Top Critical Success Factors for Restaurant Business

Today my Blog will be less “numbery” and show a bigger picture of critical success factors for restaurant owners. Below listed 5 restaurant success factors every restaurant must excel at in order to be successful. I hope it will be of value to you especially if you are just at the beginning of your restaurant adventure.

As stated by the MAC, a business accounting intelligence agency, there are fundamental success factors specific to restaurant industry. If you succeed in those factors you are guaranteed to have a very successful restaurant. Restaurant Accounting Services helps you in manage your Restaurant financial.

 

Top Restaurant Business success Factors

Access to niche markets

You don’t want to be a jack of all trades, or offer food that is already offered by the majority of restaurants in your area. Pick a distinct and unusual cuisine, and corner the market on that product, and cultural experience. Research is a critical success factor here for your niche choice, and it is vital to check what is currently trending. Always look outside your area for this – You live in a small city? Check what is trending in the nearest big city. You live in a big city? Check what is trending in the big cities of USA. It’s only a matter of time before people in your area will want to join those already sampling new flavors from the different cultures of the world.

Effective quality control

You must always strive for the best quality of service and product. Without the right systems in place it is easy to make a mistake. Remember – it only takes one bad experience to damage your reputation. How can you ensure that your service and food is of the highest quality possible? One critical success factor for restaurant quality control is the mystery shopper. Regularly have a “secret customer” come to your restaurant and report on the quality of the food and service and its consistency. Another critical success factor for restaurant quality is effective training for new staff. Job manuals are very important in every business. Not only will it ensure that tasks are performed to the same quality and effect no matter who is performing them, but it also gives you the flexibility to leave your business to others once it is set up. As a bonus, your employees will then have a reference if they are unsure on a practice or policy in the way your business is conducted.

                Read More : Top Restaurant Business success Factors

There are of course more factors that you could consider in order to have a successful restaurant. However, the critical success factors for restaurant business development described above are the most important. Make sure you are focusing on them and the future of your restaurant will be bright.

Steps for Improving Accounts Receivable Process

You need to set up procedures for accounts receivable if you extend credit to your customers. Account receivable arises when you allow customer to take immediate possession of a product or receive service in return for a promise to pay in future. In other words, this means you allow them to take possession of your products before they pay you.

If your business accepts credit cards, credit card company manages risk. But if customers are going to pay with cash or cheques, you must manage verification of payments and risk. X Trustworthy Source US Small Business Administration, US government agency, focuses on supporting small businesses. The Go to Source accounts receivable services includes setting up procedures for extending credit, generating invoices, maintaining records of payments due and payments receive, and performing accounting functions.

What Is an Accounts Receivable?

Its vital that you stay on top of your Accounts Receivable balances. This way, you can make sure that customers are reminded when payment due dates draw closer as well as follow up when payments are late.

If you are using Accounting software, you can run a weekly Accounts Receivable report to see which accounts are past due and which will soon be due. This can help you collect past due accounts. Proper Management of your Accounts Receivable balances is important.

Accounts Receivable For Business Owner

If you re new business owner, or have recently switched accounting methods from cash to accrual accounting, you may not be familiar with accounts receivable. Accounts receivable plays an active role in the accounting cycle.

Accounts receivable totals directly affect your net income since they are considered revenue, but subsequent collection of any receivables balances do not affect your retained earnings, since they are already part of your revenue total. In addition, accounts receivable is permanent account and is not affected by closing entries. Sending an invoice to your customers promptly helps to ensure that payment will be made promptly.

Send invoice immediately: Dont wait week before sending invoice. Once the purchase is complete, invoice should be completed as well.

Use accounting software If you can: One of the nice things about using accounting software is that once a sale is process, you can immediately invoice your customers.

Be sure terms are front and center on your invoice: If you expect payment in 30 days, be sure that note is prominently on the invoice. Remember, your customers ca pay you on time if they do know when payment is due. Note that sales tax is not included in this journal entry, because sales tax remittance is handled in a separate transaction. The easiest way to post customer payments is by accepting payments online. However, many people still have their customers remit payments through mail.

Read More :  Accounts Receivable Process: 8 Steps for Improving

Business Cash Flow Analysis : The Blood of Business Success

Business Cash Flow is certainly the lifeblood of your growing business even your business small or large size enterprise. In fact, it's what keeps you in business. To be a hit in business, you want to be ready to keep your finger on the heart beat of this lifeblood – it are often the difference between growing stronger in your niche or faltering and falling by the wayside. income must be monitored and forecasted at the initial beginning of the business or during the start-up phase, when the business sees a rise of sales, and when the economy is during a downturn. Simply put, cash flow management analysis are often a beneficial instrument for measuring your business’ activity.

Identifying Potential Business Land Mines

You can easily identify potential financial land mines which will set your business back by developing a income spreadsheet. There are computerized spreadsheet programs that you simply can use to make a income analysis, otherwise you can build your own employing a basic program like Excel. There also are templates which will be used for your income analysis that you simply simply populate with the proper figures. The income analysis tool that you simply prefer to use should be utilized then monitored regularly. Most business owners report doing a weekly analysis of their business’ income , but you'll choose a special schedule if you would like , like bi-weekly or monthly. The important thing is to be consistent and regular. As a business owner, you ought to fill out this analysis yourself, or you can hire an quickbooks accountant.

