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Tax Accountant - Complete Controller

No matter if an owner is running a small business or a large business, it is important to hire an expert to perform tax services. Tax accountants are accountable for preparing and filing your business’s taxes. Moreover, the tax accountant’s job is to do a detailed evaluation to ensure that its economic activities are running smoothly. The tax accountant also plays a major role in keeping the business operations in a prosperous and healthy state. A business person who is thinking of introducing a startup needs to make a proper plan. This strategy includes including various approaches on how to connect experts, tax compliance, and cash flow.

Instead of preparing taxes yourself using accounting software or by hand, or using handwritten books, hiring a tax accountant for the business is common sense. Here are six things hiring a tax accountant can do for your business. Check out America's Best Bookkeepers

Helps Save Time

As a business owner, there are several important responsibilities to conduct properly to run business activities more smoothly. Obligations of an entrepreneur include marketing, selling of products and services, and budget planning. A tax accountant is accountable for ensuring that the business’s economic side gets taken care of accurately. Hiring a tax accountant will allow the business owner to run operations to accomplish business goals quickly.

Helps Avoid Costly Errors

Due to the number of obligations that a business owner has, it becomes challenging to ensure that every business operation is accurate. There is a high risk that entrepreneurs will make some serious errors when dealing with the tax filing process in such cases. These errors can either cost the business a lot of money or, worse, cause the business to be shut down. Check out America's Best Bookkeepers

To remedy these issues, there is a need for a tax accountant to help the business navigate the business processes in the easiest way possible. This approach will help the business to save the business amounts to prevent errors.

Helps with Complex Tax Filing Processes

The process of paying taxes is considered difficult because, to file taxes, it is essential to fill out the appropriate form accurately by providing facts, including details of accounts, income, expenses, and payroll. All of these factors are necessary to keep the businesses on the right track. Hiring a tax accountant will help a business owner take care of all these issues effectively.   

Helps Identify Deductions

Hiring a tax accountant will help the business owner recognize the possible deductions and provide the best possible advice. This advice will help an entrepreneur to take strategic determinations concerning year-end tax deduction. It has been noted that business owners often forget to keep track of the items like home office space, out-of-pocket expenses, and depreciation. Check out America's Best Bookkeepers

Helps Reduce Liability

The job of a tax accountant is to know tax laws and policies. They also understand the current deductions available to the business. Understanding the laws, regulations, and deductions and finding other ways to cut taxes by reviewing the books will ensure that the business owes as few taxes as possible.

The tax accountant can also look at ways to save on your taxes throughout the year instead of just during tax season.

Helps Grow the Business

Hiring a tax accountant can help a business expand by keeping all the economic aspects of the business well recorded. These records can produce economical statements that will help the business owner understand what kind of capital the business has for expansion. With a tax accountant taking care of the business’s economic side, the business owner can focus on other business areas, such as operations, and focus on development.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Commissioned Accountant - Complete Controller

In recent years, the accounting sector has been shaken by many changes: dematerialization, increased competition, and companies’ new expectations. The profession of a commissioned accountant has thus had to reinvent itself to sustain its performance. Here is what is expected from a commissioned accountant.

The Role of Financial Advisor

The commissioned accountant’s role has always been to support business leaders in their company’s financial operations and daily management. Here are some of the duties that are expected of the commissioned accountant when working with a client.

  • Advises entrepreneurs on legal status
  • Guide managers on social status
  • Support managers in optimizing their taxes
  • Help in managing the company’s finances
  • Ensure accounting management
  • Performs contractual audits Check out America's Best Bookkeepers

This list is far from exhaustive and will be extended according to the needs of the specific business. In addition to these primary duties, accountants are increasingly confronted with the digital economy and information exchange scope. Guarantors of corporate financial information must now educate their customers on the security of financial data and the storage and preservation of accounting documents.

