Entrepreneur-Start-Up
Jan 03

Small business Tax Planning for Better Cash Flow Management

By Rebecca Howell | Bookkeeping , Cash Flow , Taxes

If you’re a small business owner, you know that excess tax bill can interfere with your company’s cash flow. Regardless, forecasting your tax obligation accurately can be challenging, especially when you’re busy running your business. Besides, tax laws change frequently.

Not many people have an idea of the amount to tax they owe until it’s time to pay them.  Maybe because they have no bookkeeper or are not sharing relevant information with their bookkeeping professional until a few weeks to tax time.

You may also get hit unexpectedly by your tax bills if you monitor your losses and profits differently from the tax method, or if you’ve deducted some expenses that have to be underwritten for tax purposes.

Whatever your reasons are, if you’re not prepared, your cash flow can experience a crunch that recurs every year. Consolidating tax estimation into your finance management approach can ensure funds flow as expected.

Below are tax planning strategies you should consider:

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Tax Preparation
Jan 03

Top 5 Accounting Ratios Your Business Needs to Know

By Rebecca Howell | Bookkeeping

Return on Capital Employed (ROCE)

The ROCE ratio is one of the most fundamental insights for business. It measures the ability of a business to utilize its money to generate more business. In other words, it can help discern how much profit is generated from working capital.  

Extracting pertinent and accurate information from your T-account is challenging for even the most seasoned bookkeeping professional. The double-entry accounting system allows bookkeepers to run various scenarios that, when combined, provide the clearest possible picture of a company’s balance sheet. 

Ratios such as these obtain their value by showing trends over time and work well with any accounting system. There are no standards for many of these accounting equations that a business can look to as a baseline. Rather, it can vary significantly by industry. By reviewing public financial information from competitors, you can establish a good range for each one. These ratios will be reliable markers that can drive your company’s decisions in the right direction in time. 

 

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year end reports
Jan 03

Reasons to Hire a Professional Bookkeeper for Your Business

By Rebecca Howell | Bookkeeping

How A Reliable Bookkeeper Impacts Your Business

Once you’ve established your business, you’ll begin handling the numbers. You must maintain records of every business transaction from sales, payments, expenses, and any other way in which money moves in and out of your business. Doing this yourself gives you a more in-depth insight into your cash flow and will make you better understand your business. However, the task becomes more burdening as your business grows.

So why should you hire an expert bookkeeper when you can work with knowledgeable staff or leverage excellent tools like QuickBooks to carry out every account tasks by yourself?

 

 

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Start-Up-Brainstorming
Oct 09

Your Custom Bookkeeper for All Your Accounting Needs

By Rebecca Howell | Bookkeeping

Proper finance management is crucial if you wish to run a successful business. But things can get harder as the business grows over time, and you are likely to find it exhausting to address your company’s tax and accounting demands. Fortunately, you can count on qualified, reputable accounting experts from Custom Bookkeeping & Accounting to grow your confidence in financial analysis and reporting.

 

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Oct 09

Work Smarter By Outsourcing Your Payroll

By Rebecca Howell | Payroll

Today’s small to medium-sized businesses are continually seeking ways to reduce overhead expenses while increasing productivity. As a result, outsourcing specific tasks has become a popular solution for freeing up time in order to focus on more critical aspects of the business. Outsourcing the payroll function has become a popular means of doing this with many positive results. 

 

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