Best Real Estate Accounting Tips for Agents and Brokers

 

If you're a real estate agent or broker, then it's time to start taking your accounting seriously. It doesn't matter if you're just starting out as an agent or broker and don't have a lot of clients yet - the tips will help you keep better track of your finances so that when the time comes for tax season, you are ready.

Why accounting is important for real estate businesses ?

Financial statements are an integral part of any business. They provide a detailed view of the company's financial health and allow real estate investors to make informed decisions about potential investments.

Since real estate is a capital-intensive industry, accounting is important for every aspect of the business from operating costs to acquisitions. A lack of accurate records can lead to costly errors when it comes time to pay taxes or manage projects. This will explore how accounting impacts real estate businesses in more detail and what tools they have at their disposal for success.

MAC provides professional bookkeeping and financial planning services to property managers and real estate companies. Our real estate bookkeeper team can help your business with essential accounting for real estate investors such as getting set up in QuickBooks or with advanced consulting on forecasting and strategy. Our High-experienced property management bookkeeper can help your real estate business with real estate accounting services such as getting worked on QuickBooks Online/Desktop or with advanced consulting on forecasting and strategy.

Read More: https://www.myaccountsconsultant.com/real-estate-bookkeeping-services/

Top 5 Must-Have Ingredients of Restaurant Bookkeeping

 

The recipe for success when it comes to restaurant bookkeeping is quite simple. The five ingredients are: a clear, concise plan, accurate records, timely updates, professional guidance and proper attention.

A clear plan will help your business thrive in the long run and make sure that you're on track with what needs to be done while also helping you avoid costly mistakes. Accurate records are essential if you want to know where your money goes - whether that's expenses or profits! Updating those records as soon as possible can help save you from errors down the line like double-charges or missing deposits.

1. Record Sales Daily:

It’s dangerously easy to fall behind on recording your sales. In fact, one of the reasons that bookkeeping for restaurants is often a mess is simply because owners and managers fall behind on basic tasks. To stay up to date, make a habit of copying or importing the sales from your POS system into your accounting software each day. What you’re aiming for are books that correlate with your bank statements. If you save up all those credit card charges for a weekly or monthly deposit, you’ll have a hard time doing analysis later.

2. Reconcile Bank Statements Every Month:

Yes, your bank statements should be reconciled every month. No, it’s not a good idea to let them sit around for 3, 4, 5, or more months. If you’ve forgotten to enter a payment or a sale in your books, but that payment or sale has been processed by your bank, it will be easier to correct the error if you catch it quickly. In an extreme case, not knowing how much you really have in the bank could lead to bounced checks.

Read More: https://www.myaccountsconsultant.com/restaurant-accounting-services/

Virtual Bookkeeping Companies: For the Business Owners

 

With modernization, various procedures and services made conceivable in the physical world are additionally accessible through the virtual universe of the internet. That incorporates Virtual Bookkeeping Services. These Services give the organizations, regardless of whether the enormous or small scale, the accommodation of simple access to bookkeeping services the way a physical person does.

Virtual Bookkeeping Companies: For the Business Owners

Each business owner can exploit the Virtual Bookkeeping Services accessible these days. The exchange is done through the internet, which implies that there is no need for physical contacts of the concurring gatherings. Moreover, the bookkeeping services will be provided food ideal to the organization’s entryway when the necessities emerge. The online services are similar to the physical ones.

What are the Advantages of Virtual Bookkeeping Services?

There are numerous different advantages of getting virtual bookkeeping services. Preeminent, bookkeeping is fundamental in checking the budgetary advancement or disappointment of the organization. Having the financial records frequently refreshed would make it simple for the business owner to decide the current status of his business. A viable budgetary framework will be a reason for the success and further advancement of the company.

Since virtual bookkeeping services are accessible at whatever time, the organization owner does not need to enlist someone else to carry out the employment. A secured internet association will take out the bother.

1. In setting up the financial plan, Quickbooks Bookkeeping Services is likewise fundamental. The spending keeps the business going ahead by controlling the consumptions and anticipating the necessary money. At the point when the organization looks for financing, the expenditure will fill as the determinant for the bank if the business is steady.

2. Virtual bookkeeping services additionally cook the arrangement for income tax returns. With great money related records, it is simpler to set up the precise income tax returns, and documenting will dependably be on time. That will help the owner to maintain a strategic distance from the charges for overdue payments.

Contact Us Here, If are you looking for online accounting and bookkeeping services to manage your personal as well as Business financial services.

