.
  • Make Your Cash Work for You: If you are going to save money in an emergency account, then make sure that you choose an account that will help the cash work for you. Interest-earning accounts can help you maximize your investment and generate a little more income from the money that is sitting in the bank. Talk to your bank, or look into options such as CDs or money market accounts if you don’t need immediate access to the funds.
  • Expect Shortfalls: The goal is always to have more cash than you are spending, but there are times when shortfalls might occur. Some companies face these shortfalls during the slow season, while other companies face a slowdown in sales because of economic factors. Expect that you will face shortfalls at some point and be ready with your emergency cash reserves.
  • Anticipate Upcoming Expenses: A big tax bill or a cost to replace old equipment shouldn’t be a surprise. These expenses will roll through every so often, and you can evaluate your company to know when these costs will be due. Look forward to a few months and identify potential bills that you might need to pay. Then, plan accordingly so that you have the money in your bank account for these invoices.
  • Be Proactive to Collect on Invoices: Have a proactive person on your team working on AR invoices. Keep net-30 or net-60 pay terms, and always follow up if invoices are left unpaid.
  • Offer Incentives for Timely Payments: Are you running into problems with many past-due invoices? Consider offering some type of incentive to customers who pay early. For example, you could provide a payment discount if the payment is received in 7 days.
  • Establish Clear Payment Expectations: Written payment terms need to be provided to every customer. Set clear expectations about when payments are due and the penalties for late payments. Then, make sure that you are proactive to enforce those rules always.
  • Use Cloud Based Accounting: Staying ahead of the numbers will help you see the costs that are coming up. Cloud based accounting is a great option to consider because it helps you track expenses from any location. Make sure that you have a trusted employee or accounting team who can keep these numbers current so that you always have accurate reports.
  • Double Check the Accounts with Reconciliation: When transactions aren’t properly recorded in your accounting system, it could result in bounced checks or other cash flow You need to reconcile the accounts regularly to make sure that your accounting system accurately reflects the amount of money in the bank. Monthly reconciliations are a great way to identify the missed transactions so that you can fix the problems and balance the accounts.
  • Hire an Accountant and Bookkeeper: If you can’t keep up with the paperwork, transactions, and reconciliation, then it is time to hire someone to help. It can be expensive to bring on another employee, which is why you should consider the benefit of outsourced accounting services. An accountant has the experience and knowledge to know the best way to improve your financial outlook and help you stay ahead of cash flow

Do you have a hard time keeping up with financial management in your company? Then you need to hire a team to take care of these accounting details. Here at Easier Accounting, we work with small businesses and entrepreneurs to assist with payroll, tax preparation, and cash flow. Our team knows how to help you stay ahead of the accounting requirements for business. For more information, we invite you to contact us to schedule a consultation. We are always happy to answer your questions and we can cater your accounting services to match the needs of your company: (888) 620-0770

Watch Out for These Common Tax Scams

Taxes can be a touchy subject for individuals and business owners, and many people agree that their stress levels go up when they think about tax filing or payments. Even though taxes can be unpleasant, they are a necessary part of owning a business. If you don’t like dealing with tax paperwork, then the best thing that you can do is hire an experienced accounting and bookkeeping team to handle the details for your company.

Scammers know that people get stressed about their taxes, so it is common for scammers to use this angle in an attempt to gather your information or steal your money. A phone call or email from a scammer that mentions your recent tax filing could be a stressful experience. Unfortunately, many people make the mistake of complying with the scammer’s requests before talking to their accountant.

Why Do Scammers Focus on Taxes?

There are a variety of reasons why scammers use the topic of taxes. Not only will the topic of tax payments make people pay attention to the conversation, but many individuals will be compliant with the scammer’s requests. People don’t want to get in trouble with the IRS, so they often follow instructions when they believe that the person on the other line is calling from a reputable organization.

Tax scams have become so common that the Internal Revenue Service formed a security summit with the tax industry and state tax departments. This summit was formed in 2015, with the goal of fighting against tax crimes. Information is shared to keep the public informed about potential new scams.

Tax scams open an opportunity to get money from innocent people who think that they are making a tax payment. Another form of fraud occurs when the scammer gathers personal information and then uses those details to file fraudulent tax returns to get the refunds.

