Skip to main content Skip to search

Archives for May 2014

Small business accounting services – How to choose

Among the most important considerations when starting a small business is deciding on who will provide your small business accounting services.

After you have determined what product or services your business will provide, chosen a name, decided on your business structure and how you will attract customers, you will need to decide how to track the success of your new venture. Accounting is how you track your business.

If you are like many new business owners, you may do not have a strong background in accounting or bookkeeping but it is one of the most important things you will need to become comfortable with, and you need to do it quickly.

When you decide to contract with someone to provide your small business accounting services, I suggest these are the most important issues to consider.  Choose a firm that

  1. Is familiar with your industry.  Although it is true that all businesses have many similarities, it is also true that each industry has its unique needs so you will want to choose someone who has experience in your industry
  2. Has the ability to provide both bookkeeping services and full service accounting. This makes record keeping seamless
  3. Does both general and tax accounting.  This will save you time and money at tax time.

4.    Provides free initial consultation.  You don’t want to be charged for deciding who you want to work with.

5.    Can provide both on site and off site service.  As you grow, you may want them to provide a bookkeeper for you or at least recommend someone.

6.    Is responsive.  If they get don’t get back to you on a timely basis before you choose, the odds are good they will do the same once you become a client.

7.    Is located within 50 miles of your office and certainly in your same state. Tax and other laws vary greatly from state to state and you don’t want them learning the difference in state laws on your time.

When you ready to choose your accountant, please contact us. We are A&B Accounting and Business Solutions, LLC located in Deerfield Beach, FL .  Our number is 954-596-9966 or email Alicia Brown at aliciabrown@myabaccounting.com

Read more

Do Bookkeeping and Accounting Services Differ?

There comes a time in the life of every small business when bookkeeping and accounting become a time consuming task that keeps the owner of the business from doing whatever it is that they do best. The question is do you out source these jobs to an accountant or a bookkeeper, and is there a difference.

The terms accountant and bookkeeper are interchangeable in the minds of many people but their jobs entail vastly different duties.

A bookkeeper is literally that, the person that is responsible for the daily recording of financial transactions. They may be responsible for anything from recording payroll to entering accounts receivables. Along with the daily reporting of financial transactions, bookkeepers usually retain the documentation involved in the transactions. A good bookkeeper is far more than just a data entry person; their day to day knowledge of your business can provide the necessary heads up when matters pop up that require a higher level of expertise.

An accountant, using the data provided by the bookkeeper, provides business advice and analysis. Accountants are also the professional you want on your team when dealing with the various federal, state and local tax collectors knocking at your door. Often the bookkeeper and accountant work together, this is particularly true in businesses with payroll, fixed assets or a large amount of inventory.

It is best practice to use both a bookkeeper and accountant. While a bookkeeper handles the day to day reporting, having a third set of eyes provided by the accountant inspect the books periodically not only eliminates mistakes but deters fraud and theft.

When selecting either an accountant or bookkeeper it is important to choose one that can communicate to you in plain English. Accounting professionals often get caught in techno garble they need to be able to explain concepts so they can be easily understood.  Another thing to keep in mind when selecting an accountant is to see if that accountant is available for you, does he or she take your calls, does he or she call you back in a reasonable amount of time.  Many accountants nowadays are too busy to get back to you and so availability is very important when choosing an accountant.

The importance of establishing an accounting system goes far beyond not being the guy trying to find an accountant to sort out his boxes of records while the IRS waits to lower its sword. A good bookkeeping system in the hands of qualified accounting professionals is a key to measuring a business’s health and planning a route to a prosperous future.

A&B Accounting and Business Solutions, LLC is always available to discuss how our services can help you as a business owner concentrate on what you do best. Our business professionals are eager to provide you the services and knowledge you need to continue growing your business.  We want you to know that you can always call us about any questions you might have.  Call us at 954-596-9966 to discuss your accounting needs for your small business or your medium size business.

 

Read more

Do I Need an Accountant or Will Bookkeeping Services Suffice?

If you’re like most small business owners, your expertise in some field other than accounting is what drives your business. You’re a web designer, a marketing professional, or some type of retail online or bricks and mortar shop owner. Besides, bookkeeping isn’t that hard, it it? You can keep track of sales, purchases, receipts, payments owed or made all on your own. Can’t you? You probably can but is that the best use of your time? And what’s the difference between bookkeeping services and accounting services anyway? Do I need either, neither or both?

To answer that question for your business, you need to understand the difference between a bookkeeper and an accountant. A bookkeeper records all daily transactions of a business. This will include purchases and sales, as well as keeping track of all receipts, and processing payments and checks on a timely and reliable basis.

An accountant interprets the records the bookkeeper has prepared and makes sense of the information so that the business owner has accurate financial information to make business decisions based on facts rather than guesses. An accountant knows all the accounting rules to be sure your finances are properly managed and prepares tax returns that minimize your tax liability legally. An accountant is a professional, meaning they have passed tests and experience requirements, as well have specific education that certifies them as such.

Because their functions are so different, most companies need both a bookkeeper and an accountant. Your bookkeeper may only need to work part time to keep track of your income and expenditures, and an accountant may be needed once a week, monthly, quarterly or yearly, depending in the type of business you have.

Or you may need an accountant to update your financial information on an occasional basis to provide accurate information to make an informed business decision. If you’re considering purchasing new equipment, hiring a new employee, or borrowing money, you need to know the state of your business at the current time, and what is expected in the future. Without timely information, you could make a mistake that could destroy or severely damage your business.

The smart strategy is to contact us at A&B Accounting and Business Solutions,LLC to discover how our accounting professionals can work for you to provide accurate and up-to-date financial information.  Allowing you to concentrate on managing your business, while we manage your accounting, is the best way to ensure your business thrives and you reach your goals.

 

Read more