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How to Choose the Right Accounting Software for Your Startup

We live in a digital world, which means that your small business is going to get left behind if you are still tracking expenses with pen and paper. If you don’t already have a good accounting software program, then it might be time to implement these changes so that you can boost your reporting and tracking.

Overcoming the Overwhelm and Indecisiveness

A search for “accounting software” on Google will uncover a seemingly endless list of possibilities that might be used for your company. One common problem is that small business owners start reading reviews and information about these different software programs… and then quickly get caught in “analysis paralysis.”

Even though there are many options available, this decision doesn’t have to be stressful or complicated. Choosing the right accounting software is easy when you lean on the advice and expertise offered by an experienced accountant. Don’t be afraid to ask for advice or information while you are comparing the various options in the accounting industry.

Ask Questions about What You Need

You will struggle with choosing the accounting software if you don’t have an end-goal in mind. Ask yourself: what are the features and details that need to be available in the program? Asking a few questions about your goals and needs will help you steer the decision in the right direction.

For example, if you only hire contractors and don’t have any employees on the payroll, then the payroll features might not be important to you. But don’t overlook the possibilities that you might need payroll processing in the future

Consider the Future

As you get clear about your goals, you can consider the features or things that you might need in the future. It is important that the software program can grow as your company expands. You don’t want to face the headache of changing accounting software during the stressful time of business growth in the future.

So, make sure that you don’t cut corners right now. Choose a good software program that meets your current needs and will allow you to expand in the future. A good accounting program will help to minimize the growing pains while keeping you informed about the financial health of your company.

Price Points and Value

How much do you want to pay for the accounting software? It might be tempting to choose a product based on price alone. You are choosing to organize your finances to manage cash flow, so it makes sense that you are trying to save money on the expense.

Instead of only looking at the price tag, evaluate the value that is available from the software. What features will save you time? Decreasing the time that is spent on accounting and bookkeeping tasks is the same as saving money because you can redirect that time for other business activities.

In fact, choosing a cheap software program could potentially cost more money in the future. You might use the software for a while, only to find that you run into problems because you don’t have the necessary features. As a result, you will likely lose both time and money when you decide to switch to a different software. Not only is this future change time consuming, but it can also be stressful.

There’s no question: choose a program right now that will handle everything that you need in the present and future. You should never cut corners when choosing the right systems and organization for your startup company.

Talk to Industry Professionals

It is important to talk to an accounting team about the recommended software programs in the industry. This information can be valuable to help you select a system that will improve your company. Have a conversation about your current and future needs and ask for advice about the ways that you can simplify the implementation of a new tracking system.

In addition to simplifying your finances, you also need a robust computer software that will generate the reports and data that is required. You can use these reports to determine the right decisions in the future regarding cash flow, expenses, and other financial milestones that need to be met.

Make sure that you are working with accounting professionals who understand your industry. For example, if you are just starting a company, then you will be well-served to choose an accounting team that specializes in startups. While a corporate accountant can assist with the services that you require, their expertise isn’t as honed in as someone who is working with small businesses on a daily basis.

One important note: if you are working with a CPA and/or bookkeeper, then it is wise to choose the software preferred by your provider. This financial pro is an integral part of your team and will help with the costly decisions that need to be made in the future. Ask about the software they prefer to ensure they have the system that will enable the best data analysis and reporting down the road.

Cloud-Based Storage

Have you ever had the frustrating experience of having your hard drive crash and losing all of your files? It can be exhausting to recreate the system after everything is lost due to hardware failure. Using an accounting software where the files are only stored on your computer is a risk. If the computer is lost or damaged, then you will also lose all of the accounting information.

A better solution is to choose an accounting software that has a secure system for cloud-based storage. Keeping the information online means that there is no reason to stress if your hard drive goes down. All of the files will still be accessible from the cloud.

Plus, a cloud-based accounting software makes it more convenient if you choose to hire an outsourced accountant. You can take advantage of the skilled accounting services that are available without the need to have someone in your office.

While many accounting software services are cloud-based, there are still old systems that require an on-computer install. Use this feature as a filter to help you choose a program that will last for many years.

Ease of Use

You don’t have to have an accounting degree to navigate the software program. While you are considering the features that are available, also think about the ease of use for each of these features. It is important that the program is user-friendly and a simple solution for people who don’t understand the manual accounting calculations.

For example, many software programs provide a user-friendly admin area with tutorials and simple instructions. You shouldn’t have to do manual calculations for payroll taxes or invoicing. Instead, the right software program will make it simple to plug in the numbers so that you can get the results that are needed.

Additionally, consider how many users will be accessing the software. Not only do you need access to the information when it is time to run financial reports, but you also need to provide access to your accountant. There might be other people in your company who can also benefit from accounting software access, such as an assistant or bookkeeper who is responsible for invoicing. If the person needs to access the computer software regularly, then you should ensure that you have sufficient access logins for the software.

Make sure that each person has their own credentials when logging into the system. The risk of fraud goes up if you have multiple people using the same username and password. If something happens, then it can be difficult to determine the culprit. Keep things clear by separating access for each person who needs to use the accounting software.

Perfect Recipe for Success: Accounting Software and a Good Accountant

Even if you choose the best accounting software, you’ll run into problems if you don’t have the right team to help with the implementation of the computer system. The software is only as good as the person who sets up the system. So, the best thing that you can do to ensure a successful future for your startup is hiring the right accountant to help with setup and implementation.

Combining the right software with an experienced accountant will give you the peace of mind that you are creating a strong accounting system that will last for years. Rest assured knowing that you don’t have to try to figure it out by yourself. Instead, lean on the experience offered by someone who understands the industry.

At Easier Accounting, we specialize in small business accounting services. Our team offers quality, trustworthy accounting services for startups and small business owners. By focusing on services on the smaller companies, we can ensure that you are working with someone who has hands-on experience with other companies similar to your business.

We are happy to answer your questions and help you choose the right accounting software to support your business needs. For more information, you are welcome to call us anytime to talk to an industry professional. Contact Easier Accounting at (888) 620-0770.

Bookkeeping and Accounting Trends to Watch for in 2019

Now that we are a few weeks into the new year and the dust has settled after a busy holiday season, it’s time to look forward to the future. As a small business owner, you should be paying attention to bookkeeping and accounting trends that might impact your company.

Are there any changes or adjustments that you need to make this year? As you evaluate the industry trends, these things will help you be sure that you have the best bookkeeping and accounting system to support the needs of your company.

Why Bookkeeping and Accounting Trends Matter

Why does it matter if you are staying up to date in the industry? The truth is that your company will get left behind if you don’t stay current with the latest technology and services. It is important that you are aware of the changes that are happening so that you can stay up with the things that will help your business succeed in the future.

Most business owners know that bookkeeping and accounting are important. But it is unfortunate that these tasks often fall to the back burner because of other priorities that come up in the day to day responsibilities of running a company. If you want to keep your business on the path to success, then you need to be sure that you have a good financial system in place so that you are prepared for the future.

Consider this thought: if you aren’t keeping up with financial tracking and reporting right now, then you will run into problems in the future as your business begins to grow. Failing to have a good accounting or bookkeeping system in place means that your growth and expansion could be stunted because of poor decisions that are made along the way. Each time you consider a significant change in the company, such as hiring an employee or investing in business development, you need to be able to run the reports that show the current situation for your business. This information will help you make accurate decisions that match the needs of your company.

Predicting the Future with a Good Accounting System

Everyone wants to know what the future holds in store. Business owners would love to have a crystal ball that shows the future of the company and product development that needs to be addressed to stay ahead of the competition.

While it’s not possible to see into the future, the right accounting system can help you understand current numbers and projections, giving you a good idea of what you can expect in the future. Implementing the latest accounting services and systems means that you will be ready for whatever may come.

The right accountant will help you manage cash flow and expenses. At the same time, you can look for areas where profit margins could be improved. All of these services add up to the long-term success that you desire. So, the best thing that you can do is ensure that you are staying current with the trends so that you can build a solid foundation on which your company can grow.

