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Archives for Accounting blogs

Billing and Coding Service – Assess The Performance of Your Medical Practice

Medical billing is almost always a demanding aspect of operating a medical practice. This is why a large number of practice managers choose to outsource medical billing to experienced professionals—or in other words—dedicated medical billing companies.

Apart from the immediate time and money savings, medical billing companies also help you focus on aspects of your medical practice that matter the most.

If you are wondering if it’s a good idea, read on to find out how medical billing companies help assess the performance of your medical practice:

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Small Business Accounting Services that Break the Industry Stereotypes

Small Business Accounting Services

In the accounting industry, small business owners either attempt to handle all the accounting themselves or they completely wash their hands of it after getting frustrated and hire all the help they need from an outside source.  This doesn’t have to be the case for your business, as we offer small business accounting services that break the industry stereotype.
Accountants make business life easier as a company grows and changes over time.  As a small business, finances can become complex rather quickly if you do it on your own.  You can easily lose track and an accountant can help you stay on the right course.  They can swiftly handle tasks that are delegated to them, and can share financial information with you through cloud-based accounting software. Sometimes you want a better understanding of the financials and reports you’re looking at.  You want more know-how to roll up your sleeves and get involved with the bookkeeping for your business. Both of these scenarios are where A&B Accounting and Business Solutions comes in.  Here we like to teach those that want to learn.  If you like to be involved in all the aspects of your company, we are here to help train you to develop a better understanding of your accounting and financials along the way. Through Quickbooks training, we can assist you in better understanding your business so you can make well-informed decisions about what is coming up over the horizon.  When times are busy, we can easily step in and take control of the taxes or bookkeeping while keeping you up to date on where your business stands financially. To learn more about the accounting services we offer, please contact us. A&B Accounting and Business Solutions, LLC offers a full accounting service that meets all your needs. We offer small business accounting services nationwide as well as medium business accounting services.  Outsourced accounting services is becoming very popular nationwide since many business owners do not have the time and patience to keep up with the daily transactions their businesses generate.  We have over 15 years experience doing accounting and can help you focus on your business while we take care of your books and financials.  
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A&B Accounting Services Happy New Year 2016

HAPPY NEW YEAR 2016

To all business owners in South Florida, our family at A&B Accounting wishes you a Happy and Healthy New Year 2016.  Hoping all wishes and goals are met during this upcoming year.  Happy New Year Everyone!!

A&B Accounting and Business Solutions, LLC. is located in Deerfield Beach, FL.   Our accounting firm in Fort Lauderdale area offers accounting services, bookkeeping services, tax services, quickbooks services, and bookkeeper rental services all over South Florida and nationwide as well. Our mission is to provide the best possible accounting, taxes, payroll service to small businesses and medium size businesses. We offer our outsourced accounting services to South Florida to the following cities: Oakland Park, Fort Lauderdale, Margate, Tamarac, Coral Springs, Coconut Creek, Pompano Beach, Deerfield Beach, Parkland, Boca Raton, Delray Beach, Lake Worth, and Boynton Beach. We also offer accounting services nationwide remotely.

A&B Accounting is a family owned accounting firm and we know family time is priceless.  Running a small business is hard enough and balancing your time between  your business and family can be stressful.  This is the reason why we work hard to give each of our clients the attention they deserve.  Once a business owner becomes our client, he or she become a part of our family.

Since we are a family owned accounting firm, you will always get to speak directly to one of our accountants or bookkeepers, either by phone call, email or text.  This separates us from many accounting firms which may not follow up with you on a timely basis.

President and founder Alicia Brown has a solid accounting background in corporate, medium and small business environments. Alicia holds a Bachelors Degree in Accounting from Florida Atlantic University and she has worked in the corporate world for many years dealing with month and year end closing procedures, payroll processing, as well as budget and forecast planning and financial analysis.  Alicia’s experience also includes accounting processing for Condo and Homeowner Associations as well as medical practice management procedures.

Alicia Brown is also an active member of the National Association of Professional Accountants, National Association of Tax Professionals, and the National Association of Enrolled Agents. She is a Registered Tax Return Preparer and a Certified Quickbooks Proadvisor.  Alicia Brown is also fluent in Spanish.

On her spare time Alicia likes to spend time with her husband, her two young daughters, and her other immediate family enjoying the many activities and events South Florida has to offer.

