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Pros and Cons of Doing Your Own Accounting

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A cross-road most companies come to eventually is whether to do their own books or to hire a professional. This post will help you decide which route is best for your situation. Accounting mishaps can be costly, so it pays to make an informed decision.

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Should you handle your accounting?

Many small business owners, especially those with an aptitude for figures and a good understanding of basic accounting practices, start out doing their business accounts. When a company has just started up, money is tight, it can make sense to prepare your accounts.

Do have the necessary accounting tools? Do you understand the different aspects of business taxes? Corporation tax is far from simple, you may not be claiming certain types of expenses that could reduce your tax bill.

Convenience, time and knowledge are the primary things that should come to mind when thinking of doing your taxes and accounting. You should have sound knowledge of your books, have the time, and it must be convenient for you. Accounting and tax preparation are very long and tedious processes.

Should you hire a pro?

Hiring a pro is a good idea you need the knowledge, accounting tools, and experience a professional accountant brings to the table.

Navigating through all the complex tax rules and regulations requires knowledge and skill most people just do not possess. A good accountant will ask you the correct questions and dig into all your finances to get and a good overall picture of how your finances.

Additionally, an accountant should be able to give you good advice on the state of your finances and might even help you better it. For some people using an accountant to save time and avoid a headache. But one thing to keep in mind is that not every accountant is a good one, and accidents have a chance of happening if you don’t pick someone with a good track record.

Be sure to keep asking your accountant questions on what he is doing to avoid any errors that he might make with your info. Remember, you are ultimately responsible for what is reported on your tax returns.

5 Things You Need to Do Before Talking to Your Accountant about Taxes This Year

Tax season is here, making many small business owners groan at the idea of scheduling an appointment with their accountant for tax preparation. Whether you own a small business or you are an employee, taxes are unavoidable. But, there are more things that will need to be done if you are filing your personal taxes as well as your business taxes.

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If you have an appointment scheduled or you are getting ready to talk to your accountant, there are several things that you need to consider before the meeting.

Do-It-Yourself vs. Professional Tax Preparation

The first question to ask is whether you should file your taxes on your own or hire someone to help. Even if you have completed your personal taxes in the past, it is important to know that business taxes are a bit more complicated. Even if you feel comfortable filing your tax return, it is suggested that you work with a tax professional for all business-related tax questions and filings.

Remember, tax laws change every year. So, you need to be sure that you have an accounting professional who is keeping up with the trends to ensure that your business is compliant with the new laws.

There’s no reason for you to spend the time trying to decipher tax laws! Your time is better spent on growing and running your business. Outsource your tax preparation to save yourself a headache that often comes during this time of year.

Even if you are outsourcing your tax preparation, there are a few things that you can do to be ready for the meeting with your accountant. Here are five steps that should be followed before the meeting:

Step #1: Gather Tax Paperwork

If you are filing personal taxes as an employee, then you only need to worry about a W2 and a few other financial documents for the tax return. But, there are many other documents that will need to be gathered and provided to your accountant for a business tax return. You might receive 1099’s and other statements of income. It is also a good idea to bring forms showing details about your bank accounts, investment accounts, debt interest payments, and more.

This tax paperwork shows your accountant the financial map, helping them to see the annual picture of your business income and expenses over the course of the fiscal year. Providing the paperwork decreases the likelihood that a miscommunication will occur. With this information, the accountant can crunch the numbers and figure out the best strategy for filing your taxes.

You might provide them with a stack of paperwork and call it good. Or, you might have a summary page that maps out the accounts to provide an easy-to-reference sheet for the accountant to review. Talk to your small business accounting team to see if they have any specific requests about what information you should provide during your tax appointment.

Step #2: Provide Payroll Details and Estimated Tax Payments

How much did you pay in payroll and payroll taxes? These numbers are necessary for your business tax filing. If you were consistent with tracking financial information throughout the year, this should be as simple as running a report in your accounting software to provide to your accountant.

