What to Consider when Hiring a Professional Accountant for Your Business

 

Managing your business finances correctly and efficiently can mean the difference between business success and failure. Not all business owners are savvy in the accounting field, so sometimes it’s best to bring in a professional to ensure your finances are being handled properly. A professional accountant can keep track of your business finances and make suggestions to help you make as much money as possible. Here are some things to consider when hiring a professional accountant for your business!

Desired Services

The first thing you should consider when hiring a professional accountant is what specific accounting services you need for your business. Do you just want someone to file your business taxes? Or do you need someone to manage your daily business finances? Coming up with a specific outline of what you want from your accountant gives you better guidelines when you begin your search.

Reviews & References

Don’t hesitate to ask a potential accountant for any client references they may have. This gives you further insight on how well the accountant does their job and also which specific accounting fields they specialize in. You also want to do your research and look for any reviews that give you an idea of their quality of service. One of the best ways to find a good accountant is to ask people you trust for suggestions, as they are the most likely to provide you with honest feedback.

Pricing

Before you begin looking for an accountant, it’s best to set a concrete budget. This helps you to stay on track and find a good accountant without breaking the bank. Always be sure to get specific rates from potential accountants because the last thing you want is to be surprised by unknown expenses when you get your first bill. Take the time to go over the exact services you want and let the potential accountant break down specifics of how payments work so that there is no confusion down the line.

Stay Involved

A professional accountant is there to assist you in managing your business finances. However, you shouldn’t rely on them solely for your financial success. Create a plan and make sure you’re aware of your own responsibilities to keep your finances in order. Be sure that you fully understand your financial situation so that you know what to ask and expect of your professional accountant.

 

Along the way, always follow up to ensure your account is providing the best quality services for your business. As business grows and expands, your accountant should adapt and grow with you.

Contact PL Consulting Today for Your Accounting Needs!

At PL Consulting, we consider our clients part of our team. We provide full financial management services including bookkeeping, accounting, payroll, tax preparation, budgeting, and more.

 

Serving the Baltimore area for several years, we are dedicated to providing customized service to fit each and every one of our client’s unique needs.

 

To book PL Consulting today or get more information, contact us at (410)-764-3731 or at https://www.plcfo.com/contact/

Tax 101: Small Business Preparation Tips

 

Tax season starts this year on Monday, January 27th. Though filing taxes isn’t everyone’s favorite task, it’s better to get it done early than wait until the last minute. Once you file your small business taxes, you’ll have a better idea of your official budget for the year. Here are some small business preparation tips for this year’s tax season!

Separate Personal & Business Expense

 

When you first start up your small business, you may find it difficult to separate your work and business expenses. While it may seem easier to just keep all financial information in one place, this can lead to a lot of confusion during tax time.

 

Mixing expenses can cause the IRS to disallow certain business expenses and also confuses your accounting information. The best way to prevent this is to open a separate bank account for your business.

Track Expenses

 

Keeping close track of your business expenses allows you to better reduce your tax liability. Certain business expenses can be used to reduce your adjusted gross income, therefore reducing the amount of tax money you’ll owe.

 

Keep track of each and every expense your small business makes, including office supplies, entertainment, travel, advertising, and insurance. Waiting until tax time to try and track your expenses increase the chance of overlooking something.

Remember the Dates

 

The IRS provides a tax calendar that helps businesses keep track of deadlines for tax season. This calendar includes dates for things like filing W2’s, W9’s, making estimated payments, and filing your return.

 

For freelance workers and independent contractors, you must obtain 1099’s from the clients you worked for during the year.

Digital Receipts

 

Modern technology has made it so much easier to get through tax season. There is expense tracking software that allows you to scan and save all of your small business receipts.

 

This makes it way easier to organize your expenses when they can all be accessed from one place. Creating digital receipts means you can throw away those paper ones, helping you organize your business space as well.

Hire a Professional

 

As a small business owner, your expertise may not be in accounting and that’s perfectly okay. Even with the expertise, time is limited when you have a business to run. Rather than stress yourself out about your business taxes, hire a professional to take care of it for you.

 

An account knows how to file your taxes correctly and efficiently the first time around. Having an experienced accountant on your team can make or break the long-term success of your small business.

Contact PL Consulting Today for Your Accounting Needs!

 

At PL Consulting, we consider our clients part of our team. We provide full financial management services including bookkeeping, accounting, payroll, tax preparation, budgeting, and more.

 

Serving the Baltimore area for several years, we are dedicated to providing customized service to fit each and every one of our client’s unique needs.

 

To book PL Consulting today or get more information, contact us at (410)-764-3731 or at https://www.plcfo.com/contact/

4 Ways to Save Money in Your Business

 

Saving money is not an easy task, especially when you are running a business. Every time you find yourself saving business money, another expense comes up that needs to be paid for. With the new year just a month away, now is a good time to implement new strategies for saving money. Here are four ways to save money in your business!

Advertising Alternatives

In this digital age, the marketing industry is transforming in a way that makes it easier to advertise your business.

 

Cut the costs of traditional print advertising methods and opt towards utilizing social media, public relations, and SEO techniques to reduce the cost of your advertising!

 

A lot of social media accounts are free of charge, also offer cost-friendly advertising options to those trying to grow their following.

