3 Reasons To Manage Your Business Finance Fears With An Accountant

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The wealth of influence money has over one’s emotions is uncanny. It brings you joy as it drifts into your business bank account, sadness when it leaves and fear when you know time is upon you to file your taxes.

It’s an uncomfortable situation for most owners, particularly ones who do it alone and wing it any way they know how in any attempt to hoping nothing terrible will happen to their business financially.

The solution to this problem of fearing your business finances is clear and distinct. It’s a solution that can help you sleep better at night and relieve anxiety over your business financial fears. This can be achieved by appointing a professional, an accountant. Use Google and recommendations to find superior CPA firms, and be selective about finding the accountant that’s right for you and your company. If you’re not entirely convinced that an accountant is what your business yearns for, here are just a few reasons why you should begin your search.

Startup Failure

With a startup business failure rate around 90% within the first few years of opening, there are a few reasons that contribute to this, one of them being poor financial management. Who knew that not keep track of the lifeblood of your business correctly could resort in paving your company’s destiny towards failure? Hiring an accountant will eliminate the possibility of financial management ruining your businesses success.

Expenses

There is a common theme amongst business owners who are approaching the end of the tax year and subsequently panicking searching for receipts of business purchases to increase their overall deductions and reduce the prospect of their business’s earnings being ravaged by the tax people. If your organization is behind with looking after it’s expenses, or you have little to no idea the impact deductions will have on your profit, contacting a professional accountant is a wise choice.

Forecast And Growth

Swimming from month to month spending all that your business earns without little consideration is bound to amount to a cocktail of over-spending which eventually leads to borrowing more money, that could spiral into debt.

Also, you will want your business to expand, and to a degree, this will require money. But if you don’t have a forecast for your finances for the coming months to a year ahead, you’ll have little to no inclination of where your business is heading and what money you have left to invest it back in the company to encourage its growth. An accountant can devise a financial forecast for you to prevent this issue occurring.

Startup business owners take the standpoint of believing it’s smart to do as many business tasks as possible themselves to save money. That’s a great idea if you’re great at most things, but it’s also incredibly time-consuming and takes your attention away from the parts of the business that need your time to flourish.

Weighing up the cost of hiring an accountant to keep your business finances in line is worthwhile for the reasons above. But also because you probably spend a reasonable amount at the moment on a monthly or bi-monthly basis on a cleaner, mechanic, plumber and so on to look after other areas of your life you don’t have the time/expertise/energy to do by yourself, accounting for your business should be no different.

Ready to Move In Your New Office? Make Sure You Don’t Regret Your Decision

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If you have been running your business from home for a while, and now you are ready to found your own company and become one of the big players, you will need an office space to accommodate your employees, your client meetings, and your infrastructure. There are plenty of things you will have to consider before you can decide that you are making the right move. Below you will find some of them listed.

Calculate the Running Costs

While you might have a good idea of the cost of the office building or the monthly lease, you will also have to take into consideration the other regular expenses. You might have to pay business tax on the building, heating and air conditioning bills, as well as maintenance and internet, receptionist, and cleaning services. You must be comfortable with the monthly cost, or you will find yourself regretting your decision.

Assess Facilities

It is also important that you check which facilities are present at the office building. If you are sharing a building with other businesses, you have to make sure that you have a strong enough internet and dedicated phone lines. Having a small kitchenette for your staff if your office is far from the city center can also be a benefit. Make sure that you get designated parking for your visitors and your staff, too.

Transport Links

In case you are planning on filling your office with employees, you need to make sure that they can get to it fast in the peak traffic. Consider the needs of your employees who might not have a car, and make sure that there is a train station or bus stop nearby. Before moving office, you should test the roads before 9 a.m. and after 5 p.m. to make sure there are no regular traffic jams in the area. For your business partners’ and customers’ comfort, you should also need to position your office close to main road links and junctions.

Security

It is crucial that you have adequate security on site. You need to control who can enter your office, and monitor the site remotely at night when it is empty. You can get quotes on security camera installation if your business will be the only one on site, or talk to the owner of the building about different options. After all, you want to keep your business and employees safe.

Flexibility

In some cases, committing to a huge lease can be scary for businesses. It is important that you focus on flexibility, so you can expand your business when you need to. In case you are not sure about committing to the location or the building, you can take out a flexible office space or a rolling contract, so you can evaluate the premises and make sure it fits your business needs.

Moving into your first office can be a challenging decision. Think all aspects of the building and location through carefully before you make the final choice.