How Do Small Business Accounting Services Help You In Your Business Growth

 

Small business owners always want their businesses to grow, but it often requires more than just hard work. These are the tasks that can be outsourced or delegated to someone else: bookkeeping, payroll, taxes, and compliance. Accounting services can take care of these tasks so you don't have to spend your time doing them yourself.

Small business accounting service providers offer a wide range of solutions depending on the needs and size of your company. You may need help with 10-hour per week bookkeeping for $300 per month or full-service accounts payable/receivable management for thousands annually. They'll provide expert advice in tax preparation and other related areas like financial statement analysis and cash flow projections - all at an affordable price.

What are the benefits of small business accounting services?

Small business accounting services provide the following benefits:

-Helps with tax reporting and compliance.

-Provides guidance on cash flow management, cost reduction, and profitability.
-Improves organizational efficiency by providing accurate financial information to managers.

-Allows for more time to focus on strategic growth opportunities instead of day-to-day tasks that are required of a small business owner or finance manager. What are you waiting for?

Why do you need a professional accountant for your business?

Your business is your livelihood. If you don't know what you're doing, it can be an uphill battle to keep it afloat. You need someone who understands the intricacies of small business accounting and can help you with all aspects of running your company, from finances to taxes. That's where a professional accountant comes in! They'll take care of all of these things for you so that you have more time to focus on growing your business.

What can an accountant do for your business?

If you're a small business owner, there's one person who can make your life easier: an accountant. Accountants provide expert advice and guidance on all aspects of accounting and taxation, as well as help with bookkeeping, payroll, accounts payables & receivables and more. They can do it without charging you a fortune.

How to choose the right accountancy firm?

What is the best accountancy service for your small business? This question may have an answer, but it's not so easy to find. When you are looking for a firm, there are some key things to think about. What size of company do they specialize in? Do they offer any services that you don't need or want? Are their fees competitive with other firms in the area? These are just a few factors that will help you determine which accounting firm is right for your needs. With all these questions running through your head, it might seem impossible to choose one single firm out of this list! But there are three aspects of an accounting firm that most people overlook: location, customer service, and accessibility.

Which are the most important steps in choosing a good accountant?

Are you looking for a good accountant? If so, these three steps will help: finding the right one, checking their credentials, and analyzing their experience. Your choice of an accountant can be as important as your choice of a lawyer or doctor. You need to know that they are qualified and trustworthy before you sign on with them. A good accountant can make all the difference between financial success or failure. If you're not sure who to choose, ask family members for referrals or use the Google search engine to research more information about accounting firms near me.

Hire Accountant here: Find a QuickBooks Accountant

Steps to take before hiring an accountant for your company

It's important to understand the steps you should take before hiring an accountant for your company. There are many different types of accountants that specialize in different areas, so it is best to do some research on what type of accounting services your business needs.

Contact us here for Business Accounting Services for Small Business.

The Complete Guide to the Benefits and Features with QuickBooks Online Advanced

 

Every business needs the right tools to succeed. If you are looking for a way to make your small business more profitable, then QuickBooks Online Advanced may be the perfect choice for you. This software is designed with entrepreneurs in mind and will help you manage all aspects of your company like invoicing, accounting, project management, multi-user access and much more.

Current Features in QBO Advanced

At QuickBooks Connect in San Jose, California this August 2018; Ariege Misherghi, leader of the Accountant Segment within Intuit’s Small Business Self-Employed Group, said that QBO Advanced would continue to evolve.

Put the right information in the right hands - Customize your clients' access to QuickBooks by setting up user permissions and restricting what they can see in specific areas. Your clients will be able to view sales transactions, expense reports, bank deposits or any other area you choose that is relevant for their role at the company. This allows them only the information they need without giving away anything confidential such as sensitive financial data.

Gain deeper insights to make better business decisions - With QBO Advanced, clients can track their business performance at a glance with smart visual reporting on select data and key performance indicators. With these insights, users are able to analyze profitability, cash flow management and other KPIs in new ways that were previously impossible. Fathom typically costs $39/month but is included as part of the cost of this package for those who upgrade today.

