Business finance is a matter that every businessperson must take on. Unfortunately, not every new business owner feels qualified to handle the financial aspects of their company. While business owners should have a basic working knowledge of financial accounting, this may not be enough for your business. You may need to hire someone to help and this is when hiring a business finance consultant may be the right thing to do. Many business owners over look the added value that having someone to help you with business finance provides. The reality of the matter is that you could very possibly make more money (or discover ways to save more of the money that you already have) by hiring someone who is more skilled than you are in business finance. For this reason, the argument that you cannot afford to pay someone else to take a look at your books is just an excuse. Many times the return on your investment in financial help will far exceed your initial investment. As your business grows, you will need to find other people to do certain tasks in the business. You simply do not have the time to do everything on your own.
Continue reading "Why hire a financial consultant"
Businesses need money and a strong financial department to be a successful business. Since finances are such a critical part of any business it would make sense that a business owner would want to know as much as they can about business finances. But owners have a lot more responsibilities to worry about so they may need help with the financial part of their business. A financial consultant can help a business owner with their business' finances. This article discusses some specific reasons why a business owner should hire a financial consultant.
Accountants have been around for centuries and have provided us with a number of different services. Mistakenly though, it is believed that accountants simply provide tax return preparation services so why is it so important to have a great accountant? Can't most individuals do their taxes themselves? What most people don't know is that accountants provide much more than just tax return preparation. A great accountant can save you money in many different ways.
What does an Accountant do?
An accountant is a licensed professional who has gone through some pretty grueling education to become a certified public accountant. Accountants are extremely versed in the tax code, finances and tax issues. The stereotypical view of an accountant involves someone dropping off their receipts about a month before tax returns are due, and the accountant doing the best he or she can to prepare them. If this is the only way you are using your accountant then you are wasting your money and their time and skills. Accountants are experts in the tax code, so you should use this to your advantage. Accountants are aware of all aspects of your financial life and can help you plan, invest, and save your money. An accountant can help you plan for the future so there is a future. An accountant puts together your tax strategies to save you money this year, the next year, and throughout your entire life. That's what an accountant does.
Tips for hiring the right business financial advisor
2. Try to find an advisor with at least five years of experience helping business owners and individuals. Thoroughly research their background, and ask what makes them qualified to practice. It is wise to look for an advisor with professional training. You may find that you are more comfortable letting a candidate with professional training handle your money and be even more comfortable with a candidate that you have thoroughly researched.
Many companies employ an actual staff auditor, what this means is that they hire somebody to work at the company and to perform internal audits. But depending on the size of your company this might not be feasible. For those companies that do not find hiring a staff auditor to be feasible they employ the use of a CPA firm that provides them with a staff auditor. But regardless of which type of staff auditor you are using, internal or external, their job is still the same. But having an internal staff auditor just allows you to get on the ball even faster, you have them to use at your convenience rather than having to work around their schedule with other customers. But regardless of whether your company hires a staff auditor or you use a CPA firm the staff auditor is basically an entry level auditor who does all of the inspections and tests for the other auditors.
Here are some reasons why you should have a staff auditor.Continue reading "The purpose of having a staff auditor"
Having an honest accountant is key to the success of your company. We have all read horror stories in the newspaper and seen them on the news about how a dishonest accountant managed to steal hundreds of thousands of dollars, even millions of dollars, from companies through simple yet fraudulent accounting deceits. This crime has brought down many a company or an organization, and even though a dishonest accountant can be caught, the damage caused is essentially impossible to repair.
When it comes down to it, you ultimately have to trust your accountant and that she or he knows what to do and will be honest when it comes to your company or your organization's finances. However, there are some general guidelines that you can follow in order to ensure that your accountant is being honest.Continue reading "How to ensure that your accountant is being honest."
Business finance suppliers are companies and people who are going to help you get your business going. They can do everything from offering services to giving you discounts on product and materials.
It is a good idea to see if customers or suppliers want to help finance your company because the benefits can work both ways. You need money to help your business and in return the growth of your business may help your suppliers. The only time you wouldn't want to ask a supplier for financial investing is if they also serve your competitors.
It's important for business owners and business managers to know how to attract the best employees in the industry without overpaying them and running your budget into the ground.
All employers want to find the very best possible employees that they possibly can. You want the people who are at the top of their field. You want people who know what's going on in the industry. You want people who can keep up with changes in the field, who can work well with others on your office team, and who are business savvy enough that they will be a financial benefit to your company. So how can you afford to attract these top notch employees without devoting all of your money to their salaries?Continue reading "How to attract the best in the industry without overpaying."
When you start a business there are a lot of necessary items, from telephones, desks, and lamps, to heavy machinery, computers, and even dollies. So, you have the option to buy all of the business equipment needed, or lease it.
When should you do which? Well, that depends on your business. Leasing equipment can be a better option for business owners who have limited capital or who need equipment that must be upgraded every few years. For example, if you are in the business of graphic designing, you would need up to date computers with the newest versions of your software, as well as the highest technology printers, scanners, etc. So, leasing this equipment may be a financially savvy move as it means you can update your equipment every year without huge cost restraints. While purchasing equipment can be a better option for established businesses or for equipment that has a long usable life, it may not be smart for you. As every situation is unique, there is no one answer to whether or not you should lease or buy equipment.Continue reading "Leasing Business Equipment"
If you're starting a business, you'll soon find that one of the most important members of staff will be your accountant. He or she will be responsible for the majority of your finances, including payroll, tax preparation, and a wide variety of other money-related tasks.
One way to find an accountant for your business is to use an accountant on-call. These types of employees are typically hired from staffing or placement agencies and can be hired on a temp or temp to perm basis.
Now more than ever, some companies are opting to outsource certain aspects of a business, or transfer management of that area to an external company that specializes in that area. Some forms of business that are typically outsourced include information technology, tech support, accounting, call center duties, or property management.
Outsourcing has a number of benefits, depending on how you look at it. Many companies opt to outsource because they can often save money by outsourcing rather than paying a higher salary to employees in-house. In fact, companies who outsource spend roughly 40% less on training employees than do companies who do not. Even companies who outsource nothing but say, their technical staff, will save a larger amount of money in the long run.
Unpaid bills and debts can quickly lead to financial struggles for a company. A company depends on its payments from customers and clients for not only its profits, but for day to day operations as well. Not receiving payments on a timely basis can result in the need to take out cash flow loans or, if it happens continually, eventual bankruptcy or closing down of the business. If you have uncollected debts that are more than 30 days past due, you might want to consider hiring a debt recovery agency.
What Is a Debt Recovery Agency?
A debt recovery agency, or collection agency, works by taking the process of collecting debts out of your hands. They work by either calling or sending letters to debtors telling of the need to pay their bills unless they want further action taken. In some cases, collection agencies will not be able to recover a debt and a court case can ensue.