Types of Tax Scams

How do you know if you are the target of a tax scam? The best thing that you can do is stay informed about the trends in the industry. This information will help you identify the potential warning signs that someone is trying to scam you. Here are a few things that you can watch for:

  • Suspicious Emails: Be careful if you receive an email referencing your e-Service account closures. Many people file their taxes online, and then the scammers take advantage of the situation by sending messages about an account closure or a blocked e-Service account. Examples of these email headlines might include:
    • 24 Hours to Block Your Account
    • Your Account is Terminated
    • Few Hours to Close Your Account
    • Your e-Service Account is Closed
    • Account Closure!
  • Electronic Links: If you receive a tax scam email, then it might contain an electronic link that goes to a fake e-Services login page. The goal is to gather the credentials that you type into the fake website. Even if the link looks legit, it is best to go to the source (the e-Services website) instead of clicking on a link within an email. There are times when these messages look authentic with a face “IRS gov e-Services” logo or signature at the bottom. The website URL might include “IRS” or other seemingly applicable words. But, the link is hosted on a scammer website designed to gather your information. Never open an attachment or link that comes through a questionable email.
  • Software Provider: Another type of tax scam email might look like it is coming from your tax software provider. If you filed taxes without the help from an accountant, then you likely used a popular tax preparation software. Scammers sometimes mimic these software providers in phishing emails, asking users to update their online profiles. When you enter in the information, you will be providing your details to the scammer. These phishing emails can also appear to come from other reputable sources, such as the IRS, credit card companies, banks, and more.
  • Phone Scams: Criminals sometimes impersonate IRS agents by pretending to call about your tax filing. Often, these phone calls come through in a threatening way, which scares individuals into providing information over the phone. Recently, there has been a surge of these phone calls, and the IRS has issued warnings for people to be careful if they receive a phone call regarding tax issues. These threats might include deportation, police arrest, fees, or garnishment. The best thing that you can do is hang up the phone!
  • Identity Theft: It is possible that you could be the victim of tax fraud without realizing that there is a problem. This scam involves filing a fake tax return using someone else’s social security number. The IRS is working to fight against this problem, but can still happen if the wrong person gets their hands on your social security number.
  • Fraudulent Return Preparers: If you don’t want to go through the hassle of filing your tax return, then it makes sense that you should hire an accountant to help. But, you need to be cautious about the person that you choose to hire. Most tax professionals offer legitimate, honest services for businesses and individuals. But, there are a few bad eggs in every industry. These fraudulent shops are designed to commit refund fraud and steal information from taxpayers. So, it is wise to do your homework and learn more about your tax professional before handing over your personal
  • Signing a Blank Tax Return: One red flag that might indicate that you are dealing with someone who is a scammer is if they ask you to sign a blank return. There are times when the preparers make promises about inflated tax returns, so individuals will sign the black form with the hope that they will receive more money. Be cautious and make sure that you can see the numbers before signing on the bottom line.

Protecting Yourself and Your Business

What can you do to keep your business protected? Instead of waiting to be a victim of a tax scam, there are a few things that you can do to prevent the problems in the future. For example, it is a good idea to change your e-Services credentials on a regular basis. Use a strong password and change it immediately if you suspect that someone might be targeting you.

Never make the mistake of providing personal information if it is requested via email. These emails can be dangerous, and you should stop immediately if you see this type of request for information. If the IRS needs to talk to you about your recent tax filing, then they will send an official letter.

Another common mistake to avoid is opening attachments or links from a source that you don’t recognize. The attachment in the email could contain a virus or malware designed to gather information from your computer. Avoid clicking on the link, and never “reply” to the email.

A tax professional can provide the advice that you need to determine if you are receiving a legitimate message from the IRS. So, if you have a concern, then the best thing that you can do is pick up the phone to talk to your accountant. Make sure that you are calling your accountant directly, instead of using the contact information in the questionable email.

If you want to do your part to help other people avoid tax scams, then you might consider sending the suspicious emails to the IRS. They have an email address to gather this information: phishing@irs.gov. After the email has been forwarded, you should delete the message from your inbox.

Honesty in Your Tax Filing

It can be stressful to face an audit or problems with the IRS, so it is important that you are honest in the way your taxes are filed. Even if you aren’t being scammed, there are things that you could do which will potentially raise red flags for the IRS. Be careful to make sure that you are working with an experienced, trusted accountant.

Common tax fraud mistakes can be used to help you maximize your return and avoid expensive payments. But, these things could put you at risk if you aren’t following the rules established by the IRS. For example, inflating deductions or falsifying income could lead to big problems in the future. Keep yourself protected by working with an accountant who follows the rules and files the taxes according to the guidelines.

