How to Find the Right Accounting Firm

accounting firm

One of the most important things to consider in building a business is to acquire an accounting firm that will satisfy the heavy load of documenting all your financial transactions. In order for your standards to be met, it is very vital to inquire the right questions so your finances won’t land on the hands of an incompetent company. Your money’s at stake so you need to make sure that the company you choose is reliable enough. You have to be certain about the people you are entrusting your business to. Find a quality company that will serve your needs at its best.

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The company that provides a lot of details and information for free is rather more likely to serve you than to earn from you.

Here are some of the questions you need to ask to be able to find the right accounting firm for you.

Are They Concerned?

The company that provides a lot of details and information for free is rather more likely to serve you than to earn from you. These guys want to help you out. While a lot of companies would like to just make some profit, there are those who would want to value the money you’re spending. Take time in asking questions and see if they are responding as if they’re really concerned about your company or business. If you are dealing with a website, a lot of articles and information will be made available for you to be able to attain a certain degree of understanding about your financial concerns.

What Are Their Goals?

Consistent companies have consistent goals and purposes. They have the right action for any kind of mission they want to combat. Thus, they need to have the right mindset for the job. A company with a mission and knows their purpose would be obvious. Look around you and observe if they are actually doing their mission and vision. These goals should be lived by and reflected by their employees. This will also reflect the quality of work you will receive from the company.

What Are Their Services?

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An excellent accounting firm will guide you into investing every amount you have effectively in line with your goals and needs.

Of course, you need to know about what they can offer. You, on the other hand, will need to evaluate whether the services they have matches the kind of services you want for your consumption. Know how they handle tax services and payroll systems. They must be able to aid you in your business and financial endeavours. An excellent accounting firm will guide you into investing every amount you have effectively in line with your goals and needs. Be sure to ask about the services they offer and how they can help you with your financial dealings.

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Advantage And Disadvantage Of Taxes When You Own Your Business

tax

Owing your own business is a lot of fun, it brings many freedoms. You can control your own income and you also have the ability to choose your own working hours. But still, it does not exempt you from paying taxes. You still have to pay taxes for yourself and even perhaps for your employees as well. It is important to mention, that you manage your taxes very different than an employee because you are a business owner. There are lots of advantages and disadvantages when you own your own business.

Some of the things which you should consider before opening your business are:

Responsible for Own Taxes –

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Owning a business requires a lot of patience as well as a discipline towards tax and their deadlines.

Employees don’t have to ever worry about their taxes, deductions etc. They know that their employer will be working on this vertical for them. They don’t have to save money for the year end etc. Having said that a business owner has to understand this and needs to follow the precautions from day one of his business. Owning a business requires a lot of patience as well as a discipline towards tax and their deadlines. The amount which you own to the IRS depends upon how much profit you are making on per year basis. If you do not do these calculations on the regular basis, you may end up paying tax as well as the penalties with that.

Medical Deductions –

While looks very daunting to pay your own taxes and also to save for them till the year-end, people who own business have the privilege of enjoying a variety of deductions to help undo some of their tax liability. Employers have to pay a percentage of their employees’ healthcare costs. However, if you are self-employed you are responsible for your own premium payments. IRS allows the business owners to deduct 100 per cent of their healthcare premiums and some other medical costs to facilitate the rebate to business owners in tax liability.

Home and Business Deductions –

Running your own business is not an easy job, it can incur other related costs as well. Operating your business from home can cause for high electricity as well as telephone bill. Even if you are not operating your business from home, there are other costs as well which you need to consider if you running your own business. These costs include office supplies, computer equipment, travel expenses, computer costs etc. IRS understands this and to help reduce your tax cost, you can show all these expenditures under business expenses. Save all your purchase receipts which later you can use for your tax advantages.

Other Deductions –

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If you are not operating your business from home, there are other costs as well which you need to consider if you running your own business.

You can reduce your tax liability by writing off your mortgage interest every year. As per the law, you can’t write off your mortgage payment if you are running a business out of home however, you can still deduct whatever you spend on mortgage interest. In the end, it is very important to decide whether you want to do business or you want to be a salaried employee. They both have their own advantages and disadvantages. Chose well after considering all your options.

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How To Dress For An Interview

Although every company has a dress code, dressing appropriately for the job interview is a must, and following these tips will allow you to make that all important first impression.

Men

If in doubt as to what to wear for an interview, don’t dress down; rather, you should wear a suit, along with a conservative shirt and tie. Custom suits are an option, although will cost you more. Your suit and shirt should be clean, freshly pressed and of course, comfortably fitting. It’s no good trying to squeeze into the same suit you wore 20 years ago.

 

proper attire for men
Men should wear proper attire during the interview.

You should also be neatly groomed, and make a point of bathing or showering that same day or the day before. Don’t put on aftershave or cologne, and make sure that you have brushed your teeth and your breath is fresh. A neat beard and/or moustache is acceptable. Your shoes should match your clothes and should be freshly polished. In short, as long as you are well groomed and presentable and are dressed appropriately, you will be taken much more seriously at the interview. You may even increase your chances of getting the job.

