How To Find A Small Business Accountant: Useful Tips

Your business is growing, the sales are up and you’re on your way to the best year ever. This is an excellent announcement, however, what’s are the tax filing ramifications? And what about the financial goals you’ve set for the coming quarter? If you’re asking these questions, it’s the right time to consult a professional. Small-business accountants can help you navigate the maze of deductions hidden in forms, but they also give you solid advice on planning and projections. Find out the best way to locate a reliable small-business accountant.

What Can a Small-Business Accountant Do?

Small-business accountants are experts, typically Certified Public Accountants (CPAs), Professional Bookkeepers, QuickBooks Specialist, Professional Tax Preparers, and Profit & Growth Expert. They have the expertise and know-how to assist business entrepreneurs to navigate their financial accounts. Based on the business’s size as well as the needs of the business, accountants might perform their work on a weekly or quarterly basis, or even an annual one. Although larger businesses typically have accounting professionals on their staff, smaller firms typically hire an accounting company or an independent accountant, who can provide the assistance they require.

How to Find an Accountant for Small Businesses

The search term “small business accountant” will yield thousands of results and trying to sort through all of them would be difficult. Begin by asking small-business owners whom they are confident with their finances. Once you’ve got several names, do some internet studies about their backgrounds and experiences and then read any reviews.

Small-business accountants who are reputable and reputable, as well as accounting firms, shouldn’t have any difficulty arranging an exploratory meeting with you to discuss your requirements and also offer a variety of references.

Essentials to Consider When Choosing an Accountant

In the beginning, you’ll need to decide what tasks you’d like an accountant to aid in, and the frequency you’ll need their assistance. Begin by creating an agenda of your priorities, identifying the items that require immediate attention and those which will have to be addressed in six months. You’ll then have decided if you’d like to collaborate with an individual accountant or with an accounting company. Whatever you decide, it is important to select an accountant who has many years of experience working with the type of small-scale company you run and with whom you are comfortable sharing confidential details.

Find an accountant who is an expert in your field

If your company’s majority of operations are carried out by cloud-based applications it is likely that you need the services of an employee adept in cloud computing.

This rule applies to any field, for example, if you need quality written work, you should contact professionals in your field. StudyCrumb can help everyone.

It’s even better if they have been associated with companies that operate in markets similar to yours, as they will be able to understand the unique needs of your business.

It is possible to determine if they cater to customers of larger scale.

In the event that they have, it is a great sign as you’ll know they will be able to keep up with your demands in the future.

If they do not, that is not a positive sign.

It is also possible to ask for a list of customers which includes details about the company’s total earnings and the employees they employ.

Find out how their former customers have developed and changed throughout the years, to get more insight into how they’ll be capable of meeting the ever-changing needs of your business.

Red Flags To Watch For

Their accountants appear ideal on paper, yet aren’t exactly what they appear to be. While unprofessional accounting isn’t an ideal thing, it could be devastating for small-scale businesses. You must be as vigilant as you can to ensure you are not working with a fraudster which includes conducting interviews with the person, asking for references and conducting background checks. It is also important to remain engaged in your accounting procedures and be aware of warning signs such as:

  • An accountant who advises you to not keep receipts
  • Signing checks or documents without knowing what they’re to be used for
  • The estimate you receive for the services you require until your refund from tax has been calculated
  • Communication ceases or is cut off completely

To summarize

If you decide to employ an accountant for small businesses it can cost you money however, it can help you save money in the end. If you don’t have an experienced bookkeeper, accountant or tax preparer who is up-to-current on tax laws you’ll likely be missing the deductions and other small-business benefits. When your business begins expanding, you’ll probably not have the time or expertise to keep track of your accounts.

If you’re only getting started in your business venture and do not have employees, starting off with accounting software that is reliable and a well-organized system is likely to get you through for a time. However, once the expansion process begins to begin, don’t put off finding an accountant who can keep your best interests at heart.

online accounting training

Top 4 Benefits Of Accounting Training

The demand for accounting specialists is unlikely to decrease anytime soon. Indeed, as long as there are businesses and currencies, there will be a need for specialists to assist both firms and people in organizing their finances and paying their taxes.

Accounting career prospects are expected to be accessible indefinitely, regardless of the health of the economy. Whether times are good or bad, accounting training assist businesses and people strategize and devise plans for success. Consider how difficult it would be for firms to examine their financial performance and make lucrative decisions in the future if they did not have accountants.

