Tuesday, September 29, 2020

Why an accounting firm makes a great business partner

 Accounting firms are companies that specialize in providing accountancy services for their clients. These services include handling clients' payroll, taxes, accounts payable, and accounts receivable. Some accounting firms also offer advisory or auditing services to clients. Accounting firms provide financial services to help their clients, as business owners, stay financially organized. Business owners often see accounting firms as a business partner and not just as a service provider.

Different businesses need different types of financial services. When a company is looking for an accounting firm to appoint, they must first consider the types of accounting services they need. Accounting services include major accounting services and other accounting services. 

Major accounting services

Major accounting services include:

  1. Public accounting: Certified Public Accountants (CPAs) perform public accounting services, including preparing and reviewing financial statements.
  2. Management accounting: Management accounting refers to how accountants analyze historical and current data to develop an efficient and effective business model for their clients. Management accounting processes include budgeting, performance evaluation, and cost management. Management account services include advisory services on the improved utilization of a business' resources to meet the business' objectives. 
  3. Governmental accounting: There are specific accounting issues for governmental bodies. The purpose of governmental accounting is to help the different government sectors budget and utilize their resources effectively and in line with the national and local legislative framework. 
  4. Internal auditing: Internal auditing services help businesses produce reliable and accurate financial statements. Internal auditing services enable companies to identify deviations from accounting standards but do not include preparing the financial statements.

Other accounting services

Other accounting services include the following:

  1. Tax planning and preparation: Accounting firms can do tax planning and preparation for businesses, including state and federal tax returns. They can also prepare other documents, such as 1099-Misc and employee W-2 forms. Some accounting firms also handle information requests and audits from the Internal Revenue Service on behalf of their clients. 
  2. Bookkeeping and payroll services: Many small business owners are experts at their own business' products and services, but they don't know how to manage their business' financial affairs. Accounting firms can help record a business' cash flow and create profit and loss statements. 
  3. Business valuation and development: Accounting firms play a critical role in creating valuation reports or obtaining audits, which are sometimes required by financing firms. Accounting firms also provide advisory services for mergers and acquisitions. Some accounting firms can help new businesses create pro forma financial projections and statements supporting fundraising initiatives.
  4. Forensic accounting: The purpose of forensic accounting services is to detect fraud and other financial crimes

Friday, September 25, 2020

Investing for Beginners

 If you have never invested money in anything before, it can feel like an extremely scary prospect. Just knowing and understanding some of the basics can go a long way towards making it feel a lot more manageable. While we can’t give you every little detail in this short blog post, we can give you some of the broader themes that will hopefully make investing feel like it is a realistic possibility for you.

Pay Off Debt 

Before you go any further down the path of investing, you should aim to pay off any pre-existing debt. Of course, many people have student loans and mortgages, which are perfectly normal, but it is the high interest credit card debt which can really act as a weight around your ankle. If you leave these debts to accumulate, the money that you make investing will be reduced significantly. So, try to avoid the common trap of buying more than you can afford. Only use credit cards in emergency situations and save money for your major purchases rather than using cash that you don’t have as yet. 

Create an Emergency Fund 

Your next major investment should consist of making an emergency fund that you can dip into should times get tough. Ideally, you should aim to save around three to six months of living expenses. The global coronavirus pandemic is a clear example of the kind of emergency situation that can have a big impact on your livelihood. Even if you don’t need to dip into it, the fund is always there, providing peace of mind and a sense that you have a safety net waiting to catch you should you need it.

Learn the Ropes 

Before you rush to put your money into a specific stock or share, you should learn the basics of investing. Look at the different options available to you. People most commonly turn to the stock market as a starting point, but there are also investments like gold, so check out Nuggets By Grant. There is plenty of free information available online, as well as paid seminars and webinars. You can also get a feel for investing by using ‘play’ money and seeing whether your investments go up or down. 

Create an Investment Plan

You should now feel more comfortable in creating an investment plan. Start by assessing your current financial standing, before defining clearly what you want to accomplish. Your next step is to determine how much risk you can afford to take, before making it clear what type of investment you want to make. You should also have a timeline of how you envisage the situation developing. While you want to be ambitious, you still need to set realistic and achievable goals. Ultimately, these are much better than ‘pie in the sky’ figures which you are unlikely to hit.

While there is plenty more that could be written about investing, this guide gives you a good general overview of how to get started and develop your portfolio.


Monday, September 21, 2020

What To Know Before Getting a Dog

 Having pets is a big responsibility, even more so with an animal like a dog. Pet care is often underestimated, which can lead to animals not receiving the safekeeping they need. Consider the following tips prior to getting a dog. 

Breed

Before you do a Google search for AKC German Shepherd breeders Florida, do your research on what breed will work best for you. Some dogs are more suited for an active lifestyle, and others that may thrive with a more dominant, leader of the pack type owner. Just like people, each dog is different and has needs that need to be met. Your housing situation and your work schedule should all be kept in mind before becoming a pet owner.  

Cost

Not only does it cost a pretty penny to adopt or purchase a dog, but there is also even more financial responsibility when it comes to vet bills, food and accessories. It is always a good idea to get your dog checked out by the vet regardless of his previous situation, and you will need to purchase toys to keep him busy, a crate for training and a leash. Dogs don't stop costing money once you bring them home. So, it may be smart to sit down and go through your budget to ensure this is an expense you can afford.

Adaptability

It can take weeks for your pet to decompress from a change of scenery and ownership. Be sure to give your new pet the grace he needs during this time. You can expect there to be some anxiousness until your dog feels at home.

Dogs offer great companionship and fully live up to their reputation of being man's best friend. But, they do require a lot of care and effort compared to other animals. Use the information above to make sure you are up for the challenge.