Factors to Consider When Choosing the Financial Accounting Advisory Company

 

Getting a viable and reliable Financial Accounting Advisory Company is essential for your business to help it succeed and grow. As several companies offer Financial Accounting Advisory Company, choosing the best one would require some research and analysis.

Factors to Consider When Choosing the Financial Accounting Advisory Company:
Meet personally: It is essential that you meet your financial accounting advisor before handing out any financial information to them about your business. Meeting personally will help you analyze the personality of the planner as well as ensure you that your business is in safe hands.

Check their credentials: It is a good idea to check the credentials of the company or individual that you choose for your financial accounting advisory services. A credible company or individual will have positive reviews when asked around – working with Online Accounting Services.

Take reviews and recommendations: The customers that are already using the services of individual financial advisors are the best people to take reviews and recommendations. You can ask around or take references from a few financial accounting advisory companies that you might have shortlisted.

Fees: Any matter related to payments must be cleared before taking up any service. This will avoid any unpleasant situation later on. You can choose a company depending upon its fee structure, but do not let price be the only criterion.

We assist with the preparation of carve-out financial advisory services and help address other accounting and financial reporting issues for every stage of the divestiture, sale, debt offering, and IPO process. We help you with the best financial advisory services for your business. you can continue with Quickbooks Accounting Services on affordable price.

These factors will help you choose the best financial accounting advisory Companies for your business. In case you require such services for your business, Contact Us for the same services.

7 Cash Flow Tips Every Business Owner Needs

 

Every business knows that cash is king, yet an alarming number of businesses (only 33%) don’t even use a tech platform, tool or app to manage their cash flow1. Here are practical tips that every business owner should use to help with their cash flow.

For those that do use a tech platform, tool or app, it is probably a manual process done in Microsoft Excel which is a great tool but takes a considerable amount of work to get an effective cash flow forecast. Furthermore, 74% of businesses judge cash flow tasks as difficult according to a 2019 study2.

This is precisely what we made myaccountsconsultant. We designed it to be simple to connect to your QuickBooks Online or QuickBooks Desktop and within minutes, get a 6-month future forecast that as a business owner, you instantly see KPIs and future forecast that you simply don’t get in QuickBooks.

As a former small business owner, having mature and simple tools to unlock insights on my cash flow is exactly what is needed to run and operate my business successfully.

Here important cash flow tips that you should consider when running your business and of course, myaccountsconsultant will make it dramatically easier to manage and forecast your cash flow management.

1. Ensure your days cash on hand is 45 days or better

Most business owners look at their current cash balance (cash on hand) in their check book and make quick decisions whether they can afford something or not. The reality is that there may be expenses coming in that will claim the cash balance at some point in the future, so you must know what the days cash on hand really are. myaccountsconsultant has 2 great dashboard KPIs that you can keep your eye on:

2. Understand what your payment terms are

You might have some great contracts with your customers and yet many larger customers have longer payment terms (Net 120, Net 60, etc).

There was a time when I landed a large contact with a large company that required me to ramp up people and resources. I was super excited, and we were making strong progress on the new contact. As things ramped up, so did the expenses and the fact that I had to pay the people that were doing the work. The problem however, was the large company had a Net 60 which meant the first check would not come in for 2 months and yet I had to pay the expenses and payroll out of my own pocket which put me in a significant cash crunch. Consider negotiating the payment terms up front to ensure adequate cash flow.

3. Keep an eye on your expenses

If you are not careful, expenses add up quickly. Some new expenses seem harmless to add to your overall bills like a license to Zoom or new software as an example. Furthermore, most expenses these days are put on a company charge card with an annual billing that is done initially and not remembered until the following year. And the larger your company gets, the more expenses come in with possible duplication – maybe one employee thought it was great to use Zoom, while another got a license for another conferencing tool.

Improve Cash Flow in Your Business with Value Pricing

 

A streamlined and error-free payroll process is critical for keeping business running smoothly.

Did you know that streamlining and optimizing your payroll along with other SMB back office processes is not only a way to save time, but it can help improve your business cash flow?

While payroll is in fact money that is paid out by a company, it is considered separate from accounts payable as it involves both expense and liabilities accounts.

Even though payroll is separate from accounts payable, you can configure your payroll to boost your cash flow just like you can by streamlining your accounts payable process.