If you need a trusted accounting team to help with your tax paperwork, then Easier Accounting is here to help! We would love to assist with anything that you need. We invite you to contact our team to schedule a consultation and learn more about the services that we offer. With many years of experience in the accounting industry, we have the knowledge that you need for your small business or startup. Call us for more information to see if these services are a good match for your company: (888) 620-0770

Questions to Ask Before Hiring a Payroll Service

Whether you have two employees or two hundred employees, it is important to have a solid payroll system to ensure timely payments to your staff. Many business owners agree that it can be a burden to keep up with payroll processing, but it is a necessary part of owning a business.

If you are overwhelmed with keeping up with your business payroll, then you might consider the benefits of hiring a bookkeeping or accounting service to assist. Outsourcing these tasks can relieve your stress and help you focus on the other essential tasks that need to be addressed.

New Call-to-action

Hire an Employee or Outsource Payroll?

Hiring an in-house bookkeeper or accountant might be a good solution if you need support with payroll processing. But, you need to look at the overall costs of hiring an employee to see if it is worth the cost. Not only will you need to pay their salary, but there are other expenses such as benefits, office space, training, onboarding, and more. It is essential that you look at all of these hidden costs before deciding to bring another employee into your company.

An easy way to skip these extra costs is by hiring an outsourced payroll service. This solution allows you to hand off the burden of processing payroll, while still keeping your costs low. Payroll outsourcing is one of the best ways that you can free up your schedule and improve your business financial systems at the same time.

Automating Your Payroll Processing

Payroll processing is not only time-consuming, but it can also be costly to keep up with everything. When it is time to cut the paychecks, it is much more than just calculating the number of hours worked by each employee. Not only do you need to calculate the gross payment, but you also need to keep up with the current payroll taxes and withholdings. Then, these payments need to be sent to the government along with the appropriate reporting forms.

Additionally, there are quarterly and annual taxes that need to be considered, as well as the management of benefits withholdings and more. It can be a full-time job to keep up with the financial details for your payroll system!

As a business owner, there is no reason for you to spend your valuable time on this busy work. Hiring a payroll outsourcing team can allow you to transition to a full-service, cloud-based system that frees up your time to focus on other aspects of business management. You can sleep easy at night knowing that payroll is done and you don’t have to worry about the data entry and tedious work.

Instead of viewing payroll services as a “luxury,” it is time to switch your thinking and see that a reliable payroll management service could save your company thousands of dollars.

Questions to Ask Your Payroll Provider

When you make the decision to hire a payroll provider, you need to ask a few questions to ensure that the services match the needs of your company. Here are a few questions that can help you choose a provider for your needs:

  • What services are included in my accounting package? Most accountants will offer a specific scope of services included in a monthly plan. The best solution is to find an accounting team that will handle the payroll processing and the tax preparation as well. These two services go hand-in-hand, so it makes sense to hire someone to help with both. Payroll processing should include tasks such as payroll tax calculations, automated new hire reporting, deductions for benefits, tracking paid time off, and as-needed adjustments for reimbursements, bonuses, commissions, garnishments, and more.
  • How will the employee payments be sent? Make sure that direct deposit is available, as well as a check option if needed. Most employees prefer direct deposit, although some people want to pick up a printed check.
  • Is it a cloud-based system? Even though you are hiring an accounting team to manage the responsibility for payroll processing, you still need the option to see the reports and transaction details. A cloud-based system will give you access to oversee the details. But, make sure that the system uses the latest encryption technology to ensure the safety of the information. Also, the account information should be secured with firewalls and two-step authentication.
  • How much will I pay per month? Factor in costs for the cloud-based software as well as the accounting services. Make sure that you understand the payment breakdown based on the size of your company. Some accounting services charge a flat fee for the entire company, while others charge a fee for each employee. Compare these costs to the expenses of hiring a full-time accountant, and you will see that it is more affordable to outsource payroll processing.
  • How do I get started? Find out the best way to setup the system and start moving forward. During your initial conversation, you should discuss your current payroll system to find the best way to make the transition to the new system. An experienced accounting team will be able to offer the support that you need to make it as easy as possible.
  • Will all payroll taxes be handled? The simplest solution for payroll outsourcing is to hire a full-service accounting team. Make sure that the payroll service will include required forms such as W-2’s and 1099’s at the beginning of each year. Also, ask about practices that are in place to manage compliance for federal and state taxes, including payments and forms that need to be submitted throughout the year.
  • Can I see what the check stub will look like? Asking for an example of the check stub will allow you to see what your employees will receive. Make sure that the important details are included, such as deductions, taxes, paid time off, and more.
  • What is the policy for payroll changes? The hope is that all applicable information will be updated in the system before payroll is processed. But, you need to understand the policy if changes need to be made. If mistakes occur on an employee timecard, will you be able to update the system before the checks are cut? Be clear on the timeline to ensure that all employees and managers met these deadlines for each payroll cycle.
  • What are the customer support services that are offered? If you have a question about payroll or tax payments, then you deserve to have an experienced accounting team to answer your questions. Ask the payroll provider about customer service and preferred methods of communication. It is essential that you always have a reliable point of contact to call if you need help with anything for your business finances.
  • How much experience do you have in the industry? Research the accounting company to learn more about the experience of the team. Not only do you want to be sure that the company is reputable, but you should also consider the applicable experience in the payroll industry. Find an accounting team that has experience working with other companies that are similar to your business. This hands-on experience is essential to ensure that you are getting the best services that are available.