Women

Women should always err on the side of being conservative, which means a suit with pants or a skirt, and ideally something that is dark in colour, not too short and not too ostentatious. Of course, it’s also important to make sure your clothes fit well, your shoe match and that everything is freshly pressed and clean. Shirts with slogans, skimpy or see-through outfits are of course, not appropriate. Basic pumps are comfortable and won’t slip off your feet or cause you trouble walking. Make sure your hose doesn’t have runs or tears.

proper attire
Dressing appropriately is one of the most important steps and can increase your self-confidence.

Although deodorant is a must, you should not wear any strong perfume. Of course, you should bathe or shower, make sure your hair is washed and brushed, although in general don’t wear too much makeup. Brush your teeth, and make sure your breath is fresh, especially if you smoke.

Always remember that it’s generally better to be overdressed than underdressed, although you can dress down a bit for a second interview. Dressing appropriately is one of the most important steps and can increase your self-confidence and ensure the company takes you seriously.

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Job interview tips for the Finance Sector

Job interview tips for finance sector are the hallmark of quality hiring. As a rule of thumb, any finance hiring manager who’s too rushed to pay attention to job interview tips for finance sector almost always ends up with bad eggs in the basket. Therefore, job interview tips for finance sector is an invaluable asset towards getting the best people for the job.

The following job interview tips for finance sector illustrate how you can use the Socratic method to find the best people for the job.

What is your passion?

By asking this all-important question, it’s easy to see how job interview tips for finance sector can get you the golden goose instead of the Humpty Dumpty. As someone responsible for screening job applicants, your industry is one of the most in need of proper pre-qualification techniques. So just because the interviewee says that he or she likes to make a lot of money–is no sure indicator of true passion.

What is your biggest success story?

According to job interview tips for the finance sector, the second question is the best follow up to the previous question. Like a sleuth, posing such an inquiry can uncover the true nature of the beast. The third question, based on tried and tested job interview tips for finance sector quantifies what the applicant can contribute to the organization.

What will be your unique contribution to the job?

If you see sweaty palms or sweat beads on the forehead at this point, you have reason to doubt the authenticity of the prospective employee, says job interview tips for the finance sector. Do you want to give the interviewee a second chance? Just ask the next question to allow the candidate to elaborate.

What difficulties have you overcome in life or your career?

This one is a sure show-stopper. That is, you get to uncover yet more lies or truth through job interview tips for the finance sector. There are still many other inquiries you can launch from your face-to-face session with a finance advisor applicant. By adopting the psychological stance which sits at the very core of proven job interview tips for the finance sector, zeroing in on the right candidate can be fun rather than a chore.

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Business Staffing Advice For Small Business Owners

If you manage or own a small business, staffing agencies can be an excellent way of improving the standard of your recruitment process.

With a healthy professional relationship, you can recruit better staff and enhance your company’s efficiency. To achieve that objective though, you will need to ensure that you and the agency are clear about what is required.¬†Getting help from pre-employment screening professionals will ensure the safety of your business and your recruitment choices.

Understand Your Options for Recruitment

If you are new to using business staffing agencies, make sure you discuss all your recruitment options carefully. You might not realize what services are on offer that can help your company. Ask lots of questions to increase your confidence in your recruitment decisions.

Mention the Culture of Your Business

As a recruitment firm, one of our primary aims is to identify a good match between staff and their potential employers. Although a worker may have the right qualifications, he probably will not stay long in his role if his habits or personality do not fit in with your business culture. If an agency inquires about your culture, spend some time detailing what kind of person thrives in your company.

Allocate an Agency to Each Position

Lots of businesses opt to use several recruitment agencies, however, take care not to tread on anyone’s toes when filling each position. This might damage the relationship you have with a recruitment firm if they recommend a worker for a role that another agency has already filled. It is bewildering to job seekers as well. This damages your ’employer brand’, or how job candidates see your business. You might even scare away some good candidates.

Make Sure the Decision Maker is Accessible

To get the best recruitment results, allow your recruitment agency to directly access whoever it is that makes the recruitment decisions. If you don’t do this and use someone lowers down the corporate chain, the agency might overlook some important details about what you require. Receiving feedback from the person who makes the decisions informs the agency about which candidates are likely to be most suitable.

Have a Realistic job Market Expectations

Speak to the agency about the job market and listen to their ideas. This way, you can gauge what types of candidates you are likely to attract for your budget. If required, also discuss ways you can amend expectations for the job. For instance, if you need a certain set of skills, you might choose to include some on-site training, rather than waiting for someone fully qualified to come along.

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Understanding Australian Business Tax Liabilities

When you are a new business owner, you must learn how to handle taxes. They are so many different Australian taxes and this can be very overwhelming. Frankly, most new business owners don’t know how to handle taxes, and they may need to hire professionals that specialize in business tax.

