By financen | May 9, 2019 - 5:58 pm - Posted in Accounting, Tax
Accounting Services

Accounting and personal tax services are not one of the “cool” neighborhood offices. Everyone knows and loves the diners, the movies, the stores and malls but not everyone knows the accountant’s office in the neighborhood.

Be that as it may, the most important folks in every neighborhood will most like know exactly where the best neighborhood accounting service is. The reason for this is very simple – they offer a really important service to folks who want to take their finances seriously.

To help us understand this topic better, we will try to look at what an accounting service offers.

What is an Accounting Service?

An accounting service is a company of accounting professionals that offers a wide range of services that covers all accounting processes like bookkeeping, payroll processing and management and other such processes aimed at ensuring a client’s financial transactions and records are kept in a highly organized manner.

You can read more about it here.

What is a Personal Tax Service?

So what about personal tax services? As an individual’s income begins to increase, it is important to understand how best to navigate issues that have to do with tax. Failure to do this can result in a number of things including over paying on your taxes or under paying and incurring the wrath of your government should they eventually find out.

A personal tax service will guide you through the entire process, helping you work with relevant tax laws to ensure you never run afoul of these laws while also making certain you never pay more tax than you should.

Who Needs These Services?

From all we have looked at above, you should already have an idea of the class of folks that will require the services of personal tax and accounting services. These can be classified into two groups – businesses and certain individuals.

Businesses

One accounting school in its bid to coin a witty slogan said “Just as French is considered the language of love, accounting is considered the language of business.” Whether anyone likes it or not, no business can do without proper accounting.

A business needs proper accounting to know if it is making profit or recording loses. It needs accounting to get the data it needs to understand what areas of the business needs improvement. This is the same for every business, whether big or small. The only difference is that the bigger the business gets, the more complex and demanding its accounting needs get.

While larger companies can afford to have in-house accounting departments, smaller businesses will find the services of an accounting firm both cheaper and more effective. They can keep their books in the best possible shape without going through the stress of hiring their own accountant and paying the attendant cost.

With proper accounting services, bookkeeping, payroll management, tax preparation etc. will be fully taken care of.

Individuals

First off, not all individuals may require either an accounting or personal tax service. However, as your income increases or becomes highly diversified, you may find that handling your taxes can become very confusing. Having a personal tax advisor to help you through the process can either save you cost by ensuring that you do not pay more than you should, make sure you do not default on any tax laws or both.

The higher your net worth, the more important it will be for you to get not just a personal tax service, but also an accountant or an accounting service. This is why you will never find a rich person who does not have a lawyer and an accountant.

Using the Right Accounting Service

When choosing an accounting service, it is important that you choose the right one or else you may not enjoy the full benefits you are supposed to get from such a service. To ensure you choose the right service, we will provide a few tips that will help you through the selection process.

How to Choose the Right Company

To ensure the company you finally settle for is the right one or has the relevant experience or knowledge to deliver the quality of service you desire, note the following tips.

Ask for Referrals

One of the best ways find the best service is to ask for referrals from friends or family members. You can even ask from anyone or business you think has their accounting well sorted out. People will usually only refer you to people who did a good job for them. In the same vein, people will also warn you off anyone or company that did not deliver quality service to them. This can save you a lot of stress.

Check for Reviews

Just in case you didn’t get any referrals or you got a lot and therefore need to do some sifting, simply go online and look for reviews regarding the company in question. Since we are focusing on the Abbotsford area, a near me search will show you personal tax and accounting services within the area.

When you check these, you should also see reviews from their previous clients. Their reviews should be able to give you an idea of how well a service they provide.

Keep it Local

This should be pretty obvious to all. There’s no point in you looking for companies outside of the Abbotsford area. There are a number of them like https://numbersunlimited.ca. Choose from these for increased convenience.

Compare Quotes and Services

After you are done shortlisting some companies, you can then finalize by comparing their cost and services offered to make a final decision.

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In the beginning, most entrepreneurs have no idea how (or if) their company is going to grow. They merely have an idea, a motivation to see their plan come to fruition, and an inkling that it can turn into something more.

