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Is it Necessary to Pay for Small Business Insurance?

As a small business owner, your livelihood depends on the success of your company. Starting a new business is fun and exciting, but there are also some risks involved in your new venture. Luckily, there are a few things that you can do to minimize the risk and offset the consequences if something goes wrong.

If you are working with a small business bookkeeper, then that person will help you to minimize costs and maximize cash flow. There are times when you might have the suggestion to stop paying for certain services that might seem unnecessary. Before you start canceling services, you need to consider how essential each service is to determine if you can stop the payments without putting your company at risk.

Prevention and Protection

It is impossible to anticipate problems or accidents that might happen, so it is a good idea to take a proactive approach to prevent problems. Insurance is a great example of necessary protection that can make your life easier in the case of an emergency.

Even though the insurance payment might seem unnecessary, you will be glad for the insurance coverage if something goes wrong. If there is a question about whether you need an insurance policy for your company, then you should consider the benefits of talking with an insurance agent for a risk assessment.

Protect Your Business Finances

Cash flow can disappear if an unexpected event prevents you from selling your products or services. In this situation, it is essential that you have protection in place to keep your company from going under. A good insurance policy can be a great option to help you stay protected no matter what happens.

As you are putting together your financial plan, make sure that you are also working closely with your bookkeeper and accounting firm. This team is a great way to plan for the future and prepare for a rainy day. The advice from a team of finance professionals can be invaluable to help you take your company to higher levels of success.

At Easier Bookkeeping, we have what you need to manage your company finances and prepare for the future. If you are looking for small business bookkeeping services, then we invite you to contact our team anytime to learn more about the options that are available. We are always here to answer your questions and help you find the right services to meet your needs. Call us right away: (888) 620-0770

Year-End Bookkeeping and Accounting Tasks

The end of the year is a great time to assess the progress of your company this year and look for ways that you can increase your success in 2016. Your financial tracking system is a foundational aspect to understanding the success of your company, and there are several things that you should look at before the year ends. Within the next few days, consider some of these things:

Retirement Contributions

As a self-employed business owner, there are ways that you can decrease your taxable income for the year. Retirement contributions offer a strategy that might be helpful, depending on your individual situation. If you want to lower your taxable income as much as possible, then you should max out your contributions to your IRA.

Tax Form Preparations

When it comes time to send out employee income statements for 2015, you need to make sure that you are ready with all of the information that is needed. It can be beneficial to get a head-start on the process right now, so that you aren’t rushing at the end of January to gather the information that you need. Talk with your bookkeeper about the information that will be necessary to send out the 1099’s and W-2’s.

Estimated Tax Payments

Making tax payments throughout the year is important to ensure that you are meeting your financial obligations to the IRS. These estimated tax payments might need to be adjusted, to avoid underpayment or overpayment. With good financial tracking throughout the year, you will have the information that will show how accurate your tax payments are. Talk with your bookkeeper and review your financial records to see if you need to adjust your final payment for 2015.

Profit and Loss for the Year

Run some reports to see the profit and loss for the year, which will help you decide if it makes sense to make a few major purchases before the year ends. If you don’t know how to run these reports, then you can talk with your small business bookkeeper or accountant and have them help you understand what the numbers mean. In some situations, it might make sense to buy the items that are needed so that you can use the tax deduction in 2015.

At Easier Bookkeeping, we are here to help with your financial tracking throughout the year. If you want to reduce your stress levels and have detailed information about the success of your company, then you need to hire a bookkeeper to help with financial tracking. For more information about the business bookkeeping services that are available, we invite you to contact us today: (888) 620-0770

What Can a Professional Bookkeeping Service Do For You?

As a small business owner, it can be frustrating and overwhelming to keep up with all of the financial tracking and records that need to be kept. If you want to set your company up for success, then you need to consider the benefits of hiring a professional bookkeeping service for your business. These are just a few of the ways that a small business bookkeeper can help:

Daily, Weekly, Monthly Financial Tracking

It is essential to keep track of all of the financial transactions, because these details help you to see the money that was spent and received throughout the year. But, some of the transactions get lost in the mess, especially if you don’t have a good system in place.

A bookkeeper can help you monitor daily, weekly, and monthly expenses that roll through your bank account. Handling these transactions will keep the finances organized, so that you always have easy access to any information that you might need.

Financial Reports

Whether you are trying to get investors for your company or you want to see a snapshot of the company at any given point during the year, these financial records can be quite beneficial. Keeping your transactions up to date will allow your bookkeeper to help you pull the financial reports and information that you need in a moment’s notice.

Having accurate financial reports will allow you to make wise decisions about how your company is managed. Additionally, it is much easier to handle the cash flow of the company on an ongoing basis.

Payroll and Vendor Payments

Do you have a team of employees that need to be paid every two weeks? Payroll can take a big chunk of time out of your schedule, which is why it is beneficial to outsource payroll tasks to a bookkeeper. Your bookkeeper will keep track of payment details, to ensure that payments are always sent out in a timely manner. Additionally, the bookkeeper will make sure that your cash flow is sufficient to cover the payments that are made.

Preparing for Taxes

You will want to talk with an accountant for help with preparing and filing your taxes, and a bookkeeper can help you be ready for your tax appointment. Year end payroll forms, expense reports, invoices, and anything else related to your tax filing can be collected and organized by your small business bookkeeper. Keeping these records throughout the year helps to decrease your stress when tax time rolls around.

