(415) 418-0020 info@proteafinancial.com
Cut Your Winery’s Operating Costs with a Winery Bookkeeper

Cut Your Winery’s Operating Costs with a Winery Bookkeeper

Operating a winery is a challenging job. It requires an in-depth knowledge of many aspects of growing produce. You need to understand your plants, keep your soil healthy, watch for signs of infection or pests, and know when your plants are ready to harvest. Then you need to harvest your grapes and go through the entire winemaking process. Once the wine is bottled, aged, and ready to sell, you then need to take on the marketing of your product.

As the owner, it is your job to keep track of all aspects of this business. You need to know your details readily, including expenditures and income. Not having accurate finances can cut into your bottom line. It can even cost you money instead of making a profit. Some business owners struggle with this aspect of their winery as they do not properly keep up with the numbers of the business. That is when outsourcing to a winery bookkeeper may be the best option to prevent your winery from taking a loss.

By outsourcing your winery’s bookkeeping to a bookkeeper who understands the wine industry, you can reduce your operating costs. There are several benefits to using an expert bookkeeper that make it worth the cost. By knowing your strengths and weaknesses when it comes to running your business, you know where to reach out to experts. This is one of the easiest places to seek help.

 

What Does a Winery Bookkeeper Do?

A winery bookkeeper can assist you with virtually any task related to managing your finances. They will oversee your accounts payable and accounts receivable. Plus, they work with clients to ensure that invoices are paid in a timely manner and communicate with vendors to make payments. They will also reconcile your monthly bank statements with your internal financial documents and coordinate with the bank if there are any issues.

Tax preparation is another task that a winery bookkeeper can assist with. Your bookkeeper can work closely with your accountant on your annual tax returns. They can gather much of the information your CPA needs, reducing the amount of work your accountant must do. This, in turn, can reduce the cost of your professional accounting services.

Depending on your organization, a winery bookkeeper may even take on tasks related to inventory or order tracking. Some even manage all aspects of the winery’s inventory. Your bookkeeper will also be a sounding board for financial decisions you need to make. They can provide expert advice on potential projects or expansions.

Where a traditional bookkeeper would have to take time to look up regulations or requirements, a winery accountant knows these things from experience. What that means is you pay for fewer hours hiring a winery accountant, but get more accurate and detailed financials as a result.

 

Protea Winery Bookkeeping Saves You Money

How a Winery Bookkeeper Can Save You Money

Using a bookkeeper instead of handling your finances yourself will reduce your operating costs in several ways. To fully understand where these savings come from, you must look beyond the cost of using a bookkeeping service. Here are some of the ways you can reduce your overall costs of using a winery bookkeeping service.

 

Focus Your Efforts Where They Are Needed

As the owner of the winery, you likely handle many different aspects of running the business. This often includes many or all your financial tasks. If you had an expert to handle that work, you would be able to refocus your efforts on tasks that only you can do. By giving you back some time, you can focus on earning more income for your winery in that time. Bookkeeping is not something that requires your personal attention, but making major business decisions is.

You can also leave all the bill paying to your bookkeeper. It is often their responsibility to ensure that your bills get paid, accounts are billed, and payments are received on time. They then track these expenses and income, providing you with more accurate budgets and insight as to how financially healthy your winery is at all times.

 

Prevent Costly Mistakes

Bookkeeping mistakes, even those that may seem minor, can have a large impact on your business. These mistakes can result in lost income, missed opportunities to save money, or even fines. A professional bookkeeper can catch many of these mistakes and correct them before it is too late.

Your bookkeeper can prevent other mistakes as well. They will ensure that your bills and incoming invoices are paid promptly, which helps you avoid late fees and keeping your professional relationships intact. They will also carefully watch your budget, so you do not over-spend. A good bookkeeper will also make certain that all clients are invoiced correctly and keep on top of unpaid invoices.