Otherwise, you might encounter business tax troubles and have to deal with taxation authorities as a result.

This is why it is best to learn and understand the taxes that your business is liable for, and they are the following:

Income Tax

This type of business tax is paid based upon the type of business that you have. If you are a sole proprietorship, limited company or a partnership firm, you might have to submit tax returns individually are via your business. For instance, sole proprietorship business income is taxed via the owner’s individual income tax returns.

Capital Gains Tax

You don’t have to file a separate business tax return when it comes to capital gains tax, and they are only accounted for if you have capital gains during the year. So, if you have income due to selling business assets, then this is a capital gain. This tax must be accounted for on your income tax returns. Talk to an accountant for further advice.

On the flip side, if your business suffered any type of loss during an asset sale, this is known as a capital loss and it must also be accounted for on your income tax returns. Keep these things in mind because you could benefit from different types of exemptions that are associated with capital gains.

Goods and Services Tax

If you have a goods and services turnover that is more than 75k, then you must pay a goods and services tax. Even if the turnover is less than 75k, your business is still responsible for this business tax if the company offers taxi services and charges fees.

If your turnover is lower than 75k, but you feel that it might go over this amount within the year, you can register and remain registered for one year. But you don’t have to pay this business tax unless you go over that amount. Once registered, add the GST component so that it can be recovered from your customers.

Fringe Benefit Tax

This business tax is paid on all fringe benefits that you provide your employees. It is based upon a percentage of the benefits paid. If you provide fringe benefits to employees, register with ATO and file an individual tax form in addition to your regular form.

Pay as You Go Tax

This business tax is based on your income and investment expectations. What do you plan to make from these things? A part of your income is withheld as you go in order to pay this tax. The same thing may be required for employee income as well. It is withheld via instalments.

Payroll Tax

This business tax is paid based upon the wages and salaries that you pay for your employees. Do not get it mixed up with the pay as you go business tax. This tax is paid on wages and salaries that are over a specified limit.

Yes, there are plenty of Australian business taxes that business owners need to understand. Make sure that you learn the different rates and due dates for these taxes. Also, ensure that tax records are kept so that you know how each tax was calculated. But all in all, consider hiring a tax professional to help.

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8 Startup Tips To Help You Succeed In Business

If you want to start a new business, please accept my congratulations. You have chosen a challenging but ultimately rewarding path.

Below are eight startup tips to help you stay on the right path.

1. Cash flow management is key

Most startups fail because the investor ran out of cash. You must manage your dollars and cents the right way or else your business will collapse.

Have a budget and stick to it religiously. Do not spend money unless it is on your budget. Once you can keep the cash flowing, your business will survive and grow.

2. Track and monitor all spending

Starting a new company comes with a number of costs and expenses. The ideal thing is to hire a full-time staff to keep accurate records of turnover, income and expenditure. Since you cannot afford this move at this time, you should simply use software to keep track of your spending.

In future, your company will get bigger and more successful. When that happens, you should hire a full-time staff to handle all the complex accounting.

3. Limit your fixed expenses in the beginning

In the early stages of your company, you should keep expenses low. You can share an office to save cost and generally try to keep overhead costs as low as possible.

Forget about fancy offices and other luxuries at the beginning. Focus on generating income and increasing your customer base. When your firm is on a sound footing, you can go for a befitting office.

4. Remain optimistic but prepare for the worst

A new business is a mystery in the sense that you never know what will happen. While you hope for the best, you should prepare for the worst. Do not quit your job until your business is on a sound footing.

Make sure you have a contingency plan in case the unexpected happens. You should also have strategic reserves of cash so that you will not be stranded if things go wrong.

5. Every minute of your time has monetary value

Time is money and we all know this. Get as much value as you can out of each working hour and never waste your time on trivial matters. Plan your time and work your plan. This is how to use the time for maximum benefit.

6. Focus on customer acquisition

Your customers are the pillars on which your business is built. Focus on getting customers and keep your customers because the repeat customer is your cash machine.

Do not take your customers for granted and always aim to get more customers. This is the secret to business success and expansion.

7. Make sure you pay yourself

The turnover your business brings is not your money. Pay yourself a salary and live on your salary.

Focus on building the business and avoid spending too much money in the early stages of your startup. Your salary should be just enough for you to live on while you aim for growth and expansion.

8. Establish financial goals

You already have a general goal of business success but this is not enough. You need specific goals and milestones.

Break down your goals into weekly, monthly and quarterly goals. As you hit each goal, this will give you the confidence to keep going on the business journey.

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Most Successful Small Business in the World

Accounting and tax services take the top spot on the list of the most profitable type of small business with a generous 18.4 percent net profit margin followed by real-estate services (15.2 percent), law firms (14.5 percent) and doctor’s offices (13 percent) reports Sageworks, a financial data service that analyzed. If you are looking for a small business idea to kickstart your path to entrepreneurship, you are in the right place.

 

 

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