One of the numerous advantages of getting an accounting degree is career stability. If you’re thinking about enrolling in an accounting program, keep reading to find out what makes this profession so appealing.

online accounting training

Accounting Careers Can Be Found In A Variety Of Industries

One advantage of pursuing accounting training is the vast range of firms for which you will be qualified once you have completed your studies. You’ll be able to apply your financial knowledge to an accounting job in an industry that interests you.

From video game firms and fashion merchants to non-profit organizations and veterinary clinics, everyone requires payroll specialists that understand financial bookkeeping. Once you graduate, determining the industry you want to work in may make the job search process a lot more fun.

Accounting Professionals Have A Wide Range Of Job Opportunities

You will have the choice to choose which sector of accounting you want to work in, just as you will have several industries to choose from. While many accountants work in accounts payable, others work in a variety of compliance jobs.

Within a single online accounting training firm, you may have access to a wide range of accounting options. Indeed, many firms provide many opportunities for growth, as well as the opportunity to try your hand at a different job within the department. After graduation, you may be interested in pursuing numerous accounting opportunities, such as being a controller, auditor, accounting assistant, and others. You may also think about launching your own accounting firm, where you can manage a range of customer accounts on your own.  Regardless your employment goals be sure to leverage your opportunities with the Complimentary Job Placement Assistance Program.

With accounting skills, starting a home-based business is a possible career option.

You’ll Be Prepared For Business Success

To be successful as a business owner or entrepreneur, you must understand basic accounting principles.

Managing costs, cash flow, bills, vendors, and payroll are all important aspects of running a business. Preparing financial accounts, evaluating how profitable your firm is, estimating future sales, and conveying financial information to stakeholders and investors are all critical accounting skills for entrepreneurs.

Accounting can help you go one step closer to your entrepreneurial ambitions as a business owner. Therefore if you want to start an accounting business, visit us at Universal Accounting!

 start an accounting business

 Accounting Professionals Make A Good Living

The average accountant’s compensation now starts around $50,000. However, as you achieve more experience, you will be able to earn far more. Accounting has a lot of earning potential, especially if you appreciate studying and staying up to speed on the newest accounting techniques and trends throughout your career.

Some accountants utilize their knowledge to teach in the profession, while others work hard to become partners in big accounting companies, so you never know where your accounting training may lead you! To learn more, contact us at Universal Accounting!

Do I Qualify to Start an Income Tax Preparation Service?

The IRS is not restrictive in who may start an income tax preparation service, other than they require a person to get a Preparer Tax Identification Number (PTIN). To get your PTIN, go to the IRS.gov website, and it will direct you to the online application. It costs under $40 and takes about 15 minutes to complete the application to start a tax preparation service and receive the number. Generally, those having a felony conviction for tax fraud and other forms of financial crimes are not eligible.

A few states such as California have additional qualifications. If you want to prepare taxes in these states, you may have to take a test and register with the state licensing department. If you want to determine if your State is one of these, call the state department over licensing, or check it out online. They can tell you of any special requirements for tax preparation services.

Most municipalities require you to have a business license. This fee could range from $50 to hundreds of dollars. To research what it will cost you, search on “business license cost for (your city)”. In most cases, you can also complete the application online.

Contrary to a common misconception, a person need not have an accounting degree or be a CPA to prepare taxes. In fact, no specific education is necessary although it is a good idea to understand the basic definitions in the tax law before you hang out your shingle.

Though the income tax software does the hard work, a tax preparer should understand how to determine income tax status, who qualifies as a dependent, the process for calculating itemized deductions, and how to read the tax tables. With this simple knowledge and the help of software, a person can prepare more than half the returns they may be asked to prepare.

Nonetheless, the more income tax knowledge a person has, the more confident they will feel and the more returns they will be able to complete. Furthermore, the more complex a return, the higher fees, and the more income per hour a person will generate. For instance, a simple return may only generate a $75 fee. Yet, a more sophisticated return could earn hundreds of dollars and take less than one additional hour to complete.

The upfront investment, though not a qualifier, is among the lowest of any new startup. Other than the PTIN and business license fees mentioned above, the tax preparer needs a computer, printer, and tax preparation software. TurboTax and H&R Block, to name a couple, are not good software for the tax preparation business. With these individual packages, you will be limited in the number of returns, and your ability to complete all returns.