 

Reduce Overhead

Finally, by hiring a bookkeeper, you may be able to reduce some of your overhead operating costs. These include costs such as:

  • Office supplies
  • Office furniture
  • Technology-related costs
  • Other expenses that are necessary to operate a business regardless of what industry that business is in.

According to Intuit, overhead costs should ideally make up less than 35% of your total costs. Bookkeepers typically have an understanding of what a reasonable cost is for these products and services. They may be able to identify areas where you are overspending and move you to a different vendor or renegotiate your contract. This is one area you may not have ever found the time to focus on, but a dedicated bookkeeper can.

 

Turn to Protea Financial to Get Help with Cutting Your Winery’s Expenses

Interested in learning more about how a winery bookkeeper can help you reduce your operating costs? Contact us here at Protea Financial today with your questions. We will gladly explain to you how we can help cut your costs and give you back time to focus on what you do best. 

Starting with a Budget Can Help New Wineries Succeed

Starting with a Budget Can Help New Wineries Succeed

Starting your own winery may be a dream, but you must understand, with that dream comes expenses. Many who enjoy a glass of wine have thought about what it would be like to start their own winery. Starting any business is a challenge, and this is especially true in the wine industry. Thankfully, you can use our experience and expertise to help make this process easier. Here are some important notes for creating a winery budget in general.

What Goes Into a Business Budget?

If you want to be able to apply a business budget to a winery, you need to step back and look at what it takes to create a business budget. There are many steps involved in this process, but overall, here are the basics:

  • An outline of expenses (both fixed and flexible) and returns on a monthly or annual basis
  • One-off costs, such as equipment or software purchases
  • Projected sources of revenue outside of the product you plan to create, if any
  • A list of areas where the expenses may vary and guidelines

Ideally, you do not want to spend more than you make, but when you apply this to a winery, that is rarely the case to start. That is because wineries take time to make a profit. They need to mature before a harvest becomes available, so you need to budget for that time.

How a Budget Changes for Wineries

Your budget for a winery starts with the purchase of land in most instances. Rarely are you going to go out and buy a fully functional winery to start. Your upfront costs are going to include the land, plants, and the actual planting process. Your one-off costs can include any equipment you need on top of these costs, just to get off the ground. The cost of land is as cheap as it is going to be, so buying now is the best option, even if you cannot start your winery right away. The cost of one acre of land in California’s wine region is expected to climb to approximately $1,000,000 by 2050.

Down the line, you will need to factor in other costs, such as

  • Fermentation equipment
  • Harvesting equipment and labor
  • Equipment to make the wine itself
  • Bottling equipment
  • Storage facility
  • Licensing
  • Trademark
  • Wages for any employees
  • Branding following a label approval
  • And more

Your winery should be able to begin making wine in three to five years from when the land is planted. However, there are some deterrents to that timeline. You may struggle with crops due to limited water resources, frost, diseases that can damage plants, or even pests, and all of this only if your plans to plant are approved by the local government. All of this may slow your return. 

Also you need to consider that wineries are seasonal. That means you need to budget costs that you must pay all year, even if you only harvest or produce wine part of the year.

Tools to Help You Stay Financially Focused

There are many tools you have at your disposal to remain focused on keeping your finances in order. One of those tools is your budget. It gives you a reminder of where your money is coming from or going to at all times. However, that is not the only tool you can use. 

Setting up a spreadsheet may be a simple, yet effective way for you to visualize your flow of money. Most accounting software titles have something like this you can use. However, if you do not have one of those already, this is an inexpensive alternative. Just understand that you must be dedicated to adding in all the information you want to track. If you forget, you will have to go back, track down the information, and put it all in. 

Another tool you may want to use should be software to manage your inventory. You need to track your plants, their age and location, how much produce they provided, and more. This is an essential part of the winemaking process, since it will factor into how much you charge per bottle. 

Payroll is another aspect of starting a winery you must keep in mind. Unless your winery is incredibly small, you will need help. This means paychecks for the employees you hire. Payroll is more than ensuring they get their hourly wage, as there are taxes at the federal level, most states have state taxes as well, unemployment, Social Security, and more. These are numbers you must track carefully, as being wrong can lead to IRS penalties and fines. 

