Thanks to the advances in technology, the days of doing your accounting with pen and paper are over. Accounting has now transitioned onto the digital landscape through various types of accounting software like QuickBooks and Peachtree. While you still require the actual ability to manage and calculate numbers, accounting software has made things simpler in terms of financial management.
However, because of the various types of software, there are some questions you should ask yourself before investing in one. There’s nothing worse than spending $150 to $800 on an accounting platform, and feeling unfulfilled. In today’s post, we’re going to talk about some of things you should inquire about when purchasing an accounting software.
What Features are Included?
Each accounting software is different and comes with its own features. It is important to ensure that whichever software you decide to go with has features that suit your business’ needs. Whether it’s the ability to schedule and send invoices or track sales and expenses, the only way to utilize your software to its fullest potential is to make sure it comes with everything you need.
How Much Does it Cost?
Considering the fact that you cannot use a software you can’t afford, price is pretty significant. Accounting software varies in cost, ranging from $150 to $800. Finding the right software isn’t just about which features work best but also what’s in your budget. Remember that accounting software is an investment but to also think twice before spending the big bucks.
Is It Cloud-Based?
Are you an accountant that’s always on the move? If so, then it’s important that you have an accounting software that is cloud based. This means you can access your financial information from anywhere with an internet connection. Not only is cloud based accounting software more convenient but it also protects your information in case something happens to computer.
Is it User-Friendly?
Accounting Software is not only used by accountants but bookkeepers as well. Different software can come with various intricacies that may require a learning curve and training. Investing in an accounting software that is more user-friendly means that it will be easier to manage. This frees up time that would’ve been spent on training and implementation. Also, the more user-friendly a software is, the less likely mistakes are to occur.
How Secure Is It?
When it comes to your financial information, security is a big deal. Remember to inquire about your accounting software’s safeguards to guarantee the protection of your data from harmful intrusions and theft. Most types of software keep track of changes made and provide alerts relating to suspicious activity. Choose an accounting software that makes you feel secure and comfortable when inputting your information.
Is It Compatible with Other Devices?
Some accounting software is more compatible than others. For those constantly on the move, look into software that allows you to check your financial information from your smartphone or tablet device. On the other hand, there is accounting software that only works with specific operating systems, which is also something to consider.
Thanks to its many choices, investing in an accounting software is a big decision. Remember to consider the many variables that go into purchasing and using a software before coming to a conclusion. With a little bit of prior planning and smart decision making, we’re sure that you’ll find the right accounting software for you and your business. Happy Hunting!
As a Long Island accounting firm, we at Nazaire & Co. understand the insanity of making sure your bookkeeping, accounting, and financial records meet immaculate standards. Our firm produces the proper accrual, filing, and disbursement practices your monetary endeavors seek. Being a business in Long Island, we are aware how things work differently in other boroughs and counties. In our practice, we are keen to adopt and identify local financial trends in your local area. Accounting may be a standard principle, but accounting in different towns, states, or industries, will tell you a different financial story in each region, demographic, and industry. The same goes for high net worth clients seeking wealth management accounting assistance. High net worth accounting is a valued accounting practice that is best practiced as a personalized, and discrete service.
The goals of our high net worth accounting practice is to make sure we can plan out, and we will do so, a coordinated and customized planned out effort to make sure you, as an entrepreneur, or an executive, or a high net worth family will be well managed, and be capable to achieve any of your financial planning goals.
There are many problems high net worth clients tend to have difficulties facing. One of those problems involve knowing when and how they should go by, taking advantage of the most advantageous tax opportunities with great strategic tax planning solutions. Tax planning solutions, when implemented legally and accordingly will help you in unique situations.
The law of the land is also ever changing. Staying up to date with the changes in tax law will make the difference in having good wealth management accounting solutions. Being as proactive as you are, you should go out and seek assistance from professionals who are skilled and critical in making sure you have great tax planning solutions.
Services for high net worth & wealth management accounting
Questions you may have with high net worth accounting, and wealth management accounting include fields in charitable gifting, planning, financial advisory, tax services, strategies to minimize income tax, family tax planning, strategies to minimize estate tax, investigative services, retirement distribution planning, trust & estate tax planning, business succession planning, tax planning related to transactions and investments. You may have a lot of questions involving your high net worth tax planning solutions. But having accredited CPA’s to assist you will help you lesson your load. It will also relieve you of unwanted stresses and burdens.