Make Direct Deposit Your Best Friend

Making your payroll process paperless saves time and money for both you and your employees. Running payroll on paper checks costs money. You have to pay for ink and paper to cut the checks, and if an employee is out of the office for a set time, or they work remotely – you have to spend money on postage to mail out their payment.

Disruptions to your cash flow can occur when using paper checks. Your employee may receive a check on the 1st of the month, but not get around to cashing it until the 4^th or the 5th. Or they may cash the check, but the bank may put a hold of a day or two on the check. With this method, you could cut payroll on the 1st of the month, but the check may not clear for up to a week later.

Switch from Weekly to Monthly

While they may sound the same, there’s a difference between a “bi-weekly” and “bi-monthly” (aka semi-monthly) payroll schedule. Many businesses operate on a bi-weekly schedule, but simply changing to a bi-monthly schedule where your employees receive payment on two set days of the month (usually the 1st and the 15th), is actually one of the best ways to optimize your payroll.

The reason this change matters is due to how variations in our calendar system impact the bi-weekly payroll method. For businesses using the bi-weekly method, ten months out of the year, your payroll is paid out twice monthly. However, there are two months each calendar year in which there are actually three payroll periods as opposed to the standard two. For these two months, you’ll have to cut an additional check due to the 3rd pay period. This slight variation disrupts company cash flow, and creates additional work for your payroll staff.

Reason to Outsourcing Accounting Services

 

Accounting is a non-core activity that can be outsourced to third parties. Such a norm is becoming the order of the day for the simple reason that it allows organizations to focus on the core activities of the business.

Top 5 Benefits of Outsourcing Accounting Services:

• Accurate results: As dedicated staff handles the accounting and payroll services, the results obtained are reliable. Virtual accounting companies have skilled, trained, and experienced personnel that manages the accounting requirements of different firms. As they are proficient in their job, they can provide almost 100% accurate results.
  
  
• Cost Efficiency: Outsourcing Quickbooks Accounting Services is highly beneficial in that it allows for cost efficiency. Operational costs that would be required to be spent on maintaining staff, systems, and other systems can be otherwise used for funding the business processes. The third-party companies that take up accounting service charge nominally as compared to maintaining a separate accounts department. See here Pricing for Outsourcing accounting and bookkeeping services.
  
  
• Up to date technology: Keeping up to date with fast-changing technology can drain the organization of necessary funds. Outsourcing accounting services will not require any such upgrading as the company taking up, and the service will do the needful at its end.
  
  
• Save on time: Accounting and payroll processing is time-consuming jobs. When organizations outsource these non-core activities, they can free up the time of their employees and make them do value-added tasks that also generate higher revenue.
  
  
• Services by the experts: The companies providing outsourced accounting services, hire experienced and trained professionals. As the organizations grow and their accounting requirements grow, they can rely on the outsourced company professionals to handle the accounting requirements.
  
  

Contact Us, and my accounting consultants meets all your requirements of Outsourcing Accounting Services for your business

Best cash flow management strategies for small businesses with QuickBooks

 

Small businesses often struggle with cash flow management strategies, and it's a problem that needs to be addressed. The problem is usually due to the inability of small business owners to accurately predict their spending habits or budgeting for unexpected expenditures. This Blog will go over some effective cash flow management strategies for small businesses.

Top Cash Flow Management Strategies

1. Ask for a deposit or milestone payment

2. Ask customers to pay faster

3. Cut or Delay expenses

4. Request more favorable payment terms from vendors

5. Finance purchase orders

6. Increase margins

7. Sell or lease idle equipment

8. Sell future revenue

9. Turn down, shift or post-pone work

10. Sell invoices

Final words
Given these strategies, consider which make the most sense for your business. Working capital is the fuel that powers small businesses. By understanding the options available to them, your business will be much better equipped to manage their working capital and, in turn, maintain and grow their operations.

Read More: https://www.myaccountsconsultant.com/10-effective-cash-flow-management-strategies-for-small-businesses/

Effective Cash Flow Management Strategies

 

Small businesses often struggle with cash flow management strategies, and it's a problem that needs to be addressed. The problem is usually due to the inability of small business owners to accurately predict their spending habits or budgeting for unexpected expenditures. This Blog will go over some effective cash flow management strategies for small businesses.

Top Cash Flow Management Strategies

1. Ask for a deposit or milestone payment

If you want to see the money, ask for it! If you are a business owner or freelancer and need cash flow management strategies, consider asking for a deposit or milestone payment. In order to stay afloat in today's economy, businesses need to be able to budget their finances effectively. By requesting a deposit or milestone payment before beginning work on your project, this ensures that the funds will be available when they're needed and that there won't be any surprises down the road.

