Tag: accounting

Small Business Accounting

Small Business Accounting

Safe Harbor small business accounting servicesEvery business needs to have an excellent bookkeeping system if they are going to be successful. This is especially important for smaller businesses that need to keep close tabs on their finances as money is tighter. Be careful to ensure there is a relevant bookkeeping system in place soon as the business is opened. This will ensure transaction information is captured in a high quality manner. The price for this accounting advice will be worth it. We are conveniently located on Hillsboro Boulevard in the Cove Shopping Center- Deerfield Beach, Florida. We regularly handle complex transaction recording scenarios all over South Florida.

The reality is that an excellent bookkeeping system will help the business stay afloat, discover new areas where to earn money, and save lots of time when it comes to compiling the tax returns. These are just some of the tips that can help you with your small business accounting.

Getting a Checking Account

Of course the business needs a checking account. The business may consider creating a savings account, a great place to store extra money for a rainy day fund. When a new company chooses where to bank there are some additional benefits to consider before choosing a bank for your business.

Benefits vary by institution and there are several distinctions about the way information is presented to the banking client. Here are a few benefits to consider:

  1. Does the institution put pictures of the checks on the statements?
  2. Does the institution allow the business to deposit with a regular scanner instead of using a phone app or paying for check scanner from the bank?
  3. How many transactions are free every month?
  4. How far back in time can the banking client download transactions from their bank into file formats like Excel or Quickbooks?

Accounting Tasks

Organizing accounting tasks on a regular basis is crucial to setting up an excellent bookkeeping system. Everyone understands checking cash balances at the beginning of the day. After this, the business owner should decide how every transaction is going to be carefully recorded. This is can be done manually however; this task is much easier with accounting software like Quickbooks.  Quickbooks is a good step to setting up an excellent bookkeeping system. However, the Quickbooks reports are only as good as the information that is put into the software.

Keep copies of your receipts, invoices, and credit card statements. This information can be very useful later on in case of audits.

Another aspect business owners need to be very careful with is the amount of money owed to vendors. Management should regularly analyze the bills from vendors to ensure the bills are paid on time. Setting up vendors in Quickbooks is a little more complicated than it seems and this is an area where we can be especially helpful.

Conclusion

We cannot emphasize enough the importance of an effective and meaningful bookkeeping system. Small businesses in Deerfield Beach and South Florida need to know just how important accounting is and that we can help. Keeping careful records and a close eye on the money that is coming in and leaving your business will make such a difference in your company’s bottom line.

Whether your company hires a person that specifically handles the bookkeeping system for your business or your company hires an outside CPA firm, getting professional accounting services is crucial for your small business accounting.

To everyone in Deerfield Beach and South Florida we hope you make the most out of the situation. Remember, Safe Harbor Accounting will offer our years of experience to assist in or organizing your small business accounting.

Startup Accounting

Startup Accounting

Safe Harbor startup accounting servicesStarting a business in South Florida can be quite challenging most of the time. Once you start to get the ball rolling and generate some sales, you may bump into yet another problem. The problem of accounting and figuring out a way to manage your books and tax receipts adequately.The best way to overcome this problem is to get organized and harness your organization skills.

There are apps that take pictures of your receipts, scanners that organize receipts and invoices, and startup accounting programs like Quickbooks. These methods of capturing transactions will be the backbone of your accounting system.

What you have to realize is that an accounting system is vital for any new business. The real key is a desire to know profitability. Of course making sure that taxes are paid adequately and timely is a main concern whenever someone has a startup business. The need to know profitability is a key factor that fuels the motivation to create an organized set of books. Good accounting records will help you grow your business without having to worry about any legal conundrum that may appear from any lack of attention to these matters.

The financial health of your business is pivotal here, which is why you need to work with our dedicated startup accounting team right here in Deerfield Beach. We will help you get the job done fast and easy.

Is Startup Accounting mandatory?

The primary idea is that yes, startup accounting is necessary to have a successful business. While you can try to do startup accounting on your own, it’s a very good idea to hire a CPA firm to do this at any of your locations in South Florida. Obviously the best thing to do is invest in quality services that you will enjoy. Getting a little bit of advice in the beginning will help maintain the route to success. We are conveniently located on Hillsboro Boulevard in the Cove Shopping Center- Deerfield Beach, Florida.