How to Prepare a Cash Flow Analysis ?

To begin preparing your cash flow analysis, start your spreadsheet by adding the cash-on-hand at the period’s beginning with the cash that's anticipated to be received from other sources. this may be a projected total of income, including receipt of assets and cash sales.

The next a part of the business cash flow analysis consists of money outlays, including expenses and other anticipated cash which will be spent by the business. Each significant cash outlay should have its own individual line on your spreadsheet. This includes lines for rent, inventory purchased, wages, salaries, taxes withheld or accounts payable, equipment purchased, benefits paid, sales, office supplies, advertising, equipment maintenance, fuel, cash dividends, debt payments, and so on. 

The formula for cash analysis is: beginning balance for the amount + income = ending balance. The ending balance will allow you to spot when and for a way much your income are going to be deficient, if at all. Identifying cash shortages and once they will occur will allow you to combat the matter and take steps to usher in additional cash to the business while halting the outflow of money wherever possible. If you discover that your business may experience a cash shortage when doing all of your income analysis, you'll take steps like posing for interim payments or deposits from clients, utilizing the utilization of a retainer if your business model involves it, and invoicing customers directly when a service is rendered or a sale is formed. Business Cash flow analysis is a valuable tool for all business owners and its necessary for the all the business.

 Read More : Business Cash Flow Analysis : The Blood of Business Success

Bookkeeping Tips: Transfer MYOB to Quickbooks

Here’s another of our Bookkeeping Tips: How to transfer data from MYOB to Quickbooks

Kathy sent us an email: ” Hi. I’m located in the United States. I have a client who wants to transfer his books from MYOB to QuickBooks. I’ve had no luck finding a way to do it in the US. Can you do this? Would you take on a one-time job if I send you the backup file from MYOB, and finally, how much would you charge? His is a very tiny graphics design company; he can’t afford to pay too much, otherwise I would just re-enter everything for the last 15 months or so.”

It is possible to transfer from MYOB to Quickbooks, though not as straight forward as either company would have you believe.

The first point to consider is that the Australian versions of MYOB and Quickbooks are different from the USA versions. A basic difference is that our tax year runs 1 July – 30 June whereas the USA the fiscal year is from 1 October – 30 September apparently.

When transferring from MYOB to Quickbooks, you may consider the following:

1) You can transfer card files – suppliers customers etc very easily between MYOB and QuickBooks – ask us how if you don’t know

2) If you need detailed transactions recorded, i.e itemised invoices to be transferred, then that’s where the expense occurs

3) we suggest to clients that they start a new file on the new software at the beginning of the new financial year

4) If it’s only a small company with not much money then you could just do journal entries to get the balances up to date in the new file rather than re- enter all the previous data

Read More : Bookkeeping Tips: Transfer MYOB to Quickbooks

We’ve not found a cheaper way to do it – we’ve looked at this problem many times before

There is a software program that costs around US $400 – then the time taken to extract the data from MYOB into the software and extract out into Quickbooks – not worth the time/trouble based on the budget – for what result?

How often would your client need to refer back to their previous MYOB files? Do they own the MYOB software, in which case they could still have it if/when they needed to refer to them?

Why not just refer back to the hard copies as /when required?

A Guide to Accounts Receivable and Accounts Payable

What is Accounts Receivable?

Accounts receivables generally refer to the quantity owed to a corporation by its’ clients and creditors. Sales are often recorded within the sort of an invoice both paper and electronic. This invoice includes the entire amount of invoices, shipping costs (if applicable), taxes, payment terms, invoice number and original order number and outline of shipping goods.

Payment terms are extension dates given to the client supported credit terms set by the client and therefore the sales division when the first order is formed. This enables the client ample time to sell the products and pay the invoice. Payment terms generally speaking are 30 or 60 days counting on the agreement.

The assets department works closely with the bookkeeper to make daily and monthly sales reports. Invoices are considered assets and are want to calculate the general worth of the corporation by the controller. The assets department is liable for generating the aged accounts, reports and followers abreast of collecting overdue accounts.

Accounts Receivable services is a crucial a part of the corporate because it's the first resource for all the sales departments. It creates invoices, orders, shipping labels, picking slips and oversees that each one goods are shipped during a timely fashion. Essentially, it's the liaison between the sales, accounting and shipping departments. 

What is Accounts Payable?

Accounts Payable (A/P) are often roughly defined as a file or ledger account that records amounts owed to suppliers, contractors or individuals. An accounts payable clerk is liable for the weekly or monthly payment processing within a corporation. This included with such payments as; payroll, office supplies, merchandise and utilities.

The major portion of the work involves validating and processing invoices for payments, however; it does involve a couple of other processes.