Creation and Implementation of Accounting Systems

To adapt to current technological advances, the commissioned accountant must expand their services and offload all the tedious and time-consuming tasks to bring real added value to their customers.

  • Offer advice promptly
  • Be proactive in meeting the needs of leaders
  • Identify the most suitable accounting and administrative organization for the company Check out America's Best Bookkeepers
  • Set up management tools to facilitate exchanges with its customers
  • Respect the formalities linked to the new accounting obligations
  • Offer customers the possibility of having reliable tools that comply with the law

The commissioned accountant must keep regularly informed of news related to the accounting industry to protect their clients’ interests. They should also keep themselves upon additional support they can provide clients in addition to accounting. Beyond providing current advice, accountants must now deliver cutting-edge expertise in line with everyday reality. All the more so in this period of crisis and a rapidly changing world, they must position themselves alongside entrepreneurs as partners on whom they can count.

What are the formalities for setting up your accounting firm?

To open your practice, you must first find a room, the best possible location like a city center. You must ensure proper management of your budget to be able to support the office rental and expenses. Joining up makes it easier to manage the firm’s costs incurred at the start of the activity. You can continue your project alone when you have won your customers’ loyalty and acquired the necessary funds. Check out America's Best Bookkeepers

If you go into business by yourself, you will have more work, but you will have the advantage of being your boss. If you are in a partnership, the work will be shared, but it will be necessary to generate many clients to compensate all the partners.

Whatever your situation, the company’s legal form most suited to the practice of commissioned accountant activity is the limited liability company. This is justified by a more advantageous tax system for this type of business. You can choose to be a generalist or a specialist. The second option will be more suitable if you operate in a big city. On the other hand, in less populated regions, it is better to opt for general practice.

If you have the necessary funds, you can take over a former colleague’s clientele, which will allow you to start your business quickly with immediate financial compensation. On the other hand, if you start your business from scratch, you will have to obtain your first clients. You have several options for finding potential clients. 

You can contact large firms and offer work for them as a subcontractor. You can also use platform services connecting experts and business leaders, which quickly generates contacts through networking. You should also think about having your website well referenced with a blog section to promote your expertise.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Do My Taxes - Complete Controller

When owning a small or medium business, it may be difficult at times to ensure that its operations are running efficiently. To cater to such purposes, it is important to hire a professional in order to succeed in your accounting or, more specifically, tax services. Accountants are mainly responsible for appropriately conducting a business’ tax filings. It is the tax accountant’s job to take a detailed assessment to ensure the financial activities of your business are running smoothly. In addition, the accountant plays a major role in maintaining the prosperous state of a business’ operations. When initiating a startup, it is important to consider having a proper plan, including different strategies on how to engage professionals concerning tax compliance and tax flows. Hiring an accountant is often a wise and time-saving effort.

In order to better understand the importance of a tax accountant, some useful points are mentioned below that illustrate some of the benefits. Check out America's Best Bookkeepers

Reduces tax liability

A responsible accountant is well-versed in saving money by providing adequate counseling related to business taxation processes. There are several issues that arise when a business owner requests to file taxes. Such issues are defined in terms of tax liability. An accountant will help a business owner to cope with tax issues in a better, more efficient way.

Helps a business to grow more

A tax accountant knows exactly what is required in order to conduct business operations efficiently. For such purposes, it can be a game-charger to hire a tax accountant to appropriately deal with business activities in order to accomplish business goals within a short period of time. Check out America's Best Bookkeepers

Supports businesses deal with complex processes of filing and tax preparations

The process of paying taxes is considered a ‘cumbersome affair’ by many. In order to conduct an efficient taxation method, it is important to fill out the forms accurately by providing current information, including details of accounts, income, expenses, and payroll. All of these factors are necessary to keep the businesses on the right track. Hiring an accountant will help a business owner cater to all of these issues efficiently.  

