Why We Recommend QuickBooks for Small Business Owners

Why small business owners should use QuickBooks

Not using QuickBooks? You should be! QuickBooks is essential for small business owners. Here’s why we recommend that all small business owners use QuickBooks today.

It Helps With Sales Management

Cannot afford to hire a huge sales team? QuickBooks helps small businesses to efficiently monitor their sales. Whether you are starting or growing your company, you need to keep track of customer sales to track your income and expenses. With QuickBooks, you can see who owes you (your accounts receivable) and review sales reports that will help your business to keep track of your invoices without having to hire a big sales team. 

QuickBooks Tracks Business Expenses

Are your expenses exceeding your income? As a small business owner, you need to carefully keep track of your expenses to ensure you don’t land in debt. QuickBooks automatically does this by keeping track of your bills and expenses. You can also record transactions that you make to QuickBooks. It will not only help you to eliminate unnecessary expenses but it can also pay your bills in time for you.

You Can Gain Insights Into Your Business Performance

When you use QuickBooks to manage your income and expense, you get access to valuable financial reports. These reports are automatically updated as your business progresses. The info can help you to gain potential investors or even a line of credit for your small business which will help it to grow.

How To Begin Your QuickBooks Journey

Now that you know some of the benefits you can receive from QuickBooks, it’s time to get started. If you have staff on hand who already know how to navigate through QuickBooks, great. If you don’t, you may want to consider hiring a QuickBooks advisor such as the professionals from Georgen Scarborough who can train your staff and provide you with tips to take your small business to the next level.

For help with using QuickBooks, be sure to contact our team today!

How Adding a 401(k) Can Improve Your Business

How adding a 401(k) can improve your business

A 401(k) plan has a lot of benefits for businesses. It is important to employees but it can also help you to retain and attract new talent. We discuss why adding a 401(k) plan is the right move for your business.

Benefits of Adding a 401(k) Retirement Plan To Your Business

Retirement benefits can help to improve your business outlook. Here are some ways it achieves this goal:

  • It helps your business to recruit the best talent

It can be tough to find the right candidates for your business. When candidates and potential staff are considering your business, they don’t just look at the salary on offer, but they also consider retirement benefits to be important to them. Adding a 401(k) plan can help your business hire and retain the best staff to help your company grow.

  • Lower tax for employees and employers

When business owners and employees contribute their salary to a 401(k) plan, their income is reduced, which puts them in a lower tax bracket. The result is they both pay a lower tax liability at the end of the financial year. 

  • Lower tax deductions for businesses

A 401(k) plan contribution by an employer may qualify as a business expense, which automatically makes them tax-deductible. Small businesses can especially benefit from 401(k) accounts as any matching or profit-sharing contributions are tax-deductible, giving them a much-needed saving on business tax.

How to add a 401(k) plan to improve your business?

Business tax can be a significantly large portion of a business’s expense. Small businesses and start-ups can benefit the most from taking advantage of a 401(k) plan for tax deductions. Larger benefits can increase productivity and employee loyalty to their business by providing them with retirement benefits. 

To add a 401(k) plan, you need to hire a financial accountant or bookkeeper who will help you with payroll services and retirement benefits. An accountant can help you with tax preparation and deductions that come from the 401(k) plan.

If you’re looking for a professional accountant to assist you with your 401(k) plan tax deductions, give us a call today!