The more you think about growing your business, the more startup accounting will factor into those ideas. Starting a business that leans toward being financially organized in the beginning is related to having time to generate new clients and grow the business adequately.

Startup accounting is not easy, again, the best thing is to start good accounting records early and adapt to the tedium. Adapting to the dullness of accounting will take your business to the next level. For some like engineers and mathematicians organizing receipts and numbers is easy. For the more creative and artistic types good accounting takes a bit of time.

Does this differ based on the type of business?

There can be some differences based on the type of startup business, yes. Tech startups will end up having a complex accounting system, while a startup that has just a single niche and does not sell a lot of different products will most likely have a less complex accounting system. Startup accounting needs to be adapted to the industry to generate the best possible results.

Startups all over the South Florida have shown that small business is indeed the future of the economy and a big job creator. Despite good marketing talents and being able to create a worthy product or service, a solid system for startup accounting has to be incorporated into your new business efforts also.

The right startup accounting system and services will make the business grow, foster organization, and help to follow legal requirements. Work hard to adapt all these requirements to your business and there should be no problem accessing the best possible results. To everyone in Deerfield Beach and South Florida we hope you make the most out of the situation and remember, startup accounting will offer your business the ability to expand beyond its wildest potential!

Accounting

Accountant, Bookkeeper or Quickbooks – What to Choose When

Safe Harbor small business accounting services

Congratulations on making the decision to take the reins of your business with proper accounting! Whether you own a start-up or a multi-national corporation, whether you are based in Deerfield Beach, South Florida or in the suburbs of Kendall, you have realized how inevitable, a strong foundation of financial records is for the success of a business.

But whom should you hire? A bookkeeper or an accountant? Or perhaps you could just use Quickbooks and save the big bucks! This overview should dispel all your doubts.

The Beginner’s Guide to Good Financial Record Keeping

Consider the following factors when deciding among an accountant, a bookkeeper or Quickbooks software.

Stage of the Business

When a business is in its infancy, do yourself a favor by at least consulting with a CPA. Many business owners find their initial consultation with one of our CPAs invaluable. The one or two tips that help to minimize expenses, pay lower taxes and even protect the business from legal pitfalls during the first year are well worth it.

Size of the Business

As a business grows larger, so do the things to account for. This is when hiring a bookkeeper to record transactions in a sensible format makes sense. Hiring a bookkeeper will assist in managing the business, understanding profit centers, and cheaper tax return preparation at year end.

Services

Based on the industry the business is functioning in will determine the level of accounting services required. Does your business need a caretaker or a strategist? When the answer is the latter, then an accountant it is needed. We are conveniently located on Hillsboro Boulevard in the Cove Shopping Center- Deerfield Beach, Florida. We regularly handle complex business scenarios all over South Florida.

Cost

Accountants often come at a higher per-hour rate than bookkeepers. We also have some experienced bookkeepers that are very cost effective vs hiring a bookkeeper.

What about Quickbooks?

Quickbooks is an accounting-system software package used by small and medium sized businesses. The software is developed by Intuit Inc and is good. However, the quality of reports delivered by Quickbooks is only as good as the information put into the software.

These are the features of the latest version of Quickbooks.

  • Available anywhere – as long as there is internet!
  • Compatible with all devices
  • Can be used in single-user mode or multiple-user mode
  • Comprehensive search filters based on vendor or customer type
  • Increased security with Multi-Factor Authentication
  • Old or deleted records are archived

With the advent of computer technology into all industries, human effort has been greatly reduced. Quickbooks can be used by anyone with a minimum knowledge of accounting and basic computer skills. Someone who is looking for a quick fix without having to make a large investment of money, then this is your best bet.

Fortunately, Safe Harbor Accounting is here to assist with bookkeeping and accounting. We are committed to our clients

To everyone in Deerfield Beach and South Florida we hope you make the most out of the situation. Well, there you have it, food for your thought. Happy accounting!