Instead, you will want a more robust package designed for professional tax preparers such as Intuit ProSeries, TaxWise, and Drake costing well over $1,500. These software packages are designed to be efficient, accurate, and for unlimited number and sophistication of returns. Take time to make the right choice, because you will likely want to use the same software for at least five years.

In summary, most people with basic knowledge of tax law and the help of a software package can thrive in a tax preparation business.

How to Market and Brand Your Start-Up Accounting Business for Free Online

Starting up an accounting business can seem like an excellent idea, you understand the market and you have something in you that wants to push this forwards and make your idea a reality. The best advice we have is to not let go of that feeling. It can be hard in the current market to do, but if you do, you have a wealth of opportunity right in front of you (pardon the pun). We are here to show you exactly how to market and brand your start-up accounting business for free online.

 

Website

 

The biggest deal for a new accounting business is their website. You have to be on point with everything otherwise customers will not trust you and go with a different server. Ensure that your links work, your pages load and that your instructions are clear. Have a no-nonsense voice for your brand that gets right to the point and answers the questions of people visiting your site before they even ask them.

 

If you can be ahead of the game with your website then you are halfway there. If you need a solution to be online, consider these template websites for accounting professionals. Ensure that everything on your website is cohesive. The colors, your business name, and your logo. Every page needs to be professional and relevant.

 

Ensure that the usability of your website is second to none. People want to understand the site without instruction. Setting up an account and using the site comes secondary, though is still supremely important. But first, you need to get your branding on point.

 

Branding

Create a brand that is professional, all-knowing, and approachable. Have a huge FAQ section with relevant questions and a brand voice that people can rely on. 

 

Create a name for your business that evokes heartfelt trust while at the same time being strong and dependable.

 

Create a logo for your business that works in the world of finance. Choose colors that evoke trust, dependability, power, and thoughts of money. Use elements like triangles to show power and squares to show dependability. Make your logo so rich that it gets customers feeling like they can get wealthy just by clicking on it. Then use it everywhere.

 

We have access to an excellent logo creator with many templates and elements you can use; check it out at www.logocreator.io

 

Be Active

 

Be active in publishing your accounting business. Use social network sites as a springboard to gather people who are interested in the world of finance or small businesses that might want to use your services. Join Facebook groups and trawl LinkedIn for possible customs. Get Tweeting and try to get famous people responding to your tweets.

 

On your social pages, post content daily. You can create brilliant Infographics here, which can give information on finance and accounting to get more people interested in your business. 

 

You should also get making videos. These can be a great way to access as many people as possible. Create short videos that capture people’s attention in the first two seconds. Brand them with your logo and keep them interesting, informative, and dependable.

 

Self-Care

 

Starting an accounting business will be stressful. It can mean a lot of hours on the computer feeling like you are getting nowhere. There is a lot of competition out there too, it can be a struggle to get yourself seen.

 

Do not give up. You can do this. But take breaks. Running a small business can take over and before you know it you are working longer hours than you did in the office. This is great short-term and you will probably love it, but after a while, it can take its toll.

 

Ensure you have days off per week and hours off each day to spend eating, exploring, and doing the things that made you want to set out on your own in the first place. This will shine through in your business management and is important.

 

Don’t go it alone

 

Always remember, with Universal Accounting you can also be in business for yourself but not by yourself.  Check out how and meet the Universal Accounting team here!

Contact Universal Accounting School today to learn how we can help you succeed.

How to Save Money on Small Business Taxes

If you are running a small business, you have the right to pay the required taxes and nothing else. In
fact, in most cases, your small business may eligible for tax exemption. Most small business owners
are unaware of these exemptions and end up paying more money taxes than required.

Being an entrepreneur, you should be careful and grab every tax-saving opportunity available
through deductions, credits, depreciation, and payroll-tax reduction. Instead of paying
unnecessary taxes, you can pay only the required ones and keep your profits.

Following are some tips to save more on your taxes:

1. Check with a Qualified Tax Advisor
You are new in the business and confused when it comes to the payment of taxes. This is quite
normal. Before you make any major decision, you are advised to consult a qualified tax
professional. It can positively impact the business's tax return and spending on un-required
taxes.