Bookkeeping and Accounting Trends in 2019

Here are some of the accounting trends that we anticipate this year. Time will tell if our predictions come true. We are suggesting these potential trends based on the way the industry has changed in recent years:

  • Better Accounting Software: Computer technology is advancing, which means that software continues to improve. Gone are the days of recording hand-written transactions on a leger with a pen or pencil. Additionally, software has moved away from an on-computer installation to cloud-based services. This smarter software gives you the benefit of accessing your accounting information from anywhere in the world, as long as you have a good internet connection. As a result, you can improve your work processes and offer increased value for your clients.
  • Automation: One of the benefits of improved software systems is better automation for ongoing tasks. Keep in mind that it isn’t possible to automate all aspects of your financial management. But some of the busy work can be automated, helping to decrease the amount of time required to manage your accounting and bookkeeping. This automation is beneficial since you can save money instead of spending a lot on a full-time accountant employed by your company. The tools continue to get better with time, making accounting software more intuitive and easier to use.
  • Improved Partnership with Your Accountant: In the past, many business owners talked to their accountant once a year… at tax time. While it is important to utilize the services from a tax preparation expert, don’t overlook the benefit of ongoing communication with someone who can offer advice for your company. Even if you are working with an outsourced accountant, your provider can take a proactive approach to help with payroll processing, tax strategy, cash flow planning, and more. Ongoing services throughout the year will improve the overall benefits that are available for your business.
  • Millennial Workforce: It is interesting to see how the workforce is changing with time, especially as the millennials reach career age. According to INC.com, 25% of the workforce is the millennial generation. As a result, new ways of thinking are being brought to the industry. This generation leverages technology to create results that weren’t available in the past, giving you more of an edge when working with an accounting team that understands the latest trends and changes.
  • More Outsourcing and Gig Work: As the workforce changes, many companies are choosing to hire freelancers for contract work. It can be a burden for a business to bring on a full-time employee. Not only does the person’s salary need to be paid, but other expenses are incurred for office space, benefits, and more. Business owners are turning to freelancers as a way to cut overhead expenses and maximize the skill set that is required. As a result, there are more options for outsourced accounting and bookkeeping services. You can take advantage of the experience of a knowledgeable accountant while minimizing your cost at the same time.
  • Bookkeeping to Accommodate Cryptocurrency: Another thing that is shifting in the industry is the implementation of practices to record and track cryptocurrency. While it seems as though cryptocurrency is still an online fad, don’t overlook the importance of being ready with accounting systems if a large portion of the population starts using these currencies. “Triple entry bookkeeping” is required instead of the standard double-entry bookkeeping since three parties are involved in the transaction: two strangers as well as a third party that issued the cryptocurrency.

There’s no question that the accounting and bookkeeping industry is being shaped each year by the different software advances and the economic changes that are happening. While we can’t predict the future with accuracy, you can look forward to the years to come knowing that you are prepared when you have a good accounting system in place.

Protect Your Company with Accounting and Bookkeeping

Bookkeeping and accounting might seem like a chore, but there’s no question that these tasks are essential to protect your company for the future. If you don’t already have a good system in place, then right now is the best time to get started. Talk to an accounting team about the options that are available to match the needs of your business. Make sure that the accountant is considering all aspects of the industry, including anticipated bookkeeping and accounting trends this year.

If you already have a bookkeeping and accounting system in place, then you need to evaluate the effectiveness of the current system. It is a good time to optimize your processes so that you are ready for the changes that might come.

Choosing an Accounting Service

Is it time for you to hire an outsourced accountant? Here are a few things to consider as you are making this decision for your business needs:

  • Experience: Choose an accounting team that has industry experience related to your company. Previous experience with other similar businesses means that you can rest assured knowing that your financial needs are in good hands.
  • Flexibility: Every company is unique, which is why it is important to choose an accountant that understands your unique preferences and requirements. Your accounting services should be customized to cater to the requirements that match your business flow and industry.
  • Reputation: Also, don’t overlook the importance of hiring an accounting team that you can trust. You are handing over sensitive information about the financial health of your company. As a result, you need to be sure that you are protected by working with a reputable team. Look online to find information about the outsourced accounting team that you are planning to hire.

Are you interested in learning more about the bookkeeping and accounting trends for 2019? We are here to assist! Our team at Easier Accounting is happy to answer your questions and help you evaluate the accounting services that are available. You are welcome to call us at: (888) 620-0770.

Bookkeeper vs. Accountant: Different Services for Your Business

How often have you heard the terms “accountant” and bookkeeper” used interchangeably? If you don’t know about the differences in the services, then it is easy to see how you might be confused about these professions.

Yes, both accountants and bookkeepers work with financial reports, organization, and tracking. In fact, the services offered by an accountant and bookkeeper often overlap. Some firms offer both bookkeeping and accounting services. But their purposes, focus, and skillsets vary depending on the person that you hire.

Services from a Bookkeeper

The term “bookkeeping” is used in reference to services that are rendered for organizing, storing, recording, and retrieving financial information. Usually, a bookkeeper is involved in the ongoing transactions that are moving through your bank account. This person oversees a portion of the accounting process, usually focused on the classification and recording of the daily transactions such as bill payments, payroll, sales, and more.

The purpose of hiring a bookkeeper is to maintain the organization and accuracy required to ensure correct information on financial reports. A bookkeeper spends their time working on record keeping. They don’t spend as much time on analytics or financial strategy.

Keep in mind that a bookkeeper isn’t required to have a four-year degree. As a result, bookkeepers usually have less education compared to accountants.

Services from an Accountant

The accountant uses the information that was compiled and organized by the bookkeeper. Often, accountants are involved in tax strategy, tax filing, financial reviews, auditing and more. Accounting services take it a step beyond bookkeeping services by analyzing the reports, reviewing the information, identifying trends, and interpreting the information. When the data is turned into reportable information, then you can use the details as you are making big decisions for your company.

Accountants are required to complete a four-year degree as well as extensive training and certifications. These requirements ensure that your accountant understands the financial laws, strategies, and other steps that need to be taken to care for your business finances.

Different Stages of Financial Management

As you can see, the services that come from a bookkeeping team and accounting team go hand-in-hand. Even though their services are different, these professionals often work in tandem. The combination of a strong accountant with a detail-oriented bookkeeper is essential to bring clarity to your business finances.

If you need someone to help with the day-to-day processes, then you will likely benefit from the support of a bookkeeper. On the other hand, if you are looking for support with the bigger picture and tax strategy, then you should turn to an accountant for support.

When it comes to the daily and weekly financial management, a bookkeeper can support with a range of tasks:

  • Tracking transactions moving in and out of the financial accounts
  • Managing and logging transactions to ensure accuracy on the reports
  • Evaluating payments, sales, receipts, and purchases
  • Calculating payroll and processing payments for employees
  • Overseeing invoices and payments for contracted workers and suppliers
  • Monitoring accounts receivable to ensure cash flow throughout the month
  • Completing monthly financial closing and bank account audits as needed
  • Using bookkeeping and accounting software to ensure accuracy

Keep in mind that the bookkeeper’s activities and tasks vary depending on the size of your company and the transactions that are moving through the account each day and week. When many transactions are coming through each day, then you might need bookkeeping services throughout the week. But some small businesses don’t need the services of a full-time bookkeeper, so it often makes sense to hire an outsourced bookkeeper instead. Typically, the services of the bookkeeper will expand as the business grows.

As you look over the bookkeeping tasks, you can see that they provide the foundation needed to support your business financial health. Then, the accountant steps in to use the data generated by the bookkeeping activities. Accounting services often include:

  • Tax analysis and strategy to minimize payments to the IRS
  • Completion and filing of income tax returns
  • Answering questions and helping business owners understand the applicable financial regulations
  • Financial statement analysis and business strategy support

Do You Need an Accountant or Bookkeeper?

How do you know who to hire when you need financial support for your company? It is important to distinguish the services so that you can choose the level of expertise required for your business.

