6 Bookkeeping Pains An Outsourced Bookkeeping Service Can Resolve

For many businesses, their bookkeeping causes a lot of pain. However, when handled correctly, there are many pains that proper bookkeeping can remedy. Common reasons that bookkeeping causes pain are: it is intimidating, people don't like it, and it's often way behind because it gets pushed to the back burner.

1.) Time Crunch

There is never enough time to accomplish everything in your small business, is there? People often use time as an excuse for not performing a task when they don't want to attend to it or don't know how to get it done.

If you don't find it practical to do your bookkeeping because it takes you away from more critical business tasks, then you should probably outsource it.

2.) Stress and Anxiety

When you start talking bookkeeping and taxes with many business owners, you often trigger a worried look. Bookkeeping can cause a lot of anxiety and worry for the small business owner, but for outsourced bookkeeping experts, it creates an opportunity.

Creating the proper bookkeeping system and giving a business owner a set of books that adds value will reduce their anxiety and worry when it comes to their business finances. Quite often, the key is accurately updating the books regularly. 

3.) Access to Updated Information

Another pain that bookkeeping can create is a lack of access to updated information. 

New clients often complain that the books are behind and inaccurate. Business owners complain that they don't get reports from their bookkeeper often enough, and when they do, they don't contain accurate or relevant information.

4.) Access to Relevant Information

If you don't have updated information, you likely have no idea of where your business stands, and if you don't have access to the relevant information you surely have no idea where you are going.

Outsourced bookkeeping services should not only give you a firm grasp on where you currently stand as a business but more importantly, where you are going. Your small business financial reporting should not only identify possible issues but opportunities as well.

5.) Ability To Adjust

An inability to adjust to happening changes can be a huge pain point. 

If you don't know where you are at or where you are going, you are in the wrong spot. This position leaves you incapable of making the proper adjustments to keep your business on track. 

A robust bookkeeping system will keep you fully in tune with the financial aspects of your business. This will give you the flexibility and power that you need to make quick adjustments in your business to overcome market changes and take care of opportunities that present themselves. 

6.) Taxes

Taxes are painful for a lot of businesses. If you are continually filing for extensions or have not filed taxes at all, then you are feeling a lot of pain. 

Business owners hate taxes, but too many of them take a reactive approach to taxes rather than a proactive approach. You should be reviewing your tax situation with your CPA at least semi-annually if not quarterly.

If your bookkeeping system is not kept current, then you have no way to solve your tax pain.

Fortunately for many small business owners like you, it is never too late to get your bookkeeping on track with the support of the best QuickBooks bookkeeping experts. Schedule your free consultation with us today.

How Remote Bookkeeper Can Help Your Business?

Let’s face it; even the most successful business owner is faced with challenges that they need help with. From recruiting the best employees in the industry to developing an innovative marketing plan to increase sales, many different duties and responsibilities must be done to keep an operation running smoothly.

Fortunately, today’s creative technologies and the Internet has become a winning combination for any business owner. This is because these innovations have leveraged the competition for the small businessperson, especially since businesses all over the globe can obtain the business financial help that they need remotely via a virtual bookkeeping service.

Remote Tracking of Where Your Money is Going

One of the main services that we offer to our clients today is keeping track of where the money is going. Operating expenses, petty cash funds, and office supplies purchases will all be accounted for in the bookkeeping statements that we provide. Thus, you will always know where your money is going without having to stay up all night updating your journal entries or producing time-consuming reports.

Full Range of Services Provided

With a wide range of virtual bookkeeping services, we give you the opportunity to choose what you need from us. We also have the expertise in-house to customize a bookkeeping solution that will meet your specific industry’s needs. Our virtual bookkeepers will not only make sure that your income and expenses are recorded on a timely basis, but also reconciled, and organized into your own accounting software programs. Here’s a list of some of the remote business financial services that we provide:

Eliminate the Tax Season Havoc

Another benefit that we offer to you and your company includes virtual accounting services that will make tax season a breeze. By organizing the financial statements in a manner that makes it easy for a CPA to produce tax statements for the end of the year, it will not only save time, but also money in getting the tax forms for the IRS completed right the first time. In fact, there will be no more barely making the deadline each year or missing it altogether due to the lack of the right information and limited time.

Running a successful business operation will take not only time but also money. This is one of the primary reasons why many owners hire others to assist them. One of the most important areas is booking since it helps to keep up with the finances of the business, income, and expenses.

Contact us here for Remote Bookkeeping Services for Business.