Protea Financial Starting with a Budget Can Help New Wineries Succeed

Why is Winery Accounting Important?

The best tool you have at your disposal to remain focused on finances as you start a winery is going to be a winery accountant. They understand what goes into starting a winery, they have experience in setting up and following budgets, and they can help with things like payroll and managing your inventory. They become a tool that minimizes your time requirements while also saving you money. 

Great bookkeeping is the backbone of any successful business. Many businesses believe that they can track the books themselves. Unfortunately, this can lead to missed expenses, incorrect payments, and a budget that does not cover everything it should. The best thing any business can do to ensure that the financials are always in order and nothing is overlooked is to hire a bookkeeper. 

By putting a professional in charge of taking care of day-to-day activities like your finances, you can then pay attention to any part of your winery that would require your specific expertise. You get peace of mind knowing that your employees will always be paid when they should be. Plus, you also have the security of knowing your taxes are correctly filed and all your documentation is current. Those are simple assurances you get when you hire a bookkeeper for your winery.

Winery Accountants Keep You Focused

Understanding the costs of running a wine business can help you create the most appropriate budget for your winery. Do you have everything at your winery insured? This is an expense that is overlooked at times, and that could lead to major problems down the line. It is vital you have everything insured if you want to run and grow your winery into a solid business. The insurance should cover both your equipment and your property.

When you begin having a harvest, you also need a winery accountant as they can help you determine your cost of making wine. If you sell the wine for too little, you may lose money. However, if you price it too high, then no one is likely to buy. You need to know the right amount to sell it for, and that should be based on the exact costs you have per bottle you create.

Turn to Protea Financial for Help with Your Winery Expenses

Wine is the drink of choice for many of us after a long day at work or just to warm us up on a cold winter day. For those who have considered starting a winery, make sure you have the right approach in mind. Focus on your budget and expenses from the start.

Making wine is a challenge, but those challenges become easier when you have the right tools. A winery accountant is a tool that is necessary if you want to truly succeed in your endeavor. You want someone that can use their experience and knowledge to help you push forward. You need someone you can trust to go through this experience with you.

Turn to the experienced winery accountants of Protea Financial. We can answer any question you may have on financials, budgeting, or accounting for your winery. We are here to help. 

How Can Bill.Com Reduce Your Processing Time?

How Can Bill.Com Reduce Your Processing Time?

Staying ahead of the times in a constantly evolving world is not always easy. For both small businesses and major companies, processing times are crucial for their long-term success.

The general rule of thumb is that the faster your processing is, the more efficient your entire business or company will be. Plus, this can improve your customer service and increase the revenue of your business. Let the financial professionals here at Protea Financial explain how bill.com can reduce your processing times exponentially.

The Importance of Speed Processing

Speed is imperative to your business because your efficiency relies on it. Do you feel the need to rid your business of outdated financial processes and make it easy on yourself with a proven solution? Automation is the way to go! By using Bill.com, you can benefit from more efficient domestic and international bills and payments. This can save you around 36 business days annually.

Keeping up with the times requires updated solutions like using integrated platforms which connect your business to your suppliers and clients. Your business can also take advantage of popular accounting software titles.

What you should look for to help your business includes:

  • Cloud-based invoices
  • Built-in contracts
  • Flexible and editable business documents
  • Full list of vendors
  • Easy-to-use dashboard that covers your expenses
  • A chart of your accounts that you can click on easily

You want to be able to access them quickly and easily through the platform or any device of your choosing—only by authorized users, of course. These goals will help make it easier for you to conduct business and keep on top of your finances.

 Bill.com Invoice Protea Financial Accounting Software

The Goal is a Simple Process

Having a single payment processor for both domestic and international payments is simple, gives you more visibility, control, and is cost-effective. Bill.com uses four simple steps that guide you so you can easily send and receive intelligent business payments:

  • Capture – Enter the bill (aka Invoice).
  • Approve – Review and approve the entered details.
  • Pay – You can pay it quickly and easily in any currency.
  • Reconcile – Bill.com reconciles everything with your bank and syncs with your accounting software automatically.