Most accounting teams will offer an initial consultation so that you can see if their services are a good fit for what you need. This consultation is a great opportunity to ask these questions so that you can learn more about the company and make sure that you are hiring the right team.

Getting Started with a Payroll Service

You will be amazed to see the many benefits that are available when you choose to outsource your payroll processing. This service is one of the best ways that you can optimize your business finances, free up your time, and improve the accuracy of the paychecks that are being distributed.

High-quality payroll processing helps to avoid costly mistakes that could add up every month. For example, if you miscalculate payroll taxes or deductions, then it could be costing your company thousands of dollars. The investment in a payroll service can ensure that you aren’t missing these important details that could be costing you money.

As a business owner, there is no reason that you should be carrying the responsibility of payroll processing. Right now is a great opportunity to outsource this task so that you can spend more time on business development and other management activities.

Are you ready to learn more about how your company will benefit from payroll processing and other accounting services? Then, you need to schedule an appointment with us at Easier Accounting. We want to make it as easy as possible to improve your business finances. So, we will gladly discuss your situation and find the right services to meet your needs.

If you have any questions or you are interested in learning more, we encourage you to call us for a consultation. We are here to help with anything that you need! Contact Easier Accounting for the best small business payroll processing service available: (888) 620-0770

How Will Accounting Services Help Your Business?

A business idea is just the first step in a long journey that will lead your company to success in the future. There are many people who come up with great ideas, but find their business fails because they don’t implement the right systems to help the company to succeed. Are you looking outside the box to find the solutions that will benefit your organization?

New Call-to-action

One of the biggest reasons that companies fail is because they don’t implement the right accounting system. A spreadsheet or notebook with listed expenses might be a manageable solution when you are working out of your garage. But, moving to a place that allows your business to grow will expand the financial requirements of the company. You need to be sure that you are setting the foundation for future growth by implementing an accounting system that will track your current results and look at possibilities in the future.

Manage Your Business Financial Information in a Proactive Way

It would be nice if you could organize the company, point everyone in a specific direction, and then step back to let things happen. But, without proactive management, it is possible that small potholes could turn into major roadblocks in the future. A business is a living entity that needs to be managed, which is why you need to put checks and balances in place to ensure future success.

Daily systems need to include tracking of incoming receivables and outgoing expenses. If you aren’t keeping up with this information, it is likely that you will run into issues with cash flow problems. Even if the money is coming in the future, you need to have the cash available to pay the bills right now.

It is a mistake to manage the financial details of your company reactively. For example, some business owners don’t track all of the expenses; then they make their financial decisions based on the current balance in the bank account. As a result, the account might be overdrawn because they didn’t account for upcoming tax payments or payroll.

So, you need to tap into the experience of a knowledgeable accountant who can keep up with the daily transactions. Additionally, these accounting services can be essential to help you prepare for future expenses and investments for product development.

Top Business Goal: Make a Profit

It is obvious that the top goal of your company is to make a profit, but many businesses come up short in these efforts. Even if you are bringing in a lot of money, there won’t be anything leftover if your expenses are high. So, you need to analyze the money that you are spending and compare it with the money that is coming in to see how much will be leftover when the dust settles.