Keeping you, your wealth, and your family in mind.
Our Long Island Accounting firm doesn’t just know how to do great accounting. We specialize in personalized accounting to meet your needs! So, if you are looking for a service in high net worth accounting, or wealth management accounting. Nazaire & Co. has the experience of such practices. Plenty of our Long Island and New York City clients will happily say we do.
We undoubtedly keep you, your future, and your love ones in mind when we plan out your financial plans. Our high net worth accounting, and wealth management accounting services are guaranteed to support you and your family’s requisites. We are well prepared and equipped to handle any scenario life throws at you and us, your financial partners.
A business accountant is an essential must have in this business day and age. If you are a small business owner, having an accountant or not having one could make or break your business. I say this because, without having a clear understanding or knowledge of your financial development, how do you know if your business is actually growing, or your investment is worth investing in? Not only that, accounts have a variety of jobs in the finance world. Accountants, such as a Tax Accountant or Forensic Accountant are very crucial accountants for any business. But in this article, we will focus more on tax accountants.
There are many reasons to want to have a personal tax accountant to help you with your business. One reason for starters, a tax accountant will file your taxes, giving you time to do other precious work that needs to be done. Tax accountants also provide your business less stress, because you don’t have to worry about the IRS hitting you with a costly penalty for misfiling your taxes (that is if your tax accountant did their job correctly). Tax accountants will also help prepare you for any audits that might come up.
So, do you want to hire a tax accountant? Here are some questions to ask your potentially new employed Tax Accountant:
Questions to Ask When Hiring a New Tax Accountant
What Experience Have You Had in the Field?
This is an important question, because it shows the level of intricate knowledge he has with the best general practice in tax accounting. If he has experience in the field, he will obviously be more reliable than a person who is just getting their feet wet in tax accounting.
This specific accountant might have started off as a different type of an accountant. But if he has had relevant experiences in the field that meet your company’s goals, then you might have found your new tax accountant. Better yet, if he has had tax accounting experience in your own specific field and industry, then that’s a plus. It would be nice to know what kind of clients they have had. Perhaps the work they did for their clients meets the industry knowledge they should have for your business too.
How Often Do You Think You Can Get My Work Done?
When hiring anyone for any position, assessing their level of skills and capability to do the work is essential for any new employee. So, one question to ask your new candidates is how quickly they think they can get the work done (without decreasing quality in the work). An honest answer to the question should provide the candidate brownie points for their honesty.
Who Will Do What Work?
Understanding who does the work is also very important. There are plenty of tax accounts who decide to outsource some of their work to a third party. This doesn’t mean that their work is less noticeable or the work will be diminished, but at times, when asking your tax accountant about certain steps they took, it could be hard for you to get an answer from them in a timely fashion. So, when you hire or invest into a tax accountant, it will be to your benefit to know whom and where they will outsource their work if they choose to do so. This will help save you time in getting information you need about the tax accounting process.
It’s not bad practice for your tax accountant to hire outsourced workers to do their jobs better. But again, to save you time and effort, it’s better to know who to talk to, in order to get the tax accounting data you need.
Who Are You, and What Will You Bring to This Company?
There are plenty of accountants out their looking for your business. They would love to be hired by you, because you can help provide these accountants food on the table for them, and perhaps event their families, so it’s obvious to believe these accountants want your money in exchange for their services. But! How do you know which accountant fits your business entirely?
Sure, being a tax accountant who has done work for clients like yourself, who are in the same industry as you are is a plus. But! Do they see things the same way you do too and are they understanding of where your business stands in its profession? Do they understand the business mentality and culture? Will they be able to see things the same way as you do, the business owner or manager? Does the tax accountant understand and fit well within your business environment and culture? Can this tax accountant grow with you, or perhaps help lead you in better growth?
What I am trying to say is, you should assess the tax accountant as a person, and question if his character fits well in your company. This will lead to the next question to ask before hiring your tax accountant, what kind of accountant are they? What kind of tax accounting do they follow? Are they a more aggressive or conservative Tax accountant? Will they be able to flip flop, depending on the situation?
