Archive | April, 2012

Importance of Financial Accounting Services for Business

5 Apr

As complexities increase in the business world, measuring and managing finances becomes a critical task. Without an efficient system to look after the accounting/ bookkeeping, payroll processing and back office transactions, the management of finances becomes ineffective and to fix the poorly done work, it costs time, resources and money. It is pragmatic to avoid all these hassles by availing expert Financial Accounting Services.

Financial accounting services include only the monetary aspects of the business. In the company’s financial year end financial accounting is handled by certified accountants who produce two fundamental financial reports such as the balance sheet as well as the profit and loss statements.

Business financial accounting services management needs skilled person to take care of it. Accounting management is the most complex amongst the rest. A minute mistake can result into the demolition of large infrastructure. The finance is that particular entity which helps in running the business.

Accounting services for small businesses are needed for dealing with all financial transaction and tax matters such as cash flow management, account reconciliation, ledger maintenance, payroll tax planning, preparing and documenting tax records, returns, dealing with state income and managing taxes, estate planning, book keeping, for preparing loan applications etc.

If finance & accounting is noncore to your business, it is wise to off-shore your accounting operations to a high quality professional accounting firm from a low cost country. This will optimize your operational costs vis-a-vis having an in house team on account of currency and labor arbitrage, enhanced efficiencies, conversion of fixed costs into variable costs, time zone advantage, standardization of processes and savings on the cost for training and ongoing benefits administration.

Another accounting service that is vital is corporate tax returns. Businesses are sometimes able to minimize the amount of tax they pay, and even qualify for tax refunds. The last thing you want as a business owner is to bleed money through heavy taxation. This service identifies the areas where you can make substantial savings thus reducing recurrent costs and sustaining cost-effectiveness.

There is lots of accounting services provider in market. But it is too difficult to finding the best and trustable accounting services provider or firm. Outsourcing bookkeeping services is one of well-known online accounting, book keeping, and financial services provider in accounting field.

Certified Public Accountant to Maximize Your Tax Benefit

4 Apr

If you run a small business or have an unusual tax situation, it can be highly beneficial to hire a Certified Public Accountant (CPA), not only because he or she can get you more deductions, organize your bookkeeping and identify weak areas in your businesses finances, but also because they can reduce your chances of triggering an audit. Tax filing and preparation is not an easy business, but it needs profession services of a tax accountant or a CPA.

Having your tax returns prepared by a CPA accounting firm dramatically reduces the chances of errors or omissions. CPA firms typically employ experienced tax accountants who have earned an accounting degree and have passed a rigorous certification process.

Having a personal accountant from a CPA firm also increases the chances that you’ll get all the tax credits and deductions that you’re entitled to. That translates into not having to pay more taxes than necessary, which can result in substantial savings over a period of time. An experienced accounting firm or CPA will also provide tax planning guidance to help you avoid future IRS problems, such as owing IRS back taxes.

Find a CPA tax accountant which can go a long way into helping your business succeed. If you want to hire a local CPA you can check at your city’s Better Business Bureau and with your local Chamber of Commerce as they will likely have any information on all the professionals in your area. Ask your network of family and friends, plus any acquaintances for a good Certified Public Accountant recommendation.

Services a CPA can offer you or your business:

  1. Help Setting up your business accounting general ledger
  2. Assist you in getting personnel or business financing
  3. Analyzing your business operating results
  4. Generate budgets and business forecasts
  5. Put together and store your business tax returns
  6. Examine or compiling financial statements as required
  7. Assessing compensation plans for you and any employees
  8. Recommend CPA tax help strategies
  9. Minimizing tax liability and help avoid IRS fines
  10. Representing you before IRS authorities

With the year end round the corner, it is best to plan your taxation for this year end and the new financial year beginning. By calculating the total income for this year and getting an estimate on your remaining taxable income, you can calculate the due tax and investment measures that can help you save tax. Having a CPA or a tax advisor can help you save thousands of dollars that you can invest in your own business for added profits.

Online Financial Accounting Services for Small Business

3 Apr

Recording the movement of funds in any business is an essential task that is regulated by government agencies such as the ATO and ASIC. Thus every business is required to keep accurate and updated financial records for purposes of tax compliance. Records relating to income tax, GST, payroll and other business transactions must be kept either on paper or electronically. Maintaining a regular team of accountants can be expensive which is why online accounting services are necessary and practical for small business.

Large companies typically hire bookkeepers, registered accountants and a team of accounting clerks to keep business records accurate, accounts up-to-date and financial statements timely lodged. While small businesses still need the same bookkeeping support, the associated costs make it unfeasible to maintain a regular team for accounting and services.

It is quite a challenge to run a small business these days and owners have to wear many hats in order to get the job done. Owners often face a dilemma as they cannot afford to hire a full-time professional accountant with their limited resources. This is the precise reason that Online Business Accounting Services are becoming more and more popular with small business owners.

Functions of online accounting services include Payroll services, Financial analysis, Bank reconciliations and Record keeping. Other features offered by online accounting services include preparation of end of year accounts, BAS preparation and lodgement. Advanced accounting systems now provide these services either online or remotely through an Internet connection. These are the latest and most cutting edge systems showcasing superior data security, user friendly features, easy collaboration and hassle-free upgrades.

The online accounting services provide solutions to a large number of clients reducing their costs per client and making it more affordable to the marketplace. This is a classic win-win scenario for small business owners as they can get quality, reliable services at reasonable prices. One added advantage of this service is that they are less complicated than your everyday accounting software which at times can be overly complex for the average business owner.

When choosing an online accounting service, a business owner must consider important factors such as the scope of services, reliability of the accounting system, professional support, related services and cost. For remote services, the provider should be able to extend additional support in the form of video conferencing, email communications and electronic document transfers.