Choose a tax consultant who is available throughout the year, especially at the time of the tax
payment. Hire an expert who can represent you and your small business in front of the IRC or the
tax authority in your country.

An enrolled agent might be the best option. These enrolled agents are designated by the IRS, and
they have qualified for a strenuous, three-part test, and they work for the IRC at the same niche.

2. Timing the Income and Costs
Timing is important for small businesses for their success. The timing of income involves the
movement of income from one year to another year. Firstly, select the year in which you aim to pay
the most in taxes.

Secondly, reconsider the current expenses before the year comes to an end. It is also advised to pay
a part of that amount so that the income of the current year is less than the expense. Also, a
business can increase its expenses and decrease income legally by making some expenditures,
including stocking up on supplies or paying the office utility or rental bills in advance.

3. Set Up a Retirement Plan
Setting up a retirement plan for yourself and your employees is an excellent way to save on taxes.
This can saves money on taxes. However, the retirement plan must be a qualified plan, so to gain
maximum savings on taxes.

For this purpose, the retirement plan must be recognized by the IRC to allow deferment on taxes on
the earnings till the earnings are withdrawn. These include IRA s and proper plans of contribution.
This is a normal practice done by most of the businesses these days not only to gain more from the
taxes but also to keep the employees loyal to the business.

4. Avail Tax Credits
Tax credits are exemptions from tax offered by the government if your business meets certain
requirements. It is a technique used by the government to reward individuals and small businesses
for good tax behavior. It encourages entities to pay taxes on time and follow good tax practices.

For example, Carpet Cleaning London takes tax credits for hiring employees, uses recycled
resources, provides access to disabled employees and the general public, and also provides health
coverage for the workers.

You can check with your local, state, or federal tax authorities to see what requirements are
mandatory to become eligible for tax credits.

5. Avail Tax Write-off on Equipment and Vehicles
Small business owners can take tax write-offs on the purchase of equipment, other machinery,
and vehicles. At times a small business can also take a tax write-off on the purchase/renting of
real estate property.

These write-offs can either be taken in the first year after the equipment or machinery is bought or
later. Did you know that the two basic types of accelerated depreciation are Section 179 deductions
and bonus depreciation?

This kind of depreciation is applied immediately when the machinery or vehicle bought comes into
service.

  • Bonus Depreciation:

This kind of depreciation is an extra benefit for the bought assets. From September 27, 2017,
through January 1, 2023, The TCJA also maximized this tax break from 40% to 100% of the cost for
assets when used.

6. Minus the Costs of the Gifts
A small business owner can also minus the costs of the gifts given to the stakeholders, including the
customers and vendors. This deduction can go up to $25 per person. However, an exception is
always there, for instance, for your business franchise.

Subtracting the costs of amusement or refreshment is a bit problematic if an entrepreneur shows
his appreciation by paying for quality time. These costs are not included unless the amusement
event t is directly related to the business.

7. Deduct Car Expenses
You can also deduct car expenses from your tax payments. What a wise entrepreneur should do is
that instead of showing the actual car expenses, they should only show the standard mileage rate
set by the IRS.

For 2012 the rate was 50 cents, and for 2013, the rate is 52 cents. A small business owner can
minus every mile that they drove in the car for business-related work, even if it is in their
personal car.

Keep a logbook so that when claiming the deduction, it is easy to look at the total number of the
trips, areas of the trip covered, and what were the readings of the odometer.

8. Hire your Family Members
Hiring your family or friends in your small business can help the business owners to save a lot on
taxes. Instead of giving your family members or kids after the tax money, why don’t you hire them
in the business? Hiring them would be helpful.

They would do real work. For the tax year 2013, a business owner can pay them up to $5,900 per
year that they collect tax-free, and it gets canceled by the standard deduction. The owner might
pay payroll taxes for them since the business can expense the family members of the kid’s payroll
and minimize the taxes.

Final Thoughts

For small business owners, the above tips must help save money on taxes, but it is to be noted
that these tips are not intended to be tax advice in actuality. These are just the ideas that can help
them in saving more.

These are items to consider when working with your tax clients as their Professional Tax Preparers offering quality accounting services.

Contact Universal Accounting School to discuss how we can help your small business succeed.

Author Bio:
Shaheryar provides ghostwriting and copywriting services. His educational background in the technical field and business studies helps him in tackling topics ranging from career and business productivity to web development and digital marketing.

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