Overlooked Benefits of Hiring an Outsourced Accounting Team

It can be a challenge to decide if you should hire an outsourcer or employee to help with the accounting needs of your company. If you want to improve financial systems and set your company up for future success, then you need to be sure that you have the right financial professional to help.

As you compare the options, you will see that an outsourced accountant is often the best choice. These are a few of the benefits you will enjoy when you hire an outsourced team to help with accounting for your company:

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1. Working with a Team

Hiring an employee means that you will have a single individual handling your business financials. On the other hand, an outsourced accounting team can give you access to multiple accounting professionals. The combined experience is much more powerful than one person.

2. Efficiency of Workflow

Some small business owners make the mistake of trying to handle many different tasks on their own. If you are juggling different responsibilities throughout the day, then it likely means that you are wearing yourself thin. Hire an outsourcing team to handle some of the work, which in turn will allow you to improve your workflow and efficiency during the day.

3. Focused Expertise

A reputable accounting firm can offer invaluable experience, especially when they have been working with many other companies that are similar to yours. It is much better to hire a seasoned professional instead of trying to save money by bringing in a low-salary employee fresh out of college.

4. Proven Systems

There’s no reason to re-invent the wheel! An experienced accountant can make recommendations about the financial systems that should be used for your company. Investing in the right systems can make a big difference to help you have access to the best financial reports. These details will make it easier for you to make the right decisions throughout the year.

5. Scale for the Future

As a business owner, you are likely focused on the tasks that will help your company grow. To scale the company, you need to make sure that you have the right financial systems in place. An outsourced accounting team can offer the support that you need to prepare for the future.

Here at Easier Accounting, we are here to assist with the financial needs of your small business. We offer expert accounting services that can be catered to match your individual needs. Call us right away for more information about the services that are available: (888) 620-0770

Why You Need to Worry about Business Taxes in July

July isn’t tax season, so why do you need to think about your tax strategy during this time of year? It is common for business owners to make the mistake of ignoring their taxes until tax season rolls around. At that point, it is too late to change tax strategy to minimize tax burden. So, if you want to maximize cash flow and take advantage of all of the deductions that are available, then you need to be sure that you are looking at your tax strategy throughout the year.

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Tax Strategy All Year Long

The way your business is structured and the decisions that you make throughout the year can impact the amount of taxes that you will pay when it is tax season. If you want to improve your tax return, then it is essential that you are working with a small business accountant all year long.

When you understand more about your tax strategy, then you can adjust your ongoing financial decisions to be sure that they match up with your long-term goals for the company. Even small decisions can have a bigger impact long term because these small decisions can add up over time.

Leveraging Deductions that are Available

An experienced accountant will have a thorough knowledge of tax law, helping you to understand more about the types of write-offs that can be used for your company. It is inevitable that you will have ongoing expenses and costs to keep the business running, and these costs can be used as write-offs and deductions to reduce tax liability.

In some situations, it might make sense for you to invest in equipment and software at certain times. For example, your accountant might make the suggestion to purchase these items before the end of the year to increase spending a little more for this year.

The advantage of working with an experienced tax accountant is that you will have the peace of mind to know that they are familiar with the tax laws. You don’t have to waste your time learning about how tax laws impact your company. Let the professional handle these details for you, so that you can focus on the management tasks that are needed to help your business grow.

Here at Easier Accounting, we offer a wide range of accounting services to help your company. Contact our experienced team today to learn more about the services that are available. We are here to help! (888) 620-0770

Cash Management Tips for Small Business Owners

Every business needs a steady flow of cash to keep the operations running, but sometimes cash flow is one of the biggest challenges faced by small business owners. Without cash flow management, it is impossible for your business to survive. So, it is essential that you focus on cash flow management if you want to be successful with your business efforts.

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Anticipating Future Cash Flow

Instead of only looking at the current balance in your bank accounts, you need to anticipate the transactions that will be coming through so that you can prepare for the future. You might have a positive balance right now, but a big transaction to pay a vendor might drain your account. As a result, you could be facing problems with payroll or other essential aspects of managing your business.

But, if you plan in advance, then you can be sure to have enough money to cover all of the expenses that are needed. Look at the invoices that are coming in as well as the expenses that will be moving out of the account.

Implementing the Right System

One of the biggest problems that will impact cash flow is if a business owner doesn’t have a solid plan in place for their financial tracking. Sometimes it feels like “fire control,” simply trying to come up with the payments that are due right now. It might feel frustrating like you can never get ahead in your business.

Instead of simply bouncing from one payment to the next, it is better to take a proactive approach to planning for the future. The right type of accounting or bookkeeping software can make a big difference. These types of programs will help you see the current account balances, as well as future transactions that will be coming through. As a result, you will be able to make informed decisions about expenses to manage your cash flow more effectively.