Outsource Services

In-house employees are essential to maintaining the productivity of your business. However, salaries and office space can account for a big portion of a business budget.

 

For services that don’t need to be performed in-house, consider outsourcing to independent contractors. Independent contractors typically have lower rates and can be put on a temporary contract.

Cloud Computing

Many businesses are converting to the cloud, not talking about the ones in the sky. The cloud is an online space to store information.

 

Not only is cloud computing less expensive than other data storage methods, but it also allows data to be accessed from any authorized device.

 

This gives your business more flexibility while eliminating the costs of expensive storage hardware.

Telecommuting

Telecommuting is a growing trend, allowing employees to work from home rather than come into the office. While this isn’t an option for hands-on businesses, it’s a great money-saving tool for businesses that use computers.

 

You may not be able to merge into a completely remote business, but consider offering employees a few telecommuting days each week. This saves a lot of money on office space and the cost of upkeep.

Contact PL Consulting Today for Your Budget Planning Needs!

At PL Consulting, we consider our clients part of our team. We provide full financial management services including bookkeeping, accounting, payroll, tax preparation, budgeting, and more.

 

Serving the Baltimore area for several years, we are dedicated to providing customized service to fit each and every one of our client’s unique needs.

 

To book PL Consulting today or get more information, contact us at (410)-764-3731 or at https://www.plcfo.com/contact/

Four Essential Financial Services PL Consulting Can Offer Your Small Business

Every decision that you make affects your small business financially. Therefore, you need experts, such as PL Consulting to help streamline your business and make financial tasks manageable. Some financial processes are more critical than others. If you’re a startup company, then you may need guidance on what financial aspects will make and break your company. Keep reading to discover the four essential financial services PL Consulting can offer your small business.

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The Top Five Mistakes That Small Businesses Often Make

A trend in the business world is people wanting to work for themselves.

A trend in the business world is people wanting to work for themselves. Owning a successful small business is a part of the American dream.  The sad reality is that a third of small businesses don’t make it. It takes more than talent and a vision to make a small business thrive. You don’t want to become a statistic. Therefore, you want to be aware of any potential mistakes that could cause your company to crash. Keep reading for the five mistakes that small businesses often make.

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Components of Writing the Financial Section of Your Business Plan

There are several aspects to creating a business plan for a startup company such as writing your mission statement, learning how to market your company’s products and services, but writing a financial plan is one of the most critical factors in developing your small business. Without a section narrowing down your financial goals, you won’t win over investors or be able to achieve receiving a loan from the bank. Even if you feel as if your small business is secure financially, a financial plan can guide you on how to run your business. Still, what exactly are the components of a financial plan that you need to be aware of? Keep reading for a guide on significant elements of your business plan.

Without a section narrowing down your financial goals, you won’t win over investors or be able to achieve receiving a loan from the bank

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Reasons Why Women Should Start A Small Business in Maryland, Specifically in Baltimore as Well.

Did you know that women-owned businesses in Maryland are becoming increasingly popular and growing? If you’re a woman thinking about starting your small business in Maryland, you should know that Maryland is officially ranked as #2 in the nation for having the most woman-owned firms in 2018. If you didn’t realize this fact, you’re not alone. If this reason alone is not enough for you to start a small business in Maryland, then keep reading to discover other ideas on why you should make such a financial investment.

Did you know that women-owned businesses in Maryland are becoming increasingly popular and growing?

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Three Trends That are Changing the Finance Industry in 2019

Technological advances are a staple of the 21st century. Not only does technology affect our everyday lives, but it changes the sectors and industries in which we work. When a small business has the proper technological tools, it strengthens the company’s efficiency and helps employees to better service clients. Are you on the up and up? If you’re thinking about potentially owning a small business shortly or already have one to call your own, then you should keep reading about these three trends that are changing the face of finance in 2019.

When a small business has the proper technological tools, it strengthens the company’s efficiency and helps employees to better service clients. Are you on the up and up?

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4 Tips for Small Business Success and Profit


Owning a small business has become a popular trend in the business and finance realm. More and more people are starting to realize their talents and are figuring out how to make their expertise profitable and marketable.

Owning a small business has become a popular trend in the business and finance realm. More and more people are starting to realize their talents and are figuring out how to make their expertise profitable and marketable. Owning one’s own business comes with many advantages. For one, you get to set your hours. Two, you have a firsthand say in shaping the values and culture of your company and can control who gets hired. Three, given that you work hard and manage money properly, you will have financial freedom. However, did you know that only about 2 out of 10 startup businesses make it past the 18-month mark? If you want your success to become permanent, read these five tips that every small business needs to know to be successful.

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Calculating an ROI

An ROI helps any business owner to understand how successful their business is along with highlighting much-needed improvements. Understanding an ROI also makes it easier to make future financial decisions.

An ROI helps any business owner to understand how successful their business is along with highlighting much-needed improvements. Understanding an ROI also makes it easier to make future financial decisions. A business owner won’t have to guess or overthink about how to allocate their funds or what will be beneficial to the business. Utilizing this key performance indicator (KPI) is done amongst many industries regardless of size. Regardless of if you’re a small business owner or large business owner, learning how to calculate your company’s ROI is useful to you.

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