4 Tips for Efficient Accounting Practice

Recently picked up a new client, one who was concerned that their current accountant was not looking after his business fairly.  To check out the records, I visited the client, and, for the duration of my stay, I booked one of the Miami Beach Suites at this marvelous hotel.

What I found when I went through their records was shocking. The accountant was to blame only for not pointing out what they were doing wrong and not making suggestions on better practices.  The clients themselves have to take a big portion of the blame for the way they keep their records.  I thought I would share with all of you four ways that efficient accounting practices can help a business no end – in case you ever come across such a badly run business!

This area can be improved no end with online invoicing. Vendors can email their receipts in which then get integrated into the system automatically. That puts an end to waiting for invoices and playing a guessing game.

  • Cash Cycle

If a company uses an integrated accounting system, they no longer have to worry about invoices being generated and then lost. Integration is a huge help when it comes to cash forecasting, accounts are more visible and customer billing information is held where it should be. That makes it easier to work out who is overdue for payment.

  • Close and Reconciliation

Closing and reconciliation processes become much easier with an automated system. The entire process can be shortened and mistakes all but eliminated. SaaS – Software as a Service – can also carry out cash reconciliations using downloaded bank statements. This cuts the paperwork and the time spent by employees on manually reconciling accounts.

More and more companies are using automated data analysis using automated tools. This kind of system cuts down on errors and speeds up the process no end and human errors are cut out.

Companies need to evolve with the latest in technology and software, designed to help them make life easier. But, accountants also need to recognize when a business needs to adopt one or more integrated solutions and not just leave them to make a deeper mess of things.

Impact of Online Presence Over Business Profitability

Coming from a background where everything is calculated and analyzed on the basis of digits, the framework within which businesses today emerge as successful and profitable have changed drastically. A few decades ago, having a unique service or product that is targeted and launched with smart marketing tactics was considered to be sufficient for generating decent profits for a business. Let's discuss how things have changed ever since businesses have gone online and a whole new array of marketing, finance, human resource management and operations has been structured through the digital world. 

Change in Investment Goals
Businesses previously were cautious about the budgets allocated for marketing. The only medium to reach out to the target audiences and build sales was through television, radio, newspapers and magazines. All of these were extremely expensive mode of advertisements and promotion. Today, with the advent of global markets and businesses being present online, the same investment budgets are redirected to the quality of product and service. Marketing and promotion costs have reduced considerably, leaving room for setting new investment goals and providing customers with more innovative products and services. 

Unlimited Outreach
One of the best things that an online presence does to a business is, expand and leave no limits to its outreach possibilities. Getting smart professionals on the board and working around with fresh ideas guarantees viral ideas that can go big and reach millions of people. Today the concept of going global and targeting almost anyone and everyone has become much easier and practical than in the previous years. An example of how  businesses can create limitless outreach with a huge profitability margin can be seen with how SEO companies cleverly designs custom online marketing strategies and win over its clients. Check out one of the famous SEO companies, Sacramento SEO Company here for more details. 

Diverse Group of Employees
Cost reduction can be created through flexible hiring policies. There are many services that are more expensive to hire in home towns when compared to other parts of the world. Apart from that, the level of creativity of work performance is also better in some regions. Businesses take advantage of this fact and hire diverse group of employees from different countries and continents, which lead to better financial and qualitative work outputs. 

Tips in Buying High Quality Used Forklifts

Forklifts may be used for different purposes. They are extremely helpful for construction and renovation. When you make use of forklifts, things will be done a lot faster. They will also reduce human labor. Thus, if you can buy one to be used for many purposes, then it will help a lot. The only problem is that forklifts are very expensive. In order to reduce your expenses, you might want to check out used forklifts.

These forklifts have been used for some time by the previous owner. However, they are still in good condition and may be reused provided that the damaged parts have been repaired. If you plan to buy used forklifts, here are some tips to reduce your expenses:

1. Find out what type of forklift is needed. There are different types and sizes for forklift. You
need to know the specific model that you need. You might buy a big one, but you only need something small. It could also be the other way around. Thus, you need to evaluate your need ahead of time to avoid wasting money.

2. Contact different companies that offer used forklifts. Ask them about the prices of the forklift. By then, you can easily compare them and eventually limit the choices. You may also ask if they have other promotions or discounts so you may avail of them as well.

3. If you have trimmed down the options, visit the actual store and request for a demonstration trial. It will be easier for you to determine if there is a problem with the forklift if someone does the test drive. If you find no problem with the equipment at all, then nothing should stop you from buying it. It is important to check the forklift for any problem right from the start to avoid spending a lot for maintenance and repair. You don’t want to spend less for purchase, and pay a lot later on for repair.

When it comes to the best forklifts for sale, you can go here. Hopefully, you will land with the best deal.