Quality bookkeeping and accounting services are essential to help you manage the reports and look at financial projections for the future. Your accountant can help you stay ahead of the payments that will be due so that you can avoid cash flow issues and other common problems that pop up along the way.

Another benefit of accounting services is to identify the unnecessary expenses that might be chipping away at your bottom line. If you are spending money on things that aren’t contributing to creating a profitable company, then your accountant can help you see the things that need to be cut. Too often, business owners are too busy to look at this information, or they don’t know what they are looking for when they pull up the accounting numbers.

Cutting Costs and Increasing Receivables

To boost profits, there are two things that your accountant will suggest for your company. First, you need to decrease the money that is spent. As mentioned above, your accountant can help you trim down on the monthly expenses to increase the profit margins that are available. You need to make sure that you are receiving more money than what is being spent!

Additionally, you need to look for ways that you can increase the amount of money that is coming into the company. Focus on the tasks that bring in the most income, so that you can increase those tasks to optimize your team’s efforts.

Accounting is a great way for you to make educated decisions that will impact both the current and future financial results for your company. For example, if you can see that you aren’t bringing in enough money to cover expenses, you might be able to make small adjustments to change the price of your products or services so that you can reach a desired level of profitability. It can take some work to keep up with these numbers, but your accountant can assist so that you can focus on other responsibilities related to owning and managing a company.

Basic Accounting Services that are Essential for Your Business

When you learn the value of accounting services, it is a no-brainer solution to hire someone to assist. The next question on your mind might be related to the person that you hire: how do you choose the best accounting service for your company?

You need to make sure that the accountant is knowledgeable in all of the financial services that your business will need:

  • Capturing costs and tracking expenses
  • Organizing costs into categories such as inventory, labor, overhead, and more
  • Running reports to show the financial health of the company
  • Tracking money that is coming in from the products and services that are offered
  • Analyzing cost behavior to predict future results
  • Adjusting price points for services or products
  • Budgeting to manage cash flow
  • Maximizing tax deductions
  • Handling tax filing and paperwork on a monthly, quarterly, and annual basis

These things are some of the basic accounting services that are required by most companies. You might need all of these services, as well as a few unique services applicable to your requirements. It is essential that you talk to an experienced accounting team to get the recommendations based on the nuances of your industry.

Free Up Your Time for Business Growth

If you are spending your time on financial activities, it is likely that you are missing out on future growth opportunities in your company. Business owners have many responsibilities that they need to handle. Stretching yourself thin by taking on too many responsibilities can cause overall business performance and results to decline.

You shouldn’t be spending your time on busy work to complete tasks such as payroll processing or data entry for new invoices. Instead, you need to be focusing on the management of your employees and development of new products that can be offered to your customers. Spend your valuable time on the activities that will help your company grow, and outsource these important accounting tasks to an experienced contractor.

Invest in Accounting Services to Build Your Company

Some business owners attempt a do-it-yourself approach with their accounting systems because they don’t want to spend money on the cost of accounting services. Instead of looking at this service as an expense, you need to see it as an investment.

Not only will your accountant help with the organization of your financial records, but an experienced accountant can also increase the likelihood that your business will reach higher levels of success in the future. Proper financial tracking can improve your ability to make the right decisions because you will be informed about the financial health of your business at any given moment. At the same time, an accountant can help you save money on taxes and other expenses that might be eating away at your profit margins.

Hiring an Experienced Accounting Team

Whether you need to implement an accounting system for the first time or you can see that it is time to upgrade your current system, Easier Accounting is here to help. We specialize in accounting services for small businesses and entrepreneurs, and our goal is to create a system that is built to handle the future success of your company.

We know the problems that might arise in your business, and we have the experience that is needed to avoid these problems proactively. By taking a proactive approach with your accounting system, you can streamline your business processes and eliminate stressful “reactive” financial management in your business operations.

There are many online accounting solutions that can be used as a cheaper alternative to hiring a local accountant. Here at Easier Accounting, we want to help you see why our company stands out from the competition. We are looking for the best solutions to offer high-caliber results at affordable prices. We invite you to talk to our team and compare the options, and you will see that we are leading the industry.

For more information about how your company will benefit from small business accounting services, we invite you to contact us today. We would be glad to schedule a consultation with you to discuss our services and the results you can expect. Contact Easier Accounting at (888) 620-0770