However, it is a good idea to do an audit to ensure the reporting information is correct. These internal audits should be performed on a regular basis to identify potential mistakes or errors that were made in payroll processing or during data entry. Identifying these problems before tax filing time can help you avoid problems later.

It is also important that you provide detailed information about any estimated tax payments that were made. These tax payments should include quarterly taxes as well as other tax expenses such as employment taxes. Your accountant can help you stay ahead of these payments all year long to ensure that you don’t miss any of the necessary deadlines.

Step #3: Details about Expenses and Tax Deductions

One of the most powerful benefits of owning a business is leveraging tax write-offs where appropriate. If expenses are business-related, you can write off those costs on your taxes and reduce the amount of taxable income that will be factored into the return.

What types of expenses can you write off? It varies, depending on the type of business. If you have a home-based business, there are a few things that your tax accountant might ask about, such as utility bills, mortgage payments, and cell phone usage so that an appropriate write-off can be calculated. Other write-offs include the cost of business development, equipment, a company vehicle and more.

Here is a list of potential expenses that you might be able to use as tax deductions:

  • Marketing or advertising costs
  • Local transportation, including a mileage log for your car
  • Travel costs, including airfare, meals, hotel, taxis, and any other costs that were incurred
  • Phone lines, including cell phones, VOIP, and land lines
  • Internet, computer, and software costs
  • Payments made to subcontractors
  • Insurance and certification premiums
  • Depreciation of old assets
  • Office supplies
  • Rental costs
  • Utilities
  • Professional expenses for consultants, accountants, and lawyers
  • Bank and credit card interest expenses
  • In-home office deductions
  • Payroll costs
  • Health insurance premiums
  • Estimated tax payments
  • Maintenance and repairs

This list is not comprehensive. But, it will give you a good idea about the types of expenses that your accountant will be asking about.

The best thing that you can do is talk to your accountant in advance about potential write-offs that should be tracked for the year. Keeping detailed records of all of your expenses will ensure that you can use the deductions where they are appropriate. In some situations, you might choose to strategically purchase equipment or furniture before the end of the year in order to minimize tax burden. Other times, it might make sense to wait until January rolls around so that those deductions are available for the next year.

Make sure that you have receipts and documentation to back up the purchases that happened throughout the year. These deductions can be problematic if you don’t have documentation in case an audit happens in the future.

Step #4: Summarize Cost of Goods Sold

If your business sold any goods, you would need to have details about your inventory, including the total beginning dollar amount, purchases, and the ending dollar amount. Materials and supplies expenses also need to be figured into the business financial documents, so that you can determine overall profits and tax burdens for the year.

These numbers might seem overwhelming if you don’t know a lot about accounting. That’s why it is essential to have an experienced tax team who can offer advice and support all year long. Don’t wait until tax season to prepare the information for your accountant! Instead, have a solid system in place that will be used on a daily, weekly, and monthly basis to ensure that you have all of the financial information that will be needed.

Step #5: Bring Your Questions

Taxes can be complicated, leaving many small business owners confused about how the numbers worked out. If you have questions during the tax preparation process, it is important that you talk with your accountant to help you understand the details of the filing. Even though your tax accountant is managing the numbers and the paperwork, as a business owner, it can be very helpful for you to at least have a basic knowledge about how the calculations are summarized for the filing.

There are times when your accountant might come to you asking for specific information. Keeping open lines of communication will ensure that you have a good team to minimize the tax burden and maximize the final results.

What types of questions should you ask? Anything goes! Full-service accounting provides you with a great resource that you can tap into all year long. So, don’t feel like you need to wait until it is time for tax preparation before you talk to your accountant about the questions that arise. Strategic accounting can minimize the stress during tax time and make it easier for you to gather the necessary information when it is time to file your taxes.

Talk to an Experienced Accounting Team

The annual tax deadline is drawing near, so be sure that you are ready to have your paperwork submitted by the deadline. April 15th is the standard deadline each year. But, since this date falls on a weekend, you will have until April 18th to file your Federal tax return this year. The due dates for state tax filing varies depending on your location. It’s always best to talk to your accountant to ensure that you don’t miss the local deadlines.

