Author: Professional

12 Tips for Starting Up a Business

  1. Decide on the name of your business.
  2. Research the County DBA files to make sure the name you have picked out is available.
  3. Fill out the DBA application. This can be downloaded from the internet at your counties website along with the directions. The cost is approximately $14.00.
  4. Open a Business checking account. It is very important to keep your personal finances separate from your business finances. You will need the DBA certificate from the county to open this account. It can be titled as:John Smith
    Dba Smith Window InstallationOr, just Smith Window InstallationI prefer using your name and company name, so if any one wrote the check out to you personally you would not have a problem getting it cashed or deposited into your account. Banks have become very careful about only allowing items with the name of the account to be processed through that account.Tips for Starting Up a Business
  5. Do you need an EIN number? The EIN number is your federal Id number. If you are to have employees, you will need to apply for this number also. If you are only going to be paying non-employees or contract labor, then at this time you do not need an EIN. The EIN application can be found at www.IRS.gov
  6. If you are selling retail items for other products, you will need to research if you are required to charge sales tax. This can be done at the website of the State Comptrollers website under “Business” and “Sales Tax” If you are required to collect and file sales tax returns, then you can apply on line for that number also.
  7. Find a good full charge bookkeeping company. Your time needs to be out working and growing you business, not trying to do all the paperwork. Getting a good support time is how you are going to grow and expand you business.
  8. Purchase an accounting software package or use a bookkeeping company where you set up a weekly, bi-weekly, or monthly appointment to drop off you documents for that period of time at their office and save yourself an additional start up cost of $200.00 to $500.
  9. Define your business needs. Are you going to want Profit and Loss for different Revenue Centers or just one?
  10. Set up a 12 month “Budget” and a 5 year “Growth Budget”.
  11. Work with your bookkeeper to set up your books in QuickBooks.
  12. Hire a Website Designer to start a small website. Set up a Budget to work with on this project, tell him or her that this is the amount available and stick to it.

I hope theses few tips help you start up your business. Next publication will be about what receipts you need to keep. Defining what a “Receipt” is as per what IRS wants to see if you are every audited.

Identifying Different Cost in Business

Business costs may include capital and revenue costs, direct and indirect costs as well as fixed and variable costs.

The identification of costs is a crucial aspect of any business and is required in order to understand and set products and pricing structures. For those who operate their business from home, a simple and organized way of identifying costs is to visualize one’s daily activities and record each item which is used and requires purchasing.

Business costs may be divided into three main categories:

  • Capital costs and revenue costs
  • Direct costs and indirect costs
  • Fixed costs and variable costs

Understanding Capital Costs and Revenue Costs

Capital costs (often referred to as capital expenditure) are those related to expenses occurring as a result of purchasing either permanent or capital resources in the organization known as fixed assets. This may include money spent to increase the value of any existing fixed assets such as creating an extension to increase the size of the workplace environment. Capital expenditure also involves money spent on legal fees associated with purchasing property as well as both the carriage and installation of work machinery.

Identifying Different Cost in Business

In contrast to capital costs, revenue costs are those which are necessary for the day-to-day running of an organization. Unlike capital costs which typically last a long time, revenue costs include those which are used up within the space of a year. Example of revenue expenditure include items purchased for resale, materials used in manufacturing in addition to common expenses such as heating, lighting, rent, rates and salaries.

Understanding Direct Costs and Indirect Costs

In the majority of financial management related processes, daily costs associated with running a business unit come under the category of direct and indirect costs. The former costs are those which are essential or directly involved in the production of one’s products while the latter refer to costs related to supporting the product service. A common aspect associated with indirect costs is those required to undertake processes related to administration. Indirect costs are those which are typically referred to within the business environment as ‘overheads.’ read more about direct and indirect costs on : http://accountingexplained.com

Some costs may be both partly direct and partly indirect, such as in a restaurant where the chef’s salary would come under the heading of direct costs in contrast to the bookkeeper responsible for the preparation of the restaurant accounts which would be identified as an indirect cost.

