Contadormiami - The Benefits of Hiring a Small Business Accountant

Contadormiami - Owning a small business can mean the difference between financial freedom and financial disaster. Getting a professional small business accountant can help you to stay on track with your business’ financial development while foreseeing potential financial risks.

Running a successful small business requires making smart decisions. Unfortunately, many small business owners have wonderful talent and expertise in their trade but do not have the financial accounting knowledge necessary to make a business run smoothly. Having a professional small business accountant help you streamline your business is a priceless asset.

A small business accountant can help you with all aspects of business finance, no matter how great or small. If you are a new business owner, an accountant can provide you useful advice on strategic planning and the financial structure that will guide all your business operations. An accountant can also show you how to reach maximum and cost-effective efficiency in your regular business procedures and routines.

If your business manages several employees and has expenses like store rent and utility bills, office equipment or product inventory, an accountant will help standardize a payroll system, organize your budget so that you reach a specific profit goal, offer alternatives to expensive, costly procedures, and advise you in major purchases. Accountants can also give advice about loans and investments that are best for your business and goals.

For any small business, bookkeeping is essential. Bookkeeping records your sales and purchases, regular expenses, your bank balance and all other financial events related to your business. Without detailed and accurate records of your financial transactions, you lack the ability to budget soundly and foresee the possibility of future gains or losses. Improper bookkeeping can easily cost you a major financial crisis, so if you already have enough on your hands just trying to manage the day to day of your business, it is sensible to hire a bookkeeper or accountant to take care of the books.

Read More : smallbizaccountants.com

Contadormiami - Benefits of Cloud Accounting for your Business

Contadormiami - Cloud accounting is another term for online accounting, and operates similarly to online banking services you may already use.


1. Reduction in upfront costs

With cloud accounting you have no specialist software or hardware to purchase, software solutions are all deployed by the provider (e.g. Datamolino) online on their servers. With all your data stored in the provider’s cloud (servers) there are no costs for physical or off-site storage.

2. Lower IT costs

The IT training, skill and knowledge of the software provider is all included in your subscription to a cloud accounting service. The provider manages all software upgrades, maintenance, administration, storage, backup and troubleshooting so you don’t have to.

3. Security

All your data is stored in an offsite location not on laptops that can be stolen or USB drives that can be lost. You determine who has access to your data, and only you can grant access to it. There can be no theft or unauthorised access. Cloud accounting providers know that data security is paramount and their servers are actively monitored, secured and maintained.

4. Up to date software

SaaS providers make updates to their software automatically and in real time without interruption. There’s nothing extra for you to download or install.

5. Scalability

As your business grows your cloud accounting software service grows with you. There’s no need to procure more resources (licenses, IT professionals, servers, storage) because your service provider is designed to manage all your increases in usage automatically

6. Lower energy costs

SaaS offerings use only the resources the business requires and nothing more. There’s no electricity wastage from servers sitting idle or from a lack of optimisation. The provider optimises usage and they bear all the costs.

7. Access & Collaboration

The flexibility of cloud accounting allows access to any document, from anywhere, and at anytime. Multi-user access allows any number of people to update files and documents in real time.

8. Improved document management

With documents stored in the cloud there’s no paper to get lost or misfiled. Everything is searchable and retrievable in seconds.

9. More efficient staffing

Easier collaboration means reduced staff time working on individual documents. Quicker document management processes means more time for higher-level work.

10. Disaster recovery

Fire, flood or giant lizard attack won’t destroy your data because it’s stored and backed up off site. There’s no longer a need to store your data onsite or back it up at another location. As soon as your impending doom from giant reptiles is over you can login and work away.

Source :  https://www.datamolino.com

Contadormiami - Steps to Starting a Business

Contadormiami - These 10 easy steps can help you plan, prepare and manage your business.

1. Write a Business Plan

Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.

2. Get Business Assistance and Training

Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.

3. Choose a Business Location
Get advice on how to select a customer-friendly location and comply with zoning laws.

4. Finance Your Business

Find government backed loans, venture capital and research grants to help you get started.

5. Determine the Legal Structure of Your Business

Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

6. Register a Business Name

Register your business name with your state government.

7. Get a Tax Identification Number

Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency.

8. Register for State and Local Taxes

Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.

9. Obtain Business Licenses and Permits

Get a list of federal, state and local licenses and permits required for your business.

10. Understand Employer Responsibilities

Learn the legal steps you need to take to hire employees.



Source - www.sba.gov

Contadormiami - Most Important Accounting Tips for Your Small Business

Contadormiami - Here are Simple Accounting Tips for Your Small Business

 Go paperless

If you’re still printing and mailing invoices to your clients, take a moment to add up how much you’re spending on paper, envelopes, and postage. And then how much you’re spending to send payment reminders and late notices. And then how many trees have had to die so you could run your business. Going paperless is better for everyone.

Use technology

Reducing the likelihood for human error in your bookkeeping is one of the best ways to ensure that your records stay accurate.

Find a good adviser

The first thing you will need to learn as a business owner and mother is simple: you have to ask for help.

Keep Impeccable Records

Keeping good records isn’t enough when running a small business. Your records must be impeccable.
 

Use a time clock to log employees in and out

Overtime is expensive and accurate timekeeping can help to keep those costs down.

Always Check!

If you do not use an automated accounting software program, then there is a chance you will not balanced at the end of every period.

Keep it Separated

Too many business owners mix and mingle their personal and professional finances.Set up separate checking accounts and if you need some funds from your small business, write yourself a check, or make a cash withdrawal.

Review your charges monthly and ask for lower rates

You always have the ability to go elsewhere if the rates are better. Also, some credit cards try to take the discounts when the charges are submitted.

Buy accounting software

Using a spreadsheet program to keep track of your business finances is a step above that, but it’s still not your best option. You need to take out the corporate checkbook and buy some accounting software.
 

Hire a pro if you need one

Yes, it will cost you. But just think how much a horrible accounting error might cost you, and your business. If, on the other hand, you’re not too bad with accounting, but the thought of doing your business taxes is enough to send you into nervous fits, consider at least hiring a tax consultant.
 
Read More : themost10.com