The Balance Sheet, Inc.

Bookkeeping Company | Tax Service

Accountants In West Palm Beach

(561) 501-3080

5725 Corporate Way, Suite 205
West Palm Beach, FL 33407

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5 Key Ways Hiring a Small Business Accountant Will Save Your Dream

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As a small business owner, you were able to make your passion and dream become a reality. As your business grows you will have to graduate from doing everything and begin to employ others to cover certain administrative tasks. An accountant can help you realize your dream in five interconnected but distinct ways.bs1-edited

Year-Round Accounting Tracking is Not Your Problem

Having a competent accounting team support you year-round means you don’t have to track IRS deadlines. Your accountant tracks tax deadlines for your business and makes sure the IRS receives accurate and complete forms in time.

Outsourcing Accounting Services is Cost-Efficient

Your time is valuable. Your employees’ time is valuable. It is a waste of time and resource to try and have someone “learn on the job” when you can outsource to an expert and not have to pay for training. Your team member can focus instead using their skills to help your business grow.

Ultimately, you will save by avoiding training and the additional salary of an in-house accountant.

Accounting Services Gives More Control Over Your Small Business

Maxine Taylor of The Balance Sheet in West Palm Beach, Florida says that businesses “armed with accurate records of past and current books are better able to make projections and financial decisions for their businesses.” Which then leads to the ability to make better decisions.

Well-Done Accounting Leads to Intelligent Business Decisions

“Intelligent decisions” means deciding on a direction based on a good premise. A well-maintained and complete database leads to accurate financial reports and charts. These help you assess the health of your company and choose actions to improve and strengthen it, which ultimately leads to higher profit.

Accurate Accounting Leads to Higher Profit

As ‘The Five Stages of Small Business Growth’ by Niel Churchill and Virginia L. Lewis put it, profit is at the heart of bookkeeping. Your accountant can make sure you have the right bookkeeping foundation, that costly tax and IRS mistakes don’t occur, and that you receive the financial analysis of your business that you need for decision-making. Ultimately, all of these efforts are geared towards making your business more profitable. A good accountant never loses sight of that goal.

Making your dream business flourish requires having a great support team, especially in regards to accounting. Contact Maxine Taylor, the power behind The Balance Sheet, today for a consultation and find out how she can put her experience and expertise to work helping you build and strengthen your dream.

 

 

 

Great Accounting Services for Small Businesses to Exceed the Basics

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Many entrepreneurs wear multiple hats, from managing marketing to managing employees; the responsibilities can quickly add up. One task they should pass on to an expert is the company’s accounting. Hiring an accountant specialized in small business accounting provides security and ensures that your finances are in order. They can also keep your personal finances on track. Your local small business accountant can easily become a trusted advisor and your go-to person for accounting, allowing you to focus more on the growth of your business.

How Do I Create a Relationship with my Accountant to make them a Trusted Advisor in my Business?

Your accountant should be:

  • Dedicated to your business
  • Trustworthy
  • Able to provide effective advice
  • Consistent
  • Able to provide full disclosure in their decision making process
  • Be a good listener

All of these traits help lay the groundwork to build a long-lasting business relationship.bs2

Once you feel you have a trustworthy and professional accountant, it’s important to sit with them and discuss what’s important to you and your business. Discuss what type of working relationship you would like to have. Your small business accountant will appreciate your openness and will likely become someone that you can trust with your accounting needs.

How Can my Accountant Help Balance my Personal and Business Finances?

As a small business owner, it’s very important to separate your personal and business finances. Blurring the lines between the two can result in muddy finances. Different rules apply to each entity and staying up-to-date with business regulations and requirements is much easier when your business doesn’t have to compete with your household. Your trusted accountant will be able to help you handle each of them.

What Does this Mean for my Bottom Line?