Accounts Payable Services works closely with the shipping and buying departments so as to validate the supplier invoices to be paid. When a sale is formed by a corporation , a sale order is made with a singular identifier like a sale order (PO) number. This order records the date on which the initial order was made, expected arrival date of shipment, number of units purchased, cost per item and any shipping charges indicated by the supplier.This is a particularly useful tracking method for shipments coming into the corporate . If a shipment isn't received by the expected date, you'll be reminded to follow up with the supplier. Once the products have arrived, they typically accompany a packing slip or (bill of lading) attached to every box. This is what's employed by the shipper to verify what has actually been received.

All of our Certified QuickBooks bookkeepers are experts in Accounts Payable and Accounts Receivable Services and that we understand the importance of doing things during a timely and accurate fashion. accounts payable and receivable for business is very important task but if you are doing it by yourself, then you may miss the important task of the business and you can not focus on the business. So, Why would you pay a full time salary, you can outsource for therefore much less? Contact one among our experienced outsourcing bookkeeping companies today for all of your Complete Business & Individual accounting needs.

Year end tax planning - 2020: For individuals and owner-operators

The Year-End Tax Planning guide is primarily intended for individuals who have accumulated a certain amount of wealth or who own their business (large or small). It includes nine year-end tax planning checklists and several helpful information tables.

 

What's new?

Response to COVID-19 - introduction of wage subsidies (eg Canada Emergency Wage Subsidy) and benefits (eg Canada Economic Stimulus Benefit); extension of certain payment and production deadlines.

Employee stock options - proposed limits to restrict the beneficial treatment of stock options.

Provinces and territories

Response to COVID-19 - introduction of various incentives (eg, reimbursement of BC PST on certain machinery and equipment); extension of certain production deadlines

• Alberta - decrease from 11% to 10% on January 1, 2020 and to 8% on July 1, 2020
  
• Nova Scotia - down from 16% to 14% on April 1, 2020
• Quebec - decrease from 11.6% to 11.5% on January 1, 2020

Small Business Rates

• Nova Scotia - decrease from 3% to 2.5% on April 1, 2020
• Ontario - down from 3.5% to 3.2% on January 1, 2020
• Prince Edward Island - decrease from 3.5% to 3% on January 1, 2020 and to 2% on January 1, 2021
• Quebec - drop in the going rate from 6% to 5% on January 1, 2020 and to 4% on January 1, 2021; small business CCPCs M&T rate remains at 4%
• Yukon - Decrease in non-M&T and O&M rates from 2% and 1.5% to 0% respectively on January 1, 2021

Research and development (R&D) tax credits

Alberta - credits are eliminated for qualifying expenses incurred after December 31, 2019, but a new innovation and employment grant that supports R&D for SMEs will be available starting January 1, 2021

Quebec - the expenditure exclusion threshold applies only to the R&D salary tax credit for eligible expenditures incurred for a taxation year beginning after March 10, 2020

Yukon - lower corporate rate to 12% for qualifying expenses incurred in tax years ending after December 31, 2020

Beneficial ownership records

New (British Columbia, Manitoba, Prince Edward Island) and planned (Nova Scotia, Quebec and Saskatchewan) provincial requirements for private companies to maintain ownership records

Year end tax planning checklists

The assistance of your PwC advisor is essential to properly analyze the following year-end tax planning strategies. In addition to tax considerations, your financial plan should take into account investment philosophies, sound business practices, and motivational goals. Owner-operators must ensure that sufficient funds are retained to achieve business objectives; Given the uncertain economic conditions, cash flow management is particularly important.

 Year end tax planning tips

With December 31st just around the corner, now is a good time to review some tax return & preparation services that need to be in place before the end of the year.

Read More : Year end tax planning - 2020: For individuals and owner-operators

Pay Deductible or Creditable expenses before the end of the year

Certain expenses can only be deducted from taxable income or qualify for a tax credit if the amount is paid before the end of the calendar year. If you plan to pay an expense that is tax deductible or qualifying for a credit early next year, consider doing so before the end of the year to take advantage of the deduction or credit on the income tax return.

Best 4 Ways Certified QuickBooks Proadvisor Help Your Small Business

Large corporate conglomerates have accounting and payroll departments. You're a tiny business, but that's okay, you love what you do. Your office manager has experience in QuickBooks, but she wrestles too much with its application to your business. You have unique needs with which the general software doesn't help. Don't panic, and let her know she can relax, too. There are companies out there that offer Certified QuickBooks Proadvisor to small businesses. Here are four ways they can help you.

 

 

Find the Perfect Version for Your Business by Certified QuickBooks Proadvisor

QuickBooks Software is a dynamic business software application. It goes beyond your Intuit payroll and accounts payables and receivables programs. You need a Certified QuickBooks Proadvisor version that works with your exact needs. Might have specialized invoicing or net bill under unique terms. You may also need customized payroll options because you have personnel who work swing or night shifts. When you enlist professional support, the business can determine which QuickBooks software is perfect for you.

 

Certified QuickBooks Proadvisor - Set Up the New Software and Convert Your Existing Database

Once the expert determines the best software for your business, Certified QuickBooks Proadvisor staff will install the software onto your office machines and convert your existing database into the new program. This ensures that you don't lose any important data during the transfer. Although exporting a database out of a previous QB version and importing it into the new one is fairly straightforward, you and your office manager might feel better leaving this task in the hands of an expert.