Hire a Professional Accountant to Help

If you are having cash flow problems, then it is a sign that you need to bring in a professional to help! Bookkeeping or accounting services might be the best solution to help you keep up with monthly financial tracking so that you can manage your business finances more effectively.

Here at Easier Accounting, we have the experience that you need to help your business succeed. Call us today and we can help you implement the right financial system so that you can improve your business: (888) 620-0770

How to Be a Better Business Owner

As a business owner, you have a lot of responsibilities on your shoulders to help the company grow. Are you prepared for the future? Are you making the right decisions that are in the best interest of the company? Don’t let yourself feel the weight of some of these decisions, because there are situations when it makes sense to involve other professionals in the decision-making process.

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Common Mistake of Business Owners

If you are looking for ways to be a better business owner, then you need to consider the benefits of hiring professional contractors to help. One of the biggest mistakes by business owners is that they try to handle responsibility on their own without utilizing the help of a professional team. It is common for start-ups and small business owners to wear multiple hats throughout the day. They are trying to juggle the various tasks that are required to keep the business moving forward.

But, you don’t have to do it all on your own! In fact, it is possible that you might be hindering the growth of your company because you aren’t choosing to hire the right team to help.

How an Accounting Service will Help Your Company

When you are making important financial decisions, it is essential that you have a clear picture of the current and future financial health of the company. But, accounting mistakes can mess up the reporting and change the outlook, resulting in a situation where you are making decisions based on false information.

Most business owners don’t have professional accounting skills. They might try to handle the accounting tasks on their own, but it is likely that mistakes are made along the way. Instead of filling your day with boring accounting and bookkeeping tasks, it is better for you to focus on the other aspects of business management and let the professionals handle the finances for you.

The right team of accounting professionals will make it easier for you to manage the company in the best way. You don’t have to spend your time on bookkeeping and filing. Also, you will always have current financial information to help you make the right decisions for your company.

If you are ready to help your business grow, then right now is a great time to learn more about the accounting and bookkeeping services that are offered. For more information, call us at Easier Accounting! We specialize in accounting services for small businesses, and we are here to help: (888) 620-0770

Accounting and Bookkeeping Services for Home Based Businesses

If you run a home based business, then it is likely that you are wearing many hats throughout the day: manager, customer service representative, bookkeeper, and more. It takes a lot of work to get a start-up off the ground, and many people are looking for ways to cut costs and maximize financial accounts.

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Even though you are trying to minimize costs, there are some benefits to hiring outsourcing services for certain tasks. As a business owner, you need to make sure that you are focusing on your strengths instead of wasting your time on tasks that can be easily outsourced.

Benefits of an Accountant

Most small business owners don’t have experience in accounting or bookkeeping. As a result, these types of tasks take quite a bit of time and cause a lot of frustration throughout the week. Additionally, it is common for small business owners to make mistakes with their financial records, simply because they don’t have the knowledge or experience to know how to manage the books.

Instead of feeling stressed over the financial records, it is much better to have an accountant handle these tasks. You can focus on other responsibilities within your company and pay a small fee for the services of a bookkeeper or accountant.

The experience of an accountant can be very beneficial to help your small business grow. An accountant will offer suggestions to maximize cash flow and minimize expenses. As a result, the profitability of the company can be maximized.

Leveraging Home Based Business Write-Offs

When you are running your small business from home, there are certain write-offs that can be used to minimize tax burden. If you want to leverage the maximum amount of write-offs, then you need to be sure that you are working with an experienced accountant for tax preparation each year.

An accountant can assist with annual tax filings, as well as quarterly tax payments, employee taxes, and more. These services can be catered to match the needs of your company. Your accountant can help you put together the best plans to help your business succeed.

Are you ready to learn more about how these accounting services can be beneficial for your business? Call our experienced team at Easier Accounting for more information! We offer accounting services to small businesses, and we know what works best for home based businesses. Contact us by calling: (888) 620-0770

Are Electronic Records Sufficient for Your Financial Tracking?

Most business use digital systems for tracking financial records and other information, and there are a lot of benefits to using these online accounting systems. Does your company utilize a digital software to manage financial details? Even though the transactions are recorded in the system, it is still essential that you have receipts and other records to back up the transactions.

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Why are Receipts and Records Needed?

The reason that you need to keep the receipts and records is to provide verification in case your company is audited by the IRS. If an audit occurs, then they will need more information than just the basic transactions in your accounting system. These receipts and financial documents back up the records, showing that the transactions were real and legitimate.

There are cases where the backup documentation wasn’t available, causing the company to get in trouble with the IRS. Additionally, this information allows your company to verify the transactions in the system in order to ensure that the records are maintained correctly.

