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Simplified Cloud-Based Accounting For Small Busines Owners
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A cloud-based accounting firm provides accounting and bookkeeping services to clients using cloud-based software and tools. This means that all the financial data is stored and processed on remote servers, accessible to the firm and clients over the internet. Working with a cloud-based accounting firm allows for efficient collaboration and real-time access to financial information. This can make accounting and bookkeeping more convenient and accessible for small business owners who may not have the resources to hire an in-house accountant or manage their own accounting software.
Whether to hire a cloud-based accountant or an in-person accountant depends on your specific business needs and preferences. Here are some factors to consider:
- Location: If you prefer to work with someone in your local area and have face-to-face meetings, an in-person accountant may be a better fit. However, if you don't mind working remotely and want to access your financial information from anywhere, a cloud-based accountant may be a good option.
- Cost: Cloud-based accounting services can be more cost-effective than hiring an in-person accountant, especially if you have a small business with basic accounting needs.
- Technology: Cloud-based accountants typically use cloud-based accounting software and tools, which may be more up-to-date and secure than traditional accounting systems. However, if you prefer to work with a specific software or system, an in-person accountant may be a better fit.
- Services: Consider the range of services offered by both types of accountants. A cloud-based accounting firm may offer additional services such as audit and tax planning, while an in-person accountant may focus more on bookkeeping and basic accounting.
Ultimately, the decision to hire a cloud-based accountant or an in-person accountant depends on your specific business needs and preferences. Consider your budget, location, technology preferences, and required services when making your decision.
It is common for companies to wonder whether they should hire a professional to handle their accounting. The assistance of a professional can make procedures such as applying for a loan and filing taxes easier for you. Several employers hire an outside accountant on retainer, while others hire an accountant on a full-time basis. It all depends on your business's needs and resources. Hiring a short-term contractor is an option if you cannot afford to add an accountant to your payroll but need insight during tax season.
Getting ready for tax season is important. In order to make this easier, keep track of any business expenses that you might be able to claim on your tax return throughout the year. Keeping your financial statements up to date will help you file taxes more easily. For instance, If you run a home-based business, you can claim deductions for expenses related to your home and any repairs related to your business. The success of your business depends on its finances, and you, as the business owner, need to understand how accounting works and how to prepare for taxes.
Your business structure is one of the first decisions you'll make when starting up. Taxes, liability, control, and how you pay yourself from your business are all impacted by the structure you choose. It is possible to structure your business as follows: Sole proprietorship, Partnership, Limited liability company (LLC), Corporation (C Corp or S Corp). Some business structures are more complex than others. Depending on how you structure your company, you may have significant filing and reporting requirements. Before selecting a business entity, lay out your business goals and consider the pros and cons of each.
You can use cash-basis, accrual, or modified cash-basis accounting to manage your books. Cash-basis accounting is the simplest way to manage your books. With cash-basis accounting, you only record transactions when you physically make or receive a payment. This is a single-entry accounting system, meaning you record each transaction once. With accrual accounting, you record money whenever a transaction takes place, even if you don’t physically give or receive money (like when you are billed or write an invoice). This is a double-entry accounting system, which means that you must record two entries for each transaction. Modified cash-basis accounting is a mixture of both cash-basis and accrual accounting. You can use a modified cash basis if you want to use the same types of accounts as accrual but only record income and expenses when paid. Generally, you can choose the method you want to use, but the government requires some businesses to use accrual accounting (e.g., companies that make $5 million in annual gross sales).
When transactions take place, you must make sure that your books properly reflect the transaction. Think of debits and credits as two sides of a scale that must balance equally—if a debit increases an account, a credit must decrease the opposite account.
Debits increase asset and expense accounts. Debits decrease liability, equity, and revenue accounts. Credits do just the opposite.
Credits increase liability, equity, and revenue accounts. And, they decrease asset and expense accounts.
Debits and credits are the basis of double-entry bookkeeping, but they can be difficult to grasp, let alone memorize. Our handy chart should help clear up any remaining confusion around debits and credits.
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