Once the new QB is set up and ready to go, you and your staff will be trained on how to use the software to your greatest advantage. QuickBooks Bookkeeping Services is a comprehensive program, and it has many features designed to streamline your accounting and payroll processes and make them much easier. When you don't have an expansive staff of CPAs at your disposal, the easier and more accurate the accounting portion of your business the better. You don't have time to troubleshoot numbers that don't match.

Offer Customer Support When Needed

After all, is said and done, you will not be without Certified QuickBooks Proadvisor. When you work with the best QuickBooks company, it will offer troubleshooting and customer service anytime your QuickBooks acts strange, due to human or machine error. You should never be left out in the cold when it comes to your accounting software, and you can count on the guidance when you need it if you purchase your QuickBooks Services from the right vendor. They should offer customer support whenever you need it.

Don't let the accounting portion of your business go by the wayside. This can cause major trouble when it comes to tax time and should you decide to seek investors. Make certain that your books are spotless and accurate by working with experts in Certified QuickBooks Proadvisor for your business. They can recommend the right tools, install them and train you on how to use them. You and your office manager may even find that the accounting portion of your business is actually fun.

Read More : 4 Ways Certified QuickBooks Proadvisor Help Your Small Business

QuickBooks Online or Desktop: Which One Is Better

There were many accounting software, however, one of the very prominent accounting software is apart from QuickBooks. The feature loaded software and the whole selection of products have always proven out to be super beneficial to the majority of businesses. Small and moderately sized businesses are one particular business that has been benefited probably the most. With so many versions of QuickBooks today, it often becomes downright confusing regarding the version which is good for us. We’ve brought for you a contrast of QuickBooks desktop pro 2017 and QuickBooks online. The majority of the QuickBooks users are perplexed regarding which version will work for them. You can find specific features for both of these which are making specialized inside their respective approaches.

QuickBooks Desktop Syncing

You can easily export your Payments, Invoices, and Clients to Quick Books Desktop version.

Due to the significance of your accounting information, we strongly suggest that you utilize the QuickBooks option to make a test company and do your first import into that company.  In this way, you can verify that the invoices, clients, and payments have already been imported as expected. An individual will be pleased with the Import results, then you can Import the file into your live Quick Books Company from that time.

Note: It is significant to keep track of payments and invoices which have already been imported the same payments and invoices and twice can cause a duplicate.

Exporting the QuickBooks File

• In Estimate Rocket, Open the Reports page from the top menu.

• Choose the Week or Day that you want to Export your Invoices.

• Hit on the white gear icon and choose the Export to QuickBooks

Depending on your browser, you might be prompted to verify the downloading of your file at this point. Confirm the request to download and ensure and note that in which folder your file gets downloaded.

The file name will default to “accounting_start date_end date.iif” The start date could be the first date being exported and the end date is the last date being exported.

• Open your Company and Quick Books Application and choose File>Utilities>Import>IIF Files. Locate where your file was downloaded to and choose it.

• Once you choose the file that you want to import, you should get a message in a few minutes confirming that your file has been imported.

  How Does QuickBooks Desktop make it Easier for You to Manage Bill Payments?

  Too often, we’ve seen confusion over issues such as vendors with zero total balances listed in bills, open A/P reports, and which is why the owner has been paid still showing as open. They are often the result of a check written to owner against A/P, as opposed to paying a bill through the open bills screen.

  It’s an understandable mistake to produce if one is a newcomer to QuickBooks or doesn’t regularly handle accounts payable.
  

  With the brand new version, It has added a notice screen to the write checks window, which you should choose to open the bill for whilst the payee:

Your Bill Payment Options in QuickBooks Desktop

If you choose to write your check, you can proceed to the write checks screen and create your check. Just ensure it’s not a check to Accounts Payable.

If the intention was to pay a bill, Go to Pay Bills button which will take you to the Pay Bills window filtered for that vendor.

If the users are running a product based company and having complicated inventory needs then the users must opt for QuickBooks Desktop. However, if the users are running a service-based business then QuickBooks online is the optimal choice for them.

What Small Business Accounting Services Can Do For Your Business?

As if a little business owner isn’t busy enough. They’re often overwhelmed attempting to manage business finances. If it’s not your forte, it are often hard to plan a budget to raised manage and grow your business’s finances.

Even if you are doing have a basic understanding of accounting, you’ll soon discover invaluable information from a professional small business accounting services like my accounts consultant.

What is a small business?

A small business are often either a sole trade or a Ltd. it's privately owned and if it's a Ltd. it's fewer than 50 employees and is eligible surely grants, tax benefits and discounts. If you’re unsure whether this is often you, our team can advise you on your company status and whether you would possibly be ready to cash in of certain small business and government incentives.

What small business accounting services can help you?

We like to support small businesses and help them to grow. we will assist you with a good range of Online accounting Services which includes: Bookkeeping, Cloud software, Annual Accounts, Management accounts, VAT, Tax Returns, PAYE & Payroll and Registered Office.