Handing over your personal and business finances to a small business accountant provides many benefits:

  • Saves money
  • Saves valuable time
  • Ensures proper completion of paperwork
  • Provides confidence that local laws and timelines are adhered to
  • Aligns business and personal goals and actions

For your personal and small business accounting needs in the Palm Beach area, contact The Balance Sheet today for your free consultation by visiting their website or by calling (561) 501-3080.bs3

Sources:

Dyer, L.M., Ross. C.A. (2007). Advising the small business client. Thousand Oaks, CA: Sage Publications. Retrieved 14 August 2015 from http://bit.ly/1hmmIQj.

Mole, K. (2002). Business advisers’ impact on SMEs: an agency theory approach. Thousand Oaks, CA: Sage Publications. Retrieved 14 August 2015 from http://bit.ly/1NrB0uL

3 Important Facts Regarding Payroll Services for Small Businesses

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Payroll and other financial services can be time-consuming and complicated for small business owners. Making the choice whether to keep payroll in-house or purchase the services through another company is a big decision. If the choice is to purchase payroll services you then have to determine whether to use a large company or a local accounting firm. In making this decision for your small business, keep these facts in mind:

  • In-House Payroll Can Cost You

While it can be tempting, keeping payroll services in-house for money-saving purposes without the expertise can be very costly. bs6Payroll errors can result in IRS audits as well as hefty fines and penalties for incorrect bookkeeping. Plus, chances are you and your employees are not experts in the area and can spend your time doing something much more valuable for your business.

  • Large Payroll Companies are Oversized for Small Businesses

Large payroll companies can obviously offer the expertise required to handle your small business payroll needs; however, they also often offer other services that you do not need like human resources. Large payroll companies are going to be more expensive as well and lack the knowledge of local expertise.

  • Local Accounting Firms are Experts in Local Payroll and Tax Requirements

Local accounting firms offer the same expertise of the large payroll services with a lower cost and the added bonus of local knowledge. And really, who better to take care of a small business than another small business? These companies understand the needs of a small business on top of the local requirements, making them an excellent option.

For small businesses in the West Palm Beach area seeking a local payroll company, The Balance Sheet is a highly respected and reputable company with 26 years of experience in the field. They offer not only payroll service but also bookkeeping, accounting, and tax services. Maxine Taylor is an enrolled agent with the IRS so she can not only prepare your taxes but also represent you in the event of an audit. Maxine and her team stand behind their work and are known for integrity, speed, and accuracy. Contact The Balance Sheet today for your free consultation at (561) 501-3080.

4 Reasons Why Outsourcing Your Bookkeeping Services Can Be an Advantage

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bs7Outsourcing bookkeeping and accounting services will definitely save you some stress in running your business. An increasing number of companies, especially small businesses, have now started to switch to this approach for a few  considerable reasons:

Cost-efficiency

Savings are the most immediate benefit you get when you outsource. The right team can provide you better financial data and saves you from having to pay the entire cost for consultancy services, training, salary and benefits and even employer liability.

Productivity

When you have a pool of experts working behind you, you will naturally have more tools for financial analysis, as well as people who can help you frame smart solutions. Time saved can be invested in growing your business and introducing innovations in the market for a more profitable service or product line.

Peace of mind in tax concerns

Paying taxes is a year-long event. Tax planning strategies that an outside bookkeeping service can provide will assure you no nasty surprises in the course of filing your taxes.

You can do what you love

Nobody starts a business for the love of administration, so never lose direction from your true passion. It’s time to do what you set out to do and what you love to do. Entrust your books to someone passionate about accounting and related services. By outsourcing, you will create a team that involves yourself, your business, and a competitive group of experts who work as a team to manage your account and provide you with a custom-designed program to best fit your needs.

With these benefits and more, it’s not surprising that nearly 30 percent of all large businesses outsource to bookkeeping services, while smaller businesses take the lead from the bigger guys and operate more effectively and competitively by doing the same.

Don’t be left behind! Visit The Balance Sheet, Inc. for a free consultation and find out how we can best work for you.