At Easier Bookkeeping, we can cater our services to meet your individual needs. Contact us for more information about the various small business bookkeeping services that we offer: (888) 620-0770

Tips to Get Started with a New Financial System for Your Small Business

There are a number of computer software programs that are beneficial to help small business owners keep track of their finances and stay on the right track. But, even if you choose the best computer software that is available, it is only as good as the person who is managing the system. You need to make sure to choose the right program, and also have the right person available to help.

Avoid Future Problems: Get it Done Right

If a business owner is trying to save money, then they might rationalize the idea of hiring a low-cost employee to handle the financial software. The problem is that these lower tier employees don’t have the proper training or expertise to know how to properly setup the software and manage it, causing ongoing tracking issues and reporting mistakes.

Setting up the system is one of the most important steps, and you need to make sure that information is being handled correctly throughout the year. A good bookkeeping service can help you get the computer software setup, and then ongoing virtual bookkeeping can help you stay ahead of the daily, weekly, and monthly tracking and reporting. Trust us, it will make a big difference to spend the money needed for a professional to help, especially since you will have the peace of mind to know that it is being handled correctly.

Train Your Employees

Do you have employees who will be interacting with the financial tracking software? For example, you might have people who need to access the information to view reports, enter invoices, or manage payment information. These employees need to have the proper training so that they can use the computer software in the right way.

Talk with your small business bookkeeper to learn about the tasks that need to be taught to the employee. Often, your bookkeeping service can help you with the training, or the bookkeeper will be able to point you to applicable training resources.

Stay Organized

Procrastinating the ongoing work and filing can result in a snowball effect, causing massive problems later on. As a business owner, you don’t have time to worry about filing cabinets and invoice data entry. Don’t spend your time on these tasks, because it is better to allow a bookkeeping service to handle everything for you. Enlisting the help of an experienced bookkeeper will create the time that you need to do what you do best: build your business.

At Easier Bookkeeping, we are here to help you setup an effective bookkeeping system. Contact us for more information about the benefits that you will receive from our affordable bookkeeping services: (888) 620-0770

Switching Payroll Providers? Here’s What You Need to Do to Prepare

Are you thinking about switching payroll providers? There are a number of reasons why you might consider making the change, and some business owners avoid changing companies because they are worried about problems in the transition. If you aren’t happy with your current payroll provider, then you might consider switching to a full-service bookkeeping company instead.

Here are a few tips to make it an easy transition to a new small business bookkeeping service:

Consider the Time of Year

There are certain times of year that make it easier to switch payroll providers. For example, you might consider timing the change with the beginning of a new year or the end of a quarter. Or, if you need to make the change during the middle of a quarter, then make sure to time the change right after payroll checks are distributed so that you can maximize the time available before the next set of paychecks need to be cut.

Backup Data and Employee Information

Most transitions are smooth because there are great computer systems in place to make it easy to transfer the information from one database to another. But, you never when things might go wrong, so it is best to save a backup of your current information just in case. Before making the change, be sure that you have all of the backup information stored in a safe place.

Gather Information for Your New Bookkeeper

Your professional bookkeeping service will provide you with a list of details that will be needed for the change. They might request information such as federal and state tax ID numbers, employee names and addresses, social security numbers, tax deduction details, bank account numbers for direct deposits, and copies of previous tax returns and all tax forms.

Choose the Best Bookkeeping Service

Before you get started, it is important that you talk with your new bookkeeper about the service options that are available. Most online bookkeepers will offer several different types of services, and the cost will vary depending on the type of service that you will be receiving. Discuss the options, so that you can choose the best solution for your individual needs.

At Easier Bookkeeping, we offer affordable bookkeeping services to improve your payroll management. If you are looking for a new payroll provider, then we invite you to contact us today to learn more about the small business bookkeeping services that we offer: (888) 620-0770

4 Important Bookkeeping Tasks To Do Every Week

Managing the ongoing bookkeeping tasks for your small business doesn’t have to be an unpleasant task, especially if you have systems in place to track your finances on a regular basis. The most important part of running a successful business is to handle the cash flow, and weekly maintenance can set you up for success.

Here are four tasks that must be done on a weekly basis if you want to succeed. If you don’t have time to handle these tasks on your own, then you might consider the option to hire bookkeeping services:

  1. Transaction Recording: Make sure that daily transactions are being recorded in your accounting software. It is important to be managing both incoming and outgoing transactions. Keeping these records up-to-date will give you an accurate picture of your daily cash flow.
  2. Receipt Filing: In addition to tracking the transactions, you need to be sure that you are keeping copies of your documentation and receipts as well. This paperwork is essential to back up the business write-offs and show proof in case you are audited.
  3. Review Invoices: Are you waiting on payments from clients? Reviewing these details is necessary to follow up with other businesses and clients to ensure that payments are received in a timely manner. Have a system in place to send updates and reminders if payments are late.
  4. Paying Bills: It is also important to make sure that you are paying your own bills on time. Keep track of the due dates for payments such as rent, utility bills, vendor payments, etc. These items are essential to keep your business in good working order.

One of the biggest mistakes that you can make is to procrastinate these items and let the work build up over time. Keeping track of the transactions on an ongoing basis is essential for the long-term success of your company. Small tasks on a daily and weekly basis can save you a lot of time and effort in the long run, because you will be able to stay ahead of the work.

If you don’t have the time or desire to manage these bookkeeping tasks on your own, then one of the best things that you can do is to hire a full service bookkeeping company. At Easier Bookkeeping, we offer affordable bookkeeping services to help you stay current with your financial records. Contact us for more details: (888) 620-0770