Do you need help with your tax preparation? Talk to a small business accounting team to get the best service that can be catered to meet your needs. These services will ensure the financial success of your company, helping you to optimize profits and prepare for the future. For more information, talk to our team here are Easier Accounting to learn about the services that are available: (888) 620-0770

Accounting Trends that Need to be Incorporated into Your Small Business

Our business world is constantly changing, so it is essential that small business owners take a proactive approach to keeping up with the trends. Have you integrated modern practices into your business, or are you still stuck in the past?

The digital world is always progressing, making it possible for businesses to innovate faster than before. You can reshape your company to set up for future success. The foundation of these efforts should be focused on financial and business systems. By implementing these systems, you create an environment that is conducive to growth and prosperity in the future.

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How do you keep up with the trends? The easiest solution is to have a trusted accounting team that stays up-to-date in the industry. These advisors can make recommendations about how you can improve your business practices. Here are a few suggestions that we would like to share, helping you to stay current with the trends in the accounting industry:

Implement Cloud-Based Accounting Software

Whether you are still working in physical ledgers, Excel spreadsheets, or a single-computer software, you are behind the times! These systems might have worked in past years, but better solutions are available to automate and improve your accounting system.

The problem with these outdated accounting practices is that everything needs to be managed by hand. Without the advantage of cloud storage and data syncing, you are stuck with manual updates every day. In comparison, cloud-based accounting software is always current. You will see accurate numbers across the board, no matter where you are accessing the information. As an added bonus you can view your accounting details from anywhere in the world!

If you aren’t already using a cloud-based accounting software, then right now is the time to make the change. An experienced accounting team can support with the transition, making it easier than ever to improve your financial system.

Accountants Offer More than Just Tax Preparation

Too often, business owners get stuck in the thinking that they only need to talk to their accountant once a year: when it is time to file their taxes. It is important to have the support of an accounting team for tax preparation, but you should also use the services of your accountant during other times of the year as well.

For example, your accountant can help with ongoing payroll processing, estimated tax payments, financial advising, and more. By outsourcing the financial details to an experienced accounting team, you will have full access to detailed information that will help your business grow. As a result, you can focus on making the management decisions instead of spending your valuable time crunching numbers.

Take control of your time by hiring a great accounting team to help. By using an experienced accountant in conjunction with cloud-based software, you can outsource the busy work and still have real-time access to financial reports and other information throughout the year.

Outsourced Accounting Instead of an In-House Employee

How much does it cost to hire an employee to manage your financial details? Tally the expenses of office space, equipment, salary, benefits, taxes, and more. You will see that the cost of these accounting services can really add up!

Instead of spending your business profits on a full-time employee, consider the benefits of outsourced accounting services. As a result, you will have access to a full team of accounting professionals. This choice gives you the ability to tap into real-world experience since the accountants are also working with other small businesses.

What types of tasks should be outsourced? The possibilities are endless! Don’t overlook the benefits of hiring a business bookkeeping service, a team to help with tax planning, and small business accounting and financial advice.

By outsourcing your accounting needs, you can save money and have access to better knowledge and experience compared to hiring a single employee. The digital world has removed the barrier of location, giving you access to the best talent located anywhere in the country.

Take Advantage of the Millennial Mindset

As you are transforming your accounting system or any other aspects of your business, consider the benefits of taking advantage of the millennial mindset. What does that mean? Hire employees and outsourced teams that are approaching business in a modern, unique way. The millennial generation has radically changed the business industry, creating an environment where the possibilities are limitless.

If you choose to only work with the older generations, then you might be missing out on some of the technology trends that could be incorporated into your company. Make sure that every team is staying connected with the digital world so that you can use these tools as much as possible to promote the future growth of your company.

Working with an accounting team that has a millennial mindset can be beneficial so that you can see the financial future of your company in a different way. As a result, you can make better decisions about the spending and investments of your small business.

Focus on Specialization

Instead of trying to offer something for everyone, consider the advantages of specialization in your company. You can hire specialized outsourcers who offer unique perspectives and experience to add to your company. At that same time, consider your own products and services to see how you can specialize your offerings.

