Why Outsource Payroll?
Inc. Magazine recently identified the #1 task for Small Business to outsource is Payroll, along with most accounting tasks.
Why Outsource Payroll?
- Free up your time
- Reduce costs
- Help you avoid IRS penalties
- Offer Direct Deposit to your employees
- Avoid technology headaches, and
- Leverage outside Payroll expertise from Professionals
A Huffington Post article from March 2013 reveals the SHOCKING TRUTH about how banks and credit unions are making $$$ off of Small Business oversights…The report, by Illinois-based Moebs Services, found banks and credit unions were able to increase how much they earned in overdraft fees to $32 billion last year, a jump of 1.3 percent from the previous year.
Why Hire an Accounting Firm?
- Save $$$
- Make MORE $$$
- Finally stop OVER-PAYING fees that could easily be avoided
Don’t let this happen to YOU
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The single most important advice I have to give you is…
Keep ALL of your receipts… You don’t know how many business owners don’t understand the importance of doing this simple task. It can sometimes seem like a chore, I know BUT it will save you in the end.
In all honesty, it can seem like a complete jumble and be really overwhelming!
BUT if you have the right bookkeeper and they assist with your Payroll and QuickBooks, you should have no issue with knowing how to itemize the receipts to hand them in to your CPA without issues.
Tropical Accounting is here for you!
Marie & the Team
Are YOU sick of balancing your OWN books?
So many people let their books get out of whack because they simply don’t like doing it!!! Instead of hiring someone who specializes in that area and actually LIKES doing it, they go and suffer through it miserably! The fact is – your time is MONEY! A whole lot less than what an Accountant (a GOOD, honest, loyal Accountant) would charge you.
A major recommendation is to have your business Assessed for FREE by the Accountant/Bookkeeper and find out what they can do for you and your business TODAY. Save yourself time, energy, effort and $$$!!
Why should I Hire an Accountant?
Nine Reasons Why Entrepreneurs Should Hire An Accountant
Jennifer Warawa
Contributed to The Globe and Mail
1. Focus on why you started your business. Entrepreneurs are passionate, and the more than half of small Canadian business owners surveyed went from business idea to opening in less than six months. With such rapid growth, business owners can’t afford to get bogged down with tasks that don’t help you continue to grow. Accountants can take on the heavy lifting of many different aspects of your business.
2. Find work-life balance. Regardless of how new or established a business is, owners across the board struggle with finding the right balance between work and having a life. In fact, maintaining a balance was the top challenge for startups. Accountants can take on the tasks you are less than thrilled about handling, and free you up to sell, market and grow during the day, and maybe even take your son to soccer practice at night.
3. A professional reputation. A good accountant will represent you and your company in the best possible way. This is particularly important as new businesses strive to build strong relationships with key players in their success, such as the bank.
4. It’s vital to a company’s success. As reported by the Sage survey, more established business owners report working with an accountant, agreeing that working with an accountant is a critical element in success.
5. A new perspective. Oftentimes entrepreneurs are so involved running the day-to-day operations of their business that they may not be able to see the whole picture. Someone who is removed from the business can provide a different perspective that may otherwise be missed. Meeting with an accountant can be like taking a step back, looking at the bigger picture and gaining a fresh, new perspective. Sometimes that’s all it takes to come up with the next big idea.
6. They have reach. Don’t underestimate how valuable it is to receive guidance from someone who has insight and knowledge across hundreds of businesses and industries. Accountants not only get to see the financial information of many businesses across a variety of industries, but they also have visibility into best practices that are working for other businesses as well as the mistakes others have made that have led to failure. Being able to have this insight and share information on what has or hasn’t worked for others is invaluable – why reinvent the wheel if you don’t have to?
7. Businesses need a plan. One reason thousands of businesses fail every year is because they didn’t have a plan. When asked why, they said, “I just didn’t know where to start.” This is where an accountant comes in. A good accountant will partner with a business to look at all the data and help build a road map to success. Poor planning isn’t necessary, and bringing a professional on board can help small businesses plan for success.
8. They understand tax. This may seem obvious, but keep in mind that rules and regulations change frequently, and it’s tough if not impossible for any business owner to keep up with it all. Twenty-nine per cent of Canadian small business owners admitted that accounting and bookkeeping is one of their biggest challenges. An accounting professional can take away your uncertainty and ensure your business stays compliant.
9. Analyze data for growth and profitability opportunities. If all of your data is just sitting in a database and you’re not interpreting, analyzing or using it to help drive your business direction and decisions, you’re missing out on a great opportunity. Have an accountant help you dive into the numbers and use them to propel greater business growth and profitability in the future. A great way to do this is through online collaboration in a small business accounting solution where accountants have visibility into clients’ financial data in real time.
Can your startup survive without the assistance of an outside accountant? Possibly, but the extra insight, guidance, and expertise an accountant offers can be the catalyst that makes your business thrive.
As vice-president and general manager of Sage Accountant Solutions at Sage North America, Jennifer Warawa is helping entrepreneurs work with accountants by introducing Sage One Accountant Edition, an online accounting solution. Prior to working with Sage, Ms. Warawa was a small business owner for 12 years.
TOMORROW IS THE DAY… Don’t DELAY!
IMPORTANT DATES!
– April 15, 2015 – Deadline for filing a 2014 personal, partnership, or estates/trusts tax returns or extension.
– The return or extension must be postmarked or transmitted for e-filing by Wednesday, April 15, 2015.
IF YOU ARE NOT READY, MAKE SURE YOUR CPA FILES AN EXTENSION!!!
– To avoid late payment penalties and interest, any additional taxes you owe must be paid by this date even if you filed an extension.
– Due date for first installment of 2015 estimated tax payments.
Marie & The Team @ Tropical