Skip repetitive tasks - Your clients will increase their productivity by importing hundreds of invoices created outside of QuickBooks all at once. Gone are the days where you had to import invoices one-by-one into QBO.

All Priority Circle benefits - A single point of contact with a Customer Success Manager is available to route support questions, suggest online training and make QBO product recommendations. When users have Priority Care through QuickBooks technical support calls are routed toward the front of the line for quick resolution from Intuit’s top agents when issues arise.

What Are the Common Capabilities of QuickBooks Online Plus and Advanced?

Apart from the regular features that all QuickBooks Online plans have, QuickBooks Online Plus and Advanced share some additional features that SMBs require for scaling their businesses.

Here are some of the capabilities that they share:

• Track financial records such as transactions, invoices, and statements.

• Categorize taxes by sorting business transactions.

• Update and reconcile payments automatically.

• Track trip miles for deductibles and reimbursements.

• Build detailed reports on sales, inventory levels, and profitability apart from specific purposes such as budgeting and expense handling.

• Generate accurate estimates and convert them into invoices.

• Include billable time in invoices and provide protected access to employees to add their hours.

• Provide access to multiple users while protecting data with auto-sync and user-level access.

Is QuickBooks Online Advanced Better for My Business?

QuickBooks Online Advanced has a lot of features that make it better for many businesses. For example, QuickBooks Online Advanced can import data from other programs like Microsoft Excel and Quicken, which can be really helpful if you're trying to convert your files into the right format. It also has more customization options than QuickBooks Desktop, so you could customize your software to suit exactly what you need for your business. Quickbooks online advanced pricing makes it more comfortable for your business.

MyaccountsConsultant Can Help with QuickBooks Online Advanced

QuickBooks Online advanced is an accounting software that handles everything from payroll to inventory. It can be difficult to use without help and there are many accountants out there who specialize in QuickBooks Online. MyaccountsConsultant specializes in helping with all aspects of your company's financials including installation, training, and maintenance of QuickBooks Online Advanced. We also offer free consultations so you know what it will cost before we start work on projects for you or your business. Call today at (877) 761-9996 if you need help!

What is cash flow Management and why is it important for businesses?

 

One of the most important aspects of running a business is understanding how to keep your cash flow in check. Cash flow refers to the movement of money into and out of a company, and as such it's essential that you know when to withdraw funds from one account or another. We covering some key strategies for managing your cash flow so you can avoid any costly complications down the line.

Cash flow management is often cited as an important factor in determining whether or not a business will survive over time. It can take years for entrepreneurs with good intentions, but poor planning skills, to realize their dream because they fail to understand how much funding they need at different stages in their growth process.

What is cash flow?

Cash flow is the lifeblood of any business. It refers to the amount of money that flows in and out of a company on an annual basis. Ensuring your cash flow is sufficient means you can pay your staff, take care of expenses, invest in new equipment or even expand your marketing campaign. To put it simply - without cash flow, you are dead in the water!

Accounts receivable versus accounts payable
Accounts receivable is a balance sheet account which tracks the difference between what businesses owe their customers in terms of goods and services that they have sold, and what those customers owe to the business. Accounts payable on the other hand, is an income statement account which records all amounts owed by a company to its suppliers for inventory items purchased or costs incurred but not yet paid. The two accounts are directly related; if you cannot pay your bills then your inventory will be overvalued because it has been recorded as an asset without any corresponding liability. This can create cash flow problems for a company as it may need more capital than anticipated due to such discrepancies.

Determining the profitability of your business
Business owners need to understand the profitability of their business in order to make sound financial decisions. The only way to determine if your business is profitable is by calculating your net profit margin, which divides your net income (or earnings) by revenue. This gives you a percentage that lets you know how much money you are making for every dollar of sales. An example might be that an owner has $100,000 in revenue and nets $8000 after expenses; this means they have 8% net profit margin or 80 cents per dollar of sales. A company with 20% would be more profitable than one with 5%. It's important not just for business owners but also those who invest in companies because it helps them decide what businesses will generate the best return on.