In the past, companies would often hire one employee who would manage a variety of tasks throughout the day. For example, a general employee might be handling payroll, product ordering, office logistics, and a variety of other duties. This lack of specialization often has a negative impact on overall results. Instead of asking individuals to be proficient in 10 different things you can boost performance by hiring specialists that are experts in one skill.

Outsourcing makes it possible for you to build a team of specialists. For example, you might have an accounting team that handles the financials for your company, a customer service team to work on client relationships, a product management team that focused on production, etc. By creating a system, these specializations can work together to create better results compared to a handful of employees trying to handle everything.

A one-size-fits-all approach doesn’t work anymore. If you are stuck in the cookie-cutter way of building your business, then you will be missing out on innovative options that can help with the transformation of your company.

Prepare Your Exit Plan

Building a business seems like an option to create a long-term income for your family. After the hard work and sweat equity, many small business owners have an emotional attachment to the company they have built.

While it is important to stay involved in your company, you also need to look for options to build in an exit plan. In many situations, the most profitable solution is to build a company that can be sold. Technology and web-based companies have made it easier than ever to connect with a potential buyer. Timing the sale of your company can be the best way to maximize your investment.

After the company is sold, you might choose to invest the money into other business opportunities. Or, the money could be invested into retirement funds or other options to plan for the future.

Having a trusted accounting team by your side is one of the most effective ways to build an exit plan. Your accountant can offer logical advice based on the numbers. Since your accountant doesn’t have the same emotional attachment to the company, you can tap into their perspective to improve the results from your efforts.

Talk to an Experienced Accounting Team

Here at Easier Accounting, we work hard to keep you ahead of the trends in the business, accounting, and financial industries. Our team specializes in small business accounting services, so we know the best practices to help your company prepare for the future.

As these changes happen in the accounting industry and the business world, you need to be sure that you are prepared to keep up with the trends. Failing to take a proactive approach could potentially leave you in the dust, with your competitors thriving as they made the necessary changes to adapt.

Our team at Easier Accounting wants to help you stay relevant in your industry. We are always working to stay ahead of financial and accounting trends, giving you access to the best solutions and tools that are available in the industry.

These services can be catered to match your individual needs. If you are looking for help with the financial management of your company, then we invite you to contact us right away to learn more about how we can help. You will see that we have a wide range of services for your company. When you contact our team, we will discuss your individual needs to help you identify the best solutions to move your business forward.

Do you have any questions? Feel free to contact us anytime for more information about the small business accounting services that we offer: (888) 620-0770

7 Biggest Financial Mistakes Made by Small Business Owners

The financial health of your business is a strong predictor to help you determine potential success in the future. Are you creating the foundation to grow and expand your company? A few simple accounting and bookkeeping mistakes might bring your hard work crumbling down.

Instead of reactively dealing with problems as they arise, right now is a great opportunity to make the commitment to proactively protect the financial interests of yourself and your company. Watch out for common pitfalls at the same time; it is important that you implement good financial systems that are built to last.

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Here at Easier Accounting, our goal is to keep you updated about the financial management of your small business. Here are a few small business accounting tips to help you avoid the common financial mistakes:

Mistake #1: Do-It-Yourself Tax Filing

Tax season can be stressful, and many small business owners make it worse by trying to handle their own taxes without talking to a professional. Even if you have experience with tax filing, you should still consider the benefits of tax services. You are already juggling enough to manage your other responsibilities, and tax paperwork will just pile on the work that needs to be completed.

To make things worse, some small business owners attempt to handle their taxes without any previous experience. Tax law can be confusing, and it changes every year. Instead of wasting your time trying to decipher the newest laws, it is essential that you have a professional who understands the nuances of your paperwork.

In serious situations, you might make a mistake on the paperwork… resulting in an audit or problems later on. Avoid these issues by hiring a small business accountant who can help you maximize your deductions and optimize your profitability for the year.