It helps businesses to avoid costly mistakes

Due to the incredible number of responsibilities that a business owner undertakes, it may be challenging to ensure that every business operation is conducted with accuracy. Due to this, there is a high risk that an entrepreneur will make some errors during the taxation process.  These mistakes can be displayed as errors involving the amounts accounted for in taxes.

To cater to such types of issues, there is a need for a tax accountant who will help the business seamlessly navigate the processes. This approach will help keep the business owner from making these costly errors. Check out America's Best Bookkeepers

It helps businesses to deal with deductions

Hiring an accountant will help business owners identify potential deductions, as well as provide the best possible advice. This advice will help the owner to make strategic decisions with respect to year-end deductions. It has been observed that business owners often forget to keep track of the items like home office space, out-of-pocket expenses, and depreciation. A trained accountant can easily spot these potential deductions and get the business owner the most bang for their buck.

Saves time

Owning a business comes with a never-ending list of responsibilities to ensure that the business runs smoothly. Some of these include marketing, selling of products and services, and budget planning. An accountant is equipped to assist with the financial aspect of these areas efficiently. Hiring a tax accountant frees the business owner to focus on daily operations and long-term goals, thus saving valuable time and effort.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Accountant to do Your Taxes - Complete Controller

Here are some of the reasons you may want to hire an accountant to do your taxes rather than filling them yourself:

1- You own a rental property

If you own assets, real estate investments can be quite complex, and a professional tax accountant can assist you in figuring out what deductions your property warrants.

2- Complicated tax code

Tax law may complex or troublesome and it also changes frequently. Running a business full time, as well as any other responsibilities you may have outside of work, makes it nearly impossible to stay up to date on tax law. You are busy enough without adding taxes to your schedule. Hire an accountant to keep your taxes in order. Check out America's Best Bookkeepers

3- Multiple sources of income

It is difficult to keep track of your earnings and savings if you have more than one job or business. Freelancing or having a “side hustle” is quite common these days, which makes the already complicated tax code even more difficult to understand. Filing taxes on each of your income sources also requires a significant amount of time. Hire a tax accountant to reduce some of your burdens.

4- Do not take risk with taxes

Even though having technology is making it easier for people to take care of their own taxes, there are still risks, especially if you are not well educated on tax codes. A small mistake can bring about a whole world of trouble. You do not want to give the wrong information to the IRS (Internal Revenue Service). These errors could cost you more than it would to hire an accountant. Check out America's Best Bookkeepers

5- Self-employment

There are many concerns when you are the owner of a small business. Office area, internet, equipment and inventory are only some of the matters that can affect your taxes. Also, there are many tax benefits that you may be eligible for while running a small business or corporation and tax accountants can assist you in finding them.

6- Save time

One of the major reasons you would want to hire an accountant is because it will save you time. What may take you hours to do may only take a skilled accountant a matter of minutes. Additionally, you can also expect knowledgeable financial advice from your accountant.

7- Tracking your profits

Whether you are purchasing or selling stock, deciding between limited stock units or employee stock schemes, or purchasing a house or car, tracking your taxes is a complex endeavor. If you calculate incorrectly, you may either end up paying a greater amount or maybe not enough. This could create problems in the future. Having an expert opinion on your expenditures will help you in the long run. Check out America's Best Bookkeepers

8- Yearly reports

The tax and financial reports at the end of a year can be helpful for you to assess the health of your business. The accountant can assist you in keeping an eye on your finances as a whole.

9- Managing cash flow

It is common knowledge that cash flow is one of the most important parts of a business. A strong business is one in which the cash flow is closely monitored. One misstep can be devasting for your business. An accountant will be responsible for routinely analyzing this and ensuring that any complications are spotted and dealt with promptly. This will reduce losses and help you achieve more profits.  