While a bookkeeper is a cheaper solution, they don’t offer the financial expertise that comes from a small business accountant. In most cases, business owners find it beneficial to engage the services of both a bookkeeper and accountant, with the bookkeeper working on daily transactions and the accountant offering periodic advice.

Don’t overlook the benefits of a financial team that can provide both bookkeeping and accounting services. It can be beneficial to keep all of these tasks with the same team, ensuring optimal communication and the best strategy when everyone is working together.

How to Tell When You Need Financial Support for Your Company

Is it time for you to hire a bookkeeper or accountant? It might feel like a challenge to determine the right timing in bringing in a financial professional. But, as a business owner, remember one important tip: it’s never too early to bring in accounting and bookkeeping professionals.

Even if you are just getting your startup off the ground, you have the opportunity to work with an experienced team. This professional advice can help you create the right financial foundation and set your company up for success in the future. Business owners who hire accountants and bookkeepers in the early stages of growth rarely regret the decision.

Benefits of Hiring an Outsourced Accountant

It probably doesn’t make sense for your small business to hire a full-time accountant. Bringing on another in-house employee raises your overhead expenses and puts added financial strain on your cash flow. Instead of hiring an employee, consider the benefits of using outsourced accounting services.

The main benefit of outsourcing this part of your business is that you can save both time and money. You don’t have to spend your hours crunching the numbers and trying to make sense of the financial reports. Instead, your attention can turn back to business-building activities because you have the peace of mind in knowing that your accounting and bookkeeping team is taking care of the tracking and analysis.

Plus, these services are essential to help you save money. Even though you will have a bill to pay for outsourced accounting services, you will likely find that you save more money overall. Here are a few financial reasons why you shouldn’t delay the services of an experienced financial team:

  • Improve Tax Strategy: One of the most frustrating aspects of owning a company is seeing how much money goes out the door when it’s time to pay the IRS. Taxes can cut away at your profit margins and make it hard to manage cash flow. An accounting team can evaluate your business and finances, then find the right strategies to minimize the tax burden that needs to be paid each year. These savings can add up to thousands of dollars… often more than you paid for the accounting services.
  • Reduce Error: Consistent tracking and bookkeeping help you avoid common errors that could affect your business. For example, if you don’t have a good system in place to keep track of invoices, then you might overlook payments that should have been made by your clients or employees.
  • Avoid Fraud: Keeping an eye on the financial transactions is essential so that you can avoid fraud and theft in your business? Regular audits, reviews, and analysis will help to uncover anywhere that money might be slipping through the cracks. Even though you should be able to trust your team, you should still have systems in place in case something happens.
  • Increased Revenue: When you spend more of your time on business development and marketing, then it increases the chances that your revenue will go up. As the business owner, you shouldn’t be focusing your efforts on the busy work that can be completed by a bookkeeper or accountant. Your time is valuable, which means that you should be spending your hours on activities that will bring in more money for your company.

At Easier Accounting, we know how important it is that you have a good financial team to support your business goals. We’ve been serving small business owners for many years, offering the best financial services available in the industry. Our goal is to not only ensure your satisfaction, but we go above and beyond to provide unbeatable solutions that will support the growth of your company.

If you have questions about accounting and bookkeeping services, then it is time to contact our company today. We have a team of experienced financial professionals who are ready to create a custom plan based on your needs. Easier Accounting is always here to help. You can call us during regular business hours to learn about the services that are available: (888) 620-0770.

New Year’s Resolutions for a Business

The end of December is usually the time when people set goals and intentions for the New Year. The ending of a year can be a symbolic time to let go of old habits and implement new practices that will set you up for success. What are your New Year’s resolutions this year?

It is common for people to have personal goals, such as weight loss, organization, relationships, and more. People want to improve and grow each year, and these goals can help you achieve the growth that is needed.

At the same time, business owners have the unique opportunity to set company resolutions as well. As you are determining your personal goals, don’t overlook this chance to identify new goals for your business efforts.

Reflection and Forward Motion

There are two important aspects that need to be addressed as you are identifying your New Year’s resolutions. First, you need to start by reflecting on the things that happened in 2018. Identifying your current position will give you the reference point to know where you are starting. Look at 2018 with transparency and an open mind. This reflection will help you see the things that are working and the areas of improvement.

While it is easy to focus on the areas of improvement and build goals around these topics, don’t forget to identify the things that have been working. When you see the systems that are effective in your business, then you can set goals to build upon the successes and boost the progress of your company.

Next, you need to determine where you want to be in the future. It is important that you “put a stake in the road” so that you can see where you are headed. Identifying where you want to be in a few months and a few years is necessary. This vision will help you identify goals that will lead you to the overall success that you desire.

For example, if you are looking to improve your business profits by 5% this year, then you need to set business New Year’s resolutions that support this effort. These resolutions might be focused on decreasing spending, increasing receivables, and optimizing systems to improve productivity.

New Year’s Resolutions to Consider for 2019

If you are a small business owner and you need help setting your goals for the New Year, then we would like to offer a few suggestions to support your efforts. Here are some business New Year’s resolutions that you might consider:

  • Improve Work-Life Balance: It is easy to get wrapped up in business tasks, causing your family to be neglected. Instead of spending all of your waking time in the office, you need to find balance in the activities of the week. While it is important to keep up with business responsibilities, you shouldn’t overlook the most important reason why you are building a business: to have more freedom and spend more time with the people that you love. Set a goal to optimize your schedule so that you can improve your work-life balance in the New Year.
  • Delegate Busy Work: In the beginning, many new business owners carry a full range of responsibilities. Not only are you focused on business development, but you are also involved in employee hiring and management, inventory stocking, marketing, customer service, and more. It’s easy to see how your schedule quickly fills up with business-related activities! If you want to enjoy 2019, then set a goal to delegate some of the busy work. You are overseeing the workings of the company, which means that you shouldn’t be spending your precious time on tasks that can be outsourced to others. Assign internal employees to take over tasks such as filing or bookkeeping. Or, look for outsourced services to support with these tasks, such as an accounting and bookkeeping service.
  • Improve Business Promotions: If you feel like you are stuck in a rut when it comes to bringing in new customers, then it’s time to add a fresh twist to your promotion and marketing efforts. You want your business to grow, which means that you need to bring in more customers and increase the sales that happen with current customers. Create a marketing plan that boosts repeat sales and helps you promote your business more effectively throughout the year.
  • Implement an Online Marketing Campaign: The internet has become an essential part of business marketing and promotions. If you don’t have a business presence online, then right now is the time to start with your website and social media profiles. Even though it might seem a little overwhelming, a little bit of effort can go a long way to help you connect with the right customers. Most business owners don’t have the time or knowledge to implement an effective online marketing campaign. So, the best strategy is to hire a company that understands your industry and offers the services that will support your needs.
  • Hire a Business Coach: Many people start a small business or entrepreneur efforts without experience or education with business topics. While you can offer products and make a few sales, your overall progress will be hindered if you don’t know how to change your current situation. Hiring a business coach can be one of the most effective things that you can do to bring in a fresh perspective for your company. Find someone who understands your industry and can offer solid advice to improve your results. Then, take accountability so that you implement the recommendations that are offered by your coach.
  • Find Local Networking Groups: It can be helpful to have local connections in the business industry. Networking groups and business organizations offer opportunities for you to find new clients and make business-to-business connections. Attend these events and gatherings with a sincere intention to meet new people without pushing your product or service too much. Build the relationships first, and then the business growth will naturally follow.
  • Improve Cash Flow Management: Cash flow will make-or-break your company. Even if you have a great inventory and money coming in, you won’t be successful if you are spending more than you are earning. If you can’t create enough capital to invest back into the company, then you need to make a few changes with the day-to-day finances of the business.
  • Boost Productivity: Not only do you need to evaluate your own productivity, but you should also look at strategies that can be implemented to improve employee productivity as well. It is surprising to see how a few small changes can have a domino effective to improve overall results in the company. Look for ways that you can improve internal systems to support employees and management in productivity improvements.