Hiring someone to help with tax services, such as quarterly and annual paperwork and filing, will reduce your stress levels and help you focus on the activities where you shine. It is worth the investment to enjoy the many benefits that are available.

Mistake #2: Failing to Hire a Bookkeeper

How can you manage the financial health of your company if the books aren’t up-to-date? Ongoing bookkeeping services are essential to help you manage outgoing expenses and income received. This tracking ensures that you are keeping up with important payments and staying ahead of the cash flow so that you can pay your employees each month.

Most of the time, small business owners get behind on their books because they are attempting to handle the bookkeeping on their own. Then, they find it hard to carve time out of their busy schedule to sort through receipts and balance the accounts each month.

Instead of over-committing your daily activities, find an accounting team that can offer the ongoing bookkeeping and tax planning services that will help you stay ahead of these tasks.

Mistake #3: Hiring the Wrong Financial Professional

Once you have made the decision that you want to hire a financial professional to help with bookkeeping and accounting, take your time to assess your options to hire the right person. For example, some business owners choose to hire a secretary-level employee to handle the bookkeeping instead of investing in professional accounting services. Even though the secretary might be able to keep up with some of the busy work, there is a higher possibility of error since that employee doesn’t have any experience with accounting.

Make sure that you choose a financial professional with previous related experience. It makes sense that you should pick someone who knows the ins-and-outs of small business accounting since you have a small business! Tap into their expertise to boost your numbers and maximize company profits each year.

Instead of bringing in an employee, you should think about outsourcing these tasks to an experienced team. Many business owners find that it is cheaper to hire an outsourcer compared to a full-time employee. At the same time, you are tapping into many years of experience that can be used to improve the financial outlook for your company.

Mistake #4: Overspending on Unnecessary Tools and Equipment

When was the last time you audited your spending to cut expenses? Even if you are bringing in a lot of money, you won’t be getting ahead if your expenses are high. These expenses can quickly add up over time, especially if you have ongoing monthly payments or annual overhead costs.

Look at your expenses to determine whether each line item is essential. Then, get rid of anything that isn’t being used or might not be unnecessary. For example, you might be able to get rid of an outdated software and upgrade to a cheaper solution that offers better efficiency.

It might be fun to invest in the latest-and-greatest computer systems or brand new office furniture. But, these expenses aren’t a good choice if your business doesn’t have the cash flow to support the purchases.

On the other hand, the right tax strategy can help you learn when to make these purchases to manage your tax burden in a given year. Sometimes, it might make sense to purchase equipment or furniture that is needed before the end of a calendar year, so that you can use the deductions to manage your tax bracket. These factors vary each year, which is why you need to make sure that you have an experienced accountant who can offer personalized advice for your tax strategy throughout the year.

Mistake #5: Mixing Personal and Business Finances

Even if you have a home based business, you need to be careful about keeping the expenses separate. It is common for small business owners to use the same credit card and checking account to pay for business costs and buy groceries for the family. These co-mingled expenses can muddy up the books and make it difficult to sort through business write-offs when it is tax time.

Set clear boundaries to make sure that you know the line between business and personal spending. This approach will help you to leverage your business write-offs as much as possible while maintaining documentation for all of the business expenses.

The IRS doesn’t like to see the mix of personal and business expenses. If they identify signs that your family vacation was mixed in with your business spending, then they could take an aggressive stance by auditing your company and charging fees for overdue taxes.

Mistake #6: Skipping Tax Payments

It might be surprising to learn that you need to make quarterly tax payments or bi-weekly employment tax deposits. Most people without a financial background mistakenly assume that they only need to address tax payments and paperwork once a year.

Missed payments could result in penalties and problems later on. Talk to your accountant to learn about the ongoing payments that need to be made. Your accounting team can handle the paperwork and simplify the process so that you don’t have to stress about anything.

The goal with these tax payments is to estimate the amount of money that will be due for the year, then break it into smaller payments. The right accounting system can help you track current numbers so that you always know how much needs to be paid when it is time to send a quarterly tax payment.

