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In today’s competitive environment business accounting services are essential for firms, in order to stay ahead of the curve. Keeping a record of all transactions for example bookkeeping services allows firms to assess their current performance which then forms the ideal platform to forecast budgets and plan for their future growth strategies. These entries are consolidated to form Financial Statements which reflect crucial information such as sales, debtors, creditors, liquidity etc. These then can be compared to industry wise figures and past years’ figures to analyze business performance. Through this, business accounting services assist in the firm functioning efficiently.

Business Accounting Services – Crucial for Start up Companies

Business accounting services provide newly-launched firms the model support they need to grow and flourish. They advise firms on the most efficient ways of financing their venture and also offer assistance in obtaining finance. Obtaining funding has many hurdles to it, especially in today’s financial market as financial institutions tend to be averse especially towards new small businesses.

Start-up firms typically have a choice between debt and equity financing, and the accounting firm handles the responsibility of analyzing available options. This includes an extensive study of the industry as well as the the financial position of the owners, following which the best alternative is suggested.

For example, if the new entrepreneurs of the new company are financially strong and have cash available for investment, then debt financing might be the way forward since money can be borrowed against liquid assets. For industries which are profitable but cash inflow takes time to kick in, equity finance might be the best way to go about, as cash may not be sufficient at an early stage to service debt and mark up.

Business accounting services also guide start up companies regarding the business structure that suits their specific industry the most. From a tax perspective, this is crucial because different business structures have varying tax obligations. Business structure also has an effect on the paperwork in the company, personal liability and the company’s ability to raise money. Therefore this decision is crucial and the accountants ensure the journey begins on the right track. It further helps start-up companies by formally registering their business and assists them in obtaining bank accounts.

Business Accounting Services – A Stepping Stone For Established Companies

Apart from providing bookkeeping services, business accounting services construct financial statements and prepare reports on performance, profitability and liquidity and help firms efficiently manage their payroll. Additionally, the firm also manages and provides employers with data on former and current employees and if required also help screen potential employees

Tax season is usually a nightmare for all companies, whether new or established. As a result, there is nothing more comforting than having tax calculations taken care of, which allows entrepreneurs to concentrate on the core functioning of the business, and on making it more profitable. Tax services include payroll taxes, taxation on company assets such as properties and cars, capital gains tax etc.

As part of the package, payroll taxes are also handled which are either levied directly on employers as a proportion of the salary payout or employers are required to withhold and thus income taxes at source. In either case, the service ensures smooth and efficient functioning and helps the untrained businessman avoid legal complexities and technical jargon.

On a personal level, business accounting services helps seasoned businessmen improve their work life balance which reduces stress levels. They enable the business to plan for the future and explore new ideas. They work on the business rather than “in” it and hence have a fresh perspective. This in turn gives rise to innovative ideas allowing the business to succeed and achieve various milestones.

Anthony Azevedo, CPA is the managing member of EZCFO a bookkeeping company focused on business accounting services.

As we approach the end of the fiscal year, many business owners will need to ensure everything is in order for their tax return. If you are the owner of a new or small business, you may be a little concerned at this point in time especially if things are a little uncertain with regards to your financial position at present, which is the why the following guide has been comprised to offer simple advice.

Get Your Books in Order Today

Looking at the books gathering dust is such a common thing, but now really is the time to brush them off and start the process of getting them in order. A bookkeeper is always an asset to a company but if you are not able to pay their wage then this is something you must take control of yourself. There are many online resources that will help you get to grips with what is involved so take some time out of your schedule to read a few guides and start the process of getting everything in order.

Analyse your Financial Position

There is no better time to analyse your business finances than in the run up to the end of the financial year. After you have completed the books and have all the information you need, the main documents to look at will be the balance, income and cash flow sheets. Take the time to carefully understand each of these as this will give you a good idea of the position you will be in at the start of the new financial year.

Discuss Finance Issues with Experts

There will be times where this analysis will send alarm bells ringing due to unhealthy looking finances, in which case it is always best to turn to the experts. Business recovery specialists in your area are the best people to speak to as they will understand the business in relation to the area you are operating in. Discussing your recovery options as soon as possible will give you the best chance of finding a solution to your financial difficulties in time for the new fiscal year.

If you are having trouble getting to grips with what needs to be done ahead of the new financial year, take some time to go through these points and conduct your own research through discussing your circumstances with other business professionals who can lend a helping hand.

Sophie works alongside a specialist business recovery organisation that has helped numerous companies across industry sectors to regain control of their finances and make a success of their business.

The need for home insurance is critical. The risk of losing one’s home or the myriad of valuable items inside it can be both mentally and financially catastrophic. However, at the very least the financial burden can be minimized by having proper home insurance. While you may feel the risk is minimal, an incident need only occur once to have serious consequences on the rest of your life.

Nevertheless, paying a high monthly insurance premium may be its own headache when considering the multitude of expenses already attached to your home. Thankfully, there are plenty of ways to reduce the cost of home insurance, while still having the protection you need. The following are 5 such tips for saving money on your home insurance:

1. Increase Your Deductible

Naturally, the easiest way to reduce your insurance premium is to increase the amount you are liable for. If your environment is low risk, and the items you wish to ensure are expensive, it makes sense to have a high deductible. Most home insurance deductibles begin at $500. Raising that figure to $1000 or even $3000 could result in saving about 20 to 25 percent on your rate, based on recent statistics.

This will mean you will be responsible for slightly more of the cost should a disaster occur. However, raising your deductible is an excellent way to lower the cost of monthly premiums, while still providing the security of being protected from financial ruin. The difference between $500 and $3000 may seem large, but both are paltry sums compared to the cost of your home.

2. Buy Insurance Bundles

These days, many insurance companies offer products that cover multiple industries, such as homeowners, commercial, and automotive insurance. Purchasing your insurance through the same carrier can result in a hefty discount on both premiums. Although you will lose some flexibility in terms of being able to shop around, generally if you are satisfied with a company with regard to one service, you will have little trouble utilizing their other insurance products. Research which companies have the best home and auto insurance bundles before you commit.

3. Insure Only Your Home and Not the Land Beneath It

Often times homeowner’s do not realize that the most valuable part of their property is not the home, but the land it sits on. Moreover, they conflate the two when they apply for insurance, using the sale price of their property to calculate their premium.

This is a mistake, especially when you consider that the land will likely not be damaged in the event of a disaster. Only the cost of rebuilding the home should be factored when calculating your insurance premium, a number which is precipitously less than the sale price. Doing so should lower your premiums substantially as opposed to insuring the land and the house.

4. Discounts

There are an abundance of home insurance discounts that you may not be aware of, such as reductions for being a senior, not smoking in the home, or remaining a loyal customer. Asking your insurance agent about such packages could be useful in lowering your insurance.

5. Preventative Measures

Taking safety measures in the home will lower your overall risk, and lower risk to the insurer means better premiums. Some of the security and preventative measures you can take are adding additional smoke detectors, installing a high-end security system, installing storm shutters, deadbolt locks, and fire-retardant roofing.