Business Success Begins with Cash Flow Management

In reality, the basic mechanics of cash flow management apply similarly for small businesses and large companies alike; the only difference is in the tools they require. Growing small businesses need to collect cash as effectively and efficiently as possible, while gaining more control over the cash they pay out so it can be better utilized within the business. This requires a more deliberate and disciplined approach to cash flow management.

Fortunately, there are now some simple, affordable solutions that can help small businesses gain the upper hand on their cash flow.

Getting Cash In

Businesses must be able to convert receivables into cash as quickly as possible. When receivables get out of control, it could be the beginning of cash flow death spiral. The key is to systematize and automate wherever possible.

Don’t Allow Your Customers to Set the Payment Terms

If you let your customers dictate the payment terms, it might be just a matter of time before their cash flow problems become your problems. Set strict payment terms, even if it means losing a prospective customer, especially where credit is being extended. Include in your payment terms specific time frames for paying the balance due, late payment penalties, and conditions that may trigger legal actions. Good customers will respect your formality.

Automate Your Billing Process

If it takes more than one person or more than one day to get an invoice in the hands of a customer, you are wasting valuable time and resources. Considering that you could wait up to 60 days for a payment (with net 30 day payment terms), you can’t afford to manually bundle your invoices and send them once a week or once a month. Using an automated billing process can not only reduce staff costs. It can also accelerate the conversion of receivables into cash.

Automate Your Collections

For small businesses, collections can overwhelm their resources and put a serious crimp in their cash flow. Automate your collectible system so it can provide your billing person with a daily report sorted by age and amount owed. This will not only enable you to foresee potential cash flow problems, it will help your billing person to focus on outstanding accounts in order of priority. Ask your business bank about an automated collections system.

Accept Electronic Payments

With the availability of affordable electronic payment processes through a business bank, such as credit cards and electronic funds transfer, there is no reason why a small business can’t accelerate their cash receipts while minimizing float. Digital payment options can not only streamline the receivables process, they can also provide greater protection against fraud.

Put Your Cash to Work

In the digital age, cash should never have to sit idle. In the not so old days, businesses would have to bundle their excess cash and run to the bank to make a deposit. Today, your cash can move automatically from your business checking account to an interest–bearing account each night. These automated “sweep” systems determine how much surplus cash can be swept, leaving what’s needed for the next day’s payments. Putting your excess cash to work could add hundreds of dollars to your cash flow each month.

Control Your Expenses

Of course, many cash flow problems can be solved by better managing expenses. However, the focus for many small businesses tends to be on short–term expense reduction – cutting an expense here or there, or getting a one–time price break on materials, etc. Effective expense management requires a long–term plan with an ongoing review of expenses. The focus should be on creating sustainable savings in supplier and operating costs. For instance, it may be more cost effective to negotiate for better payment terms over price.

Controlling Cash Out

On the expense side of the ledger, controlling how, when and to whom payments are made can have as big an impact on your cash flow as getting cash in. The longer you can keep cash working for you in the business, the more control you will have over your total cash flow situation.

Control Your Disbursements

For the extra few weeks — or even few days — that your business can keep cash on hand and earning interest, it is well worth the effort to analyze the payment terms of all of your vendors and suppliers to determine a precise payment schedule. Many businesses lock themselves into an internal payment schedule based on a certain day of the week or month for paying bills. It’s not uncommon for some businesses to pay all of their bills at once, which can potentially create short–term cash crunches. The objective should be to keep cash in your business as long as possible. This is best achieved using an automated payables system linked to the Automated Clearing House (ACH) or Electronic Funds Transfer (EFT).

Digitize Your Payables

Writing, issuing, tracking and reconciling paper checks can tax the resources of a small business. Small businesses can now have access to electronic payment solutions, such as Automated Clearing House (ACH), Electronic Funds Transfer and online banking platforms that enable them to streamline the payables process, reducing the time, cost and errors associated with manual payments. The ability to monitor transactions in real time enhances your ability to manage your cash position at all times.

Partner with MAC for More Creative Solutions

With the array of robust cash management solutions available today, small business owners never have to be in the dark about their cash situation, and their cash need never sit idle again.

Contact us here for Business Cash Flow Management Solution for small Business.

Cash Flow Management: 3 Best Practices for Small & Medium Businesses

Staying on top of your cash flow is vital to running a small business smoothly. According to a U.S. Bank study, poor cash management is the cause of 82% of business failures. Cash flow is critical to the survival and success of your business. Without it, you cannot hire or pay employees, buy inventory, expand your operations, or secure a line of credit or financing. Cash Flow Management is very important and crucial factor in Business.

1.  Understand Your Cash Flow

One of the first things your business should do is get a 360-degree overview of its cash movements and situation. There is a common misconception that profit is the same thing as cash flow. It is not.