10- Tracking deductions

Small businesses are constantly searching for ways to keep taxes to a minimum. It can be difficult to keep track of all the deductions that happened merely a week ago, much less those that occurred throughout the whole year.  Hiring a tax accountant can help you better understand what counts as a deduction and what are the losses.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Balance Sheet Mistakes - Complete Controller

Usually, business owners are going to run into bookkeeping and accounting mistakes from time to time. But some balance sheet blunders are the major ones, according to experts. The best way to avoid such issues is to learn the common mistakes people make on their business balance sheets.

A balance sheet is a financial statement that indicates the company’s progress. The business balance sheet consists of three categories. They are assets that you own, the equity left-over after excluding expenses, and the liabilities you owe. A balance sheet is a formula: Assets = Equity + Liabilities. Your balance sheet must be accurate due to its importance as a key to understanding your business’s progress. Here are four common business balance sheet mistakes and how to fix them. Check out America's Best Bookkeepers

Incorrect data classification

The most common balance sheet mistake happens during the recording of transactions. The accountant will write transactions on the balance sheet as a liability or an asset but can make an error while classifying it. Incorrect data classification on the business balance sheet means it is invalid due to the errors.

Physical or non-physical property are your assets as they add value to your business. They include commercial transport, computers, trademarks, etc. There can be multiple asset accounts that involve petty cash, accounts receivable, and inventory, etc.

Businesses accumulate debt by owing money to sources like government agencies, organizations, vendors, companies, employees, etc. Your current debts are categorized as your business liabilities. There will be higher liabilities depending on how much you owe. Mistakes can be made while writing your liability’s exact amount on the business balance sheet that can be long-term and short-term. Both long-term and short-term liabilities include mortgages, supplies, loans, invoices, etc. Check out America's Best Bookkeepers

Depending on how many transactions your business does daily, weekly, or monthly, entering transactions can be overwhelming. Even if you have an accountant or use accurate software, there is a dependency on entering the information on the balance sheet accurately. If a transaction gets classified incorrectly, this can cause major issues and be costly and confusing. Once the mistake is discovered, you must do an audit and get the balance sheet corrected immediately.

Omitting transactions

Again, depending on how many transactions your business does daily, weekly, and monthly, a large volume of transactions can be entered onto a balance sheet. Accountants can overlook transactions or forget to enter transactions into the business balance sheet. Even one missing transaction can throw the entire balance sheet off and can cause major issues. Considering your transactions, including expenses, supplies, cash flow, and inventory, are all put into the balance sheet as transactions happen. It can be easy to figure out what is omitted.

While mistakes happen, it can be costly and time-consuming to correct the error. The best way to handle it is to make sure you or your accountant enters every transaction as soon as it occurs and doesn’t accumulate them throughout the day and enter them all at once.

This mistake may not be discovered, and if that is the case, your balance sheet will not be an accurate depiction of your company’s progress. This error must be avoided by entering transactions immediately, or the balance sheet will be pointless. Check out America's Best Bookkeepers

Neglecting to record inventory variations

One of the more common errors on the balance sheet is when it comes to recording your inventory transactions. Having an accurate inventory entered on your balance sheet will give an overview of what does well and what doesn’t. It will also give you an idea of the success of certain products for development purposes. This is why you must have a regular accounting of your inventory.

Making transposition error

Another fairly common mistake is to transpose numbers when entering in amounts to the balance sheet. While seemingly small in reality, this mistake can be big because the balance sheet will not be accurate. This is another mistake that can go undetected and make the balance sheet an inaccurate accounting of the company’s progress.