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5 Tax Savings Tips From Your Small Business Accounting Services Experts

Accounting Services

Accounting services and bookkeeping services are two things every small business needs to function. But for many small businesses, neither of these two integral business functions seem particularly appealing. Add to that all of the information you need to know come tax time, and you’re looking at a full-time job by itself. So if you’re looking for ways to save money come this tax season, here are five deductions that you can put to good use. 1. Your home-office space is tax-deductible. Many people who run a small business forget or neglect to claim this deduction. But it’s worth every penny to do so. There a few ways of calculating this deduction (simplified and regular), so refer to the IRS’s website for the best practice. 2. Don’t forget office supplies deductions. If you have been forgoing this deduction, now’s the time to stop. A small business can save nearly all of their money when it comes to office supplies and miscellany. For a more comprehensive look, the IRS has outlined all the details for convenient viewing. 3. Depreciation of furniture and equipment will benefit the whole. It behooves a small business to look closely at this deduction. Things like office furniture, printers, laptops, copiers, and so on can be depreciated over a 5-7 year period. 4. Driving for business-related events. Business mileage can add up fast. Deducting trips related to business, like ventures to meetings, office supply stores, etc., can save your small business money in all the right places. Keep those receipts. 5. Meals are tax-deductible. Most people already know this, but some are unsure when it is applicable. According to the IRS’s website, deductions can take place in two instances: – It is necessary for you to stop for substantial sleep or rest to properly perform your duties while traveling away from home on business.  The meal is business-related entertainment. Please read the other details for when not to deduct, and on standard meal allowance and actual cost. Is your small business ready for tax season? Do you need the help of qualified bookkeeping services? Then please contact us for more information on how we can help.  
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Accounting Services for Independent Contractors

Accounting Services

Perhaps you became an independent contractor because you like the flexibility of setting your own schedule, determining your own pay rate, and working for more than one client at a time. There is also the possibility that you had no choice in the matter. You either had to accept work as an independent contractor or not work at all. In either case, we recommend scheduling an accounting consulting appointment with A&B Accounting and Business Solutions, LLC at least once per year. Tax Mistakes Made by New Independent Contractors What many first-time independent contractors fail to realize is that they are both the employer and the employee in the eyes of the IRS. This means that you are responsible for paying the employer portion of Social Security and Medicare taxes as well as your own share. When you don’t plan for this expense, you could be in for an unpleasant surprise at tax time. The IRS requires self-employed people to establish and pay quarterly income tax based on their expected income. The deadlines to make these payments are January 15, April 15, June 15, and September 15 every year. However, you may be exempt from quarterly reporting if your income falls below a certain threshold. In that case, you would report all earnings and deductions on your annual income tax return. Independent contractors also make errors when it comes to deducting legitimate business expenses. In most cases, this is because they are unaware of what actually qualifies. Before you file your taxes for the year, read IRS literature to ensure that you know what does and does not qualify you for a deduction.  We offer a variety of accounting services to fit your needs. Schedule Your Appointment Before the Rush Tax season will be here before you know it, but you don’t have to go it alone. Just contact us to schedule a consultation appointment or to have us prepare your return.  
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Part Time Accountant Services That Come to You

Accountant Services

All businesses need accountants to manage payroll, file tax returns, and perform related duties, but taking on an accountant full-time is a big expense. Due to the cyclical nature of accounting, you may only need full-time help for part of the year and temporary, part-time help the rest of the year. Many business owners, especially those in their first two years, waste thousands of dollars annually because they misjudge their accounting staffing needs.

Hiring a full-time employee means paying for 40 hours a week whether there is work available or not. Full-time workers also require benefits such as health insurance and paid time off. A part-time employee is not always the solution either since most prefer a regular set schedule. A&B Accounting and Business Solutions, LLC understands this dilemma and offfers part time accountants services to all of our clients.

Affordable Hourly Rates for Onsite Part-Time Accountants

Some business owners just don’t have the time to meet with an accountant or deliver work to be completed. Depending on your preferences, we send one of our experienced accountants to your business one day or several days per week. Our accountant can also provide part-time controller or Chief Financial Officer (CFO) services. The latter may be appropriate for complicated accounting tasks such as budgeting, forecasting, and responding to a tax audit. A&B Accounting and Business Solutions, LLC has over a decade of experience working onsite with businesses in Deerfield Beach, Boca Raton, Pompano Beach, and the surrounding communities.

Request a Free Consultation

If you can’t afford or don’t desire to hire permanent accounting staff, contact us to learn more about our flexible options. Our staff members are fluent in both English and Spanish to meet the needs of our diverse community. As we assess your needs, we may recommend other accounting services to help your business meet its financial goals. 