Your business can have all payments in one place. Plus, it also saves you over 50% for international wire transfer fees.

 

You Also Deserve Transparency

One of the most important things your business requires is transparency. All the necessary information must be available to you on a single custom dashboard. The information should provide your business with clear vision and control of what goes on in your daily operations. These allow you to manage cash flows intelligently while saving money and gaining insight.

Reducing Processing Times Increases Conversion Rates

As a business owner, it can be overwhelming to see that your clients are not satisfied with the amount of time it takes you to process their payment. If this happens often, your conversion rate can decline.

There are many ways you can improve the conversion rate of your company. Some of the most effective options include:

  • Using the right systems and strategies that work for you
  • Following action plans
  • Being more goal-oriented

You may be doing all these things and still struggling. It takes effort to reduce the times your payments take in some instances. What you want is to provide your clients with peace of mind while also allowing your business to avoid unnecessary costs and lost revenue. That is what we do when we come in.

 

Manual Payment Process Become Obsolete

Manual checks are slow and they take you away from operating your winery effectively. The platform you choose needs to make manual transaction processing obsolete by transforming the way you manage your cash inflows and outflows. Through this process, you will be able to create efficiencies, freeing you to run your business more effectively.

A recent study done by CorpMagazine showed that 82% percent of all companies are still dependant on paper checks and other manual processes. This slows productivity and decreases profits.

Long approval cycles and missing information on invoices are the leading cause of payment delays. Any of these can result in lost clients. Here are some of the benefits Bill.com can offer to help improve the efficiency of how your winery works:

  • Reduce time spent on payment processing
  • Increase how efficiently you work
  • Reduce operating costs for the winery as a whole
  • Streamline the workflow of your finances
  • Make generating and processing invoices easier
  • Expedite approvals of payments made
  • Send and receive payments to and from your vendors
  • Sync with vendor accounting systems
  • More easily manage your cash

 

Why Should You Use Bill.Com?

How do you know if Bill.com is right for your business? Well, do not just take us on our word. Over 80% of the top 100 U.S. accounting firms agree, and they move over $100 billion yearly.

By partnering with leading U.S. financial institutions, Bill.com ensures they follow strict KPIs (Key Performance Indicators) and maintain a high standard. Their platform also harnesses smart technology, like machine learning and artificial intelligence, to reduce busywork and increase accuracy. Plus, they are a top-rated company.

Reach Out to Protea Financial for Help with Bill.com Today

The reduction in time it takes to process payments and expenses is vastly beneficial and absolutely worth it. Bill.com strives to help you enhance your business and increase your conversion rate.

Choosing the right accounting software is the first step to improving the financial stability of your company. Speeding up your processing is the key.

If you want a better understanding on how Bill.com works, help with setting it up, or assistance using it, reach out to us here at ProteaFinancial and let us know how we can help. We will work alongside you to help make your winery prosper.

Taking Care of Business: Hiring the Right Accounting Bookkeeping Service

Taking Care of Business: Hiring the Right Accounting Bookkeeping Service

In this fast-paced world, keeping track of your company’s finances is a 24/7 job. That important balance between paying attention to the business aspects and the people aspect can easily get lost in the mix. Hiring the right staff will bridge the gap and make it easier for you to run your business. Depending on your business, you may need just an entry-level position or several positions with varying skill levels. This article will discuss the types of accounting bookkeeping service and support staff that can be found in the accounting industry.

 

Types of Recordkeeping Staff

As a business owner it can be overwhelming to do all the daily tasks on your own—recording sales, collecting the money, setting up lines of credit for return customers, depositing all the daily receipts, and making sure each day is properly closed out. If you just need someone to do the bookkeeping, it could make sense to hire a bookkeeper to ensure nothing is missed.