Paper Records to Back Up Your Electronic Journal

When the IRS looks at your digital system, it is assumed that you have paper documentation to back up the information in the software programming. Digital transactions can be changed, but a paper record provides the verification that is needed to increase the reliability of your tracking system.

In fact, the tax court has said that it is negligent to rely on electronic entries without maintaining supporting record to validate the transactions.

Staying Consistent with Documentation

The best thing that you can do to keep your company protected is to maintain consistent documentation at all times. Many business owners don’t have the time or knowledge to maintain accurate record keeping, which is why it is beneficial to work with a professional company that offers the bookkeeping services that you need. Having a bookkeeper on your team will ensure that you are keeping track of the right information throughout the year, and you can have the peace of mind to know that a professional is staying ahead of the changes in tax law.

Here at Easier Accounting, we want to make it easy for you to manage the accounting for your business. For more information about working with a small business bookkeeper, we encourage you to contact us right away. We are always here to answer your questions so that you will have success with your accounting and bookkeeping efforts. Call us today: (888) 620-0770

Productivity Hacks for Small Business Owners

Productivity matters, especially when you are running a small business. Many business owners find that they are torn between different responsibilities, and they have a hard time keeping up with all of the tasks that need to be completed. Here are a few tips to help you improve your productivity throughout the week:

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Hire a Bookkeeper

There is no sense in spending your time on tasks such as bookkeeping and invoicing. These things can be outsourced to an online bookkeeping company, which will free up your time so that you can focus on other important things instead. In fact, it is actually more cost-effective to outsource your financial management to a professional bookkeeping service instead of handling it in-house. It can be expensive to maintain the salary and benefits for an employee, so talk with a bookkeeper instead of hiring an employee to help.

Manage Your Communication

Do you find that you are constantly interrupted throughout the day? It can be hard to get anything done if you have text messages, phone calls, and emails coming through all day long. Instead of responding to each of these messages as they come in, you might consider managing your communication so that you can have some productive time. For example, it is beneficial to put your phone on “airplane mode” so that you can’t be reached for an hour. During that time, see how much you can get accomplished when you aren’t being interrupted every few minutes.

Schedule Meetings in Advance

Instead of constantly rushing from one meeting to the next, look for ways that you can improve your meeting schedule to stay efficient with your time. As an example, it is important that you meet with your small business bookkeeper on a consistent basis to keep up with the financial details. You might choose to schedule a standing meeting once a month, and ask the bookkeeper to send the financial reports in advance so that you can read through the numbers at your convenience.

At Easier Accounting, we know that you have a lot of responsibilities when you are running a small business. We want to help by offering our bookkeeping and accounting services, which are beneficial to decrease your workload. For more information about the ways that bookkeeping can reduce your stress and improve the results of your company, we invite you to contact our team any time. We are here to answer your questions and help with anything that you need: (888) 620-0770

Important Financial Statistics You Need to Know Every Month

Do you know the current financial status of your business? Many business owners are missing out on crucial details and reports that can impact the success of their company. You might know information about what you sell or how you connect with your customers, but you need to ensure that you understand important details regarding the financial health of the company.

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Make it a point to stay up-to-date with financial tracking, and you might even consider hiring a small business bookkeeper to help with these ongoing tasks. Also, each month make sure that you can answer these questions about the financial health of your business:

How Much Money is in the Bank?

Cash in the bank matters, because the cash flow will impact your ability to pay the bills and keep your vendors happy. Make sure that you know the amount of money in your bank, and be proactive to ensure that you have plenty of cash available to cover the bill payments when they go through. For best results, you should have a monthly budget put together so that you can compare that budget with the cash in your account.

Are You Exceeding Your Break-Even Point?

Do you understand the break-even point of your company? Compare the amount of revenue that is necessary in order to cover basic bills and overhead costs. When you know your monthly costs, then you need to make sure that your income exceeds the amount that you are paying out. By learning more about your break-even point, you can prevent the dangerous situation of burning through the reserve stash of money. Failing to break even every month means that you might find yourself in debt in order to keep the company afloat.

How Profitable is Your Company?

Don’t make the mistake of waiting until the end of the year to prepare your financial reports. Instead, it is better to examine profitability on a monthly basis, so that you always have an understanding about the financial health of your company. By waiting for quarterly, half-year, or annual reports, it is possible that you might discover a problem that is too big to rectify because too much time has passed.

As you are consistent with the financial tracking within your company, you will see that this information is very beneficial to help you prevent financial disaster. If you want your business to succeed in the future, then you need to ensure that you are taking a proactive approach to stay up-to-date with the financial statistics of the company.

For more information about ongoing accounting and bookkeeping services, contact our experienced team at Easier Accounting. We are here to help: (888) 620-0770