3 Types of Accounting and Why They Matter to Your Small Business:

Although accounting and finance are both vital to the healthy functioning of a business, they need different meanings and attain different goals. Accounting, for instance, refers to how a business acquires its money and the way much it distributes outward to hide expenses. The term finance refers to the way a business makes its financing and business decisions to make sure the continued survival and growth of the corporate.

A finance department can’t operate without input from accounting, and accounting professionals require the help of monetary experts to make accounting information readily understood by a general audience. A business must use three separate sorts of accounting to trace its income and expenses most efficiently. These include cost, managerial, and financial accounting, each of which we explore below.

Cost Accounting

Disagreement exists within the accounting and finance world about whether cost and managerial accounting are an equivalent or two separate entities. Whatever you’re feeling about it, these two areas of accounting certainly do overlap. the first function of accountancy is for a business to work out its production costs by considering what proportion it spends to get the supplies and labor needed to make its products.

Managerial Accounting

This area of a company’s accounting department concerns itself with obtaining and preparing financial documents for management and other higher-level staff. The documents prepared by managerial accountants remain within the organization only. Managers use the financial documents they receive from this department to assist them make the foremost appropriate business decisions and manage costs.

Finance Accounting

Also called financial accounting, this area of a corporation focuses on external companies that have expressed interest within the business. Employees create several financial statements to supply to investors. the foremost common ones include the record , earnings report , and statement of money flows. These documents help investors understand the financial strength of the corporate to make a decision whether or not they want to follow through with making an investment or not.

Read More : What Small Business Accounting Services Can Do For Your Business?

Accurate and cost-effective accounts management:

The combination of our expert team and cloud-based accounting software means you will almost instantly see the clarity in your business accounts. You can save time, frustration, and confusion – while at the same time, regaining control of your income – with support from a small business accountant.

Top Benefits of Outsourced Accounting Services for Startup

If you are an entrepreneur and you are wondering about which services to follow, which will help your business run smoothly, then considering Online Accounting Services for Startup should be your top priority. This article will tell you about the top ways in which outsourcing accounting service can help your start-up, which used to full potential, can make you successful in the long run.

 

Benefits of Outsourced Accounting Services for Startups:

Outsourcing Accounting Services can help you in Developing Business :

Most of the entrepreneur thinks accounting services are easy to manage, and this overconfidence can sometimes lead to failure. Outsourcing Bookkeeping Services for a startup should be handled with care to avoid any confusion and mayhem when the time to when tax time comes up. Having an excellent bookkeeping service will not make you establish good business habits, but it protects the employees who are determined to steal from you.

 

Provide you with a cost estimate:

Whenever you are trying to get funds from the investors or bank, then Business Accounting Services will help you get that capital. Now you will have a cost estimate with a financial statement to show in front of the investors, which enables you to get the capital investment that you need.

Will determine burn rate:

Burn rate is the amount of money you’re spending in the company. Burn rate is critical to know because it will tell you how much money has been in and out of the company. That is important to make you stay in business. You can find QuickBooks Bookkeeping Services helps you manage your Business financial services.

Future prediction for the first few years:

Having a right outsourcing accounting service and bookkeeping is not just about data entry. Having an ideal online accounting service means that the company is up to date with its financial terms, which can predict how much it spent in the first few years of the start-up business.

Will keep your line with the company’s needs:

Nobody can predict what is going to happen. Next, a low investment start-up can turn into a company worth millions. Thus having the right amount of accounting can handle your company’s needs for now and also for later. The Accounting Services will keep track of your company’s cost and scale it with the company’s needs.

 Read More : Benefits of Outsourced Accounting Services for Startup

Why Accounting Services is Important for All Business?

Accountancy is the skill of communicating monetary information about an industry entity to users such as shareholders and managers. The statement is normally in the financials form statements that illustrate in money terms the monetary resources under the control of management.

Accounting is one of the most momentous features of all business for the reason that it makes sure that all pronouncements completed are economically sound. In the credit environment accounting is basic requirements for all business for the reason that accounting is keeping your all the financial transactions records accurately. If you want to run your small, mid or large business smoothly so accounting is superior options.

If you prefer accounting services so this service will facilitate you organize and check your budgeting procedure, support with earnings and losses, provide analysis, implement tax savings strategy, and be your relationship between other people like bankers, a vendor, IRS, insurance companies, and others.

Accounting Services Includes:

• Accounts Receivable
• Accounts Payable
• Budget procedure
• Cash Flow Statement
• Cash Management
• Financial Reporting
• Inventory Reconciliation
• Payroll Administration
• Tax Preparation

In the present days many other reputed firms provide basic accounting services if you would like to outsource your accounting services so you get more advantages like time savings and also cost effective solutions. All of the exceedingly regarded outsourcing companies offer services tailored to your proper accounting requirements. Whether you would like to a remote desktop explanation, server based service or if you use internet-based accounting software like QuickBooks, Peachtree, Sage Line 50, Quicken, MYOB, IRIS, EXACT, Property Ware, Rent Manager, NetSuite, LaCerte, outsourcing accounting companies will do the work for you.

