Archive October 23, 2018

Importance of Having a Business Tax Accountant 

Most small business owners fail to appreciate the role of accountants in their business. The only times such entrepreneurs appreciate the importance of the accountants is during income tax returns and financial statement filing, renewal of licenses and business permits, or during other government audits. It is not a rare occurrence to find such businesses cramming to get an accountant who can help them quickly in such situations.

It is understandably difficult for small businesses to retain professionals for monthly tax preparation and bookkeeping. However, what possible benefits do these businesses forego in failing to maintain one? This article is designed to guide you through the key benefits of an accountant, be it in a small, medium or large business setting.

Tax Compliance and Other Requirements

Small businesses are not exempted from the monthly income taxes paid by all income earners. Failing to have an accountant would mean having to know the Taxation law to keep your business tax compliant. Accountants calculate and prepare tax returns for you keeping a good record for future review. This will save your business a lot of time and the entrepreneur does not have to learn accounting law to keep up with his business tax returns. Based on their experience and diverse knowledge in the accounting field, accountants can also give advice to the decision makers to make tax management more effective and efficient.

Saving Money by Avoiding Penalties

If you are not conversant with accounting and do not have an accountant keeping up with your return filing and tax compliance, your business is in a high risk of penalties for missed filing or incorrect filing. The most convenient way to avoid these penalties and interests accruing to them is to have an accountant. It is also a wise move to hire a small business accounting firm such as a Watson & Watt business tax accountant that is considerate in their charges if you are a small or medium enterprise.

Organized and Clear Financial Record

The motivation behind every business owner is the growth of their business. Growth entails diverse fields of a business. The business owner therefore must accord his time to making all business functions efficient and optimal. Failing to have a professional to take care of your accounting needs as a business owner often means that financial documents are not well organized. Finance and accounting are arguably the most fundamental parts of any business. Having disorganized financial records runs the risk of operating the business blindly without assurance of losses or profits.

An accountant plays a critical role in organizing and maintaining the day-to-day financial records of the business often referred to as Bookkeeping. With a well-organized and systemized financial record, the management can focus on growing the business rather than worrying about whether they have made a profit or a loss. The business owner can then use these financial records to project business growth and change business tactics to optimize profits for his business. Whether the business is small or large, acquiring an accountant is critical to its efficient running.…

A Complete Guide to Buying into A Franchise

Whether you are an entrepreneur with a dream or someone looking to simply try out a new career path, the concept of buying into a franchise has to have crossed your mind at one point or another. Buying a franchise is a tried and true method for aspiring business owners who want to break into the industry with the backing of a larger corporation behind them. There is plenty of misinformation floating around in regard to buying into a franchise, so we figured that we would level the playing field by giving you the right information. Today, we are going to talk about the pros and cons of buying into a franchise while focusing on cafes as our primary example.

An Overview Of Buying Yourself A Franchise

Alright, buying a franchise is an incredibly broad topic and it can be difficult to cover all of the bases in a single conversation. Let’s leap right into the most important aspects of purchasing a franchise including what to expect and the benefits therein. Whether you are looking for a Mrs Fields Franchise for sale or you’ve already lined one up to buy, you are going to have to learn a lot in order to make this work for you. Let’s leap right into this discussion with the facts.

1) What To Expect From A Franchise Investment

Let’s first start our discussion by talking about expectations. If you’ve read much about franchising, then you know at least a little bit about what to expect. In broad terms, buying into a franchise means that you will be working alongside of corporate headquarters in order to make sure that your business adheres to specific standards and rules outlined by the higher-ups in the industry. While you’ll have control of day-to-day operations, there is still some expectation of accountability and standards. Some companies are more loose with their standards and expectations than others.

2) Benefits Of Seeking A Franchise Investment

Alright, so the most common thought people have when considering a franchise investment is simple: why? Why buy into a franchise instead of starting your own original concept? Franchises allow business investors the chance to leap into the legacy of another company in order to profit off of it immediately. Franchise investors get all of the support from the corporate company that they could need as well as name-brand recognition and a massively improved marketing budget solely due to the fact that they are part of the same company. Additionally, you’ll find that profits come sooner than later because you are part of a normalized brand within the region.

3) Negatives Of Seeking A Franchise Investment

While buying into a franchise is obviously a quality business investment, there are some considerations that you have to make. When you buy into a franchise you are closely linked with the parent business. That means that their name is reflective upon your business, as well. While this isn’t an explicit ‘negative’, it is something to keep in mind.