The key to having an accurate and useful balance sheet is to enter in information as you go and to check and double-check everything you enter. If even one of these mistakes occur and go undetected, you present an inaccurate report of your company’s progress.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
avoid Downsizing - Complete Controller

In business, downsizing is considered an act to reduce the number of employees. It has been observed that people often use the term “downsizing” and “layoff” interchangeably. Downsizing is a permanent downscaling procedure, whereas; temporary downscaling is referred to as layoff. Also, in a layoff, there is a chance to hire employees later when needed. The process of downsizing is usually conducted to reduce operational costs. No matter the business crises, corporations always seek new ideas and techniques to minimize operational costs. Many organizations use downsizing as it is the easiest and convenient way to save business costs. But the business owners need to understand that downsizing is not the best solution for every scenario; instead, there are several other techniques to reduce operational costs. Incorporating such techniques efficiently and effectively, businesses will get a chance to save and reduce operational costs in the best possible manner. Check out America's Best Bookkeepers

Some useful tips are mentioned below, which will help a business owner to reduce the cost of the business:

  1. Reduce costs of Information Technology:

There are multiple techniques that a business owner can implement, such as shifting applications and data over the cloud. This way, businesses will get a chance to access updated applications and software without investing in purchasing products. Furthermore, integrating cloud services requires no email servers, multifaceted installation, maintenance costs, and data storage. This approach will allow a business to save operational costs as maximum support will be provided to improve the infrastructure of Information Technology.  

  1. Switch business communications:

Using the internet for communication will help an organization to save business costs. Applications like Skype and Google voice plays a major to minimize the phone bill. It is the business owner’s responsibility to encourage employees to use email as the medium of interaction. Check out America's Best Bookkeepers

  1. Minimize property costs:

Several techniques can be integrated to reduce operational costs. These techniques include:

  • Allow employees to work from home. This way, the organization can save and manage costs for rent, business, and utilities efficiently.
  • When working in an office, make sure that electronic devices are turned off when they are not used.
  • The use of energy savers instead of tube-lights will help in cutting the utility bills.
  • Best of all, virtual offices are considered the best option to cut operational costs.  
  1. Reduce employee overheads:

Outsource is the perfect and easiest way to minimize operational costs. Instead of hiring an accountant, an organization can take services from different accounting software such as QuickBooks. Another useful option is to choose a freelancer to work on business projects. This way, organizations can take high-quality services without even undergoing the recruiting process concerning permanent staff.   

  1. Travel cost-effectively:

Instead of traveling to different areas, it is always better to conduct teleconferences. Check out America's Best Bookkeepers

  1. Form a business cluster:

To reduce the operational costs, businesses can use combine resources with any other organization. This approach is referred to as “Business Cluster.” Sharing production costs in terms of resources will help the organization save and manage operational costs better.

  1. Use resources on rent instead of buying:

To use resources on rent rather than buying is an effective approach that can be incorporated to reduce operational costs. This technique helps the organization to save amounts that can be used for repair and maintenance. Also, companies can use the latest equipment without making additional investments.

  1. Work for more ideas to save operational costs:

The best approach business owners can integrate to give the employees an open challenge to find new ways of reducing operational costs. In return, offer incentives and bonuses to motivate and encourage employees. Pay the proper rate of VAT tax will allow the organization to avail of great services and products. Hence, the operational cost will be reduced by applying the strategies mentioned earlier efficiently and effectively.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Coffee Shop - Complete Controller

Many people dream of opening their own business but don’t know what they want or where to start. Owning and operating a coffee shop can be fun and fulfilling, and a lot of hard work. Here are six steps to starting your own coffee shop.

Write a Business Plan

When starting any business, you must have a business plan before you begin. It should be the first step before going forward with any plans. It is suggested that you hire a professional to write your business plan for you. However, if you do enough research, you can write your business plan successfully. Your business plan should include the following: Check out America's Best Bookkeepers

  • Executive summary: The executive summary is the first thing potential investors will read and should include your goals and summarize your business. Though it is first, it should be written last.
  • Company Overview: The company overview will include an overview of its operations and structure and include your business’s mission statement.
  • Market Analysis: The Market analysis will need to include an analysis of the market in the area you intend to enter. It will also include a competitor and customer analysis.
  • Marketing Plan: The marketing will be a detailed plan of how you intend to market the business and its costs.
  • Operating Plan: The operating plan will be how you intend the business to operate and those costs.
  • Management Team: The management team will include who will be included in the business’s administrative operation function.
  • Financial Plan: The financial plan will be at least the six-month financial plans and your business projections.

