Accounting | Billy Costa Finance Inc

Why You Should Get a Chartered Accountant for Your Business?

Alice Wilson 02/09/202119/11/2021 Accounting No Comments

Sometimes people say they can’t afford an accountant. This is especially true when starting a business. Some people think that an accountant’s job is to fill out paperwork to satisfy the IRS. An accountant is distinguished by the rigorous exams they have to pass to obtain their degree and the obligations they have to fulfill once they have got it. These are just some of the reasons to hire an accountant for a company.

Saves Your Time and Energy

Businesses know the adage: time is money. You can focus on growing your business, making your products and services competitive, and building relationships. It’s an excellent decision to have your accountant do all the bookkeeping. With a flat monthly fee for bookkeeping, you can save time and money and focus on the more critical tasks of your business. Professional bookkeeping services take care of all your accounting needs. This means you don’t have to worry about penalties, delays, and fines.

Reduces Your Tax Liabilities

An accountant can help you manage your finances and your taxes. They will make sure you comply with all laws and help you avoid problems with the tax authorities. Accountants can help you complete the necessary paperwork to be sure that your company’s transactions are managed efficiently. There are many ways to reduce your tax bill. These methods can be used on tax days or throughout the year. While it is unlikely that you have the time and expertise to use these methods as a small business owner, they can help you reduce your costs.

Gives Expert Financial Advice

Accountants have the training and experience to perform financial and accounting tasks competently and the knowledge and expertise to provide tax advice. A professional accountant will enable your company to take full advantage of tax benefits. Professional accountants keep abreast of changes in tax legislation and ensure that your company is compliant.

Accountants can also review your books and help you avoid potential audit risks, reduce your tax burden and make your business more profitable. You can rest assured that your books will be safe during the audit.

Summary

It can take some time to find an auditor you feel comfortable with and trust. Once you have established a trusting relationship with your accountant, you will manage your company’s accounting professionally. They will help you outperform your competitors so you can maintain your edge.…

Why Cloud Accounting Is for Small Businesses Too

Alice Wilson 24/07/202103/04/2023 Accounting No Comments

Most of the big businesses must have already been using cloud accounting for many years now. Also known as online accounting software in the early parts of 2000s, cloud accounting is now the preferred choice of successful companies around the world. If you have just started your own company, cloud accounting can help you grow your business.

Indeed, online accounting can also benefit small and new businesses just as it does to big companies. Here’s what you should expect when you start working with online accountants.

Provides Automatic Update

Data on income, sales and expenses can flow directly to your books from the banks. This will save you much time transcribing them. When using the traditional accounting software, it is not only time-consuming, but it is also difficult and expensive. If you have a thriving business, hiring a cloud accountant will give you more opportunities to focus your attention in growing your business.

Guarantees Convenience

Using the traditional accounting software requires you to be in your office to check on your financial position. Some may use USB to be able to do it. But this method may not be secure and may need your clerk’s assistance. With cloud accounting, you can check your financial standing, anywhere and anytime.

Supports Collaboration

If you are not still using online accounting, this means that it may be hard for you to collaborate with team members and financial advisors. This is because the old traditional system only allows one person to access your files. Undoubtedly, collaborative works is enhanced with cloud accounting as it supports multi-user access, which means that key people in your team can also have the information they want.

Enhances Security

Using traditional accounting methods means that you have to spend for expensive and complicated backups to avoid the possibility of your files being corrupted. With rising incidence of cybercrimes nowadays, this is not secure anymore. With cloud accounting, you can be assured of world-class security. This will surely give you more peace of mind that your financial records are safe all the time.

With online accounting, there is also nothing to install. This adds to savings on money, effort, and time. For a small business like yours, this should matter. It can be your springboard toward success.…

The bookkeeping experience for new entrepreneurs

Andrea Bell 13/12/201713/12/2017 Accounting

For most small businesses, whether physical or freelance, making money is great until you have to undergo the bookkeeping process. Keeping track of your finances can be a very tedious task for many businesses. When most people are starting out and receiving part-time incomes, they were not too concerned about it until it reaches the period of making tax payments.

Every entrepreneur gets the chills when it comes to payment of tax. It is painful giving away a percent of your hard earned money just like that. Unfortunately, you do not have much of a choice, either way, everyone else is also doing the same. The pressing questions are, how does one keep track of their expenses? Alternatively, what expenses qualify as write-offs? It also gets confusing when you are receiving money from several sources randomly throughout the week.

Tax submissions

Your taxes need not be scary as many presume. As long as you take your time to carefully do your homework, all will be good. When using a paper or pen or a computer for that matter, you need everything simplified. Take time to break down your sources of income. The breakdown should be on payments. Keep track of all your payments as they go. Similarly, track the expenses incurred during operations. There are several different types of expenses that deduct your tax time so follow every penny spent in your business. This helps you arrive at a net loss or profit figure. Remember to track down the number of hours invested into the bookkeeping each week. This is essential for determining an hourly rate if necessary. Several spreadsheets such as Excel can keep track of this.

Get help

Accounting classes on programs such as Excel can give you a head start when maintaining your finances. There are many bookkeeping apps and software today. However, a good number are quite complicated for simple folk. You can perform your financial accounting on your computer using Excel, provided you know what you are doing. Nevertheless, it is always recommended to hire the Exceptional Bookkeepers in Melbourne to do it for you.

Why do people like Excel

Those who started out doing their bookkeeping speak highly of Excel for its simplicity. In addition, one can personalize their worksheet or workbook with it. This program ensures that you use the best functions that best suit your business. Among the top functions are MIN, MAX etc. The figures assist in coming up with a table where you count your days, calculate a sum, and find out the lowest or highest figures. These functions can be set to assist in summing up your expenses and incomes, pointing out transactions, noting the days from invoice to payment, arriving at an hourly rate, among other ideas.

Things to consider

When carrying out personal bookkeeping, it is just as easy to get confused with the complications of adding up the figures. Always try to focus on simplicity. Not all businesses are similar, so if you can personalize your books to fit your business operational model, the better. If you are not confident in your ability to track income and expenses as well as the tax laws required to make your submissions do not shy away from seeking professional assistance.…