 

General Accounting Bookkeeper

General bookkeepers deal with the daily postings and financial transactions of a business, preparing invoices, posting payments, and keeping up with monthly bank reconciliations. They will have a basic understanding of double-entry accounting and will be familiar with financial software like QuickBooks or Xero.

 

Full-charge Bookkeeper

Full-charge bookkeepers have many of the same responsibilities as general bookkeepers. In addition, they also prepare financial statements and often handle running payrolls. They have taken a few accounting classes, so will have a higher level of experience.

 

Certified Bookkeeper

 

Accounting BookkeeperThis type of accounting bookkeeper handles everything a general and full-charge bookkeeper do and a whole lot more. Certified bookkeepers have at least two years of experience working in the accounting bookkeeper service field and must pass a four-part exam. They handle running payrolls, quarterly tax payments, and closing out the books.

An  accounting bookkeeping service is an excellent choice for helping with your company’s basic operations by ensuring the accuracy of your data. It is impossible to make sound financial decisions without a solid foundation of accuracy.

 

Types of Accounting Bookkeeping Service and Analytical Staff

What if you want to grow your operations or closely track your costs to save money to expand your products or services. Hiring an accountant who can offer strategic financial advice would help you better understand the story behind the data.

 

Junior Accountant or Entry-Level Accountant

The duties of a junior accountant depend on the abilities of the candidate. Most entry-level positions require a bachelor’s degree in accounting, finance, or a related field. Junior accountants choose accounting as a career because they have a healthy interest in how businesses run. They are analytical, have an elevated level of attention to detail, and strong abilities in being organized.

Junior accountants support upper management and senior accountants while supplying important services within your company. Their duties include everything that a bookkeeper does. They also prepare financial statements, prepare budgets, and maintain the accounting records.

 

Staff Accountant or Financial Analyst

Although financial analysts and accountants are separate disciplines, they have some important commonalities. Both specialties require a bachelor’s degree and have had some experience working with upper management to address the unique needs of a business. Although accountants and financial analysts love numbers and analytics, they focus on different key areas of managing the business.

 

Staff Accountant

Accountants are interested in the financial accuracy, taxes, and day-to-day operations of a business. They look at the company’s past to ensure that the company’s present is in good standing. Many of the reports that accountants produce, including the raw data, are used by financial analysts to make forecasts on how to best use a company’s assets.

 

Financial Analyst

Financial analysts look at past and current trends to make forecasts for the future. Whereas accountants look at the details, financial analysts look at the overall picture. They work with accountants to make decisions about which projects will yield the highest rate of return for the company using macroeconomic or microeconomic approaches.

 

Senior Staff Accountants

Senior accountants are seasoned professionals who a have strong understanding of all the accounting cycles and how they relate to each other. Many have a master’s degree and may even be certified. They have advanced knowledge in finance, cost accounting, taxation, budgeting, and analytics.

Because of their experience and knowledge, senior accountants are poised to help you with tax planning, tax filing, responding to audit requests, and staying on top of compliance.

 

Conclusion

Whether you need a accounting bookkeeper service to run the day-to-day operations or an experienced accountant, choosing the right staff will pay dividends in the years to come. Regardless of who you hire, you want someone who is detail oriented, has effective communication skills, is highly organized, has excellent computer skills, and understands Generally Accepted Accounting Principles (GAAP).

Tips To Avoid A Cash Crunch: 3 Ideas For Cash Flow Management

Tips To Avoid A Cash Crunch: 3 Ideas For Cash Flow Management

Cash flow is an important element of any small business. To effectively manage your cash flow, you need to be aware of all the aspects that can affect it and how they impact your business. The best way to achieve this is by understanding what might cause fluctuations in cash flow and coming up with solutions ahead of time for each negative event so as not to be caught off guard if one occurs. This article will discuss some common factors that may reduce or increase your company’s cash flow and provide tips on how to handle crunches when they arise.

What is Cash Flow?