The difference between profit and cash flow

It's important to know the difference between profit and cash flow. Profit is the net income of a company, typically calculated by subtracting all expenses from its revenue. Cash flow, on the other hand, is how much money actually goes into or comes out of your business each day in terms of actual dollars. This includes everything from funds used for operations to paying off loans to purchasing inventory for resale. It can be difficult to determine what your profits are after all expenses have been paid because you may have taxes withheld from your paycheck that are then considered as part of your profit but not necessarily as cash flowing back into the business. In order to understand where you stand financially with your business it's important that you track both revenues and expenditures so that.

Why cash flow is crucial ?
Cash flow is a crucial aspect of business. It's about how much cash you have to spend, which can be determined by the difference between your income and expenses. This financial stability comes in handy when it comes to making future plans for your business, such as purchasing equipment or hiring new employees.

The goal of this is to help small businesses understand why solid cash flow management is so important and what steps they can take today to get on track with their money. I hope that through understanding these concepts, both entrepreneurs and those who work with them will have better success in managing their finances - leading not only to increased profits but also peace of mind!

Content us here for cash flow management for your business.

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.

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.

Top 5 Accounting Firms in US For Small Businesses

 

Accounting is one of the essential services of any business, be it small or big.

Businesses are often forced to spend a lot on the accounting department. There are various approaches that a business can take when it comes to their accounting needs. It is a good idea to go through the different options and choose the one that will provide the most benefits without having to cost your business a lot of money.

One of the most common options people take is hiring an accounting firm.

The accounting firms take care of all the tax and accounting needs of the business and give you the chance to focus on important tasks that help increase sales and grow your company.

What Is An Accounting Firm? Why is it important for your business?

An accounting firm mainly offers services like accounting, bookkeeping, payroll, accounts payables & receivable and auditing for your business. It produces financial records, so that you can easily track your revenues and expenses. Providing consulting on your business’s overall financial health is yet another important service that an accounting firm offers.

It helps you with long-range planning, such as buying property or upgrading your infrastructure. You will be, hence, able to determine how to break even and what your cash-flow needs are.

Accounting firms conduct audits by examining not only financial records, but also the processes and controls in place to ensure records are being properly kept, policies are being adhered to, and your financial practices help support your business goals and are the most efficient way to do so.

Many accounting firms offer a range of Tax Preparation services. The firm’s accountants can help you figure out a new tax code to help ensure your financial reporting practices are in compliance with current IRS regulations, determine your company’s tax liability, and make sure you meet filing requirements and deadlines.

With these services, you can plan your next moves, figure out whether you are making a profit and make decisions about your company’s growth.

1. ORBA

Located in Chicago, Illinois, Ostrow Reisin Berk & Abrams (ORBA) is a full-service accounting, tax, and financial services consulting dedicated to helping clients achieve their goals and build success.

ORBA provides ongoing accounting services in the form of tax consultation and other advisory roles. They offer tax planners to make the filing process as simple as possible.

Ultimately, you need an accounting firm that listens and invests in the relationship. At ORBA, their clients turn to us as their number one advisor for almost every financial need. They help clients reach their financial objectives through experienced, resourceful and proactive relationships — Relationships built on their ability to be a comprehensive knowledge resource, provide industry-leading face time with clients and maintain a firm-wide culture of dedicated, creative and client-focused professionals.

2. MyaccountsConsultant

MyaccountsConsultant offers a range of accounting, bookkeeping, payroll, accounts payables & receivable, accounting software migration and tax services to private sector companies, not-for-profit organizations, individuals, and fiduciaries—provided by experienced CPAs and QuickBooks certified professionals.

Their underlying goals are to help clients comply with all relevant laws and regulations—and at the same time, maintain their focus on the ongoing strategic and operational issues that only they can address.

MAC – Online Accounting Firm’s services include:

• Accounting

• Bookkeeping

• Payroll Preparation

• Accounts Payables & Receivable services

• Cash Flow Management

• Tax Planning

MAC’s mission is to provide financial personalized service and attention for their clients and to assist them in achieving their financial and business goals.