Mistake #7: Misunderstanding Credit Agreements

If you have a small business loan or company credit card, then you need to make sure that you understand the agreements for each line of credit. Even though you are making payments on time, your credit position might not be optimized if you don’t understand the interest costs and fees that you are paying. Look at the agreements and read the fine print to know what to expect if you carry a balance on that card.

There are situations where you might already be tied into high-interest rate cards or unreasonable fees for the money that has been borrowed. In these scenarios, consider contacting the credit company to find out about payment options or interest-lowering steps that can be used. Sometimes a simple phone call can go a long way to help you save money by reducing credit-related costs.

Remember, there is a wide range of financial services that are available. So, if you aren’t satisfied with your current credit card or business account, then you might make the switch to something that is a better fit for your company.

Hire the Best Small Business Accounting Team

Here at Easier Accounting, we offer the services that you need to help your company succeed. We know that small business owners are juggling many responsibilities, and our goal is to help by simplifying the financial strategy so that you can maximize profits.

Accounting services are more than just basic tax filing and income reports. We will strategize with you to show solutions that will improve the financial health of your company. Our services can be catered to match your needs.

Learn more about how you can benefit from small business accounting services by contacting us to schedule a consultation: (888) 620-0770

The Irrelevancy of Location When Hiring New Talent

If you are looking to hire someone to help with a specific aspect of your business, then you might look outside of your local area to find the best services that are available. Many people get stuck in the rut of assuming that they need to hire an individual or team that can meet in person each day. But, the internet has opened up many opportunities to connect with people around the world.

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Leveraging Specialists and Saving Money

Smart business owners have learned that they can access specialists in different parts of the country. You have the option to hire employees who work remotely. Or, you might consider the benefits of sticking with contractors instead of employees.

With a good internet connection, it is possible for team members to complete their work tasks and deliver results digitally. You can meet face-to-face using computer programs such as Skype or Zoom. These tools have opened a wide world of possibilities, giving you access to strong talent regardless of location.

Using Digital Platforms to Delegate Responsibilities

There are a variety of systems that you can use for task delegation. The trick is to manage communication so that your team members know where to look to find their list of responsibilities. These tasks can be managed in real time, giving you instant access to see the tasks that have been completed.

For example, if you hire an outsourced accounting team, then you can always log into the accounting system to see the transactions that have been recently updated. Additionally, you have access to reports and information that will keep you up-to-date about the success of the business. This information can be accessed without the need to work with someone in person.

Benefits of Outsourced Services

If you choose to hire an outsourcer instead of an employee, there are many benefits that can be enjoyed. The most obvious benefit is the reduction in cost. A contractor maintains their workspace and equipment, so you don’t need to provide an office for them to work in each day. Another way the costs are reduced is that you don’t have to provide benefits such as health insurance or paid time off.

Even though you are reducing costs, it doesn’t mean that you are reducing the quality of skillset. In fact, some people find that they can access higher quality workers when they choose an outsourced solution instead of hiring local employees.

At Easier Accounting, we offer outsourced accounting services to simplify your business finances. Call us today to learn more about the benefits of our services: (888) 620-0770

2017 Goals: Resolutions to Improve the Success of Your Business this Year

January is a common time for people to look at their goals and plan action steps to move forward in the New Year. Have you chosen resolutions for yourself or your business? If you want to boost revenue and improve the annual outcomes for your company, then right now is a great time to set a few goals that will move you forward this year.

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Do you need some ideas to help with your business goals? Here are a few things you might consider:

Simplify Daily Tasks

How much time do you spend each day completing busy work and other mundane tasks? As a business owner or manager, you shouldn’t be dealing with simple things that could be passed onto contractors or employees.

Getting rid of these simple tasks can free up your time, giving you more opportunities to focus on bigger responsibilities that will help to boost business income. For example, hiring an outsourced accounting team can reduce your workload so that you don’t have to worry about daily financial tasks. Instead, you can focus on product development and relationship management.

Maintain Consistency

Even if you start the year with good intentions, these resolutions won’t be beneficial if you fall back into old patterns in a few months. Make a commitment to stick with your goals, and find someone to hold you accountable if needed.

