4 ways hiring an accountant can help save your business money

Hiring an accountant may sound like an expensive endeavor but the cost is well worth it. In fact, there are many ways in which an accountant can help you save money. This article will share some ways in which this is possible.

 

 

  • Book-keeping and Managing Cash Flow. Accountants are highly skilled in managing money and financial matters. They are knowledgeable in organizing financial matters and keeping records that are succinct yet detailed. By hiring an accountant to manage the bookkeeping and cash flow of the business, you can concentrate on other aspects of the business that you are passionate about and better at doing. Your accountant can help you with cash flow projections for the future which will help you in planning for the growth of your business. Because of your accountant, you will likely always know what is money is coming in to your business as well as the money that is going out of your business. Having such information can help you determine strategic business moves such as but not limited to cutting back or investing in new equipment.
  • Personal finance. Your accountant can give you valuable advice on money management and ethical tax practices. In addition, a good accountant can give you trustworthy investment and estate planning advice which will help you create a smart and efficient business-exit strategy when the time comes for you to retire. When hiring an accountant, make sure that they are licensed in this area of expertise so that you can ensure that you are getting proper information.
  • Planning. Having a business plan that is well thought out and prepares for the future is imperative to being a success. A good accountant can help you strategically plan for the future as well as advise you on how to save money in case you meet a rough patch. Your business plan should be solid enough that you feel confident in your goals and the future without worry of how you will finance the company’s operations. A good accountant will question your ideas and push back if you want to make a decision that is not in the best interest of your business for the long-term. Your accountant can act as a sounding board but should be able to give you critical feedback when necessary and help steer you in the right direction.
  • Help with growth of the business. One of the biggest concerns of running a business is the future. Your accountant can help you plan and manage for growth of the company. With the increase in business you will be able to generate more revenue, but you will also need to hire more staff and purchase more equipment. In addition, you may need a bigger office or have to expand your warehouse. All of these “growing pains” are great to have, but they take time, diligence, and a smart team around you to help you make the best financial decision for your company to sustain its growth.

 

For more information about hiring an accountant for your business needs, be sure to check out Myrtle Beach Accounting.

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Do You Save For Special Occasions?

As many people do, I have savings accounts for various different things. I currently have my main savings account which I save money in for all different things – whatever I need to save for at that exact moment – and then I also have the savings account connected to my current account where I place 25% of my income for tax. Until this past year, I had never made enough to pay tax but I know that I definitely will be in a position to pay tax when it comes to my next tax return so am saving up to have the funds ready.

But do I save for special occasions? Do you? I do, depending on the actual situation. When you have one child born exactly three weeks before Christmas, then Christmas, then your daughter’s birthday exactly two weeks after (and then my birthday exactly three weeks after that!!), sometimes you do have to save a little to make that money stretch a little further. We have other birthdays in and around December and January also but our main focus is making sure we have money for presents for the children and then focusing on others afterwards – however, when it is your siblings and parents birthdays so soon after, you do have to spend a little and get them a nice present.

https://swiftmoney.com/  are currently in the process of creating an infographic talking about how we spend money on these occasions. Women are more likely to save money for gifts and men rarely do save. This is definitely true in my case – I am always the one saving up for gifts whereas Steve just tends to buy based on what is in his paycheck that month that doesn’t need to be spent on bills. With 68% of people saying there are societal pressure, I would have to agree. However we only buy for a select few people and a select few occasions and try to ignore any societal pressure that comes out way.

They have even found out about people’s thoughts on Christmas gift giving. 38% of people give food and drink as gifts – making these the most popular type of gift given, Whilst we don’t always give food, I can honestly say that drinks form a large part of our gift giving at Christmas, whether it be whisky, vodka or coffee! Gadgets are at 28% and I do buy those occasionally – but only for Jack and Steve – we don’t fork out for anyone not in this household unless we are splitting the cost with someone else.

I now save money and vouchers throughout the year for the kid’s birthdays and Christmas – if I didn’t, I’d never get them anything once the time rolls around. I also enter competitions for things I know people like and would want and give them as extra gifts. When it comes to Mother’s Day, Father’s Day and Easter, we just see what is in our budget and what gifts we can afford – we have never had any complaint yet.

Do you save for special occasions?

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3 Tips to Becoming More Efficient in your Business

Managing your own business is many people’s dream. You get to be your own boss, work within the comfort of your home if you want, travel, make time for yourself and your family, and get to pick the clients and partners you want to work with. But when the time comes that clients keep on coming and deals are closed every single day, the need to search for efficient ways of managing your business will eventually arise.

Fret not! There are easy ways to help you and your business to be more capable of doing more without sacrificing too much or breaking the bank.

Here are three major tips to manage your business more efficiently and effectively while getting better results.

  1. Outsource

Getting services from contractors is one way to save time on things you are not an expert on.

When you need writers to copy edit and make content on your websites, just look into content markets and find the perfect freelancers for you. You can also check out graphic designers and web developers who can work with you in building your online presence.

Aside from that, outsourcing a virtual assistant who can help you in email marketing and managing your client’s’ concerns is another way to save more time and have quick and effective results.

Outsourcing not only helps your business but it also helps the businesses of independent contractors who are looking for clients like you.

  1. Move Your Business Accounts Online

While you are busy getting more and more clients over time, let the experts in the finance field take over. Seek experts who are not only fast in giving services but are reliable as well.

Services such as online accounting expertise from The Smart Accountants are a great way to help you with accounting concerns. They handle the online accounting and bookkeeping of your business, as well as automatic bank transaction feeds, and reports on annual accounts and tax of your business.

In this way, you will have more time to focus on building and expanding your brand and business.

  1. Project management tools

Establish a systematic process in your business which will cover all its areas. Make time to look on these process in the finance, marketing, human resource, and the sales and double check what needs to improve.

Seek the suggestions of your staff and your partners and come up with points on how to efficiently save time and effort in fulfilling these projects.

If you are working remotely, consider investing on project management tools. There are softwares and tools which lets you have a conference with the staff even when you are location independent. There are also ones that track and remind the projects they are doing, and the time they finished a task.

Managing a virtual staff can be a swift if you use software that will further enhance productivity while giving the staff ample time for rest and relaxation.

All you need is to look for trustful partners and tools which can help you reach your goals. Eventually, you will see your business grow.

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