Setting the Right Business Goals

The most important thing that you can do is make sure that your New Year’s resolutions align with the vision that you are holding for your business. You need to consider the possibilities that could happen in the future. Observe the things that are happening in the industry, and then choose proactive goals so that you are staying ahead of your competition.

When you are setting new goals, make sure that these resolutions are measurable, achievable, and relevant:

  • Measurable: Most business owners have the intention to increase profits. But setting a goal to “increase business revenue” isn’t clear enough to help you determine whether the goal was reached. Put a number on the goal and make sure that you can measure the progress. For example, you might set the goal that you want to increase revenue by $24,000 this year, which means that you need an average increase in monthly profits that is at least $2,000. Identify your numbers, then find the action steps that need to happen so that you can hit the desired milestones.
  • Achievable: You might love the idea of hitting $1 million in sales this year. But, it’s a stretch to hit that number if you barely made it to $100,000 in 2018. Instead of setting an impossible goal, look for ways that you can implement incremental steps that will move your business in the right direction. Consider your current progress and identify a stretch goal that can be reached if you put in the effort that is needed.
  • Relevant: How does your goal line up with your overall mission and vision for your company? Relevancy means that you are choosing the New Year’s resolutions that align with the long-term results that you are trying to achieve. For example, a good example is to connect with 50 new customers each month, which will help to increase revenue and build your warm market for the future. The goal should make sense for your company and improve the business in some way.

Setting New Year’s resolutions for your business can help you build momentum in the New Year and set your company up for success. If you are thinking about outsourcing options as one of your goals, then our team is here to assist. Easier Accounting specializes in small business finances. We offer a variety of services to support your financial goals and keep you on track throughout the year. Learn more by calling us at (888) 620-0770.

Business Owners: How to Save Money in the Last Month of the Year

Now that we are through the Thanksgiving season, many people have turned their attention to Christmas and New Year’s. Can you believe that we are only a month away from the end of the year? Time is flying!

Just because 2019 is approaching fast, doesn’t mean that you should put your business efforts on cruise control for the rest of the year. It is good to take time off to spend those hours with friends and family. The Christmas season is a great time of year when you can build memories that will last a lifetime. But the best thing that you can do as a business owner is finding a good balance between your work efforts and the time that is dedicated to your family.

One business focus that you might choose for December is to save a little more money before the end of the year. Padding your business bank account is the perfect way to ensure that 2019 starts on the right foot. You might be thinking about personal resolutions for the New Year… it’s also a good time to consider business resolutions that should be implemented in 2019.

Why You Need to Save Money for Your Business

Cash flow is one of the biggest challenges faced by small business owners. Even though things might be going great right now, you never know when sales are going to slow down. You might find that things slow down in January and February, which means that you could be scraping the bottom of your bank account if you aren’t careful.

Here are a few benefits that you will find by having a business savings account:

  • Cover Payroll in the Slow Months: Having enough cash to pay the costs of payroll is essential so that you can maintain a happy, satisfied workforce. Even though you aren’t having any problems paying these expenses right now, you might need a little extra in the future when things slow down.
  • Hit the Year End Sales: The holiday season is a great time of year to buy electronics and other equipment that is needed for your business. Having a little extra cash in the bank means that you can purchase these items when you find the right deal. Watch the sale prices and move quickly if you find an excellent price on the equipment that needs to be replaced in the office.
  • Schedule a Holiday Party: Do you want to boost employee morale? Consider scheduling a fun activity that can be shared with your employees during the holiday season. If you have the funds available, it can be a great way to strengthen relationships and show your appreciation for everyone on the team.
  • Cash Available for Inventory: If you are blowing through inventory during the busiest months of the year, then you need to be sure that you have enough money available to restock the shelves when the timing is right. Your savings account can cover the gaps if you need cash flow to pay for the new inventory shipment. In most businesses, these inventory costs need to be paid upfront, which means that you can’t wait to sell the products before you pay the vendors.
  • Emergency Funds for the Unexpected: You never know when an emergency will happen that requires unanticipated costs. For example, if the HVAC system goes out at your office, then you might be facing a repair bill that is thousands of dollars. Other common business emergencies could include a change in supplier pricing, employee strike, and more.
  • Be Ready for Tax Season: The beginning of a New Year means that you are also facing new tax bills. Make sure that you have enough money in the bank so that you don’t need to go into debt to pay the taxes. Work with your accounting team so that you can estimate the amount that will need to be paid in business taxes.
  • Pay Off Business Debts: Have you incurred business debt over the years? There are times when debt can be useful to keep the company running. But, carrying a heavy debt load means that you are also carrying the burden of interest and fees. Saving money and improving your financial practices can free up the funds that are needed to pay off these lines of credit.

There are unlimited options when you have a healthy savings account for your company. Make sure that you are implementing a good financial strategy with your small business accountant so that you have the extra money available when it is needed.

How to Save Money This Month

Saving money doesn’t have to be complicated or stressful. Instead, try some of these strategies to set aside a business savings account for a rainy day in the future:

  • Streamline Financial Practices: It’s no longer optional to put financial tracking and accounting practices on the backburner. You need to have the right systems in place that will help with the services that are required to keep up with your business numbers. As you implement the right accounting software and work with an experienced team of small business accountants, you can identify trends that are eating away at your cash flow. Create a system of transparency so that you can find the areas where you are losing money.
  • Track All Expenses: Some business owners find it hard to identify where the money is going. You might not be spending cash on big purchases, but the small transactions definitely add up over time. You should have a system in place that tracks every penny that is received and spent. Proper expense management by an experienced accounting team means that you won’t overlook deductions on your tax return. These details can result in big savings when you are consistent with expense tracking this month… and throughout the year.
  • Cut Unnecessary Fees and Expenses: Find and eliminate the line-items that are eating away at your profit margins. Often, service contracts are negotiated on an annual basis, which means that some of these contracts might be expiring at the end of the year. As you are renewing contractors for services such as janitorial work, contractors, ongoing services, subscriptions, and more, look for areas where you can reduce overhead expenses. For example, you might be able to find a cheaper service that will result in savings over time.
  • Sell Unused Equipment: If you choose to replace some of the equipment in your office during the holiday sales, then make sure that you have a strategy in place to get rid of the unused equipment. Old computers and cell phones can be wiped and then sold on the used market. Even though you won’t recover the full amount that was invested in the new product, used equipment sales can cover some of the costs that go into the purchases that are needed for the office.
  • Consider Trade Options: Is there a service that is needed for your company, but you don’t have the extra cash to spend? Consider a trade or barter where the value is exchanged without money changing hands. For example, if you are a small marketing firm and you need a new website designed, then you might be able to find a designer who will accept marketing services in exchange for the design services that you need. This strategy will help you conserve your cash so you can build your emergency savings account.
  • Hire Contractors or Temp Employees: If you need to increase your workforce during the holiday season, consider hiring temp employees or contractors for the services that are required. You won’t need to carry the burden of benefits and other expenses that come with hiring new employees. Plus, you can limit your spending during the holiday season without the obligation to continue the paychecks into the New Year when the services are no longer required.
  • Talk to Your Accountant: You don’t need to be a financial expert to improve your cash position. Instead, you need to be sure that you are hiring the right team of accounting professionals who can help you identify ways to save money. Tapping into a team of accountants can be a valuable way to help you learn from the mistakes that have been made by other businesses in the industry. Your small business accountant will provide the support and advice required so that you can save money and prepare for the future growth of your company.

Why is December the time of year that you need to take action on these action steps? Many business owners rationalize that they will enjoy the holiday season and then buckle down and work hard in January. Instead of procrastinating the things that need to be addressed in your company, it is time to take action right now! Implement your new system in December to be sure that everything is in place by January 1st. You will feel good knowing that your business is off to a good start for the new year.