Simply put, your business profit equals revenue minus tax and expenses. When you invoice a customer, that counts as revenue, but you will not necessarily have cash. Your business can figure out its profit for the month and find that it has a cash flow issue. To best understand your cash situation, you will need a cash flow statement and cash flow forecast.

2.  Increase Sales, Not Expenses

Many things can put a strain on your cash flow. One of the most common is having expenses that are either out of control or simply not justified. Every business has bills to pay. But is yours efficient with its accounts payable?

If you are paying cash for equipment and inventory when there are better options, you could be straining your cash position. Take full advantage of payment terms and segment your expenses between those that are business-critical (payroll, taxes, rent) and those you have more flexibility on payment timing. 

3.  Help Your Customers Pay You Promptly

Unpaid invoices are a significant factor in small business cash flow. One study determined that the value of small business unpaid invoices is roughly $825 billion, or about 5% of U.S. GDP. Here are some of the ways you can take control of your invoices and shorten the time between billing and payment.

For a small business, unreliable cash flow can be catastrophic. Even a short-term cash flow problem can make it tough for a company to continue operations. Outside of knowing the ebbs and flows of your business, using these best practices can help you effectively manage your cash flow and have the resources available for growth and expansion.

The team at MyaccountsConsultant can help your business with cash flow projections and management. contact us here at your convenience for a complimentary consultation to discuss your business challenges and goals.

Outsource Accounting Services with MAC

 

We understand that the world of financing can be a confusing one, and whether you operate a business, a non-profit organization, or simply need assistance for yourself, getting the professionals on your side can make the process a lot less complicated. At MAC Accounting, we have been bringing quality assistance to companies and individuals across the country for many years, and know what it takes to get you the results you’re looking for.

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About Us

We are a collective of experienced accountants who are dedicated to bringing you the assistance you need when it comes to financial matters of all types. We have a dedication to bringing you results, to allowing you to focus on your important matters while we do our work, and to bringing you the professional assistance needed to make your finances an aspect of your business that you can worry about less, knowing that you have the right experts on task. When you need financial assistance for any reason, you can depend on the professionals at MAC Accounting to bring you the help you need.

Learn More About MAC Accounting Services

​Each of the services that we bring to you and your business, are dedicated to getting you the financial assistance you need to keep your company or personal finances in straight order. With the amount of experience and expertise that we have when it comes to financial matters, we understand that our services are valuable to others who may not have the level of comfort with the subject, this is why we see it as a responsibility to bring you the assistance you need in an easy to follow format, that is working hard to bring you results.

Our Services Included with:

Personal Tax Preparation

Not every service that MAC Accounting delivers is aimed solely at business interests, we have been the source of assistance to many individuals looking for help come tax season, and we are always ready to provide. When you need a service that is there to give you the personal touch, without needing to simply settle for the bare minimum of services, you can trust in the experts at MAC Accounting to bring you the help you need. Tax Preparation Services help you in tax return and preparation services.

Business Tax Preparation

When you have a much larger tax profile to look at, spanning the quarter or annual finances of your business year, you can depend on the experts at MAC Accounting to bring you the touch you need. We are dedicated to bringing you results, while doing our work in a way that will have your finances focused on, while you focus on the day to day operations of your business, knowing you’re in good hands.

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Accounting Services

We also bring you a wide range of accounting services for your business needs. Whether you need to balance books, ensure that your employees are paid on time, or any other number of financial needs you may face. When you put your trust in the expert services that MAC Accounting provides, you can expect quick and reliable results at the hands of those who have dedicated their lives to being the financial answer you need.

We offer Services Included with:

Bookkeeping Services

Whether you need to balance your ledgers, or ensure that your accounts are in order, book balancing is an important part of your business, and getting the right experienced touch in this matter can make all the difference. When you put your trust into the expert’s hands at MAC Accounting, you can depend on us to bring you reliable results that you can bank on. Your finances are important, and they are important to us.

Sole Proprietorship Services

Running a business on your own can have its own series of challenges, and when it comes to the financial aspect of your company, you can find that there is a big difference between running a company, and running the company finances. When you need professional help in these aspects of your business, you can depend on the professionals at MAC Accounting. We have been bringing our specialized craft to companies of all sizes across the country.

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Non-Profit Services

Ensuring that you stick to the financial plans put into motion by your supporters, and even the government is important in order to keep your charitable status. And MAC Accounting has just the services you need to do so. Whether you need help in your application, or need to have your finances audited periodically to keep those who need to be kept happy kept that way, you can always depend on the professional touch we bring.

