Category: CPA Services
4 Benefits of Outsourced Accounting Services
January 17, 2024 | admin
Hiring outsourced accounting services provides numerous advantages to business owners, especially for small- and medium-sized companies. You may wonder, “why outsource when I can do it myself or hire in-house accountants?” Others of you may struggle to keep up with the demands of running a rapidly growing business and are looking for ways to manage your workload. Wherever you are in your entrepreneurial journey, outsourced accounting services can save on resources and help avoid financial pitfalls. Let’s look at four key benefits together. Save Money Whether your business is nonprofit or for profit, you want to cut expenses wherever possible. And the more your business grows, the more expensive it becomes to keep your accounting in-house. Outsourcing your accounting functions saves you money on hiring and training costs, wages, and benefits paid to employees. It also removes the need to purchase and maintain the latest accounting equipment and software. The funds you save by outsourcing can then be redirected to other areas of your business. Save Time Running a business is a time-consuming endeavor, especially if you’re doing it alone or with just a few employees. Outsourced accounting services can save you countless hours and a great deal of stress, freeing you and your team to focus on the tasks in which you […]
Read MoreDebt Management for Business Owners
November 20, 2023 | Barton Walter and Krier
Some of you may shudder when you hear the word “debt,” but if you’re a business owner, chances are you know that debt is often necessary. And it doesn’t have to be a bad thing. Taking out a business loan is a common and useful tool for funding a business, especially in its early stages. The trick is managing your debt wisely so that it never grows out of control or otherwise hinders your operations. In today’s blog, we’ll explore strategies of debt management for business owners. How Do Businesses Accumulate Debt? Before we examine how to manage debt, we need to understand how and why businesses accumulate debt in the first place. As a business owner, you may use debt financing for a variety of purposes. You may need a loan to cover startup costs. You may need to borrow money to help with everyday business needs, known as “working capital.” Some business owners use loans to purchase expensive equipment, inventory, or real estate. Many of these costs would prove detrimental to small businesses if they had to be paid in full, but repaying a loan over a long period of time makes them much more manageable. You can obtain a business loan from a bank, credit union, the U.S. Small Business […]
Read MoreWhy You Need an Estate Plan (And How an Accountant Can Help)
October 23, 2023 | Barton Walter and Krier
You may have heard of estate planning and figured it wasn’t for you. Maybe you thought you were too young or not wealthy enough to bother. The truth is everyone should have an estate plan. This important set of documents gives you a say in what happens to your possessions after you’re gone and provides other helpful ways to steward your affairs. Continue reading as we explore why an estate plan is so important and how a Certified Public Accountant (CPA) can help with yours. What is an estate? The word “estate” may conjure up images of expansive properties and mansions. But in this case, the word has a much broader meaning. Your estate comprises the sum of your possessions, including everything you own, your house, vehicles, bank accounts, investments, and life insurance policies. All these assets must be distributed to people or organizations upon your death. What is an estate plan? An estate plan is a set of documents outlining what will happen to your estate after you’re gone, and in some cases, while you’re still alive. A will is the most well-known aspect of this plan, but other documents include trusts, powers of attorney, and life insurance plans. Why is it important? An estate plan ensures you have control over who […]
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