Understanding Fixed Costs and Variable Costs

The major difference between fixed costs and variable costs is simple to understand as the former are costs which remain constant while the latter relates to costs which vary in proportion to aspects such as sales or production levels. Fixed costs may include those which are paid at a fixed rate similar to when one is paying a direct debit that is set at the same specific price each month. Examples of fixed costs are areas such as rent, insurance, loan interest and staff remuneration.

Variable costs may include things like overtime wages, essential stationery, and petrol as well as other business costs. These costs may also include advertising and are relate to how productive the business is and budgets.

As highlighted above, costs within the business environment may be categorized into three main groups which include fixed and variable costs, those which are direct and indirect as well as capital and revenue expenditure

Best Accounting Software for Small Business in 2016

Compare, download and review top accounting solutions for small business managers and personal users in 2016.

How do you find a top accounting program for a small business in 2016? Are free and open source accounting software applications really the best choices for small or home business owners? This article will provide simple answers for these two questions. It is also an easy guide for finding and downloading accounting software for small business management. Click here to read more about choosing a best accounting software on.

An accountant usually requires a simple, easy to use, low-cost and reliable accounting software solution for small business management. This kind of software can help a small company easily improve financial management and reduce operating costs.

Cost Effectiveness of Small Business Accounting Software Solutions

The costs of small business accounting systems include the prices of software packages and the costs of configuration, integration, training and customer supports. As a result, sometimes a free and open source program may not be a cheapest choice – though it provides software packages for free downloading, the costs of its other services could be expensive, especially when it is a part of a company’s integrated CRM (customer relationship management) or ERP (enterprise resources planning) system. for more details about requirements and costs of bussiness accounting systems visit : http://www.dcaa.milacounting software

On the other hand, some of the proprietary software companies provide accounting software solutions at low prices. If such a software application provides reliable solutions and its price includes configuration and comprehensive customer support, it could be a good choice for a small business accountant.

Other important characteristics of a good small business accounting tool include high efficiency and excellent operating results. A priced accounting program could be very cost-effective if it can largely improve business intelligence and reduce operating costs.

Top Accounting Software Solutions for Small Business in 2015: Suggestions and Downloads

There are a few suggestions for small business accountants who are looking for good accounting solutions in 2015:

If an accountant needs an independent desktop software application, he or she should compare the functions and services between open source programs and low-cost priced packages before choosing a right one. GnuCash, Grisbi and HomeBank could be good choices. Please check the article Best Free Open Source Accounting Software Download Reviews for details.

If an accountant wants to monitor financial situation in different places, a Web-based online accounting system could be a best choice. Online accounting systems usually can be accessed by both personal computers and mobile phones. QuickBooks Online, NolaPro, Xero and ClearBooks could be good choices.

What Is Your Budget for Hiring Bookkeepers Melbourne

Spending money on a bookkeeper can seem like such a waste for many small businesses with very little cash flow but your employees deserve the best. You have to remember, when you have employees, you have additional responsibility and if you don’t do things right, they could end up losing their jobs. So, what exactly do you have to spend on a bookkeeper?

bookkeepingCalculate What You Can Afford To Spend

First things first, how much money do you have? This is an important question to ask yourself because if you have very little or nothing left over to spend on a bookkeeper; you know you need to do some rearranging. When you have a business full of employees, you really need to have some sort of system in place and you have to consider a bookkeeper. Once you have an idea what you can afford to spend on bookkeeping, you should be able to budget for it.

Search for Bookkeepers Melbourne in Your Price Zone

There is no point in looking for a bookkeeper who asks for thousands each month for their services when you cannot afford that. You need to think logical and think carefully and look at the bookkeepers within your price range. Of course, you want the best but if you really cannot afford much then you need to look at the lower end of the scale. This doesn’t mean you can’t still get a quality bookkeeper however, it just means you don’t have much to play with.

Consider Outsourcing Bookkeeping To Save Money

If your company really has limited funds, you might want to consider outsourcing. Now, this can be one of the best ways to save money and get bookkeeping done at the same time. Though, of course, this is still going to cost money but most of the big businesses should be able to afford these prices. It might actually be best way to save some money with bookkeepers Melbourne.