Contact Us Today To Accounting Services

​When you find yourself in need of financial assistance of any type, you can be sure that we are readily available to bring you the help you need. Whether you need to reach out to our professionals for information, to schedule a booking, or to find out more about the services that we bring to your needs, you can rely on being able to quickly and easily get a hold of the right people for the task. We keep our lines watched at all times to ensure that when you make the choice to pick up the phone, we’re there.

Contact us here for Best Accounting & Bookkeeping Services for Small Business.

Top 3 Real Estate Accounting Software

Many startups and established real estate companies often make the mistake of underestimating the power of numbers, even with the sheer number of real estate accounting software available in the market. As a result, many businesses continue to operate without knowing the real value of their operations. For any real estate agent, accounting is an essential part of a successful real estate business. Instead of investing tons of capital in accounting firms, real estate companies can choose to use accounting software. Brokerage firms can also benefit from real estate brokerage accounting software for their businesses. Real Estate Bookkeeping Services helps you in managing your business solution with the help of real estate accounting software.

Here we are going to introduce you to some of the best accounting software for companies that operate in real estate.

List of the Best Real Estate Accounting Software

1. Realtyzam

Realtyzam is cloud-based real estate accounting software that is typically used to manage revenue and track expenses, providing insight into the financial health of a business. It allows real estate agents to track their income while keeping an eye on marketing and listing fees, commissions as well as brokerage fees.

2. Back Office for QuickBooks

Back Office is a QuickBooks solution specially developed for real estate professionals. It also provides a solid real estate accounting software which allows to broaden its scope. Back Office allows users to track sales, referrals, and commissions, helping businesses manage their cash flow. It also allows users to manage sellers, buyers, and escrow accounts, which helps create a lean management process.

3. Xero

Xero is another cloud-based real estate accounting software that allows you to manage your business accounts remotely. This application allows users to easily track invoices as well as input and output taxes from a PC or mobile application. It also integrates with your bank accounts, so you can pool your expenses. Xero also comes with a payroll processing function so that it can automate the monthly payroll process.

Some tips for getting the right property accounting tool

Real estate accounting software can never replace the work of a real accountant. You should always seek to supplement your accountant's job by using such software in order to keep your real estate business running smoothly.

That said, for real estate agencies, the choice of accounting software will depend a lot on the number of employees who will be using the software. Many cloud-based solutions will charge you based on the number of users on the system, therefore, it is better to limit the number of users in order to save money.

You should also take into account the level of expertise of potential users. Complex software will take longer to get started within the company for your staff to use, so be careful when implementing such software.

Tips to Properly Manage the Accounting of your Small Business Enterprise

To do business for a long time, you have to be in your business. This is why careful management of the accounts of your SME is a key element that will contribute to the success of your entrepreneurial project. If you are just getting started, follow these tips to get on well.

1. Obey the law It is not enough to do your bookkeeping to be in good standing.

Above all, you need to adopt good online accounting services, because it is mandatory to file a tax return in Canada. This declaration will depend on the legal form of business you have created. "When the business is incorporated, it is a legal person, so the company is considered a person within the meaning of the law and it requires to have its own tax return," says Simon Lapointe. If it is a sole proprietorship or registered business, the owner adds the income and expenses related to the business to their personal income tax return because they vouch for everything the company does.

2. Consider taking accounting training

You can also take accounting training or a small business accounting course. "It's good to do this and some bookkeeping software offers fairly straightforward online training," says Simon Lapointe. Online learning platforms will also help you improve your knowledge.

3. Be organized and keep track of your expenses

To be able to do the accounting of a small business, it is necessary to note, itemize and classify accounts receivable and payable, expense receipts and purchase orders. “The famous shoebox where the entrepreneur deposits his invoices and gives them to his accountant is not effective for anyone. It is now possible to scan invoices and documents or take pictures of them to keep them in the archives, ”emphasizes Simon Lapointe. Why put off filing your paperwork until tomorrow when you can do it day to day?

4. Perform rigorous bookkeeping

Bookkeeping encompasses the entire day-to-day process of writing down transactions, categorizing them, and reconciling your accounts. “Typically, the bookkeeper records transactions and it costs less than an accountant who finalizes financial statements and tax returns. The Operio cloud platform also offers a turnkey service including bookkeeping and financial statements, ”adds Simon Lapointe.

Finally, according to Simon Lapointe, other accounting advice such as opening a business bank account, to "separate business money from your personal money and facilitate the accounting that comes next", and " putting a budget in place, to compare actual sales and expenses with those planned ”, will allow you to be fully equipped to do the accounting of your small business and see it grow.