So if you want grow to be more organized and focused in your core business, then you should turn to outsource accounting basic now for keeping your financial records constantly in check and well-maintained.

how do you pick an accountant for your small business ?

 As if a small business owner isn’t busy enough. They’re often overwhelmed attempting to manage business finances.

If it’s not your forte, it can be hard to devise a financial plan to better manage and grow your business’s finances.

Even if you do have a basic understanding of Online accounting Services, you’ll soon discover invaluable information from a qualified small business accountant.

 

We cover all aspects of finance and accounting, including:

• GST

• Income tax returns

• Financial reporting

• ATO & ASIC Lodgements

• Superannuation

• Tax audits

• Bookkeeping

  Small business tax

  As a small business owner, we understand that tasks associated with tax time or general financial planning – while necessary – can be daunting.

  Creating and owning a small business

  Owning, operating, and growing a small business can be an unnerving task that takes a lot of courage and planning. It can also be a really exciting time, as the freedom and independence of income and work becomes highly attractive.

  As a small business owner, you’ve likely followed the recommended path to setting up your business.

  You will have:

• Decided on your business structure (sole trader, company, trust, etc.)

• Applied for your Australian Business Number (ABN) – this is what allows your business to be identified by the government

• Chosen and registered a business name (you must ensure the name is not copyrighted or trademarked by another Australian company)

No matter how small or simple you think your small business tax is, a small business accountant will help you across all facets of business tax, accounting, and bookkeeping. Even more ‘basic’ financial obligations, like utilities and payroll, can be better effectively managed and monitored with a small business accountant.

Similarly, bookkeeping is a crucial undertaking for even a small business owner, as it records sales, purchases, regular and one-off expenses, and other balances like bank accounts.

If small business accounting sounds too far out of your depth, seek assistance now. The earlier you hand over the reigns of small business accounting to a qualified accountant, the faster you’ll see accounts bring tidied up, budgets becoming clearer, and financial affairs being better managed.

Accurate and cost-effective accounts management

The combination of our expert team and cloud-based accounting software means you will almost instantly see the clarity in your business accounts. You can save time, frustration, and confusion – while at the same time, regaining control of your income – with support from a small business accountant.

Good finances aren’t important only around tax time. There are many obligations a business owner must fulfill throughout the entire year. If you feel like you’re wasting too much time managing your books results, then perhaps it’s time for a customized solution.

How accountant help can help a business owner ?

The Start-Up Process

When you start a business, there are many actions you need to take and systems you need to set up to create the foundation for a successful business. An accountant can help by:

Regular Business Operations

Once your business is off the ground, you will need to maintain the accounting system that your accountant helped you set up. Some specific actions your accountant may take to assist you on an ongoing basis include:

Business Growth Stage

When you are ready to grow your business, your accountant can be an integral resource that provides advice and helps you manage the process.

You want to build a relationship with your accountant, so they understand the specific needs of your business. Because the relationship will be a close one, make sure you choose an accountant with whom you get along well. You will be working closely together so you want to hire someone you can trust and are comfortable with.

Inventory can be either an asset or a liability ?

Inventory can be either an asset or a liability, depending on how much you own, how you use it, and whether or not you have a particular item in stock. How quickly you can sell your assets or how quickly they can be sold is not a primary factor in classifying assets as inventory. Inventory in an accounting system goes from asset to asset, but can also be both asset and liability, depending on the type of property and how we manage it. Asset liabilities are the fact that the value of a commodity or material increases faster than the cost of storage, so inventory is either an asset or a liability.

 

Inventory as an Asset:

Inventory assets occupy a similar place on a company's books, because they contribute to income generation. They are key resources for businesses and a key resource for businesses, whether in the form of capital, labour, capital goods, equipment or other assets.

Inventory is an important asset in manufacturing and trading companies, so it is important for business owners to understand what inventory really means. Knowing the different types of inventory, including those that are not specifically used for accounting, can help an entrepreneur understand how his inventory works for him.

One of the most important financial indicators in relation to inventory is the ratio of goods turnover, which measures the effectiveness of a company's inventory management. This provides a measure of how often a company sells its inventory and is a useful tool for calculating the turnover / inventory ratio and other financial indicators.

A high inventory value thus increases the current total, but the inventory needs to be reallocated quickly to maximize its earning potential. While it is true that you have more inventory than stock, you should sell your inventory as soon as possible to generate cash flow.

Inventory as a Liability:

One of the data points you need to track in your asset management system is the costs associated with your assets and IT inventory. Each time you make an inventory sale, you must categorize the revenue, credit the inventory and assets, and keep a diary of all transactions before you debit your inventory costs and goods sold into your account.

Inventory can also be a liability, because client & business tastes change time to time and it's impossible to predict what your client will be buy far into the future. If you buy too much of what your clientele want right now, and then the demand shifts, you may find yourself stuck with inventory that you're unable to sell. If You are not predict the market taste or client requirement than going into bing loss and that inventory become liability.

If You are not predict the market taste or client requirement than going into bing loss and that inventory become liability.