In quite simple terms, cash flow is the money flowing in and out of your business each month. Small businesses need to strike a balance between accounts payable and accounts receivable to ensure that more money comes in than goes out each month. Although cash flow is related to net income, they have some key differences. 

Net income refers to the earnings of a business during a period after considering all expenses incurred during the period. Net income includes sales recognized but not collected until subsequent months. In addition, net income likely includes a monthly depreciation charge which is a non-cash item. These are important to consider when comparing net income to your operating cash flow.

Why is Cash Flow Important?

Understanding how your business generates and uses cash can help you better navigate the growth of your company. Analyzing your cash flow helps you see how well your business is performing and how much liquidity your business has. 

Having cash on hand puts you in a better financial position, adds stability, and gives you better purchasing power. Your cash flow determines how quickly you can expand your business. Additionally, having positive cash flow that leads to a surplus makes you a worthwhile investment for banks or investors. 

maximize cash flow

Tips for Boosting Your Business’ Cash Flow

There are so many things you can do to keep your business running smoothly.

You should have a plan for every day; when the unexpected happens, you should be able to react. There are three areas to focus on for boosting cash flow.

Increase Revenues

  • Keep an eye on customer retention rates, customers are the backbone of any business, and if you have a low customer retention rate, it is time to look at what is going on. Customers are the lifeblood of any company. They provide the revenue that funds your business, and they keep you in business. 
  • Find out what is lacking in the market and offer new products and categories to augment your current offerings. You may be able to charge a higher price for new or improving on existing items.

Decrease Expenses

  • Reach out to new suppliers or renegotiate prices with an existing vendor. Even offering to pay early could result in getting a small discount, which is almost always worth taking.
  • Find ways to automate, or even outsource, parts of your operations. 
  • Find less expensive suppliers that have nothing to do with the product you sell. You do not want to sacrifice product quality for a lower price since this affects your image and reputation in the market. Focus on costs such as office supplies or a less expensive insurance provider. 

Operational Efficiency

  • Be open about what your cash flow is like with your team. They will need to know what is going on if cash flow is already tight or if it becomes tight. They can help your business quickly find ways to cut expenses or reinvest profits into projects with high rates of return.
  • Find ways to increase your return on assets. Smart business owners track their return on assets because it reveals how effectively you are investing in your business.
  • Manage inventories through buying more efficiently or increasing inventory turnover. When you buy efficiently your customer is the focal point, which makes it easier to make more sales.

 

An interesting observation by the Italian economist Vilfredo Pareto helps explain how best to manage cash flow. He noticed that 80 percent of the land in Italy was owned by 20 percent of the population. He further noticed that it happened in nature in that 80 percent of the peas in his garden were produced from 20 percent of the pods.

What does this have to do with cash flow management? Look at your business: it is likely that the Pareto Principle, also known as the 80/20 rule, is in play. Do 80 percent of your sales come from 20 percent of you customers? If so, it might make sense to cut out some of your more high-maintenance, low profitability clients. Your ratios may be different but understanding roughly 80 percent of an output results from almost 20 percent of an input gives you a competitive advantage on where to look to focus your effort and resources. 

By keeping an eye on your expenses, income, and operational efficiency you can predict when you might need a little extra cash coming in or going out. You can even use a budgeting tool to help with this process. You will see how much money is coming in each month and where all the money is going out each month, so it is easy for you to make changes if needed.

Accounting Software: Control Your Finances With Confidence and Ease

Accounting Software: Control Your Finances With Confidence and Ease

An accounting software system is a valuable tool for any business. It allows for more accurate record keeping, which in turn means less work and lower risk of mistakes. It enables you to automate labor-intensive accounting tasks and accelerates tax preparation. There are many benefits to using an accounting system, so it is important to explore them before making the decision on what type of software will best suit your needs. In this post we will review some popular features offered by accounting software systems and the costs associated with each one. We hope that after reading this you will have a better idea of how an accounting system can help you grow your business!

 

What is an accounting software system?