Tips in Reducing Cost for Water Heater Installation

Hot water for bathing and drinking is essential. This is why homes should have water heaters. This will make hot and clean water more accessible. Those who wish to avoid the biting cold during winter can just soak themselves in hot water and their problem is solved. The only reason why still a lot of homes don’t have water heaters is because of the price for water heater installation. Therefore, if you really want to install water heater, here are some tips to avoid spending a lot:

1. Look for a company that provides a package deal for water heater. This means that they will offer you the actual water heater and the fee already includes the installation. Buying the water heater from one store and asking another company to install it will just double your expenses. If you can find a deal like this, then make the most out of it. You can even ask some companies to offer the installation almost free of charge.

2. Wait for off season to install the water heater. Usually, people go for water heater installation during winter as part of their last minute preparations. This is why the cost may skyrocket. Be wise and have it installed during summer. At this time, no one would think about water heaters due to the hot weather. However, since you will be using the water heaters anyway, there is nothing wrong with installing it earlier.

3. Look for a company that offers discount rates on their services if you ask them for both installation and maintenance. There are companies that can give you this package deal. This is also great since when you will encounter problems with the water heater later on, you know whom you can trust. Besides, if they won’t be able to fix the problem, they can just ask you not to pay for additional service fees.

With these tips, you now have no excuse for still not installing the water heater. If you want to know more about Water Heater HQ, go here. For more ideas on water heater repair, you can go ahead and check this out.

Things to Remember When Searching for Banks for Small Businesses

Finding the right bank is extremely important if you wish to have a stable partner for your business. Banks offer tons of financial services that you will surely need to keep your business afloat. Thus, right from the start, you need to make sure that you partner with the right bank so that all your financial transactions are safe. In doing so, here are some tips that you might want to take into consideration:

• Make sure that the bank has an affordable interest rate for small business owners who wish to borrow money. At some point, you might have to borrow money from the bank. Therefore, it is important to find a bank that can help you with an affordable interest rate. They must also have a repayment scheme that will make it easier for you to pay off your loans in no time. They must also have different types of loans that will cater to different needs.

• See to it that the bank is insured and is big enough that they won’t place your money at risk. Don’t go for smaller community or local banks that could go bankrupt any time. Your money will be at risk with these banks. Just find a partner that will give you peace of mind every time you sleep at night.

• Find a bank that has extensive ATM networks. Wherever you may be, you must be able to have access to your money. For instance, you are traveling to another state to meet a client, you must be able to withdraw or deposit money right away. If it is recognized internationally, it would be a lot better.

• The bank should provide good customer service. Aside from stability and good track records in providing help to small business owners, the bank must be able to extend reliable customer service. This is very important since you want to process all your transaction smoothly.

Once you have found the right partner, go ahead and seal the deal. To help you out in your decision making, you might want to refer to the infographic below for more important things to consider.

Small Business Infograph 2013-2014 , California Bank and Trust
Presented by California Bank & Trust, Business Banking

Price Comparisons - An Accountant’s Point of View

So, how does an accountant perform a price comparison? Does he or she use one specific method over another?  Are there any tricks or techniques to it?  For many accountants – and customers – the trick to a price comparison is simply knowing the prices and how to compare them to work out which way is the cheapest. Other accountants take a more advanced route and look at other factors before they make a decision. This way they can work out the most cost efficient way, rather than just going for the cheapest price.

Is this The Job of an Accountant?

Most accountants tend to stick with doing calculations and reconciling accounts, keeping records and tax paperwork rather than getting involved in doing price comparisons.  They don’t tend to have much, if any, involvement in purchase decision, how and when a company acquires equipment, or rental decisions.  However, some do so it is worth taking a look at whether an accountant’s view on the matter can be of any help.

When you get an accountant involved in your business, they expect far more details. They want more numbers to crunch so that they can work out the perfect price comparison for your benefit.  Let’s say you are considering renting a forklift.  There is quite a bit that needs to be taken not consideration, including features and rental prices before you can make a decision. Using a site like this to check forklift rental prices is a good place to start.

The accountant wants to look at all the factors involved including working out which ones suit your budget. Most accountants are educated enough to know that forklifts don’t necessary have a great deal of difference in features or quality especially used ones.  Reliability shouldn’t be an issue because if there are any defects, it’s easy to get a replacement forklift or your money back.

The most important part is the price but there are also a few other things to consider as well:

Lift Height and Load Size – The forklift must be fully capable of doing the job you are hiring it for. Can it extend tall enough and can it carry enough load?

TerrainIs it suitable for the terrain it will be working on?  If you rent one that is only fit for paved areas and then use it on a more difficult terrain, it will give you problems and won’t be suitable.

Fuel Efficient – This may not be the easiest to figure out so it should only be used as a deciding factor. Obviously, the more fuel-efficient it is, the lower the overall costs.

Driver’s Preference – If you already have your driver decided on it may be better to let them decide. He will know which ones are best in terms of load and lift, efficiency and ease of use.  This is more common sense than an accountant’s advice

Rent or Buy – If you are likely to need a forklift for several different jobs or are renting long term, it may be more cost effective to compare prices of used forklifts for sale before making your decision.

You don’t need to be an accountant to work out price comparisons. Most of it common sense and you don’t need to be fully au fait with accounting standards to make your mind up.