At MAC, we recognize the value of your inventory as a current asset. Let us assist your business in keeping firm control over your inventory assets and you can manage it wth proper financial planning. MAC provide online accounting services to both small and large businesses across the Globe.

Benefits of Hiring a Bookkeeping Service for Real Estate Agents

Somewhat surprisingly, Caldwell Banker has established itself as one of the leading accounting services for real estate agents in the United States. Outsourcing bookkeeping works with major real estate companies to develop and design new growth strategies. However, if you decide to become a franchise agent, you should take into account the benefits associated with this. Do you want to choose a business structure that reflects the growth and expansion of your real estate business, or work with a boutique broker instead?

Hiring a Real Estate accounting service makes the management and development of employees unnecessary and saves you up to 25% compared to an internal hiring. Ultimately, hiring an accountant at a financial management company will be different for each company. The cost of accountants varies, but hiring them typically costs between $10,000 and $20,500 a year.

How Real Estate Agents Works ?

Many agents like to work in this way, but ambitious brokers may decide to take advantage of the higher opportunities that come with working as real estate agents. The more opportunities you have with a financial management company or accounting service, the more opportunities you will find.

Be prepared for the fact that some states may require applicants for real estate licenses to provide their fingerprints for criminal background checks. Ask the supervisory authority or the body that issues the real estate licenses for fees, qualifications and restrictions related to the licensing requirements of Real Estate Agents LLC (RELA) review. You must study the topics covered in the exam, which may include topics such as financial management, accounting, financial planning, insurance, real estate management and more.

In addition, some states require real estate agents to pass criminal background checks and financial management exams to obtain a real estate agent's license. With the growing number of real estate in the US, many accounting firms are beginning to recognize that outsourcing accounting services is a smart solution to a long-term problem. For example, the commercial real estate industry would need a complete accounting system to properly manage its operations.

By streamlining your new accounting process, you can forget to do what you do best: sell real estate. Working with an estate agent will give you an insight into the real estate industry and help you build a network for future business. Your broker can learn the lessons from dealing with all types of real estate transactions to ensure you get the best deal possible. The broker will treat your information confidentially and be accountable to you as the buying and selling process progresses.

When it comes to collecting rent, a property manager can make sure your tenant pays on time. If a tenant decides not to make a payment, your rental management company will know what to do to encourage the tenant to make the payment.

No matter how big your real estate empire is, you should always invest in real estate management, No matter how big your company is.

Read More : Advantages of Hiring a Bookkeeping Service for Real Estate Agents

Accounts Receivable vs Accounts Payable in QuickBooks?

In accounting, confusion sometimes arises when working between accounts payable vs accounts receivable. The two types of accounts are very similar in the way they are recorded, but it is important to differentiate between accounts payable vs accounts receivable because one of them is an asset account and the other is a liability account. Mixing the two up can result in a lack of balance in your accounting equation, which carries over into your basic financial statements.

 

 

It is important to note the significance of balancing your assets and liabilities and stockholders’ equity in accounting. The significance of the balance can be explained by the basic accounting equation: Assets = Liabilities + Stockholders’ Equity. One can also rearrange the equation to better suit their preferences.

What is the accounts payable and receivable process ?

Accounts Payable: (also referred to as AP) is an account on your company’s general ledger that represents an obligation to pay off a debt to creditors or suppliers. In short, it’s the money owed by your business to third parties.

Accounts Receivable: (also known as AR) refers to outstanding invoices that are owed to your company by customers. It represents a line of credit that has been extended from the client to the customer.

Functions of creating invoices or bills either in Quickbooks:

At the moment we created the invoices and bills, Account Receivable and Account Payable are created simultaneously.

We use Accounts Receivable (A/R) to keeps track of money that customers owe to us. A/R aging is a great report that lists unpaid customer invoices and unused credit memos by specific date ranges. As a result, we can utilize A/R to show us the cash expected to be received in the future. As business owners selling a good or service to our customers, oftentimes, we need to send the Estimates or Quotes. As customers agreed with the Estimates or Quotes, we will create the Invoices and send them to customers.

for keeping track of the asset, record the amount as a receivable in your accounting books. Accounts Receivable will increase that will help us to record the payment in the future like current Assets. When the Invoices will be paid, so you will use receive payment function from QuickBooks to decrease accounts receivable. The amount will move to “Undeposited Fund”. Finally, we will move the amount from “Undeposited Fund” to the Bank as we physically deposited the fund to our business bank and the transaction recorded on our bank.

Accounts Payable (A/P) is an account that helps us to record the amount need to be paid via bill and Bill Payments. A/P helps us keeps track of money that we owe to any vendors. For example, we purchase a good or service, we receive an invoice from our vendor. The invoice tells us how much money we owe, or our accounts payable. And then, we will enter it into QuickBooks via the Bills to keep track of the liability, record the amount as a payable in our accounting books. Accounts Payable are increased. When you pay off Bills, the amount will be decreased on accounts payable.

In Summary, running a business and setting up stronger accounting books is essential. A/R and A/P are two important key accounts to assist business owners in analysing and determining our business cash flow. Knowing how much payment we are going to receive and how much money we need to outflow today will give a business owner a sense of control.