An accounting software system enables a company to keep track of all the various transactions that happen in a business. Transactions vary depending on the company and the industry, but most likely include sales, invoicing, accounts receivable, purchases, accounts payable, taxes, and payroll. All these transactions can be summarized, which provides valuable data for creating charts and predicting future performance.

There are three main types of accounting software systems. First, open-source accounting software is free and can be customized to the needs of the business. The downside is that open-source software may have hidden costs such as compatibility issues, support costs, training, and setup costs.

Second, canned accounting software (or desktop software) runs on your laptop or desktop. The data is also stored on the machine it is installed on. This is a great solution if you live in a rural community with a slow internet connection. It is also easy to use, costs less than other systems, and secure when you are not connected to the internet.

Last, cloud accounting software is stored online. With everyone being hacked these days you may wonder whether your data will truly be safe. The good news is you will not have to lie awake at night wondering if you many years of hard work will one day come crashing down. You are protected—many cloud-based solutions use bank-level encryption, so your finances are as secure as the money in your bank. In addition to security, no installation is required, no updates, backups are automatic, and you can access your data from multiple devices.

 

What are the benefits?

Using an accounting software system will save your company time and prevent avoidable human errors. Instead of tracking everything in a spreadsheet or a paper system, you have all your transactions in one place. It is easy to see what was spent or how much cash is coming into the business. You always know exactly where to find this information.

Accounting software automates some of the most boring accounting tasks, which dramatically increases the accuracy of your data. For example, you can set up so when a sale is made an invoice is sent to the customer set up on credit. The longer you wait, the harder it is to collect. By automating the process, you increase the likelihood of collecting. Furthermore, you can track your unpaid invoices and offer discounts for early payments.

Another benefit of an accounting system is the ability to track cash flow. Just like you can automate your accounts receivable, you can also automate other areas of accounting such as cash flow analysis. By connecting the accounting software to your bank accounts, you can easily reconcile your bank balance to your book balance in real time. No more waiting until the end of the month to find out where you stand financially.

One commonly overlooked area that is a huge win for businesses using accounting software is staying in compliance with taxes. Without good software, it can be difficult and keep track of taxes owed. A good software will calculate the sales tax and prepare the form for you.

If you opt for a cloud-based system (which I highly recommend), you have access to your accounting software system anytime you want. Literally, access to your business is at your fingertips. You can login anywhere you have a connection. So can your accountant, which makes it easy on everyone. Especially at tax time. Your accountant has everything he or she needs to file a complete and accurate return on your behalf.

 

Leveraging an Accounting System

New technologies continue to disrupt the role that accountants play in the marketplace. This is good news because accountants are well-positioned to provide the highest value to their clients. Because accountants are trained to see the big picture, they can further develop an accounting system to tailor to the needs of their clients. As a result, your accountant can be an invaluable source of analytics, insights, and best practices.

Gone are the days of the one-size-fits-all approach. Online accounting systems are compatible with hundreds of third-party applications that extend the usability of their platforms. Take QuickBooks Online, for example. There is a reason why QuickBooks has an 80 percent market share. Not only do they offer one of the most affordable accounting software packages, but they also have one of the most versatile accounting software systems. At the time this article was written, QuickBooks simple plan is $25, their Essentials plan is $40, their Plus plan is $70, and their Advanced plan is $150. All plans include QuickBooks mobile apps, support, and app integration.

What sets QuickBooks apart from their competitors is the software integrates well with third-party services, which make your financial management easier. As your business grows, you can add apps for spend management, billing and invoicing, eCommerce, time tracking, analytics, and inventory management. With over 650 apps to choose from, you are bound to find one that addresses any problems your business needs solved.

There are many advantages to using accounting software for your business. With QuickBooks Online you can use an online solution that is tailored specifically to you and your company’s needs. The benefits of a system like this will outweigh any potential risks associated with not having one in place. There are some great opportunities when choosing between different types of systems as well. We know how difficult it can be to choose which type of software works best for you, so please feel free to contact us if you have any questions.