Aggressive or Conservative Tax Accounting Principles?
It’s important to know how your accountant practices their accounting. An accountant is not just a person with the ability to count and work with numbers, but an accountant is a human being, who should be able to express what these numbers means and to give quality advice to their employers on financial situations after calculating the numbers. So, depending on his personal stance of how to practice good tax accounting, it will be left to the employer to make the final decision whether to hire the candidate or not.
A more aggressive accountant wants to probably write off everything they can, while other accountants will take to a more conservative approach. If introduced with two possible solutions for an uncertain accounting problem, they would tend to select the worst case scenario solution in order to keep the business on guard for unforeseen circumstances.
Being able to balance between an aggressive and conservative approach is ideal for accounting, but timing is almost the most essential aspect on whether or not to be aggressive or conservative. If experienced, this accountant should be able to determine (with the data viewed and acquired) when it will be a good time to stay aggressive or conservative in a tax accounting manner.
Each scenario can be different, depending on time, a company may have a more aggressive approach in achieving their goals, while at other times, a company may plan to do cutbacks and stay passive in their expenditures, and so on.
Asking these questions will help you find a suitable employee for your tax accoutering position.
Finance and accounting within finance is definitely one of the most important departments businesses have, in order to keep their business running functionally, to grow, and stay afloat. Bookkeeping is also one of the most important financial responsibilities an accountant has. Without proper bookkeeping and the ability to save, backup, and securely store data, businesses would be running blindly without the knowledge of the fuel that keeps them going, aka money.
Here are some accounting tips to help you keep your business functional and running at full steam
Hire a Professional Accountant When Needed
In my other post about Tax Tips For Small Businesses, I had already explained how important it will be for you to not become overwhelmed with all the financial reporting, that you plan to do, all on your own. When you need help reporting your financial data, hire an outsourced professional to help you. Not taking this necessary step will cost you more in the long run, when you get hit with a penalty for filing or mismanaging your taxes, due to a lack of knowledge of the process.
Professional accountants are here to help, as they offer a variety of accounting services for you to choose from.
Upgrade Your Employees When Needed
You might have hired Joe to do your financial statements, you may offer him a salary of about $40,000 a year to do your small business’s financial work. Not a problem, but does Joe know how to handle the extra work that comes with having a bigger and ever growing business? Can he do the work that maybe a more knowledgeable CPA can do? Sure, Joe was great at processing accounts payable and other smaller and simpler tasks, but is Joe ready to handle the big questions offered by the IRS?
If you think now is he time to hire a $70,000 senior accountant to handle your finance work, and your business is certainly making the revenue to encourage this growth, then you might have to hire that new employee to handle the future financial tasks at hand.
Having employees in the finance world who don’t really meet your businesses requirements can cost you more when you have to fix those costly mistakes done by them. But what you can also do, is invest into Joe, by sending him to get more of an education, so you can increase his salary later, and have a knowledgeable employee who can certainly handle your business’s finance, and trust in even more.
Invest into Technology Services When Needed
Don’t overly spend on technology you don’t know about, or even know if your business can use it yet. There pricey services, technologies, and software’s that will help your business become more fruitful in its financial reporting or payroll processing, sure. But! How do you know which model to buy? Do you know the functions of the software and the technology? Perhaps the technology you are investing in offers everything but what you need.
If you already have a qualified accountant assisting you and your small business, keep them so they can continue on doing the good work. Do some research on the technological tools that can help you, but don’t buy until you know it’s the right one for you and that you need it.
Keep Concise Records
As a professional accountant will assist businesses in accounting. As an accountant you need to make sure all your paperwork’s are in order. If there are any special arrangements, or unpaid debts that need to be followed up, keep all that data in order, and track your business’s financial transactions. Having neat, clear, and accountable records will train and help your eagle’s eye better so you can spot any financial issues, or problems in recorded financial sheets.
It’s very tedious to get all of your taxes in order for the IRS’s annual exams. It might feel overwhelming already for you to file your taxes personally, for your own personal finances, but filing taxes for your business is a whole other story. These tax tips for small businesses will help your business achieve better financial stability.