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Accounting Consultant Services

Accounting Consultant Services Valuable When Dealing With IRS

The Internal Revenue Service has created a Taxpayer Bill of Rights in six languages that promises to be valuable to individual taxpayers and small and large businesses. Nevertheless, you might find it helpful to use the services of an accounting consulting service when dealing with tax laws or the IRS.

The Taxpayer Bill of Rights includes the following rights:

  • The Right to Be Informed
  • The Right to Quality Service
  • The Right to Pay No More than the Correct Amount of Tax
  • The Right to Challenge the IRS’s Position and Be Heard
  • The Right to Appeal an IRS Decision in an Independent Forum
  • The Right to Finality
  • The Right to Privacy
  • The Right to Confidentiality
  • The Right to Retain Representation
  • The Right to a Fair and Just Tax System

Even though many electronic tax programs are promoted as being simple and painless, small businesses still pay more in taxes than they have to. You may find that even though such programs may temporarily save your company money, they may include only the most basic deductions. It is wise to use the services of an accounting consulting service, despite all the claims of such software.

Tax accountants can often save small business hours of wasted time.They know all the details involved in complicated tax matters and have years of experience and the necessary knowledge to arrive at the correct numbers for a business the first time.

Even though the new Taxpayer Bill of Rights gives you the chance to challenge an IRS position and be heard, wouldn’t it be right to get it your tax returns right the first time? Even though you have the right to appeal from an IRS decision in an independent forum, the right to pay no more than the correct amount of tax and the right to be represented, if your information is right the first time, you can avoid a lot of hassle.

Tax Return Services and accounting services provided by A & B Accounting and Business Solutions,LLC  provide a full accounting and tax service that meet every need of a small business or medium size business including bookkeeping services, accounting consultant services and much more. Contact us to find out what we can do for your business.

 

 

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Why Your Small Business Needs Accounting Services

Small Business Accounting Services

Many small businesses struggle to make money. Business owners try to cut costs any way that they can. They need to, so that they can reach a profit faster. They might try to do everything themselves, without hiring any employees or outsourcing any jobs that they can do themselves. However, accounting services should always be outsourced, no matter the cost. There are several reasons for this.

If you outsource your accounting, you could spend more time making money. When someone else is worrying about your accounting, you can use that time on tasks that directly make you money.

An accountant can do the job much quicker you can, thus saving you money. If you spend four hours on a task that someone else can do in one hour, would you rather pay someone for an hour of work? Or would you rather struggle through it?

When tax time comes around, an accountant will already be prepared.   Especially if they have done your accounting all year long, they will be all set for taxes. You will not have to run around and find this paper and that log. Taxes will go much smoother.

Accounting is not something that you want to make mistakes with. Accounting affects your bottom line. Would you really want to make a huge error? An accountant will make sure that it is done correctly, all of the time.

An accountant will make sure that your business is staying on track. If you have a goal, an accountant will be able to keep you up to date on how you are performing. Are you getting behind and need to work harder? Can you afford to take a little break? Your accountant will know the status of your business at all times.

If you are serious about your business, you need an accountant. They will allow you to spend more time making money. You will also not have to worry about mistakes. They will already be prepared for taxes so that when the time comes, you will not have to stress out about it. If you are a professional, you need to treat your books that way.  Contact us today to get your accounting up to date and stress free!

 

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How the ECONOMY Impacts Your Medium Size Business and Your Accounting

Medium Size Business Accounting

As the owner of a medium size business you know that proper accounting is a very important aspect of your business.  You learned a long time ago that the best way to stay ahead of your competition is to control your costs and develop an economy of scale that new entrants to your market will not be able to easily duplicate.

Today, however, we are talking about a different kind of economy and that is the U.S. economy, where it is headed and how it impacts your business. Depending on which network or source you follow, the economy is either rebounding or mired in flat growth.

Here are two contrasting views of the economic recovery.  Again, it really does not matter what “they” are saying, it is how you react and what you do about it that matters.

According to this article in the Wall Street Journal, the economy may be poised for a recovery:  “After four bumpy years, the U.S. recovery finally appears to be on a smoother road. Many economists now predict 2014 will be the best year for growth since 2005, while joblessness is expected to click below 7% next year for the first time since 2008. Houses are selling again, the energy sector is booming and jobs, while not plentiful, are being created at a steady pace.”  

