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Frequently Asked Accounting Questions
How can I transition to outsourced accounting from in-house?
Transitions can be tricky, however, preparing your company to change over to an outsourced accountant doesn’t need to be hard. Make your new accountant a good fit, plan ahead and be sure to allow enough time into the future, set goals, and be mindful of possible challenges that may arise. We’ll help keep things running smoothly!
What are some of the best methods to separate my personal and business finances?
Combining personal and busienss finances is a major issue for small-business owners. Not only does it create issues during tax season, it also makes it challenging to track the profitability of your company. In a worst-case scenario: you could get audited and end up facing major fines. Keeping these two areas of your financial life separated is crucial to preserve your sanity and to ensure that you have a sustainable business model in place. One of the best ways of differentiate these two is to use the business bank account only for business purposes and never personal, rather transfer money to your personal account than using the business card.
How can I tell if I've outgrown my current account?
With your business expanding, your financial needs, commitments and concerns are going to be dramatically different than they were even a year ago. There are three main signs that you’ve outgrown your accountant: 1) They aren’t able to handle all your accounting matters timeously.
2) They’re unable to provide advice for your business plan or expansion goals.
3) They file something incorrectly stating that it was “too complex”.
How does better accounting affect my bottom line?
Most SME’s businesses fail to adequately calculate and manage their financials, even though poor financial management is a major cause of business failure. If you’re not practicing good financial etiquette in your work place, your business could suffer in a number of different ways, including lost in revenue, insufficient tax planning, and missed financial opportunities. A good accounting service will handle your profit and loss statements, monthly balance sheets, and regular account reconciliation to help you take back control of your finances without much effort on your part.
How would I make my new company successful financially?
This all depends. We would be more than happy to have a brief chat with you to offer personalized financial advice for your new company, however, at a higher level, you need these three things:
1) A good strategic plan and direction
2) Consistent accounting records
3) Expert advice
Why should I choose a monthly accountant vs less frequent methods of accounting?
Accuright Accounting Services provide much more value than the alternative annual service. If we only see your financials once a year, it is already too late to offer crucial advice that would have helped you save money and make that year more profitable for your business. It would definitely be too late to lower your tax liability for a financial year that is already over with.
1) It saves you enormous amounts of time
2) You get access to frequent business profitability advice
3) You have peace of mind that your finances are handled expertly and regularly
4) Your tax liability is reduced significantly
5) You can make more educated financial decisions that will help your business excel