One option is to put together a team that will maintain accountability for everyone involved. Another option is to ask a friend or another business owner to be your accountability partner. As you are working with other people, it is essential that you have a list of actionable items that you can report on each time you talk.

Look Toward the Future

Are you preparing for big growth in the future? Even if certain systems are working right now, you might experience the situation where upgrades are needed to prepare for growth. As an example, consider the current financial system that you are using. If you are still tracking transactions manually on a spreadsheet, then you should set a resolution to upgrade your accounting system this year. Even if the manual tracking is working right now, you will quickly run into problems when the growth occurs.

Implementing systems early will reduce the stress of making the transition during a future time when the company is bigger. So, don’t delay these changes! Talk to a financial professional to learn more about how you can meet your business goals this year.

Here at Easier Accounting, we want to help you put the systems in place that will prepare your business for future growth. Contact our team today to learn more: (888) 620-0770

Should You Purchase Small Business Insurance for Your Company?

Do you find it difficult to make all of the decisions related to your small business? As a business owner, you are carrying many responsibilities that could impact the long-term success of your company. One thing that you need to consider is whether you should purchase small business insurance. Do you already have an insurance plan, or is it something that you need to implement in your company?

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Why Do You Need Small Business Insurance?

If things have been going well for your business, why do you need to pay for an insurance policy? Even if you don’t expect something to go wrong, there is always a possibility that you could run into liability issues that could sink your business. It is estimated that there are over 100 million lawsuits filed in the United States each year, and you don’t want to face the financial burden if your company is in the crosshairs of one of those lawsuits.

When it comes to business, things don’t always go as planned. Unexpected issues can be quite expensive, which can be devastating to a small business without funds to handle the issues. Instead of handling the threat on your own, it is better to have an insurance plan that will help with financial protection if something goes wrong.

What kind of problems might you face? A natural disaster or a fire could ruin your office building and business equipment. A disgruntled customer could sue the company. Or, an accident in the warehouse could impact the safety of the crew. Regardless of the situation, money will be needed to fix the problem.

What Insurance Policies Do You Need?

It is important to talk to lawyer or insurance professional to learn about the policies that are important for your situation. These are some of the recommendations that might be made:

  • General Liability: This plan covers a broad range of issues, including mistakes that might happen as you are offering products or services to customers. Liability insurance can cover your office equipment, inventory, bodily injury, slander, medical expenses, and more.
  • Car Insurance: If the business owns any vehicles, then make sure that you have insurance in case of an accident or damage.
  • Property Insurance: Do you own your office building? Property insurance will cover the damages if something happens to harm the building. If you are leasing or renting the space, then you should consider the benefits of rental insurance to protect your business equipment.

Here at Easier Accounting, we are here to watch out for the financial interests of your company. Call us today to learn more about our accounting services: (888) 620-0770

Is it Time to Expand Your Small Business?

As a small business owner, do you ever dream of taking your business to the next level? When done correctly, growing your business will increase revenue and with careful management will increase profits as well. But when is the right time to expand? The timing of these things really matters. Here are a few ways that you can tell it is time to grow:

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1. You’ve Been Profitable For at Least 3 Years

If you have been cash flow positive for several years, it is a good indication that your company is well positioned to expand. Any seasonal ups and downs or one-off project windfalls may not be happening by chance, but rather, it could be evidence that there is a bigger piece of the economic pie available for the taking. Consider expanding.

2. Your Customers Are Requesting More of You

When customer requests for additional offerings, options, locations, products, etc. are consistently received, the timing may be right to grow your company. You are feeling the pulse of market demand. Honoring your customer’s requests may be the right thing to do, and soon.

3. You Cannot Keep Up with the Current Demand for Your Products or Services

Do you find yourself saying to potential customers, “I’m sorry, there is no way I can provide you what you are asking for in a reasonable amount of time.” If this situation happens regularly, you are likely leaving business on the table. It may be the right time to expand your capacity to perform services or provide the product.