Finding the Right Match

At times, it can be very difficult for most to find the bookkeeper that offers them what they need shutterstock_74744449-e1373899865822and want. However, when you take the time to understand your budget, finding one shouldn’t be too difficult. As long as you have a good idea of what you can spend, searching for a new bookkeeper isn’t too hard and it can be very simple. The right match is just around the corner, take the time to look for a bookkeeper who meets your needs. Visit http://www.nitebyenitedebtcollections.com/can-you-deal-with-the-businesss-books-yourself/ to know that how can you deal with the Business Books.

Look For an Affordable Bookkeeping Firm with a Good Reputation

When you are going to look for a new bookkeeping firm, the first thing you want to look for is the reputation. Now, for those with a good reputation, it’s usually for a reason and they always offer good prices. However, if their prices still aren’t good enough for you, you may want to look at some newcomers who haven’t as yet established a reputation in the bookkeeping field. There are many bookkeepers Melbourne who are great but are just starting out. Click Here to see best bookkeeping services.

Bookkeeper Melbourne – Who Should You Be Choosing?

When it comes the time to choose a new bookkeeper Melbourne, a lot of people struggle. The reason why is because there are so many different bookkeepers out there and you have to narrow the choices down. Though, it can be a lot easier to make a decision when you find out a little more about the people you want to hire. Here are a few things you may want to ask before you hire a new bookkeeper.bookkeeping_03

Look At the History of a Bookkeeping Firm

The first thing you need to do is to find out a little more about the bookkeeping firm in general. For a start, do they have a solid background in the bookkeeping field or have they been around for only a short period of time. Everyone has their own opinions about choosing newcomers however; you shouldn’t look to avoid them. In fact, if you like the look of a firm who is recently new, why not have a test run with them to see if they offer you good quality? It’s one way to find a good bookkeeper Melbourne. Click Here to see that how can you deal with the Business Books.

Does The Bookkeeper Or Firm Have A Strong Reputation?

In most fields, if you have a good reputation, it means you are good at your job and if you have a bad one, mostly it means you aren’t very competent. However, it can be important to take the time to look at your potential new bookkeeper and see how well their reputation stands. For some, they will be recommended to you via word-of-mouth and sometimes, it’s just a quick interest search that draws you to them. However, reputation is important because usually it’s a measure of how competent they are at their job. For more information check out www.bookkeeperco.com.au.

What Is the Bookkeeper Melbourne Final Price?

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Busy females

Every bookkeeper or bookkeeping firm will have their own prices set out when it comes to their clients. Now, sometimes, big firms will offer discount prices to loyal customers who remain with them each year. This is something you might want to keep an eye out for; though be wary, not all firms offer this, sometimes, there will be some sort of reward for loyal customers. However, you need to give serious thought to what you can afford to pay each month and what the potential new bookkeeper Melbourne is asking you to pay.

Ask the Right Questions

However, before hiring anyone, you should take a little time to talk to them. For a start, you want to know whether or not they are going to be a right fit for you and if you don’t get on, you know they aren’t. If you ask the bookkeeper questions about issues you are worried about, it may help to establish a connection and maybe help gauge if this is right for you. Check out www.bookkeeperco.com.au for more detail.

Keep Your Eyes Peeled

You really never know when you are going to be able to find the right bookkeeper for you and that means you have to be prepared for a long wait. Sometimes, you are able to find your new bookkeeper within a matter of minutes, sometimes, its hours and in rare occasions its days. However, no matter how long it takes, you want the best bookkeeper Melbourne.

Can You Deal with the Business’s Books Yourself?

Bookkeepers are some of the most sought after people of today, yet for thousands, they don’t think they need a bookkeeper. Thousands of small business owners with only a few employees think they don’t need to worry about bookkeeping and don’t need to hire a professional. However, they may be wrong. When you have employees you not only have the responsibility for your business but the responsibility to ensuring your employees are paid accurately and don’t lose their jobs.oz-small-business-bookkeeping-adelaide-bookkeeping-oz-bookkeeping-adelaide-bookkeeping-specialist-5434-938x704

Do You Know What The Books Are?

Let’s be honest, you hear people talking about ‘the books’ on TV shows and movies but the term goes over your head. I know it goes over mine; and there are many smart and intelligent people who have no idea what the books are or why they are needed. If you are one of these people, it is time you contacted a professional bookkeeper Melbourne. You own a business and you have the responsibility of people working for you which means you need to keep the books in order. Can you really afford to take a chance and let someone who doesn’t know what they’re doing ruin your business?