2. Ask customers to pay faster

Cash flow management is crucial for any business to be successful. It's important to know how you manage your cash and when it comes in.
-Ask customers to pay faster
-Offer discounts or other incentives for early payment
-Create a "pay as you go" service plan
-Provide terms longer than 30 days.

3. Cut or Delay expenses

The hardest part about managing your cash flow is figuring out what to cut or delay. There are plenty of expenses that we all spend money on every day without thinking too hard about it; however, these can be the easiest to cut back on in order to make sure you have enough money for everything else.

4. Request more favorable payment terms from vendors

Cash flow is a critical issue for small businesses, and it can be difficult to keep up with the demands of vendors. Requesting more favorable payment terms from vendors will help you manage your cash flow better and reduce the risk of not being able to pay your bills on time.

5. Finance purchase orders

Finance purchase orders are a key component of the finance department. They are used to make sure that cash is not wasted on unnecessary purchases and can be utilized when needed.

6. Increase margins

Would you like to increase your margins and make a bigger profit? There are many ways to do this, but one of the best is by getting better at managing cash flow. One of the most common problems faced by businesses is reconciling accounts receivable with accounts payable. That's because they have no idea how much money should be in either account.

7. Sell or lease idle equipment

If you're in business, chances are you have some idle equipment. Equipment can be leased or sold to help manage cash flow.

Selling equipment is typically a shorter-term solution than leasing it out. The main disadvantage of selling your equipment is that you lose the asset and any future revenue potentials it may have. Leasing your equipment could be an option if you need to keep using the asset for a few more years. It's important to know that when leasing, there will be less money available for other purposes like working capital or expansion. When looking at what's best for your company, consider both options so that you make the most informed decision possible.

8. Sell future revenue

Why would you sell future revenue? The answer is simple, cash flow. You need the money now and your business doesn't yet have it. But wait, didn't I just say that a company needs to pay its expenses in order to generate more revenue? Yes! What's happening is that if you don't sell future revenue then there will be times when your expenses exceed your income and this leads to an overall lack of cash flow for the business. So what's next? With a little bit of creativity, brainstorming, and planning we can help create some new opportunities for generating additional revenues through sales of future products or services.

9. Turn down, shift or post-pone work

Cash flow is a vital part of the financial health and stability for any company. In order to maintain optimum cash flow, it can be helpful to know how you can turn down work, shift work or postpone work in your business. This will outline three ways that you may be able to do this without sacrificing revenue or profitability. These ideas are not exhaustive but they should give you some food for thought as you explore your options for managing cash flow more effectively in your company.

10. Sell invoices

For small businesses, time is money. Managing cash flow can be challenging and often requires a lot of work to make sure that bills are paid on time. Invoices are one way to deal with this problem by turning a future obligation into an asset in the present. In order for invoices to be effective, they need to be able to generate funds when needed most which means that you'll want your invoices payable as quickly as possible. The best way for these payments to happen is through invoice factoring or discounting since they will only charge interest rates if your customer pays late (which won't happen).

Final words
Given these strategies, consider which make the most sense for your business. Working capital is the fuel that powers small businesses. By understanding the options available to them, your business will be much better equipped to manage their working capital and, in turn, maintain and grow their operations.

Contact us here for Cash Flow Management Solution for Business.

Find the Best Tax Preparation Companies in Jacksonvil

 

Do you feel like you're drowning in a sea of paperwork? It's time to call the professionals. Tax preparation company is here for all your tax needs.

Here are the top Tax Preparation Companies in Jacksonville, FL

Our Bookkeepers Inc

Our Bookkeepers Inc. is a tax services company located in Jacksonville. It handles bookkeeping and tax management for individuals and businesses alike. These include personal financial planning, estate planning, small business accounting, part-time CFO services, tax preparation, tax planning, and more. As a full-service accounting firm, Our Bookkeepers Inc provides a broad range of services for executives, business owners, and independent professionals. It is one of the leading firms in the area because of its professionalism and expertise.

MyaccountsConsultant

MyaccountsConsultant has been offering professional tax preparation and tax accounting services to individuals and businesses in the US since 2008. We’re your most suitable option for tax preparation services because we continue on all the newest revisions and updates to the State and Federal tax regulations. We’re constantly checking out new tax breaks and deductions we will use to save lots of our clients money on taxes. From income tax returns to business tax preparation services, we exerting to attenuate tax liabilities for all of our clients.