4. Business Leads Come to You without Much Effort

If you decide to invest in growing your business, will you need to hustle a lot more to create enough business to pay for the expansion? Or are new leads regularly coming into your pipeline in sufficient quantities that the only limiting factor is how much work you can offer? If leads are abundant, you may want to look at growing.

Here at Easier Accounting, we are familiar with the concerns of our small business accounting clients. We are more than happy to help you work through any accounting questions that might come up when you are considering whether the time is right to expand. We believe in the importance of small businesses and are passionate about helping them to succeed. Contact us to learn more about the services that are available: (888) 620-0770

Year-End Accounting Checklist: Don’t Forget!

As you are busy marking off the items on your holiday shopping list, it is important that you don’t overlook the things that need to be done for your business before the end of the year. Certain tasks need to have a timestamp before the year’s end, so they apply to your taxes for the 2016 business year.

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Here are a few things that you should consider before the year ends:

Organize Your Receipts

Make sure that you have documentation for all of the transactions for the year. If you are missing any receipts, you can contact the vendor to ask for a new copy. Sometimes, it might be as easy as downloading the information from an email confirmation or an online database.

Keeping the documentation organized will make it easy for you to provide these details to your accountant when it is time to do your taxes. Make sure that all of the online transactions match up with your receipts.

Buy Office Equipment

If you need any computers or office equipment, right now might be the perfect time to make the purchase. Not only can you find great holiday sales, but you can also use the purchases as write-offs for 2016.

These purchases need to happen by December 31, 2016, if you want to use them for your taxes this year. Look at your year-to-date reports to decide if it makes sense to buy the equipment now, or if it would be better to wait until next year.

Talk to Your Accountant

Is there anything that you are overlooking before the year ends? Your accountant will stay current with all of the deadlines that need to be met. A quick conversation with your accountant can ensure that you have all your bases covered. Send an email or pick up the phone to ask if there is anything that you need to do before the end of the year.

A good accountant will work on tax strategy with you, and make recommendations about techniques that can be used to minimize tax burden.

If you need help wrapping up your business finances for the year, it is a great time to connect with a new accountant. At Easier Accounting, we are experienced with small business accounting, and our team is here to help. Contact us to learn more about the services that are available: (888) 620-0770

What Makes Our Accounting Services Stand Out from the Competition?

Even though there are many accountants available to choose from, it is important that you understand the difference in services that you will receive. As a small business owner, it is essential that you have a financial professional to talk to about your accounting needs. When you are turning to someone for financial advice, you need to make sure that they have the right experience and qualifications to help.

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Modern Accounting Services

Here at Easier Accounting, we are focused on delivering the best quality services to each of our clients. We stay up to date with the trends and changes in the accounting industry, giving you the opportunity to get real-world advice for your business.

Our specialty is accounting services for small businesses, start-ups, and entrepreneurs. We are experienced with specific strategies that can help maintain balance in your business. This strategy can be used to help your business grow to higher levels of success.

Accounting Advice All Year Long

Do you currently have an accountant that is MIA throughout the year? Some accountants only show up when it is time to file annual taxes, and then their time is limited because it is the busy season. As a small business owner or entrepreneur, it can be frustrating to feel like you have nowhere to turn when you have a tax or financial question.

Instead of hiring an accountant that only shows up at tax time, it is better to have a team who is there to offer support throughout the year. Tax time is important, but you need to make sure that your business finances are organized all year long so that you are ready when tax time rolls around.

High-Quality Outsourced Accounting

There is no need to bring in another employee to manage your business finances. Even though it might seem logical to hire an employee, there are many benefits to choosing outsourced accounting instead. An outsourcing service is cheaper than an in-house accountant, helping you to save money on the expenses.

Additionally, you will have the opportunity of tapping into the accounting expertise of a team that has worked with many other businesses. This real-world experience goes a long way to help us offer the best accounting services for your businesses.

Here at Easier Accounting, we have worked hard to be the leader in the accounting industry. We want to show you why our services stand out from the competition. Contact us today to learn more about the options that are available: (888) 620-0770