Find a Location

The location of your coffee shop will be as important as the cost of the lease. Most coffee shops need to be in an area where they will receive a lot of foot traffic. A café is not a business that will be successful tucked away where no one can see or find it. When searching for the location, consider the other businesses around you to positively and negatively affect your business. The location of your coffee shop is extremely important and could be the difference between success or failure. Check out America's Best Bookkeepers

Develop a Floor Plan

Once you have chosen a location, you need to make a floor plan. The floor plan needs to include the following:

  • Seating and tables
  • Equipment setup
  • Walking space
  • Distancing
  • Line location

Hire an Accountant

Though you have not taken the crucial step to obtain financing, you hire an accountant specializing in starting a new business. An accountant will help you keep track of your funds once you obtain them and assist in the business’s financial operations. Starting with an accounting professional will ensure the business’s success and set the tone for tracking your business finances.

Find Funding Options

There are several options when it comes to funding your business. Here are the options most business owners should consider:

  • Personal savings
  • Investors
  • Small business loan
  • Friends or Family Check out America's Best Bookkeepers

Save Money for Initial Expenses

You will need some capital for the initial expenses and to keep you afloat while you get the business started. Most businesses are not going to operate in the black right away; it will take time. Therefore, having enough saved to pay operations and payroll for the first three to six months of the business. These savings will help sustain you while you wait for funding and for the business to turn a profit.

Develop a Marketing Plan

While you should already have set forth a marketing strategy in your business plan, you must develop that further in a comprehensive way that can be implemented easily. Since your business is virtually unknown, you have to do a bit of a media blitz to let people know about your business, the location, and the products and services you offer.

Set High Standards

Coffee shops are a dime a dozen, and you will be competing against coffee giants. To combat the competition in the market, you need to set high standards. The standards need to be in every aspect of the business. You need to offer quality products, exceptional service, an inviting atmosphere and décor, and accessibility. You need to have the standards set high and keep them there to give you and your employee’s goals to achieve daily.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Profit and Loss Statement - Complete Controller

A profit and loss statement is revenue and expenses report that is taken over a specific timeframe. This timeframe could be a quarter or fiscal year or another predetermined timeframe that needs the profit and loss statement, also known as an income statement. The profit and loss or income statement’s main purpose is to report whether your company may profit gains for profit losses during the reporting period.

The profit and loss statement can help with your business taxes when building your business credit and give your shareholders an overview of the gains and losses over a period. This statement is included in some accounting and bookkeeping software, and there are easy to use templates available online and within document creation software.

Types of Profit and Loss Statements Check out America's Best Bookkeepers

Pro Forma

Though your business will not have any profit or expenses to report, you should still have a profit and loss statement at the beginning of your business included in your business plan. This would be a projection of the expected gains and losses of your company. When someone is looking to invest or lend capital to your company, having a profit and loss statement can help put your company’s financial aspect into perspective.

Periodic

Because a profit and loss statement can be of great value when determining your company’s gains and losses, they should be prepared at regular intervals. They can be done monthly, quarterly, or yearly. However, the more frequent you create a profit and loss statement, the better so that you will always know your business’s financial health. It is also helpful to determine where expenses can be cut, and marketing focus needs to increase profit.

Periodic profit and loss statements can also be done upon demand as needed for tax purposes or to inform investors, lenders, or shareholders as needed. Profit and loss statements are useful for a multitude of reasons.

What Information Goes on a Profit and Loss Statement? Check out America's Best Bookkeepers

Income

  • Sales Revenue
  • Affiliate Commissions
  • Rent and Lease Payments
  • Royalties
  • Non-Operating Income
  • Gains

Expenses

  • Operating Costs
  • Costs of Goods Sold
  • Depreciation and Amortization
  • Taxes
  • Interest Paid on Debt
  • Cash Receipts

Why You Need a Profit and Loss Statement?

