Saving Your Accountant Time, Saves You Money

This is just common sense, but something that many business owners overlook when preparing their books to send to their accountant for the preparation of year-end financial statements and tax filings. The more accurate and complete your accounting records are, the less time your accountant needs to spend on reconciling and correcting the details before beginning on the reports and taxes. The less time they spend on your books, the less it is going to cost you. Here are some tips to help make sure that your books are as easy to work with as possible. Read More »

Tags: Account Balances, Accountant, Accounting Records, Accuracy, Asset Purchases, Assets, Bank Accounts, Business Owners, Common Sense, Detailed Records, Financial Statements, Loan Accounts, Payroll Tax, Quarterly Tax Reports, Receipts, Reconciliation, Spreadsheet, Tax Filings, Tax Liabilities, Year End

The Devilish and Dangerous Debit Card

What could possible be dangerous about a business owner’s debit card? It’s attached to the checking account, so he’s not as likely to accumulate debt on it like he could a credit card. It is much easier to carry around than a checkbook, and as already stated, won’t accumulate an unpaid balance like a credit card would. Where’s the danger? There are two actually. Let’s look at them. Read More »

Tags: Accountants, Atm Machines, Business Card, Business Expense, Business Owner, Business Owners, Card Punch, Checkbook, Checking Account, Credit Card, Credit Cards, Debit Card, Irs, Lost, Missing Receipts, Personal Cash, Personal Purposes, Riot Act, Transaction Fee, Unpaid Balance

Accurate Accounting Will Boost Your Bottom Line

Many business owners see only the costs involved with keeping accurate accounts. They see employee costs and service fees related to recording data and creating financial reports. They know it is a necessity of business, but they only see it as an overhead cost to be kept as minimal as possible. What is often overlooked and minimized is the financial benefit of keeping accurate, up to date, accounting records.

Maintaining accurate records and reviews of financial reports is like preventative maintenance on your vehicle. It costs money to have the oil and filters changed on a regular basis. Having your tires rotating and balanced can seem like just one more thing to fit into your schedule. However, if you don’t take the time to have these things done on a regular basis, the end result can cost you much more in vehicle repairs and new tires, than if you’d simply paid for the maintenance as it was needed. Accounting works the same way.
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Tags: Accounting Records, Accurate Accounts, Accurate Records, Bottom Line, Business Failure, Business Manager, Business Owners, Cash Flow, Crunch, End Result, Finance Charges, Financial Benefit, Invoices, Overhead Cost, Payables And Receivables, Preventative Maintenance, Spiral, Tires, Unnecessary Expense, Vendor Statements

We’re Being Audited! Follow These Tips and Decrease the Stress

Opening an envelope from the IRS or the State Revenue Office that has the word ‘audit’ on it can easily send a business into panic mode, but it doesn’t have to. Audits by federal and state revenue agencies are performed on a regular basis, sometimes at random and sometimes with cause. Being selected to undergo an audit of your business will certainly put the details of your accounting system under scrutiny, but approaching the process calmly and in control can eliminate much of the stress that can accompany this added burden to your business operations. Here’s a few tips for taking the sting out of an audit notice.

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Tags: Accounting System, Audit Requirements, Audits, Business Operations, Business Owners, Challenges, Control, Cpa Firm, Financial Professionals, Initial Report, Irs Office, Opening An Envelope, Panic Mode, Process Control, Scrutiny, State Revenue Office, Sting, Stress, Time Don, Timeline

3 Business Decisions That Should Involve an Accountant

Business owners make decisions about their business every day, some big and some small. The majority of these decisions would not warrant consulting with their accountant over. However, there are certain decisions in which involving your accountant would be the most prudent thing to do. Here are three of them:
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Tags: Accounting Procedures, Acquisition, Beneficial Manner, Business Acquisitions, Business Decisions, Business Entity, Business Owner, Business Owners, Business Partnerships, Circumstance, Entanglement, Expansions, Financial Consequences, Financial Position, Financial Statements, Financial Strategy, Objective View, Professional Accountant, Pros And Cons, Purchase Consulting