Do You Need To Hire A Professional Or Just Ask A Friend?

However, while a lot of people realize bookkeepers are needed, many don’t look to the professional. Now, at times, this can be both good and bad but mostly bad. See the Budget information of book kepeers at http://www.nitebyenitedebtcollections.com/what-is-your-budget-for-hiring-bookkeepers-melbourne/ Unless your friend is a trained professional who has dealt with bookkeeping before, they shouldn’t be doing anything to the books. The reason why is simple, they are not trained and don’t know what they’re doing which means they can make mistakes and cause a lot of trouble. If you are not going to deal with bookkeeping yourself, you need to hire a professional. Click Here to see some professionals of bookkeeping.

How Much Will You Pay For A Bookkeeper Melbourne?

In all honesty, the cost for hiring a bookkeeper can vary considerably. Sometimes, if this is a one-off service, you will pay one fixed fee but if you are looking for a long-term provider, you will have to pay monthly or weekly fees. This varies and some can be very inexpensive and others can be expensive, it just depends on who you choose and which firm you want to stick with. There have been many who have chosen one firm, only to swap to another within a few months after realizing they aren’t for them. Bookkeepers charge their own prices so be wary when you are selecting a new bookkeeper.bookkeeping-software

Finding a Balance

In business there is a fine line between being a fun-loving boss and being ‘THE BOSS MAN’ who is serious all the time. However, just because you run a successful business and make serious cash each year, it doesn’t mean to say you are capable of being a bookkeeper. This is such a difficult field to learn and even if you run a business, you may not understand the process. You may find choosing a bookkeeper Melbourne much better for your business.

Should You Consider Payroll Outsourcing When You Have Limited Funds?

If you run a large business or have a business with employees then you need to seriously consider a payroll service to suit your needs. However, this can often be a little difficult for many who don’t have the funds to pay out. Now, let’s be honest here, the cost for payroll is going to be pretty big at the best of times simply because there is so much that needs to be done. However outsourcing may provide you with an alternative source but if you have limited funds, should you still outsource?

Look Overseas For Payroll Outsoubanner2rcing

If you are really going to want to stick with outsourcing your payroll then you have a few options. You can choose a local freelancer to come in and do the work or you can look overseas. Now, this might appear to be a little odd but it doesn’t need to be because you might be able to find qualified payroll staff overseas for a fraction of the cost. Of course, payroll outsourcing overseas might not be to everyone’s liking or needs but it can be useful for those who are limited in their monthly cash flow.

Short Term Contracts

The greatest thing about outsourcing the payroll to those overseas would be that they aren’t full-time employees meaning the costs aren’t going to be so big. Also, they work usually by short-term contracts and it means if you don’t like their work or you find you have to cut back on costs, you can. Of course, a trusted payroll service is crucial in business but you have to be a little smart when you have very little funds to play with. You can read about the Book Keeping at http://www.nitebyenitedebtcollections.com/bookkeeper-melbourne-who-should-you-be-choosing/

More Productive

books-1You don’t have enough cash coming into the office to hire full or part time employees and that can be very tricky indeed. However, when you have limited funds, you can still get a good payroll service when you outsource. The reason why is simple, you are only paying for the actual time they require to spend on your payroll and no more meaning you can reduce the costs dramatically.

A Payroll Is Needed

It doesn’t matter if you have little cash to spend or a lot, if you have employees you have the responsibility to have some sort of payroll services available. If you aren’t going to do things yourself then you have a payroll service to do so. Your employees cannot afford to have any problems with their pay and it does look very badly on you. Payroll services will be needed when you have employees because they need to be protected. Click Here to see that how can you deal with the Business Books.

Be Aware

It can be a nightmare to own a business and have little extra cash to pay for certain things. However, there is a big difference between scrapping a living for yourself and being responsible for others. When you have a company and have even two or three employees, you need to have payroll services even if it means costing a little extra cash each month. You could look to payroll outsourcing as this is a much cheaper than regularly payroll services.

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