The main purpose of a profit and loss statement is to give an overview of your business gains and losses. There are many reasons why you may need a profit and loss statement. Here are some of the reasons:

  • Tax preparation
  • To improve your bottom line
  • To prepare a budget
  • To obtain financing
  • To improve business credit ratings
  • To assess business growth Check out America's Best Bookkeepers

The profit and loss statement is a tool that will help give your company, investors, lenders, and shareholders an overview of what the company is making and what the company is losing. This can help the company decide whether they need additional funding, cutbacks on spending, or increased marketing.

Conclusion

For your business’s long-term success, you must regularly produce a profit and loss statement. The Profit and Loss will help you and your business track the financial health of the company. This knowledge of your financial health will let you and your stakeholders know if you need to keep the same areas and the other areas you need to change.

Because of the importance of the profit and loss statement, if you are not confident about creating one, you can hire a professional accountant to help you create one. If you cannot afford to hire an accountant, software or templates are available online. It is fairly simple to create a profit and loss statement.

The most important takeaway is that profit and loss statements are essential to running a business. You need to be sure they are produced and used regularly to be on top of your business’ financial health. If you need to improve or other areas, you need to increase your focus. These regular statements will ensure you know exactly what is going on financially in your business.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Business Money Management - Complete Controller

Managing your business’s finances is not easy. While operating your business, the company can lose money if it is not managed correctly. From production to marketing to paying your workforce, every aspect of your business requires some financial investment. If not managed properly, your business can quickly run out of money and push it into a deficit from which it may not recover. Here are five money management tips to help you avoid or weather a deficit. Check out America's Best Bookkeepers

Prepare a Cash Flow Plan

A cash flow plan is used to estimate the cash inflow (receipts) and outflow (disbursements) over a period, then estimating the cash balance at the end of that period. This cash flow plan must be as accurate as possible. It will help ensure the business is spending correctly and that there is money to pay salaries, operation needs, and have cash on hand for emergencies.

The cash plan only includes cash transactions and estimates. It is not to be confused with an overall company budget, including lines of credit, credit cards, bad debt expenses, inventory, or any other non-cash items on the budget.

Identify Financing Needs

A financial plan helps your business run in the right direction. It will keep you aligned with your goals and end products. When you plan your expenses, you spend accordingly. Furthermore, plans give you an idea of your financial needs; and where you spend most of your money. Check out America's Best Bookkeepers

After you identify your cash flow and then your financial needs, you may need to consider financing. This financing could be through investors, bank loans, business savings, or an increase in sales.

Hire a Professional

Suppose you are having difficulty managing your company’s finances and making a cash flow plan and financial plan to identify deficits. In that case, it may be time to hire a professional financial consultant. A financial consultant will help you identify the cash flow and other financial issues and then make recommendations about correcting these deficits. When it comes to your business, money management can be a challenge, so don’t hesitate to hire a professional before it gets too late to turn things around.

Once you have hired a financial consultant, be open to the recommendations as some of them will be difficult to execute.

Communication with Shareholders

If you have a cash flow problem or other deficits in your budget, it may be time to talk to your shareholders and investors. It would be best if you communicated downturns and deficits to your shareholders early for two reasons. One is that they should have no surprises regarding what is happening with their investment in your company. Two is that they may invest more capital into the business if it looks like that extra investment will turn the business around and make them the investment back quickly. Check out America's Best Bookkeepers

Negotiate

Another viable option is to negotiate directly with customers to be paid in advance. You can then offer them a discount in exchange for their advance. Conversely, do not hesitate to pursue payment from customers who have late invoices. You can also negotiate directly with your suppliers to obtain an extension on any payables you have with them.

If you have a bank loan, this is another negotiation area to pursue while you get your finances turned around. If you have been in good standing before this downturn, they will likely negotiate deferred or lower payments.