Do you need help with your small business accounting? Easier Accounting is here to offer the assistance that is needed. We can help you implement the right accounting program in December so that you can save money this month and into the New Year. Call us to learn more about the services that are available: (888) 620-0770

Commercial Lending: Everything You Need to Know about Business Loans

Most people agree that it is easy to get a credit card or personal loan. The consumer culture in our nation has created an environment where financing for everything from a shopping spree to real estate is easily accessible for the majority of the population. Consumer debt is rising and it is common for people to feel that debt is a normal part of living. Even though personal loans are easy to come by, it might be a bit tricky if you are looking at options for commercial lending.

There’s no question that you need to manage the cash flow for your company. As a business owner, it can be a challenge to ensure that the money is available at the right times throughout the year. If you are struggling with cash flow right now, then you might be looking at options for a business loan to help you get through a dry spell.

How Will You Use a Business Loan?

What are the reasons why you should consider a business loan? Commercial lending can be beneficial for a variety of expenses:

  • Buying a real estate property for office space
  • Investing in more inventory of the upcoming busy season
  • Purchasing equipment that is necessary for the office or storeroom
  • Preparing for the future in case the cash is needed unexpectedly
  • Construction or remodeling costs
  • Business acquisition
  • Start-up expenses for a new company

These loans can be of various sizes, depending on the needs of your company. If you find that you need a business loan, then it is essential that you choose a reputable lender and understand the financing terms before jumping into the agreement. A poor choice with your business loan could cause financial stress and strain on your company in the future.

Don’t Wait for Commercial Lending

It is common for business owners to hold off on commercial loans until they are in a critical time when the cash flow is needed. But there’s no reason to wait for the application! Cash flow ebbs and flows depending on the season and economic changes, so you need to be sure that you have the money available before you reach a critical situation.

The timeframe for commercial lending takes a little longer compared to personal loans. Additionally, you need to have a good financial profile to be approved for the loan. For example, if your business is already burdened with debt, then it might be difficult to get approval on your applications. Instead, apply for the financing when your business is in good financial health so that the credit is available in the future when it is needed.

The right financing can be the saving grace that serves your business needs in the future. It is important that you are working with a great accountant every step of the way, so there are no surprises with cash flow, future costs, and more.

A Few Things You Need to Understand about Business Loans

The best thing that you can do is learn about your options so that you can get the financing that is needed. A little bit of information can go a long way to help you avoid common problems that might arise with financing. Here are a few things that you should keep in mind:

  • Time Frame: It usually takes a little longer to receive approval for a business loan. Even though most consumers can be approved for a credit card or line of credit on-the-spot, the business loan application process is a little more involved. Be prepared so that you have plenty of time to prepare for future financing needs. Sometimes, commercial lending can take as long as 60 to 90 days until the loan is closed and the money is available. The complexity and timeframe vary depending on the type of loan that you are getting.
  • Complicated Application: This application process is a bit more complicated than filling out some paperwork and waiting for approval. Be ready for an extensive screening and piles of documentation that might be required. Common paperwork requests include several years of tax returns, AR/AP reports, financial statements, and documentation for collateral that will be offered. You might also need to show a business plan so that the lender can understand how the money will be used for business needs.
  • Payback Ability: As with all types of financing, the lender wants to see that your company will have the ability to pay back the money that is provided. Your lender will be evaluating your cash flow to determine how you will be able to handle the required payments. The Debt Service Coverage Ratio (DSCR) will be evaluated, which looks at the operating income of the company as well as the current and anticipated debt obligations that need to be paid in the future.
  • Financing Fees: Anytime commercial lending is offered, you can expect that fees will need to be paid. Ask about the fees that need to be covered up front, or if these costs will be bundled into the loan. Understanding the fee structure will help you know the amount of money that you are spending for the financing that is offered. Don’t forget to ask about pre-payment penalties in case you decide to pay off the loan early.
  • Collateral Requirements: When you are getting a personal credit card, there isn’t usually a need to offer collateral. But, the lender often requires collateral for bigger business loans. If you are providing collateral and the applicable documentation, it is common for the lender to require that the loan is 80% of the value of the collateral. So, you will need to come up with 20% cash before you can be approved for the financing. Banks calculate this Loan to Value (LTV) to minimize risk in case you default on the loan.
  • Structure of the Loan: The timeframe and payment requirements vary depending on the type of loan that is acquired. It is important that you understand your options and compare the payment details before settling on financing for your company. For example, some loans are less than 5 years and have an aggressive payment schedule. Other loans can be spread out over 20 or 25 years if needed. Additionally, you should look at options for fixed or revolving loans based on the way the money will be used.

Types of Business Loans

What type of financing is needed for your business requirements? These are a few options that you might consider:

  • Line of Credit: Small businesses often obtain a line of credit so that funds are available on an as-needed basis. Usually, there is a cap on these funds. This type of loan can be an excellent solution for managing unexpected costs and ongoing cash flow.
  • Working Capital Loan: Sometimes daily operations need to be financed, and you might consider this type of loan for these anticipated costs. These loans are ideal when you need to manage the fluctuations that occur due to seasonal changes or other variables that affect your cash flow throughout the year. This type of loan is usually unsecured.
  • Small Business Loan: Whether you are getting a start-up off the ground or you are looking at options to expand, a small business loan might be the right solution. The structure of the loan will vary depending on the lender, and might be secured or unsecured. Interest also varies depending on the terms of the loan.
  • Small Business Administration Loans: If you are searching for a low-interest loan, then don’t overlook the benefits of a Small Business Administration (SBA) loan. The SBA guarantees the amount, making it possible for the lender to offer the most favorable terms when it comes to interest rates and repayment schedules. These loans are usually between $30,000 and $5 million.
  • Accounts Receivable Financing: This money is available based on the amount of Accounts Receivables on your books. When your customers send payments, then that money goes to pay down the AR line.
  • Business Credit Cards: Sometimes the simplest solution to qualify for a loan is by getting a business credit card. But, you need to use this strategy as a short-term solution because the credit cards usually have high interest rates and can pose a liability to your company. If you are going to spend money on a small business credit card, then look for perks like cash back or 0% interest for 6 to 9 months. These bonuses will help to offset the cost of the card.

Do you have questions about your business cash flow or financing options? At Easier Accounting, we’re here to help you create the right financial strategy for your company. If you are considering commercial lending, then we can help you with the reporting and documentation that is needed so that you can qualify for the financing that is required.

Our team specializes in ongoing services for small business accounting and bookkeeping. Easier Accounting is a leader in the industry and offers flexible packages to accommodate the needs of every company. Call today to see how we can help with your business efforts: (888) 620-0770

Ready for Black Friday? Tips to Boost Small Business Sales

If you are in the retail industry, then the holiday season is the perfect time of year to boost your sales and optimize profits for the year. Shoppers have a buying mentality right now as they are searching for gifts to share with friends and family this holiday season.

Often, businesses take advantage of Black Friday and Cyber Monday as a way to lure in more shoppers with time-sensitive bargains. Whether you have a brick-and-mortar store or your business is run online, this time of year shouldn’t be overlooked. Right now is when you need to start the preparations to be sure that you are ready for the influx of sales that will come from interested customers.

Keep in mind that you don’t have to sell physical products to take advantage of Black Friday shopping. Shoppers are looking for all types of bargains, which means that it might be a great time to offer discounts or packages for your business if you provide services or digital products.

Think Outside the Box to Catch People’s Attention

While Black Friday can be hectic and busy, your company doesn’t have to get caught up in the noise of the holiday shopping season. Instead, look for ways to make your offerings stand out from the competition. Here are a few options to help you think outside the box so that you can set your company apart from the rest in the industry:

  • Don’t Fight the Early Morning Rush: As a small business, you shouldn’t be trying to compete with the big-box stores by starting your sales before the sun comes up. Most shoppers will head to the big-box stores in the wee hours of the morning (or even on Thanksgiving evening). You can bring in more interested shoppers by starting your sales later in the day. Everyone will be done with the crazy morning rush and ready to move onto your special promotions by noon. Communicate your sales hours in advance so that your customers can arrange their shopping schedule to match. You might be surprised to see how many people are happy to know that they don’t have to set an early-morning alarm to access your Black Friday sales.
  • Longer Holiday Hours: Regardless of the time that your store opens in the morning, consider extending evening shopping hours. Some people like to head out for holiday shopping after spending the day with family. So, extended evening hours could bring in more shoppers that wouldn’t have visited your business otherwise.
  • Encourage Gift Card Sales: How often do customers walk out of the store empty-handed because they were unsure about the right gifts to purchase? Instead of letting your customers get stuck in analysis-paralysis, offer a simple solution: gift cards. It has been found that gift card sales always go up during this time of year. You need to be sure that you have gift card options available and on prominent display when customers walk through the doors for the Black Friday sales.
  • Start a Marketing Campaign Right Now: Why should customers choose your products or services over other options that are available? Start a marketing campaign right now to show the reasons why you are the go-to resource for holiday shopping. In this campaign, highlight the reasons why your business is better than the competition. For example, do you have handmade items, locally-sourced products, or limited-edition options that are hard to find? These hooks are often more effective than the race-to-the-bottom with discount prices.
  • Don’t Offer Unsustainable Pricing: Be strategic with the way the holiday sales are structured. The goal should be to increase conversions. But, don’t boost sales at the risk of harming your profit margins. While it is important to offer deals to bring people in the doors, you should be strategic with the structure of the sales so that you don’t take a hit. The most effective way to ensure that your profit margins are still built-in is by offering product bundles or quantity discounts. Or, offer deep discounts on old inventory that needs to be moved.
  • Bonus Services: What is an extra service that could be offered to bring people in the door? For example, you might go the extra mile by offering free gift wrapping on Black Friday or passing out balloons for children. Or, have stocking stuffers that are complimentary for purchases over a certain amount. Consider the extra services that your customers would value. Don’t forget to share these details in your marketing messages that are shared via email and social media.
  • Schedule an Event: Plan Black Friday to be a day when there is a party in your store. Offer snacks or drinks, play fun holiday music or bring Santa Clause into your store. Send out an email and share these happenings on social media so that your customers know what to expect when they visit your store.
  • Incentives for Social Media: If you are trying to boost social media engagement, then let your customers help with the difficult work. You can share great content on social media to highlight the Black Friday sales that are available. Another option is to add an incentive for customers who share on social media. For example, a share on Facebook gives the customer access to a special discount on the products they are buying. Always include the popular hashtag #blackfriday and a hashtag that is unique to your company.
  • Product Bundles: Gift bags or baskets are always a great solution when people are looking for fun, creative gift ideas. Instead of selling items individually, look for logical ways to package your products. This strategy is an effective way to upsell people to a higher price point. Plus, people love the gifts that are ready to go without additional work. If you don’t have pre-designed packages, consider offering a discount when customers choose three items that are related.

Step Up Your Digital Presence

Promoting your Black Friday sales on social media is a good way to share information online. But, more and more customers are turning to online shopping options. People love the idea of completing their shopping lists without leaving the comfort of home.

As a small business, you can take advantage of Cyber Monday and/or Small Business Saturday. If you don’t have online shopping options available, then right now might be the perfect time to expand your offerings to include e-commerce sales so that you can capture a larger portion of the market.

Offer coupons that are exclusive to Cyber Monday or Small Business Saturday. Or, you could also capture the people who procrastinated their Black Friday shopping by offering sales that are available through the first few weeks of December.

Administrative Prep for the Holiday Season

You might be busy stocking the shelves and working on holiday marketing and promotions. But, don’t overlook the importance of keeping up with the necessary tasks that need to happen behind-the-scenes for your business. For example, right now is an excellent time to get caught up on bookkeeping and accounting if you have been slacking on these tasks.

Procrastinating the financial reporting, auditing, and other business paperwork that needs to be handled means that these essential items will just build up through the holiday season. There’s nothing worse than reaching the end of the year to discover that you have a huge task list of unfinished business that should have been addressed for your company.

Make sure that your payment processing system is ready for the increase in sales. Upgrade accounting and bookkeeping software so that you don’t run into glitches during the busiest time of year. Assess inventory and redirect cash flow if needed so that you have plenty of product to offer when customers are ready to buy. Evaluate the employee schedule so that you have plenty of help available during the busiest times of the season. These small details will go a long way to help you increase sales, improve customer experience, and optimize the results that are available for your company.

Outsourcing the Services that are Needed

A little bit of work right now will ensure that you aren’t overly stressed as you reach the end of the year. If you don’t have the time or desire to work on these tasks by yourself, then it is the perfect time to bring in an industry expert for assistance.

For example, an accounting team can get your books in order so that you are ready to close out 2018 and start 2019 on the right foot. It is important that you have a good financial system in place so that the growth of your company isn’t hindered by the work that needs to happen behind the scenes. Professional accounting services are essential to assist with tax strategy, cash flow, and more.

Easier Accounting is here to assist with your small business efforts. If you need financial advice or you are looking to implement an improved financial strategy for your company, then we invite you to call to learn more about the services that are available: (888) 620-0770

Avoid These Accounting Strategies that Just Don’t Work

Staying current with your accounting system is essential so that your business can keep up with the growth that is happening. But, it is important that you are careful to avoid common mistakes and pitfalls that often happen in the accounting industry. The right accounting strategies can be crucial to help with potential success. On the other hand, the right financial strategies could be the downfall of your company.

You can find many resources about accounting and bookkeeping tips for small business owners. While there are helpful resources in the industry, it is hard to know which strategies are applicable to your industry and business. Instead of guessing your way through the systems and processes, you need to tap into the expertise that only comes from someone working “in the trenches.”

Hiring an accounting team might be the best decision that you will ever make for your company. Not only will these accounting strategies give you insider information about the processes that are working in today’s economy. But, you can also learn about the techniques that are applicable based on your personal circumstances.

Accounting Mistakes that are Costing You Money

These are some of the biggest mistakes that we see in the accounting industry. Shining a light on these poor accounting strategies can help you avoid some of the problems. Learn from other people’s mistakes so that you don’t have to harm the success of your business:

  • Profits = Cash Flow: Just because you close a big deal, doesn’t mean that the full contract amount can be chalked up as profits for your company. It is easy to see the money that is coming in and assume that the cash is available for other purchases. But, business owners often make mistakes with the way the money is handled. Then, they run into issues when the cash isn’t available for taxes or payroll. Whenever money hits the bank account, it is a good idea to set a portion aside in a savings account that is dedicated for taxes and other expenses.
  • No Emergency Account: Most companies experience ebbs and flows in the way the money moves through the bank account. Instead of being surprised when there isn’t enough cash to pay the bills, look ahead and make sure that you always have an emergency fund to cover the gaps when needed. The best solution is to have 3 to 6 months of cash flow in an account that is left untouched until an emergency situation This strategy protects your company from going under if the economy slows down or you experience normal seasonal fluctuations.
  • Procrastinating Bookkeeping and Reporting: It is essential that you are recording everything that moves through your business account. No matter the size of the transaction, be sure that you are keeping records of both large and small costs and invoices that come through. Proper categorization for your accounts is essential for tax deductions and future financial strategies. Many business owners find it difficult to implement a good accounting system. So, the best solution is to bring in an outsourced accounting team to help with the business strategy and application of the systems.
  • Improper Tax Filings: Did you know that a mistake on your tax filing could cost your company thousands of dollars? Don’t let yourself be fooled into thinking that you can handle DIY business taxes. If you don’t have experience working on business tax filings, then you need to outsource these services to a team that understands the best methods for your company and industry.
  • Blurry Lines Between Contractors and Employees: Understand the legal requirements that separate employees and contractors so that you are handling the taxes correctly. There are major accounting consequences that can occur if mistakes are made with worker classifications. So, never make assumptions about the way the person is classified without consulting with an industry professional. You need to understand the difference between employees and consultants so that your accounting records are accurate to match the business relationship with each person.
  • In-House Financial Services: When new skills are needed, or the team is overworked, then it is common for a company to hire in-house employees. There can be benefits to having an accounting on staff. But, you need to consider the financial impact that will affect your profit margins. When you own a small company with low revenue, you probably can’t afford to pay for the in-house services that are needed. Not only do you need to cover the cost of the accountant’s salary, but you also need to pay for benefits, office space, equipment and more. Plus, in-house accounting could result in problems with accuracy, tax deductions, and more. The best solution is to choose an outsourced accounting team that can help with everything from payroll to reconciliations.
  • Outdated Accounting Systems: If your tax deductions are tracked on sticky notes, and you are still managing invoices in a spreadsheet, then it means that you are behind the times. Manual accounting was a great strategy back in the day. But, newer systems have changed the industry and improved the options that are available for small businesses. There’s no reason why you shouldn’t take advantage of an automated computer system that is managed by a team of accounting experts. Implementing the right system can have a profound impact on your company, helping you keep up with the trends that are happening in our modern digital age.

Why You Will Love Outsourced Accounting Services

If you want to improve the accounting strategy for your small business, then outsourced services are likely your best option. Bringing in a professional perspective is a great way to ensure that you are staying on the right track in the way your company is being managed.

You can offload the busy work that is associated with financial management. When the accounting team takes over these tasks (such as payroll processing, transaction categorizations, auditing, reconciliations, and more), then you can dedicate your time and efforts to other tasks that are needed for your company.

Too often, business owners get caught up in the busy work required for bookkeeping and accounting. If you are spending your valuable hours going through transactions or calculating payroll, then it means that you are likely missing out on opportunities that could help with the growth of your company in the future. How much will your sales improve if you spend time working on new marketing strategies or product development, instead of crunching the numbers for the monthly financial reports?

Outsourcing these services to an accounting team means that you can enjoy the benefits of accurate financial information and a clear picture of the financial health of your business. But, you don’t have to waste your time when you are already carrying many other responsibilities to keep the company running. Invest a little money into accounting services so that you can focus your efforts and attention on other things that will leverage your results in the future.

Making the Best Decisions for Your Company

One thing to consider is the potential mistakes that could be made if your financial reports aren’t managed properly. For example, if there are issues with your accounting system, then it means that you are likely using inaccurate information when it is time to make big decisions relating to the future of your company.

These accurate reports are essential when you are looking at hiring options, equipment purchase, inventory replacement, business development and more. You need to know how much cash is available right now, as well as the cash that will be needed for the future. Staying ahead of this financial information will help by reducing your stress related to cash flow problems.

What Accounting Strategies Do You Need?

Now that you can see the importance of hiring the right services to support the needs of your small business, it is time for you to choose the services that are required for your company. The advantage of working with a concierge team, such as Easier Accounting, is that these services can always be catered based on your requirements.

We are always looking for solutions to personalize your business systems. Our team has been working in the accounting industry for many years. During this time, we’ve built the right experience to ensure that you always receive the best services that are available. We understand the importance of specialized accounting services, which is why you should choose our team. We’ve focused our experience on small businesses and entrepreneurs.

Learn About the Accounting Services that are Available

How should you get started if it is time for you to learn more about accounting services? You can read information online, but nothing beats a personal conversation with an industry expert. Right now is the time to take action, so we invite you to call our team to learn more about the services that are available.

Easier Accounting is leading the industry by offering innovative solutions for entrepreneurs and small businesses. Call us today to see how we can help with your business needs: (888) 620-0770

Top Benefits of Outsourced Accounting Services

You know that it is time to hire an accountant to help with your business finances. But, now you are facing the challenging decision of choosing the right accounting team to take care of the services that are needed. How should you go about choosing the right accounting services for your start-up or small business? Outsourced accounting services can transform your financial reports, helping to boost the potential of success of your company.

DIY is a Bad Idea

Do-it-yourself might be a good solution if you are repainting a bedroom or working on product development ideas. But, don’t make the mistake of trying to manage the finances for your company if you don’t have experience with accounting and bookkeeping.

One of the common problems that we see is when business owners attempt DIY financial management for their startups. While things might seem fine in the beginning, even the smallest issues can snowball into big problems in the future. As a result, you might end up paying more money to an accounting team that needs to clean up the mess.

These problems are easy to avoid by hiring the right accounting team in the first place. Quality accounting services will be helpful to create a solid foundation for your company and set you up for a successful future.

Local vs. Online Services

Often, the first idea is to look for accounting services in your city or town. While there may be benefits to local accounting services, don’t overlook some of the benefits that are available from hiring remote services. Most businesses are managed in the cloud, which means that there is no reason why you need to have face-to-face conversations with your accounting team. Instead, you can choose a team located anywhere in the country.

Online accounting services can be a good choice because you can tap into the best skill set applicable to your business needs. Plus, it is common to get a better “bang for your buck” regarding the quality of services that are offered at a minimal price.

The best thing that you can do is evaluate your options and then find the outsourced accounting services that match the requirements of your business.

Why Outsourced is Better Than In-House Accounting

One common debate is whether you should hire an employee or an outsourced accounting team to assist with the financial reports. Consider the costs of bringing an accountant on staff, and you will see that it is more affordable to outsource these services instead of maintaining the work in your office.

If you hire an accountant, then you are adding another salary to your payroll. Plus, you will accrue additional costs for office space, equipment, office supplies, benefits, and more. These costs definitely add up to more when you are paying for an internal employee.

Also, consider the fact that you can tap into a specialized skill set. Employees are often looking for training on the job, which means that you will need to cover the costs as they learn the skills that are applicable to your company. On the other hand, you can skip the training expenses by choosing an outsourced accounting team that specializes in the type of accounting that you need. For example, if you have a small business or a start-up, then your best bet is to choose an outsourced company that has experience working with other small businesses. It doesn’t make sense to hire a big, corporate accountant if you are in the beginning stages of getting the business off the ground.

Benefits to Expect When Hiring Outsourced Accounting Services

Here are some of the benefits you can expect when you choose outsourced accounting services:

  • Don’t Stress Over the Numbers: Does crunching numbers give you a headache? If you don’t enjoy managing the bookkeeping, taxes, and accounting, then it is time to hand these tasks off to an experienced team. You have the luxury of choosing how you are going to spend your time. Don’t waste your day doing something that you dislike. Outsourcing this part of your business means that you will have more time and energy to put into business growth activities and other management tasks that you enjoy.
  • Lean on the Experience from the Pros: Putting your books in the hands of the experts can have a drastic impact on the success of your company. Your accountant can offer years of experience, training, and education. They work with many companies on a day-to-day basis, which means that your business can benefit from the lessons that have been learned over the years. While an in-house employee can handle basic tasks, the employee can’t match the industry-specific skills that come from a dedicated accounting firm.
  • Improved Productivity: Instead of dedicating your time or your employee’s responsibilities to accounting and bookkeeping, outsource these requirements to free up resources for other tasks. A large amount of paperwork is required to keep up with accounting needs, leaving many companies buried in invoices and tax forms. Let the experts handle the files, which will help to boost the productivity of the staff in your office.
  • Save Money: One reason you need financial management is to save money and boost profit margins. As mentioned above, outsourced accounting services are cheaper than hiring an in-house employee. But, there are other financial benefits that can be expected as well. Remember that outsourcing is an investment. When you compare the costs of outsourced services, you will find that these costs are more affordable compared to other options. Plus, a good accountant can help with cost savings by reducing the tax burden, managing expenses, and more.
  • Grow Your Business: If you are experiencing a growth trend in your company, then you need to be sure that you have the support to help with the anticipated expansion that will be happening in the future. Bringing in the services of an accountant means that you will have the structure in place so that your company doesn’t buckle under the potential growth. It is possible to maintain agility as the industry fluctuates with rises and falls over the years.
  • Latest Industry Technology: It is easy to get stuck in “analysis paralysis” when you are comparing various accounting software programs that are available for your business needs. Instead of wasting days or weeks trying to determine the right features that are needed, talk to an experienced accounting team for assistance. You can access the latest technology and create financial systems that are built to last. Using the services of an accounting team means that you are benefiting from the leading accounting software and best systems to ensure the success of your business.
  • Focus on your Business: When you hire an accounting team to take care of the financial services that are needed. Then, it means that you can turn your focus to the core activities that are needed to grow your business. Don’t let yourself be distracted by focusing on things that sidetrack your focus from the things that you need to be working on. While it is important to take care of back-end tasks, these things can be outsourced so that your focus is placed solely on the activities that will help with the future growth that you are striving to achieve.