Read More : Accounts Receivable vs Accounts Payable in QuickBooks

If you need advice or services on any aspect of bookkeeping, accounting and tax, our specialists are ready to help. Get in touch with us for free quote.

The Importance of Tax Preparation Services

There is an easy way to have your tax online returns accomplished, with one of the existing governmental services for tax online returns. Since we all need to complete a tax return services for the authorities, the easiest way we can find will save us both time and money. This is the main reason to use one of the offered tax online return services for your best.

 

The Importance of Tax online returns ?

If you believe you don’t need a tax return & preparation, there are some things you need to check. Any income and payment you get need to be taxed by the IRS, and since there are always things you need to update your tax office with.  The first thing is make sure there is no change in your income level and there are no additional payments you get. The second thing is to make sure that you do not reach over your personal allowance you are entitled to.

For self employed and non self employed, there are different tax files to fill and the system is looking at you in a different way, the calculation is different and the support you can get is different. As any financial system, the taxes authorities are looking to get their payments on time and must know they are taking the maximum they can by the law. On the other side, it’s you, filing up the right taxes forms and submitting them online with one of the tax online returns systems can make the payment more secure for you.

 

Read More : Importance of tax Preparation Services

 

Contact us here for Individual and business tax return services.

Getting The Biggest Benefit From Tax Help

Taxes are a way of American life. They are own duty to pay and file. Many people go in search of someone to help them when tax time rolls around. Tax help seems to be in abundance from January 1st to April 15th. Unfortunately, some tax help is best avoided. Other times the tax help is something that many people have no idea how to find. Getting the biggest benefit from tax help depends why you need help in the first place and where you get that help.

Most people seek tax help because they simply can not figure out he complicated tax codes. Every year it seems something has changed and people fear doing something wrong on their taxes and ending up in trouble with the IRS. Many people look at tax help as a way to guarantee an accurate and correct tax return. They also believe they will be able to get more deductions and credits this way, which equals a larger tax return. Unfortunately most of this depends on where you chose to get your tax help.

Trained tax professionals seem like the most logical and quickest way to get tax help. Most people do not know that the IRS offers a lot of useful information for free. They can also help you prepare your return and answer any questions you may have. The new tax preparation software also does a wonderful job of helping into tax preparation services. You enter information in a step-by-step process that is easy to follow. The software handles all the complicated stuff and you only need to enter figures and answer simple questions. 

While sometimes consulting a tax professional is a great idea, often times people get lured in by offers of larger, faster returns. These offers only result in high fees and less of a return. Sometimes there are even untrained tax help that claim they are qualified. This can lead to many problems with incorrect returns that lie solely on you, the filer.

Read More : Getting The Biggest Benefit From Tax Help

Once you understand why you need tax help then you can begin to look for someone to help you. If you are just looking for a quick return then try the accounting software that electronically files your return. You should see it within two weeks, possibly faster if you use direct deposit. If you are concerned about understanding the complicated tax codes then you should first seek help from the IRS or another service and then try a QuickBooks software. If all else fails look for a professional service. Make sure you completely understand their terms and fees and do not buy into any catchy advertising.

MAC is one of the most popular and certified tax return and preparation service provider firm. Contact us here tax return and tax preparation services.

Top 5 Accounting Software for Small Business

 Every business has its own business requirement and when they want to complete their requirements, then they need to select best accounting software for their business who help in running the business smoothly.

 

 1) Intuit QuickBooks Accounting Software:

Quickbooks may be a popular full featured accounting and payroll program designed for small businesses – or, I should say, a small business accounting software series. QuickBooks is out there in Basic, Online, Pro, and Premier editions; the professional Edition of this accounting program. Quickbooks Bookkeeping services help you for small business bookkeeping and accounting services.

 2) Simply Accounting Accounting Software:

Full featured accounting and payroll package with all the features and reports any small business needs, including Internet and e-commerce features. This small business accounting software’s data entry screens resemble their paper counterparts, and therefore the screen tips and drag and drop functionality make the accounting program easy to find out.

3) MYOB Plus Accounting Software:

A double-entry bookkeeping small business accounting software with a user-friendly interface and over 100+ financial and management reports. Includes knowledgeable Time Billing Module that's ideal for service businesses and therefore the Office link feature allows direct one click access to MS Word and Excel. Comes multi-user ready.

4) Peachtree Complete Accounting Software:

The Complete version of this small business accounting software program includes over 125+ reports and features like in-depth inventory, time and billing and job costing. The accounting program comes multi-user ready and “value packs” for 3 or more users are available. Peachtree accounting software is additionally available in Premium and First Accounting versions

5) Microsoft Office Small Business Accounting:

The big selling feature of this small business accounting software is integration and thats a reasonably big selling feature if you are already using Microsoft Office. having the ability to reuse data already entered into Excel or Outlook may be a really useful feature and therefore the integration with the Business Contact Manager makes it easy to remain on top of accounts. A slate of add-on services ranges from online payroll through PayPal invoicing.

If you are looking for best accounting and bookkeeping software for your business then you can carefully choose best accounting software with the help of MAC.