What are the Biggest Accounting Challenges for Small Businesses

Accounting Issues for Small Business

Since small business owners manage each and everything in their business, they have a lot on their kitty. Each day you will find them dealing with Customer Satisfaction issues, Inventory issues, Financial issues, Human Resources issues, Marketing issues, and much more. But among all these, it is the economic issues that can affect the business the most. Here we discuss Online Accounting Services challenges small businesses owner as well for small business too. Or example, for the small scale business owner, the cash flow, or more specifically, the working capital is quite low. So, any purchases that they need to make have to be adjusted from the current cash available, which is why most of the small scale business owners continuously find themselves wrestling with a situation of a cash crunch. Accounting challenges small businesses Or if they need to manage payroll, business owners struggle with the calculation of the amount of salary and wages to be given to the employees and what are the amounts that need to be cut for taxes and benefits?

As we have seen that most of the issues that are faced by the small business owner are in the field of accounts. If we look at it objectively, the challenges that are encountered are the same as any large scale corporation, and it is only the lack of resources that makes the small scale owner think twice about investing in an accounting outsourcing provider. If we look at the recent survey from the small business accounting, less than half of the small businesses invest in an accountant. This percentage decreases with a decrease in the number of employees. Not all business owners would have the capacity to understand finance, and even those who have studied economics, would not have time to devote to it daily exclusively.

So, why exactly do entrepreneurs not invest in Quickbooks Accounting Services? In another report that was conducted by Wasp Barcode Technologies, it was found that most small scale business owners face challenges in taxing, personnel management, and managing the books of accounts. If we look at it more precisely, accounting challenges small businesses are faced in payroll, accounts receivable and payables, managing the books of accounts, and managing and ensuring proper cash flow.

To avoid this, most small business owners now choose to outsource their accounts services to firms like My Accounts Consultant that provides end to end that is specially designed after an in-depth survey of the needs and the requirements of small scale businesses across geographies and industries.

Why Choose Us for your Bookkeeping?

We can Save You Time and Dollars

Not only do we have many years of experience in assisting small and medium-sized businesses with their bookkeeping, but we will also identify any efficiency improvements and discuss these with you – and implement these if agreed. As we have experienced bookkeepers, we can complete the work quickly and accurately. All these factors ensure that we save you dollars and time. In addition to this, our rates are very competitive.

Local On-site or Cloud-Based Bookkeeping

We offer our virtual bookkeeping services on-site or remotely via a cloud-based bookkeeping solution. The accounting software we work with includes MYOB, Xero, QuickBooks, and more!

We will do your Bookkeeping so you have more Free Time

Working with us means that you will have more free time to grow your business, spend time with family and friends, or have more time to relax with your favorite hobby or sport.

Our Services Include:

Data entry and set-up
Accounts Payable and Receivable
Payroll setup/processing including Super, Payroll Tax and PAYG
Bank and Credit Card Reconciliations
Management reporting
Sales invoicing
BAS Preparation
Filing and Administration
Software Migration

We offer Flexibility and Convenience

Depending on your needs, we can work a few hours or days each week, monthly, bi-monthly, or quarterly. You can be assured that your books are in order and that your financial data is accurate and timely.

Reduce your Costs by Hiring an Online Accounting Consultant

Online Accounting consultant It is needless to say that accounting is the backbone of every organization. To be successful, a business needs to keep a daily record of all its financial transactions. If done from the first day itself, a lot of effort is saved at the time of auditing. When making these records, one must be sure that they are recorded accurately and are being organized securely. Having a stable system in place helps detect, or even better avoid, errors and misuse of these documents. Find a QuickBooks Advisor for your business.

Hiring Online Accounting Consultant helps your Budget

All this can be quite a time consuming, and a small scale business or a startup has everything but time. So, working with an Accounting consultant would help you take your load off. There is much Online Accounting Services like My Accounts Consultant who would help you each step of the way.

They would help you not just in accounts but would help you manage your finances in a much better way. They would help you set a realistic budget for the next year by looking at the current state of finances. A sound budget would ensure that there is enough liquidity in your business at the time of need, and at any time, a necessary expense comes up. When you follow your budget, you would also stay clear from accruing excessive debts and would have a clear idea of your bills receivable.

Online Accounting Consultant, like My Accounts Consultant, has a team of experts who create and maintain an accounting system that your information is error-free, safe, and secure. We help you by creating a work environment of good business and making sure your data and investors are always working to your benefit. 

Tips for Hiring Financial Accounting Advisory Services

Choosing Financial Accounting Advisory Services is the right decision that you take for your business. Selecting the wrong accounting and advisory services can result in wastage of money, screwed financial freedom, and you might be in the hands of fraud. There are many financial advisors in the market, which leaves you confused in choosing the right one.

Here are things you must know about your Financial Advisor!

It is essential to learn the industry terms and jargon before you look for Financial Advisory Companies.

• They do not bring positive results all the time

Anyone can be referred to as a financial planner and advisor, but it doesn’t mean they are all experts. Do not expect them to be beneficial all the time.

• Meet the advisor

Have a face to face meeting with the company that offers you Accounting Advisory Services. It will help you analyze the personality of the financial planner.  It will also help you to avoid unnecessary financial insecurities.

• Check their records

Who is offering you the Financial Accounting Advisory Services? Know more details about the advisor and find out if his records are clean. A prospective advisor will have a clean record and will not have any complaints.

• Do they work for your benefits?

An excellent financial advisory company should work for its clients. Check with the company if they make positive changes in your business. Do you get the right amount of recognition for your business?

• Take references from them

You can ask for references from your advisor. Ask them to name a few of their clients who they have already worked with. This will help you find out the ability of your advisor. You can also speak to his or her previous clients to find out the quality of the services. To make it simple, you can read reviews about them.