As there are so many moving parts when it comes to starting a business — and generally only one or two people to manage those moving parts — there are some elements that get overlooked and pushed to the bottom of the mighty “to-do” list. This can be problematic when it relates to something as crucial as keeping your firm protected.

To help out all the entrepreneurs, even if you are just starting, here are three crucial steps to ensure you are protecting your company on all fronts.

1. Hire corporate lawyers.

First things first: From the get-go, you need to have some kind of legal representation. Too many entrepreneurs and small business owners overlook the fact that there are so many parts of their company that could potentially lead to legal trouble. Obviously, you don’t want this to happen, but it is still best to ensure that you are covered in case it does. Should you find yourself in legal hot water, you will thank yourself for having this foresight.

Even when setting up your company, there are common scenarios in which it is best to have professional legal advice. These scenarios include when you are choosing a designated legal entity, writing up an agreement among founders, signing contracts and leases, and raising capital.

Generally, when it comes to hiring legal help, prevention is better than cure. This means that it is highly recommended that you reach out to top law firms in Dubai (or wherever you reside) as soon as possible so that you can get accustomed to them, and vice-versa.

2. Protect your intellectual property.

Another aspect of your business that you want to protect from the get-go is your intellectual property; otherwise, you won’t have anything that differentiates your company from your competitors. After all, your intellectual property is what makes you unique and is at the very core of what makes your products or services innovative and different. So why would you not do everything in your power to ensure it remained your own?

Generally, there are three types of intellectual property protection (trademarks, copyrights, patents) which are each applied to different aspects of your intellectual property.

Trademarks cover logos, company names, phrases, and symbols. Copyrights safeguard original works. Patents protect manufacturing or design processes.

Whether your company requires one of these protections or all three, the critical matter is that you take the steps necessary to protect them. As these protections don’t necessarily extend around the globe, when you are going through the process, make sure to think about which areas of the world you plan on selling your goods and services to, so that you can be proactive in filing for those locales, as well as with a GCC patent or something similar.

3. Guard your data.

In 2019, you need to be on high alert when it comes to protecting your firm’s data. Cybercrime is a significant threat to all kinds of businesses, and it is up to you to make your data as secure as possible.

Start by using an email encryption and security solution that ensures the intended recipients can only read your messages.

Additionally, work on crafting and establishing a security policy so that everyone involved in the company (even if it is just a couple of people) is clear on how to correctly handle company data.

Furthermore, within this policy, do regular due diligence with the firms that store your data. Ask them about their security standards and procedures and ensure that they line up with yours.

Finally, make sure you are continually updating your systems and software so that they are running the most up-to-date versions. Also, regularly back-up crucial information and data so that you will still have access to it should your computers or emails become compromised.

What steps are you taking this year to protect your business? Is there anything you wish you had done sooner? Let us know your thoughts and experiences in the comments below.

AUTHOR BIO

Sharon Danso-Missah is the Head of Marketing at Al Tamimi & Company, the largest law firm in the Middle East, with 17 offices across nine countries. Established in 1989, they are a full service commercial firm combining knowledge, experience and expertise to ensure all clients have access to the best legal solutions that are commercially sound and cost effective.

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By financen | May 1, 2019 - 5:17 pm - Posted in Tax
Tax Refund

April 15th is now behind us! Your taxes are complete, and you can finally relax. You can sit back and decide what you want to do with that tax refund! In 2019 the average tax return was $1,947. Will you spend it all on a vacation, put it into your savings account, or invest it? Let’s discuss some of the best uses for the money you receive from your tax refund.

The first great use of your tax return would be to pay off high interest debt that you may have. This could include student loans, credit card debt, or other personal loans. According to simple dollar, if you have a $3,050 credit card balance at 18% APR and you have the opportunity to pay it off in one fell swoop. If you used your tax refund to repay this debt, you would save yourself almost four years of monthly minimum payments, and a whopping $1,210 in interest payments alone. The savings can be huge when you knock out some of your high interest debt, so that is why many people will choose this option with their tax return!

