Small Business Accountant That Grows Your Business

What SureBooks can do for you as your small business accountant?

A small business accountant knows that no matter the size, running a business is a tricky and time-consuming affair. That is without even considering the financial side of the company. As a small business owner, you may be feeling torn as to whether or not to enlist the help of a small business accountant such as SureBooks to assist you on your path to success, or keep you there. If this is the case, you may wish to know what it is a small business accountant can really do for you, and in just a few minutes of reading, find out exactly what that is.

First things first, your small business accountant keeping the books balanced

As previously mentioned, accounting can fall low on the list of priorities as a small business owner with what feels like the world on your shoulders. Juggling every other facet of the business, from day-to-day operations, advertising and marketing as well as many other elements can be tiring to say the least. A recent poll revealed that 40% of small business owners find financial management to be the most difficult and intimidating part of running a company.

This is why, among other reasons, many small business owners choose to enlist the help of accountants. Having your books up to date and maintained can help you financially forecast months ahead as well as make you aware of any possible financial gaps looming in the near or far future. Having the skilled insight of a small business accountant can actually save your business should the going get really rough. Hiring an accountant can eliminate the risk of errors that could potentially stop your business in its tracks or place you in a terrible predicament.

SureBooks offers an affordable solution, with our vast knowledge of the industry and best practices as well as years of experience available to add value to your business.

We pay close attention to receivables

Getting paid is arguably the most rewarding and exciting aspect of running a business. Documenting and filing what you have received is not so fun, however. When a business issues an invoice, a receivable must be recorded – in essence, you have documented that you are owed an amount of money by a customer. If you have done this correctly, it should be easy for you to check the listing and find whether a customer has an outstanding balance or not. When the customer does pay you, this amount is to be applied to their invoice and marked as paid.
This sounds easy enough – if you only have a handful of clients of course. When business picks up and multiple customer deposits are coming in each day it can be hard to keep up. If left unattended for too long, tax season will eventually roll around and you may be confronted with a bunch of deposits that do not match so well with your report of receivables. In this case, if you do not have accounting assistance for your company, you may have hours of tedious updating of listings as well as potential tax overpays to look forward to.

All this can be avoided if you enlist the help of SureBooks as your small business accountant. We pay very close attention to receivables as well as assist you with the documentation and filing of reports. When tax season rolls around, not only will we handle that, but you can rest assured knowing that all your information is in order and correct to the last detail.

We help you keep tabs on your cash flow

Three simple words: cash flow statement. Having one can make a world of difference in managing your company’s numbers. When you enlist the help of an accountant, your company could undergo weekly and monthly financial views as well as receive your very own cash flow statement. These statements help to give you a better understanding of the movement of cash within and outside your business. In brief, cash flow statements serve to monitor the direction of your income.

The fact that these statements include the aspect of time means that you can better expenses per season as well as payment cycles. From a professional perspective, we at SureBooks can advise you and offer unique insight pertaining to the anticipation of expenses and best practices when it comes to appropriately allocating income. We are also able to provide financial trajectories based on cash flow statements.

On the topic of financial statements…

We have just addressed the value of a cash flow statement, but this certainly is not the only valuable kind of statement. The income statement and balance sheet are two excellent examples. Usually, your trusted small business accountant will prepare each of these reports on a monthly or quarterly basis. From there, the health of your business will be analysed and discussed from various different angles.
You may be wondering about the difference between a balance sheet and an income sheet. The balance sheet is essentially a visual and numbered representation of your company’s assets, equity and liabilities at the time of compilation. On the other hand, the income statement showcases the expenses and income that have taken place over a defined timeframe, as well as shows your company’s “bottom line,” or in other words, your net income.

We know the difference between “invoices and receipts”

If you are a small business owner who is prone to mixing up invoices and receipts in your accounting books, then know that you are not alone. In fact, it is all too common for busy individuals without accounting experience to make this error. In case you are unsure, here is a brief explanation of the two:

• A receipt can be described as a proof of a transaction having taken place. This is what you give your customers and can keep a copy if you feel the need.
• An invoice, on the other hand, is a more detailed document that outlines exactly what the customer has received from your business. It serves as a reminder to customers that they owe you money. They are extremely valuable in helping to keep financial records, speed up your cash flow as well as holding customers or clients accountable for payment.

In the rush of every day operations, it is easy to mix up financial affairs in this regard, which is where accountants like SureBooks come in to take the burden of documentation, filing and creating reports on your data once you have sent it our way.

When tax season rolls around

It is not uncommon for small business owners to forgo hiring a professional to handle their taxes in attempt to save money. However, doing so denies them and their company from having access to a high level of accounting expertise – which can actually cost the company a significantly more down the road. For example, some companies qualify for deductions during the tax season. Finding out if your business is one of them may be a lengthy process and a frustrating search amongst a seemingly endless list of regulations and government tax information. A seasoned small business accountant, however, is completely up to date with these regulations and will be able to pick up on any deductions for which your business qualifies, as well as give you valuable tips as to how you can emerge from tax season in a good financial situation.

Further, your accountant’s vast knowledge of the ever-evolving tax laws and regulations will aid you in planning ahead for emerging tax hikes and trends in the near future.

We will help you keep personal and business accounts distinct

Many small business owners regularly invest their own personal funds into their business to give it a boost and keep it operating for the first few months. While using your personal funds is certainly not frowned upon, using your personal bank account for business needs may present several difficulties. Ensuring that you have a separate bank account for your business makes it possible for you, and us, to see the movements of your finances and where and how your money is being spent. Should you choose to use your personal account for business expenses, it is all too easy to overlook crucial company transactions.

In order to best optimise your business’s financial records, as well as help us as your small business accountant do our job perfectly, ensure that you distinguish your personal and business finances to the best of your ability. Doing so could be as simple as setting up distinct credit cards and allowing yourself to monitor and both. Be mindful when it comes to spending decisions – in terms of ensuring that you only use each account for what it was intended.

Many accountants in the industry recommend using credit cards for business affairs and transactions. This is due to the fact that using credit cards creates specific statements that allow you to automatically and simply keep track of all your expenses. It is no secret that cash payments can be easily forgotten and overlooked, especially on a very busy day. However, neglecting these payments can cause inaccuracies when it comes to your accountant compiling cash flow reports as well as sub-par financial forecasting.

We are here to offer financial and business management advice

While are ready and waiting to provide business and financial consultations to assist in the succour of your small business, it falls on you to maintain clear communication with us as your small business accountant. This is easier said than done, especially with all the responsibilities that rest on your shoulders as well as the day-to-day stresses of operation. What is important is that you do your best to keep communication channels open in order to prevent any misunderstandings and unnecessary confusion.
Although professionals do what they can to avoid confusing accounting jargon and opt for using lay-men’s terms, sometimes it slips by unintentionally. It is just as much your responsibility to let your accountant know if you do not understand something, as it is theirs to explain it in great depth to broaden your knowledge. We at SureBooks understand that you are a small business owner and not a professional when it comes to all things financial and accounting, meaning that you have little to no reason to keep up with the latest and most confusing technical terms.

We strive to ensure that you consider us as part of your close-knit team, keeping up to-date on all things financial so that you do not have to. We will be watching your back and providing helpful tips that will add to the value of your business as a whole. We are but a phone call or email away! You can rely on us to provide information and advice that you can always count on.