Yet in this Opposite View, Economists Dean Baker from CEPR and Robert Pollin from PERI say that “the U.S. economy remains weak 5 years after the recession despite recent job growth, due to low wages and weakened unions.” 

Probably the best way to view is as what we have come to know as the “New Normal” and how your react to is as a business owner will chart the course for the future of your business.

For most of us on main street, recovery seems hard to understand.  We have definitely not returned to anything approaching the explosive growth prior to 2001 or 2008.  Two catastrophic events, one terror related and the other a financial melt down has taken its toll on main street.

If you experienced losses during and after those difficult times, your accountant has certainly created a write off scenario that is helping some, but there are only so many write offs!  What you need is positive and profitable growth!  If you have not reviewed the past several years with your accountant, mid year is a good time to do that.

Review your numbers with growth in mind rather than taxes.  Try to spot trends comparing this year to previous years.  What segments of your business are growing and which ones are not?  Where are costs rising and what can you do about it. A good accountant working with medium sized companies knows there is much more to accounting than taxes.

They know accounting is the language of business and the best way to “keep score.”  They also know that future opportunities are often hidden in the numbers of the past so work with your accountant to find ways to win no matter what the economy is doing.

If you would like a new perspective on your business, please contact us. We are A & B Accounting and Business Solutions and we help our clients grow in the best of times and in the worst of times.

 

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Outsourced Accounting: A Winning Strategy For Small Businesses

Small Business Accounting

A small business owner recently explained that they were going to have to replace their part-time retiring bookkeeper. The employee worked three days each week. I was puzzled—the time spent seemed excessive, and likely a waste of resources for a very small firm.

I suggested an experiment: When the bookkeeper departs, why not try outsourcing your small business accounting? My guess is that it would take a few hours a week, rather than days.

They agreed to give outsourcing a try. Six years later, they are still happy with that decision. Here’s why.

Benefits of outsourcing accounting functions

Think about why you started your company. Whether it was a niche idea or a needed service in a new location, it probably wasn’t to pour over cash flows and payrolls.

  • Your company and its customers are best served by your spending time on your product or service—producing it, improving it, marketing it, selling it. It’s more efficient to leave the accounting to a partner with expertise in accounting and a trusted reputation.

The world of business accounting changes rapidly. It used to be that the best accounting tools only showed you a snapshot of how your company was doing that day or month or year-to-date. Now, advanced e-tools allow you to see the big picture—cash flows, yes, but also forecasting and other analytics that help drive ongoing budgeting (and, if you run a nonprofit, help drive fundraising).

  • Partnering with an expert is key to a deeper understanding of the fiscal health of your company, now and in the foreseeable future.

Speaking of changes, many senior managers now are equipped with mobile devices as well as computers. Aren’t there times when there is a need to consult on a budget item on one of those mobile devices while out of the office?

  • Outsourcing your accounting enables you to partner with experts who can provide the people you designate with access to your company’s financials on any device.

Think about the costs and sheer time it takes just for the accounts payable and receivable functions. One study puts the average cost of paying one bill, including staff time, at $92. And a Forbes report goes much further, citing the exponential benefits of outsourcing more of the company accounting functions:

“‘One simple example is accounts payable and receivables,’ says Jag Dalal, managing director of thought leadership at the International Association of Outsourcing Professionals (IAOP). ‘If you outsource only one function, you limit your benefits. If you outsource both, you get a value beyond improving the transactional component because the outsourcer can see when cash comes in and goes out. That can help the company take best advantage of the cash on-hand and optimize internal processes.’”

  • Outsourcing advantages include partnership with a team that has the expertise, technology, and staffing to manage all your accounting accurately, while still providing the flexible access you require. The bottom line? Money saved on accounting functions with no loss of efficiency or accuracy.

Is your company growing? That’s the good news. If you have not yet outsourced your accounting, then keep in mind that managing the company’s growth includes the scalability of the current in-house accounting functions.

  • Outsourcing is a great solution for growing companies because the scalability is built in. You purchase the level of services you require.

The outsourcing solution

From whatever angle you look at it—staffing and expertise, allocation of staff time, changing technology, cost savings, flexibility, scalability—outsourcing accounting can provide the broadest, deepest, most accurate picture of the financial health of your company with the least cost and highest efficiency.

After all, spending more time on your product or service, and your customers, is the winning strategy.

A&B Accounting and Business Solutions, LLC is a trusted, responsive, and reliable firm that can assist small and medium sized companies with the full range of expert accounting services. For more information, please contact us.

 

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