Choosing an Outsourced Accounting Team

The most important factor in choosing an outsourced accounting team is to find the core competencies that will help your company grow. What services are needed for your business model? How much support is needed throughout the year?

You might be surprised to see just how much you will benefit by bringing in a bookkeeping and accounting team to help. These services can be used to manage payroll processing, ongoing tax forms and payments, invoicing, cash flow, and more.

There’s no question that outsourcing helps with the efficiency and effectiveness of your business. When you have a good financial system in place, then many of the common issues will be smoothed over. Plus, you can rely on accurate financial reports when it is time to make big decisions that will affect your company.

Boost Your Business Results

If it is time to make a change so that you can move your company forward, then you need to look for options that will help with the growth of your business. Accounting and financial services are great solutions that can make a difference in the future.

Before you rush into this decision, we invite you to call our team to learn more about the services that are available. We offer a range of options that can be customized based on the needs of your company. Our team is always on call to answer your questions and help you determine the solutions that are most applicable to your business model.

Easier Accounting is leading the industry by offering the best outsourced accounting services that are available. We offer many years of experience helping entrepreneurs and small businesses with common accounting tasks. Call today to see how we can support your business efforts: (888) 620-0770

Tips for Securing Your Business Financial Information

Technology has made it an amazing time to be a small business owner. There are many options to improve your business by leveraging the use of software, computers, the internet and more. Computers and software programs can make your daily tasks easier. You can automate transactions and organize information related to the management of your company. It is obvious that digital business management makes things easier for you and your customers.

Many business owners use online budgeting tools, payment processing systems, websites, mobile apps and more. These tools are great to reduce the time that is required on busy work such as banking, accounting, and bookkeeping. At the same time, you might be putting yourself at risk due to databases that aren’t secure.

With the benefits of technology comes potential risks as well. Since we live in a digital world, there are many scammers and hackers looking for ways to exploit information that can be accessed online. As a result, it is important that you are proactive to secure your business financial information to protect your company and your customer information

Risks of Financial Exploitation

Why does it matter if you have the right security systems in place? If your financial information is hacked, then it could be a devastating problem for you and your company. Not only can the hackers steal your information, but you could lose money and time as a result of the stolen information.

In some situations, you know about the problems immediately. For example, you might find unexplained charges on your credit card. Or, a hack could cause your bank account to be drained. But, there are other times when the exploitation isn’t noticed until the issue has grown into a bigger problem, such as identity theft. These serious scams could cost thousands of dollars to correct the problem.

Tips to Protect Yourself and Your Company

Just because there is a risk to your business financial information, doesn’t mean that you need to stay in the stone-ages and use paper and pencil to track your business accounting. Instead, you can implement a few effective tips to protect yourself and your business finances. Here are some of the essentials that should be considered by every business owner:

  • Set a Schedule: It is important to change passwords regularly, especially on your sensitive financial accounts. But, many people don’t think to change the passwords until it is too late. Mark your calendar so that these passwords are changed Even though it takes a little time to update the information, it is worth the time investment so that you can protect your company.
  • Use a Password Manager: Storing your passwords on a notepad in your desk drawer is one of the biggest mistakes that could cost your company money. Even though you assume that you can trust everyone in the office, there is a possibility that someone might make a poor decision when they find an easy opportunity. You shouldn’t keep your passwords in printed or written form without putting those papers under lock and key. If you have hard copies of this information, then they should be stored in a safe or locked filing cabinet. Better yet, choose a good password management system such as Roboform or Lastpass so that you can keep all of your passwords in one digital location. These password managers have great reputations and offer the encryption and security that is needed to protect your financial interests.
  • Manage Your Computer: If you open up a bank account or other financial account on your computer, make sure to log out and clear the cookies after you are done with the session. Leaving your online banking data open in the browser could increase the likelihood that someone will access your information. Also, consider adding a password to access your computer so that you can protect the offline files that are stored on your hard drive.
  • Choose Reputable Software Companies: Don’t make the mistake of trying to save a few bucks by choosing a new software company. The best solution is to pick a software program with a great reputation in the industry. You can rest assured to know that your information is protected when the software program offers the encryptions that are needed to avoid hackers and information theft.
  • Set Up Notifications: Do you know when someone accesses your bank accounts? It can be helpful to set up notifications so that you are alerted when someone is trying to access your information. Also, consider adding transaction limits or transaction notifications. For example, choose a dollar amount that would be an unusual transaction so that you are notified immediately if anything looks suspicious in your account.
  • Check Your Bank Account Regularly: Are you aware of the financial transactions that are moving through your bank account and credit cards? Regularly monitoring of these accounts can be helpful so that you can quickly catch any issues if something comes up. Consider utilizing the services of an outsourced accounting team so that you have regular audits of your financial accounts. These services are essential to detect potential fraud and scams.
  • PCI Level 1 Compliance: If you receive credit card transactions from your customers or clients, then you need to be sure that you are keeping up with PCI Level 1 compliance. Most business owners don’t understand the ins and outs of these compliance requirements. So, the easiest solution is to choose a reputable merchant processing company that ensures the details of the compliance requirements that need to be met. For example, your payment processing service can take care of encryption and good stewardship of all of the data.
  • Two Factor Authentication: When someone accesses the password to your bank account or email account, then they can do a lot of damage in a short time. Make it hard for hackers to access these accounts by adding two-factor authentications on your accounts. This means that you need to enter a password when accessing the account. Then, you will receive a text message or email with a one-time use access code. Most of the time this access code is only good for 60 minutes, helping to lock down the time that you can access the account.
  • Turn on Activity Tracking: Some software programs allow you to turn on tracking activity. For example, on your email account or accounting software, you can view an activity log that shows all of the logins and the activities that are completed. This information helps with the audit trail so that you can see the source of problems if things aren’t adding up.
  • Update Your Software: All software programs need to stay updated at all times. Sometimes, hackers find weak points in the software code that can be used to access information. So, software updates are designed to patch the identified issues. Not only do you need to maintain updated software on your computer and cell phone, but also keep the software updated on your websites, accounting software programs, and anything else that might provide access to sensitive information.
  • Use Cloud-Based Services: If something happens to your office or computer, then it can be a tragedy to lose all of the information that was stored on the hard drive. Use a cloud-based accounting software so that you can still access the relevant information in case your hard drive fails or your computer is stolen. These cloud-based programs are encrypted to secure your information. Plus, you can provide secure access to trusted, remote service providers, such as your accountant.
  • Check Your Credit Report: A regular review of your credit report can be helpful to ensure that your credit hasn’t been tampered with. Look at this information a few times a year to see if any unexpected credit lines have been opened. If you find any errors or suspicious activity, then you can file a dispute with the reporting company as soon as possible to clear up the mess. Also, consider the benefits of credit monitoring services. Sometimes, you can find package deals that include credit reporting information and credit monitoring. Each time activity happens on your credit report; then you will receive an alert notifying you of the activity.
  • Be Careful about Social Networks: Most people use social networks on a daily basis, but you need to be careful about the information that is posted on these sites. Quizzes and fun games are designed to pull information that might be related to security questions, such as your mother’s maiden name, phone number, birthdate, or your pet’s name

Other Tips to Protect and Improve Your Business Financial Information

The best thing that you can do to protect your business finances is to tap into the services offered by an experienced accounting team. At Easier Accounting, we’re here to support the financial health of your company. If you are looking for support to improve your business systems, then we encourage you to call us right away to learn more about how we can help. Contact us at: (888) 620-0770