5 signs it's time to outsource accounting

Taking care of your startup's accounting functions in-house can not only be a headache but a time-consuming task that eats up a lot of your resources. Whether it's payroll, accounts payable, accounts receivable, credit card reconciliation, inventory and budget reports, bank reconciliation, or payroll reconciliation, accounting can often be too much for the small startup to handle. How do you know you need help? Here are five signs it's time to outsource accounting. #1: You have no time left for ...
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Why not keeping accurate books will cost you more in the end

There are many challenges to becoming a small business owner for the first time and effective cash management is one of them. Maintaining a healthy cash flow is crucial for every small business. Yet, among the numerous routine tasks demanding your attention, bookkeeping often gets less than it deserves. Saving costs by doing your own bookkeeping instead of hiring a professional is generally regarded as a false economy unless you have the necessary skills and time to keep accu...
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10 warning signs your company may be failing

Just as there's no such thing as overnight success, businesses don't usually fail overnight either. Learning to recognize the symptoms of a failing business can help you differentiate between a temporary slump and more serious issues. "In many cases, there is a gradual and almost imperceptible decline that business owners might miss," writes Piers Ede. If you can spot the warning signs early enough however, you can decide whether to seek expert help to save the business or walk away. In this art...
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Is your company making these accounting mistakes?

As the owner of a startup, you are probably trying to do a lot with a little, and that may mean you're doing your own accounting. While you may try to handle your accounting on your own, it's usually not the best idea, especially if you're working with investors and managing payroll. If you make a mistake in your accounting, you can end up with a huge mess on your hands. Therefore, we have compiled a list of common accounting mistakes your company may be making for you to review. If you find tha...
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What you should know before hiring an accountant for your startup

  Managing your money right from the start is vital to the health of your startup. When hiring an accountant, outsourcing your accounting, or hiring an employee to manage your books, you want to be absolutely confident in who you choose as they are responsible for managing your money. Your accountant helps you navigate the numbers and make the best financial decisions. If the numbers aren't accurate, it can be hard to grow and succeed as a small business. Let's look at what you should know ...
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8 common payroll problems to avoid

Payroll is much more than just paying your employees their salary or hours worked. When it comes to payroll , it encompasses not only wages but deductions such as taxes and social security as well as health insurance and more. Payroll can be difficult for some startups, so today we look at eight common payroll problems to avoid.   #1: Setting it up incorrectly Payroll is complicated, especially where taxes are concerned. Not only are taxes a vital part of payroll, but they are difficult to ...
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The cost of hiring a new employee

Congratulations. You’ve decided after months of wearing many hats at your startup that it’s time to hire a new employee. Along with the excitement of bringing on a staff member or two, comes the inevitable question, “How much will it cost?” It might seem simple. You might think you can hire someone, pay them a salary and call it good. Well, it isn’t quite that simple. A new employee means much more than just the cost of their salary – which might even be a stretch for your new startup. You want ...
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7 common tax mistakes startups must avoid

According to the Kauffman Index on startup activity, there has been a 10% increase in the rate of new entrepreneurs in the US in 2015. That translates into more than a half million new business owners each month. With the formation of that many new startups, there are bound to be quite a few businesses making tax mistakes. We want to help this year’s crop of new business owners avoid the most common pitfalls of accurately keeping track of their taxes. To keep you from making the same mistakes as...
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