Conclusion

Managing your business’s finances can be a challenge, especially when it comes to having times of deficit. Before you get to those times, you can do some things to help lessen the deficit and pull through it easier.  These five money management tips will give you a strong foundation to avoid or weather any financial storms that come your way. There is no way to guarantee your business won’t have difficult times financially. However, implementing these financial safeguards will keep you in business so you can not only come back from a deficit, but you can come back strong and thrive.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Chartered Accountant - Complete Controller

In recent years, the accounting sector has been shaken by many upheavals: dematerialization, increased competition, new expectations of companies. The profession of a chartered accountant has thus had to reinvent itself to sustain its performance. Find out what is expected today from a chartered accountant.

The profession of chartered accountant

The chartered accountant’s role has always been to support business leaders in their creation, takeover, or daily management of their company. Check out America's Best Bookkeepers

Beyond intervening within the framework of the simple realization of annual closings, the chartered accountant:

  • Advises entrepreneurs on the choice of legal status;
  • Guide managers on the choice of social status;
  • Support managers in optimizing their taxation;
  • Help in managing the company’s financial funds;
  • Ensures accounting management;
  • Performs contractual audits.

This list is far from exhaustive and will be extended according to the needs of the entrepreneur.

In addition to these main missions, accountants are increasingly confronted with the digital economy and information exchange scope.

Guarantors of corporate financial information must now educate their customers on the security of financial data and the storage and preservation of accounting documents.

Their role is now to support entrepreneurs in their digital transition. Check out America's Best Bookkeepers

Creation and implementation of a support program

Forced to adapt to these new needs, the chartered accountant must promote his advising and become a real key partner of the company. For this, he must expand his services and offload all the tedious and time-consuming tasks to bring real added value to his customers. He must :

  • Offer advice at the right time;
  • Be proactive in meeting the needs of leaders;
  • Identify the most suitable accounting and administrative organization for the company;
  • Set up management tools to facilitate exchanges with its customers;
  • Respect the formalism linked to the new accounting obligations;
  • Offer customers the possibility of having reliable tools that comply with the law.

The chartered accountant must keep himself constantly informed of news related to his activity sector to protect his clients’ best interests. His engagement letter should no longer only mention bookkeeping, but indeed personalized support.

To sum up, beyond providing current advice, accountants must now deliver cutting-edge expertise in line with everyday reality. All the more so in this period of crisis and a rapidly changing world, they must position themselves alongside entrepreneurs as partners on whom we can count.

How to start your business?

Do you want to start alone? You will have more work, but you will have the advantage of being your boss, and you will have less turnover to be able to pay you. If you are several, the work will be shared, but it will be necessary to generate a more considerable turnover to reimburse all the partners. Check out America's Best Bookkeepers

What are the formalities for setting up your accounting firm?

 To open your practice, you must first find a room, the best possible location like a city center. You must ensure proper management of your budget to be able to support the office rental and expenses. Joining up makes it easier to manage the firm’s costs incurred at the start of the business. You can continue your project alone when you have won your customers’ loyalty and acquired the necessary funds.

How to start your business?

Whatever your situation, the company’s legal form most suited to the exercise of the activity of chartered accountant is the limited liability company or its one-person form if you are alone: ​​EURL. This is justified by a more advantageous tax system for this type of activity, which requires significant computer hardware costs and the calculation of social contributions.

You can choose to be a generalist or a specialist. The second option will be more suitable if you exercise in a big city. On the other hand, in less populated regions, it is better to opt for general practice.

If you have the necessary funds, you can take over a former colleague’s clientele, which will allow you to start your business quickly with good remuneration. On the other hand, if you start at the starting point, you will have to canvass the first customers. You have several options for finding customers. You can contact large firms and offer them subcontract work. You can also use platform services connecting experts and business leaders, which quickly generates contacts. It would be best if you also thought about having your website well referenced with a blog section to promote your expertise and bring you a certain number of customers.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers