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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The Top 3 Industries That Are Taking Advantage of Cloud Services for Accounting

Gone are the days when “cloud” is no more than an IT jargon that only tech savvy people are able to recognize and understand.  Today, it has evolved into a significant business strategy employed by countless big and even medium and small businesses. Benefits of cloud service for accounting vary in particular details across various industries. For example, an accountant with offices in Brighton and New Malden gets different sets of advantages than a hospital in London. However, the importance of such cannot be underscored and more and more businesses are already seeing these benefits and are enjoying it for their business.

Here are the top industries that are greatly benefiting from cloud services for accounting:

  1.    Finance

Not entirely surprising, but the finance industry were not the first major ones to jump in when “cloud” based service were initially introduced. Today, it is among the biggest users of cloud based services, especially for accounting. With the ability to maintain books in the cloud and the accompanying data security features more and more financing firms are turning into cloud computing. It is anticipated that in the coming years, a vast majority of the finance industry, big and small will trust their transactions on this technology and that more and more features will be added to it as the demand grows and changes in the terrain is inevitable.

  1.    Wholesale and Retail

Cash flow, sales, incomes and losses are just one of the many financial mechanism that revolve in the wholesale and retail industry. Due to the many financial function involved in this industry along with many other mechanisms as sales, inventory, logistics, and marketing it is not surprising that cloud services easily  found its way into their systems. Large wholesale and retail corporations trust cloud services for accounting due to its efficiency, accuracy, reliability and ease of access. They can run their numbers 24/7 and learn about their gains and losses in an easy way.

  1.    Healthcare

Medical billing was able to capture the healthcare industry due to the convenience and high returns that they provide. Today, some medical billing services are incorporating cloud services for accounting on their systems for added convenience. The high demand for the digitalization among hospitals, clinics, and other health facilities can be attributed to the growing need for accurate and reliable accounting systems. Through this, healthcare professionals are able to focus on what they do best without worrying about errors in medical billing, collection, and accounting.

Cloud services for accounting do not replace accountants but help them improve their craft instead. In fact, some accounting firms today are able to include it in their offered services, which makes their clients even more satisfied. Apart from the industries above, many more firms and businesses who do accounting can definitely make great use of cloud services for accounting. So, if your business is still yet to try it out, find the best cloud service providers in your area for optimum benefits.

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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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