3. CapActix Business Solutions

Located in New York,  CapActix offers exclusive solutions for Accounting & Finance for small businesses. CapActix brings businesses to the next level by making its functioning smooth & efficient.

CapActix takes the utmost care of the confidentiality and security of their clients’ confidential data. They have taken appropriate measures for security related issues as they firmly believe in data security. Moreover, since exchanging information via emails or any public channel involves some inherent risk, they use a SSL encrypted document management portal which also has document processing module.

4. NCheng

Founded in 1989, NCheng provides a full range of services in audits, accounting, and financial management support to a diversified client base

Their experience and professional resources have been tailored through the years to assist their clients achieve their goals. Their mission is to help businesses achieve their goals and to help them grow and succeed in the long term through sound, strategic management decisions.

Their innovative use of technology, including cloud-based accounting, our understanding of the complexities of the business world, and their creative solutions have all helped to make them respected leader in the business community.

5. Westside Financials

Located in Los Angeles, Westside Financials specializes in helping clients manage their monthly close requirements and staying on top of their complete accounting cycle. Whether it be basic bookkeeping services like reconciling bank and credit card statements, managing payroll, or fractional CFO services like financial forecasts, planning and reporting, Westside Tax works to promote solutions that fit the specific needs of the business.

Final Words

An accounting firm is crucial aspect in your business. You need a firm that is experienced, reliable, and ready to be there for you whenever a need arises. They will not only manage the accounting tasks but also offer practical business advice to support your business planning and growth. Good accounting firms help companies grow, by managing complex financial work and offering advice on practical business issues. This will be guaranteed to save you money in the short and long term. If you choose an accounting firm based on these tips, you reduce your risk of making the wrong choice for your small business.

5 Consequences of Bad Bookkeeping in Your Business

 

The consequences of bad bookkeeping in your business can be disastrous. Not only do you risk being audited by the IRS, but you also run the risk of not meeting any financial goals for your business. The first step to avoiding these problems is hiring a reputable bookkeeper or accountant who will take care of all aspects of your accounting and keep accurate records on behalf of your company.

The Impact of Messy Books

1. You Don't Know Your Numbers, So You Don't Know Your Business: You may not know your numbers, but they are one of the most important aspects of your business. If you don't know what is going on with your finances and how to read a balance sheet, it will be difficult for you to grow your business. So the best solution is you can hire accounting firm who can help you in read your balance sheet as well as they also can help you in manage the balance sheet of your business.

2. You Suffer Cash Flow Problems: Cash flow is a common problem for small business owners. If you're not careful, cash flow problems can be the death of your company. There are many different causes of cash flow problems, but they typically stem from insufficient funds to cover operating expenses and debt repayment obligations.

3. You Can't Strategize: If you are a small business owner, independent contractor, or sole proprietor then you know that every day can be different. It's not uncommon to feel like your company is on the brink of failure in one moment and thriving in the next. You have to wear so many hats as an entrepreneur - accountant, marketer, salesperson, CEO - and it's easy to get lost in all those tasks.

4. You Miss Tax Deadlines: The IRS has a number of deadlines throughout the year and it is very important not to miss any. If you miss one, the penalties can be severe.

One such deadline is April 15th for filing taxes which if missed means you will have to pay an additional 5% on top of what you’re owed in tax as well as a $205 late fee.

If you are missing deadlines or need help with your business accounting, don't hesitate to call our bookkeeping company today!

5. Your Expenses Have Run Amok: It's not uncommon for small business owners to have a hard time managing their expenses. But if you're having trouble with your bookkeeping, now is the time to take action before it gets out of control.

When you start noticing big discrepancies in your numbers and they still aren't adding up even after accounting for all of the transactions, that's when it's time to call in an expert.

A well-organized company is more likely to succeed. The benefits of a bookkeeping service are not just limited to the financial side of your business; they provide you with accurate information that will allow you to make better decisions on all aspects of your company's operations.

Contact us here for the Bookkeeping Services for small business.