Apart from this, you must know the fee of the advisor and the areas of interest. You must also know the services offered by them. You can manage your Financial Services with Quickbooks Accounting Services who can help you in manage your Business financial services with a certified accountant.

How to Choose a Top Accounting Firm

Every year, during the national budget, specific laws are tweaked and changed, which leaves the citizens wondering how they are to go about to make decision changes for your business. When you work with Top Accounting Firm, they would know all the new laws and offer advice as to how to best use these laws to your benefits. They even assist small businesses in setting up their budgets as well as their goals. No matter what your accounting requirement.

The Factor to be Consider before Choose a Top Accounting Firm:

• Fees:The first and foremost thing to take into consideration is the fees. Since each firm has different charges, it is essential to know precisely what they are charging for, what is their fee structure and what is the amount that you would be expected to pay. You can see the Accounting Pricing structure here, which can help you in understanding the fee structure.

• Area of Specialization:Some Top Accountancy Firm has specialties that they are just excellent at. It is essential to know those specialties, and then choose the one who specializes in your requirements. For example, if you own a store, it would be beneficial for you to work with top accounting firms that specialize in retail accounting.

• Assistance:While there are Outsource Tax Return Preparation Firms that train and assist people on the procedure of filing income taxes, but these services are quite general. A small scale business firm would not be benefited much by them. There are also cases where you might need specific financial advice while making business decisions. According to their policies, different firms offer different levels of guidelines. If you already have in-depth accounting knowledge, then you could go for the firm that provides only services, but if you would need advice as well, you could go for one that would assist you in making decisions whenever you want.

• Service Requirement:Different accounting firms require different levels of accounting. Some might need help only in maintaining day to day books of accounts, while others might also want financial statements, or tax filing, or payroll. Depending upon your service requirement, choose a firm that would offer those tasks.

• Accessibility:How much do you want to connect with your Top Accounting Firm? Some like to be in touch once a year, some quarterly, while some need to talk to them daily. Figure out what is your accessibility requirement, and whether the accounting firms that you opt for are offering that level of accessibility. You would also need a Chartered Accountant Firm you are comfortable with. There is no point hiring ‘the best accountant ever!’ if you do not feel comfortable discussing your finances with them. Your accounting firm should be working with you.

• Support:Some accounting firms would help you set financial goals for your business as well as help you monitor your progress. If you are setting out, this would be quite useful to you. Look at the firm’s goal-setting policy and talk to them as to how they would be involved. Additionally, check-in advance if there are any fees that you would be charged for this.

• References:There is nothing like word of mouth reference. Look around the market, ask your friends, see who your competitors are working with, and then make an informed decision.

Reasons to Outsource Your Payroll Processing

My Accounts Consultant are the trusted industry authority when it comes to payroll processing and management. Our team of qualified and trained experts will calculate wages and PAYG tax obligations, pay staff on time, report PAYG summaries, record all payroll payments and produce accurate, up-to-date reports on your business payroll request.

Many benefits are experiencing when a savvy business owner outsources the processing of payroll. All businesses turn to several professionals offering selected expertise when needed. Processing Payroll is such expertise that outsourcing saves a good deal of money and eliminates costly mistakes often made when payroll processing is an in-house function.

These three top reasons for outsourcing payroll Processing:

Eliminate In-House Worries: Using an employee-based bookkeeper may be an expensive proposition. Consider the number of tasks that need completing, such as paying bills, invoicing, collections, tax preparation, and more. A good bookkeeper makes more than $40,000 per year, along with benefits plus typical hiring and ongoing training expenses. Outsourcing, even just the payroll processing part of any in-house bookkeeping set of duties, will undoubtedly result in significant cost savings. Outsourcing guarantees on-time payroll since the tasks are not dependent upon an in-house employee subject to sickness or other influences, possibly hindering the timely completion of duties.

Professional Services: Peace of mind is an excellent benefit gained when outsourcing payroll needs. Tax law changes alone are in constant flux, making it necessary for any professional to stay current with what is new. Also, payroll document filing is strict. Filing inaccurate paperwork can result in a myriad of fines and other penalties. All can be avoided by hiring an outside payroll company. That is what a payroll processing company does.

Cost Savings: Outsourcing payroll chores frees up valuable resources that can be focused on other business areas of operation. There is no need to wear the expense for keeping even a part-time employee to process payroll. Additionally, when you outsource your payroll, you won’t be billed with training costs that all in-house operations do whenever there is a need to hire a new bookkeeper or laws change.

QuickBooks: Solution to All Your Accounting Problems

Are you worried about Xero to QuickBooks Conversion? Nowadays, there are various software and sites available online which can easily migrate Xero to QuickBooks. This software takes care of the fact that all the list and transactions in the QuickBooks are set up according to the Xero Accounting Software. Thus QuickBooks Accounting Services is the one-stop solution to all your present problems with business software like being expensive, time taking, and complicated to use.

It includes the conversion of all the transaction history and all lists. Post-conversion, you can use every financial report, including the profit and loss statement, balance sheet, trial balance sheet, etc. and it will completely match your Xero reports. Other minor financial reports like Aging A/R, Aging A/P also match the Xero report data after conversion.

The Xero to QuickBooks Conversion makes sure that not only the charts of accounts are converted but also every transaction is converted.

There are several tools available now that can automatically convert or import your Xero data to QuickBooks online. This migration or conversion has now become entirely without any manual effort. QuickBooks has become an important significant accounting tool as more than one billion businesses in the United States depend on it; thus, if you want to make your business records and transactions more accessible and easy to comprehend, then Converting from Xero to QuickBooks and enjoy hassle-free accounting.