5 Things Your Accountant Should be Doing

Is your accountant giving you more than just tax advice? If not, it may be time to find a new one.

Happy accountant

Your accountant should be helping you with these five important things:

1. Helping You Prepare for Tax Season – Well in Advance

Most business owners hire an accountant purely for tax purposes, although they can offer assistance in other ways as well.

Ideally, your accountant should be helping you prepare for taxes well in advance, so there are no last-minute surprises. He or she should be helping you understand:

  • Which credits to claim
  • Which deductions to claim
  • Tax laws that can maximize your write-offs

Tax opportunities, like the R&D credit, can help reduce your tax burden, and your accountant should know if you qualify for such opportunities.…

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Future Finances: How Outdated Accountancy May Be Costing Your Business

Whether as individuals, families or businesses, how we manage our finances is one of the most important parts of our livelihood.

Small business finance

When we think of finances, we often relate it back to our personal experiences, such as managing our private savings, or evaluating whether our budget can accommodate the financial commitment of periodic mortgage payments when purchasing a home. However, when it comes to managing the financial side of a business, things become significantly more complicated.

As a business owner, your primary goal is to ensure that your income is greater than your expenses and that you have adequate cashflow to pay your liabilities.…

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5 Accounting Tips for Overwhelmed Small Business Owners

When you run a small business one area that many do not enjoy to do but is vital to the on-going operations is accounting. It can often be tedious, boring and isn’t what you imagined your time would be spent doing when you started your business.

Regardless, it still needs to be done, but there is help at hand!

Stressed out business owners doing accouting

The following list of hints and tips will hopefully help you reduce the stress and time it takes to do your accounting and make it much less of a chore.

Related: Accounting Tips for New Small Business Owners

1. Keep Records of Everything

It is extremely important to keep good records and be able to trace all aspects of the companies spending.…

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Avoiding Accounting Nightmares

As a small business owner you no doubt wear many different hats during your day-to-day tasks. Accountant, marketing manager, PR guru, head of HR, etc. are probably just some of the roles you have to take on. Because of this typical small business environment it is common for some aspects of a business to suffer and for some reason, despite its huge importance, it is often the financial accounts that suffer the most.

Accounting

This can happen for a few reasons. A lack of understanding when it comes to accounting is one and a shortage of time due to other business commitments is another.…

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I have Just Started My Own Business. Why Do I Need An Accountant?

So, you’ve decided to start your own business. Do you really need an accountant? After all, there are numerous apps such as Easy Books, Kashoo, and Shoeboxed easily and cheaply available online. These can help the small business owner track transactions, create invoices and keep financial documents organised.

Accountant

But that’s not all it takes to manage your business’ finances. The small business still does need an experienced, dedicated accountant. In 2014, an accountant is no longer simply a bookkeeper. The accountant’s role has changed.

Accountant As Business Advisor

Due to the ongoing developments in technology, accountants have adapted to remain valuable.…

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How to Get Paid What You’re Worth

getting paid what your services are worthFew moments are as energizing in your business as sitting across from a potential client in a meeting that is going well. Your presentation came across smoothly, the client is engaged, they’re ready to buy”¦the only thing left is the price.

You quickly calculate a reasonable price in your head. You know that your competition couldn’t come close to your level of quality – and still you keep your prices in par with theirs.

You tell your prospect your price”¦and the conversation chills. They tell you that they were expecting to pay half of that. What should you do?

Discuss your competition

If what you are offering is genuinely better than the competition, don’t be afraid to highlight your competitors’ weaknesses.…

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8 Do’s and Don’ts When Confronting a Customer about Delinquent Accounts

If you’re a small business owner who operates on credit, than you know all too well what it feels like when a payment date passes and you still haven’t received your check. To get paid, you have to confront the customer.

Confronting a Customer about Delinquent Accounts

However, this communication is crucial, so make sure when an account is first past due, you follow these 8 do’s and don’ts to reach out to the customer successfully.

“¢   Do send a letter first – When the payment date first passes, immediately respond with a reminder letter.

“¢   Don’t send a generic letter – Don’t send the same letter to all customers.…

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Is Your Business Aware of Carbon Accounting?

Carbon accounting is the accepted method for calculating how much, or little, your business contributes towards global warming. The concept of carbon accounting has been around for a while now and ERP software developer Epicor has conducted a global survey of businesses, ranging from start-ups to multi-national corporations, on the topic.

They have presented their findings in the above infographic.

Some of the results are astounding:

The fact that 58% of all businesses surveyed were not even aware of carbon accounting is the first shocking statistic, especially from the perspective of green campaigners, but it is maybe even more shocking that of the 48% who were aware of the process, less than 25% understood it correctly.…

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What Every Entrepreneur Should Know About Small Business Credit Cards

Any business owner can tell you that while getting a business started is difficult enough, it’s only the beginning of the battle. When it comes to keeping a business running, you’ll need to continue buying supplies and covering many other expenses that are associated with business operations.

credit cards for small businesses

Many business owners choose to cover these expenses through the use of small business credit cards. Still, other business owners are hesitant to get a credit card for their companies for a number of reasons. Let’s take a look at the advantages and disadvantages of small business credit cards and you can easily determine whether or not one is right for your business.…

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Five Surprising Health Insurance Tax Tips For Small Business Owners and The Self Employed

health insurance tax tips

Whether you’re self employed or a small business owner, preparing your taxes can be a daunting task – scrambling to find every little deduction within “hidden” tax codes to make the most of your return. And with Health Reform underway, there are new laws in effect that may translate into a bigger refund check.

Here are five health insurance-related tax tips to consider before you file your taxes this year:

1.   New this year! Take a one-time opportunity to reduce your self-employment taxes – In addition to the standard “˜above the line’ deduction described below, self-employed persons can also deduct the cost of their health insurance premiums from their self-employment taxes on Schedule SE.…

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