Golden Apple Agency Inc

Golden Apple Agency is a tax and accounting agency providing a variety of services through its office in Jacksonville. The tax services it offers include tax preparation and audit, bookkeeping, tax planning, and payroll. The agency also helps businesses use their QuickBooks software to its full potential through a review and clean-up of the accounting software. Moreover, the agency offers QuickBooks set-up and training for businesses interested in using the software.

AG 1 Financial

AG 1 Financial Inc. is an accounting firm in Jacksonville that serves businesses’ and small individuals’ financial planning and tax needs. The firm offers tax preparation and planning, estate and trust preparation, payroll services, financial analysis, IRS representation, and more. AG 1 Financial can handle an organization's bookkeeping, or it can help businesses choose and figure out how to use a computerized accounting program. The firm also has a notary public on board to help clients handle a range of business matters.

Resource : Tax Preparation Companies in Jacksonville

Find the Best Tax Preparation Companies in Syracuse

Do you feel like you're drowning in a sea of paperwork? It's time to call the professionals. Tax preparation company is here for all your tax needs.

Here are the top Tax Preparation Companies in Syracuse, NY

H&R BLOCK

H&R Block Inc. is the world's preeminent tax services provider, having served more than 400 million clients since 1955. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut online and software solutions. H&R Block is the only tax company that offers you, our customer, in-person services, TaxCut software and online solutions.

MyaccountsConsultant

MyaccountsConsultant has been offering professional tax preparation and tax accounting services to individuals and businesses in the US since 2008. We’re your most suitable option for tax preparation services because we continue on all the newest revisions and updates to the State and Federal tax regulations. We’re constantly checking out new tax breaks and deductions we will use to save lots of our clients money on taxes. From income tax returns to business tax preparation services, we exerting to attenuate tax liabilities for all of our clients.

Bowers & Company CPAs

Bowers & Company CPAs provides a wide array of tax services from meeting all statutory filing requirements for individuals, businesses, trusts and estates to the structuring of business acquisitions and divestitures. We employ the most advantageous strategies and techniques available to minimize and/or defer the payment of taxes.

Tax Return Preparation: GKM

GKM’s staff are trained to prepare high-quality returns on the same tax software you use on par with what your firm produces. You need not change any of your engagement rules to fit our process. You can retain the final review and return filing tasks so your clients still remain under your care. The net effect is a much greater business volume with tax returns getting delivered to your clients much faster and revenues flowing in even faster. Increased satisfaction will ensure word-of-mouth publicity and attract more business for you.

Resource : Tax Preparation Companies in Syracuse

Find the Best Tax Preparation Companies in Rochester

Do you feel like you're drowning in a sea of paperwork? It's time to call the professionals. Tax preparation company is here for all your tax needs.

Here are the top Tax Preparation Companies in Rochester, NY

Brighton Securities

Brighton Securities is a Rochester financial services firm that is independently owned and operated. Brighton Securities has provided quality service to individual investors, small to medium sized businesses, trusts, and estates since 1969. Their tax planning and preparation professionals stay up to date on the complexities of both federal and state tax systems in order to provide the most accurate, insightful advice. Brighton Securities is a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.

MyaccountsConsultant

MyaccountsConsultant has been offering professional tax preparation and tax accounting services to individuals and businesses in the US since 2008. We’re your most suitable option for tax preparation services because we continue on all the newest revisions and updates to the State and Federal tax regulations. We’re constantly checking out new tax breaks and deductions we will use to save lots of our clients money on taxes. From income tax returns to business tax preparation services, we exerting to attenuate tax liabilities for all of our clients.

DeJoy, Knauf & Blood LLP

DeJoy, Knauf & Blood LLP is a Rochester firm of certified public accountants that prides itself on innovative tax planning and independent, objective advice. The team at DeJoy, Knauf & Blood LLP embraces state-of-the-art technology for convenient, efficient communication with clients. Their professionals meet with clients year-round, not just during tax season or audits. DeJoy, Knauf & Blood LLP actively avoids conflicts of interest in order to provide the best unbiased advice around, and they have served their community since 1990.

EFPR Group

EFPR Group is a Rochester firm of certified public accountants founded on the principles of extraordinary service and creative solutions. Starting in 1960, the professionals at EFPR Group have provided experienced and knowledgeable tax services, including planning and preparation services. The EFPR Group is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants.

Resource : Tax Preparation Services Rochester