Name: Clay Rose, CPA
Web Site: http://www.reacpa.com/employees/ClayRose
Posts by Clay Rose, CPA:
- Working with an accountant several times throughout the year to clean up your accounting and ensure a smoother year-end tax process.
- Tasking an accountant with filing certain commercial activities and taxes on time to insure accuracy and to avoid overpaying.
- Hiring an accountant to provide periodic financial statements to banks.
- Utilizing an accountant as an extra set of eyes on all manner of documents. This provides you with a great system of control when ensuring the accuracy of your books.
As a business owner, you have a lot to think about. Your investors, managers, employees and clients depend on you to deliver top notch products and services while keeping overhead costs low in favor of increased revenue. In fact, your business’s success can probably be attributed to your leadership skills and your knack for being able to see the big picture while bringing together all the other elements to reach a profitable conclusion. So why are you still in charge of handling your business’s accounting and bookkeeping needs when you could be so much more effective guiding your business toward further growth? Outsourcing may provide you and your business with the relief you need to get back on track.
Maybe you think your business is just too small to hire an accountant or bookkeeper or that you’re saving money by doing these jobs yourself. Perhaps you just aren’t aware of what options are available to you and your business. When you consider that the most effective solution is the one that effectively addresses your unique needs and budget, it should be no surprise that an outside accounting firm may be the answer you’ve been looking for.
Know Your Strengths And Weaknesses
The cost of hiring a full-time accountant or bookkeeper is a huge concern for many small business owners. To avoid a large expense, many owners or managers will purchase a copy of QuickBooks and try to work through their accounts themselves. Unfortunately, even if they have basic accounting skills, they may not have the patience, expertise and experience to handle the work. If done incorrectly, accounting flaws can be very costly, and could result in catastrophic consequences for your business.
Proper accounting and bookkeeping is essential to the short- and long-term success of your business. Outsourcing your accounting and bookkeeping work can help ensure accuracy and will free you up to focus on future growth, higher efficiency and increased sales. Below are a few examples of how outsourcing can solve your small business challenges.
Issue: Your business is relatively small (with a similar budget), and you can’t justify bringing on a full-time accountant.
Solution: Hiring an in-house accountant could turn out to be a hefty expense, especially if the quantity of work is relatively minimal throughout most of the year. Not only do you have to pay the new employee a living wage and benefits, you must be prepared to invest in the software and/or training a new accountant needs. By filtering work to an outsourced controller, you will have access to affordable, ongoing or as needed reporting. As a result, your management team will become more flexible and will have more data – and thus more authority – when making decisions that directly affect the business.
Issue: You’ve already invested in QuickBooks to manage your business’s finances. It seems to be working well so far, but you haven’t been formally trained on the software.
Solution: While QuickBooks is easy to use, sufficient supervision by someone who is proficient with accounting skills is essential. Without a QuickBooks expert on hand, you will have no clue as to what is going on “behind the numbers.” A trained and certified accountant can tap into the various capabilities of the software, which include the reconciliation process, accounts receivable tracking and accounts payable, etc. When your bottom line is at stake, you owe it to yourself and to your business to minimize problems that may occur. You can avoid any hiccups with the help of a CPA.
Issue: You don’t need all the capabilities an accounting firm offers and you don’t want to pay for a service you may never use.
Solution: Your CPA will work with you to make sure all of your accounting needs are met and that the services that are provided only address the needs of your business. Services that can be outsourced include full accounting services, oversight work and everything in between. You also have the option of expanding services if and when you need them. Outsourcing options available to you include:
Speak to a Rea & Associates CPA to find out how an accounting firm can address your unique accounting and bookkeeping challenges while allowing you to make the best use of your time. Learn more about the services our business accounting professionals offers.
Article: Clayton W. Rose III, CPA (Dublin office)
As a business owner, you may prefer to maintain your own accounting records, and you either use or have investigated using the accounting software product called QuickBooks®. The program is an easy-to-use, affordable accounting software package. Read the rest of this entry “
Intuit recently released the 2013 version of QuickBooks. If you are a registered user of QuickBooks, you will certainly have received notice of this release, and have been encouraged by them to consider upgrading. But, do you need to?
For those of you who don’t know, QuickBooks is an accounting software package that was designed for smaller businesses. It is a very good package, is simple to use, and is very affordable.
The newer versions of QuickBooks certainly contain some nice enhancements, and those enhancements are helpful, not only to you the user, but also to your accountant. Read the rest of this entry “
It’s mid-January. Statistically, most Americans have already abandoned their New Year’s resolutions – those promises you make to yourself to hit the gym, get more sleep and read your favorite accounting blog every day (hey, it was worth a shot). But if you resolved to be more organized in 2013, don’t give up on it just yet – at least not until April 15.
This tax filing season carries extra challenges, thanks to the late passage of the “Fiscal Cliff” tax laws. The IRS isn’t going to be able to process tax returns until around February 1, which gives us a much smaller window of opportunity.
Follow these tips to stay organized this tax season and hopefully experience a few fewer headaches with Uncle Sam’s name on them. Read the rest of this entry “
Cash flow management is a struggle for many small businesses. Unlike revenue, cash flow isn’t easy to quantify or pin down. It’s up and down and moves around. But, most small businesses that fail do so because of a lack of cash flow… not revenue or profits. Read the rest of this entry “