Another fantastic use of your tax return is to create an emergency fund. Having a rainy day fund is essential for when life hits you with the unexpected. It is a very good idea to  set aside some money in case of a health incident, car problems, or loss of job. It is recommended that you have at least three months worth of income in your emergency fund. Using your tax refund is a perfect way to get this fund started. There are also banks that offer round up savings, and allow you to easily contribute to your existing fund.

Lastly, and probably everyone’s favorite, is to treat yourself! You have worked hard all year, and you deserve a pat on the back. That could be in the form of a new TV, a fancy night out, or a nice vacation. If you have already set aside a sufficient emergency fund, and do not have any existing debt, then you can certainly spend some money on fun! Even if you plan to spend your tax return on yourself, it is wise to do it in moderation. Perhaps you could allocate 75 percent of your tax return towards a vacation, and then invest the other 25 percent into your retirement fund. Moderation is key!

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By financen | April 18, 2019 - 6:43 pm - Posted in Accounting

Having a small business restricts you in many ways but if you are mentally smart and clever then you will be in no way behind big shots in terms of strategies used. Bear in mind that several local accounting firms fail as they are not able to put their implementation skills at work. They have this idea in mind that they lack several resources. Due to this long penned perception, they fail to recognize the true capabilities of what they can make out of things at hand. You really don’t need a professional huge marketing team to thrive your accounting business. If can bloom even without it but you needed to put some things at work. This article will cover a few basic tips which will surely help local accounting firms to get started in the right direction.

1. Marketingplan of local accounting firms

Local accounting firms can’t be without marketing plan especially in this race of the world where competitive stakes are way too high.  You need to carefully set your goals and then analyze them as to whether they can be modularized into much more actionable steps or not. Without a plan, you won’t be able to put things correctly as per schedule and this really put you off budget. No matter how many accountants your company has hired, but they won’t be fully able to use their capabilities until they devise their own separate marketing plan. Each employee should have a goal set. One can use several tools present online for such purpose.

2. Networking

At this point in time, one can’t emphasize enough the importance of networking. If local accounting firms truly want people to notice your business then it is your responsibility to acquire networking skill. There are several networking events that are hosting around a year worldwide and that too for free. You need to make your goal of following up with the people whom you have last interacted in such formal meetings. You must take their business card which will help you in the purpose. Local accounting firms should interact pro in your niche as this will open up areas for you where people learn a lot.

3. Content of Local accounting firms

Local accounting firms cannot compromise on the content delivered. It must be perfect in all aspects like it should be really compelling. There is no hole of doubt that accounting can become a complicated and tough subject to handle so the way you pour out expertise is all that matters

4. Using cloud-based apps

Being one of the local accounting firms, you must be aware of the cloud-based app but the key here is to know only effective ones which can push you ahead of your competitor. You need great apps for managing your campaigns and automating vital tasks. You need really need to explore the apps in order to make your business to stand out.

6. Usage of email by Local accounting firms

You can’t really ignore the importance of emails. You need to use premium app which could make the way of your firm much more organized and easier. Email marketing can either break local accounting firms or make it, so you need to do your research.

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A lot of companies are already benefiting from research and development credit program but there are other companies which are lacking behind this race. They do want to compete but they are way behind due to several reasons. There are a lot of factors which a company must keep in mind before submitting their application to this program. This is a Very competitive program and that is why your application must be perfect in all aspects. If you are wondering that what is the criteria on which every companies profile is judged then this article has covered. In this article, there are four tips which your application must cover in order to get a successful result of the scheme. You should not miss such a reliable opportunity which could reduce your income tax and save you a lot of dollars. You must be aware that there are certain activities which qualify, their expenditures and other documentation which are needed to be taken care of prior to the application process. By following these Four Points you will get a clear idea about the insight of this program. You will not be able to claim research and development tax incentive if these four fundamental tips are not taken into the account which are mentioned below:

Importance of Federal Income Tax by R& D Consultant

Many companies are not paying their Federal income tax which is not a good point the eyes of this program according to R & D Consultant. If you are a small startup then you should take care of 2 requirements in order to be eligible for this claim. Your company must not own gross receipts of more than 5 years with less than $5 million each year.

Research and development tax incentive prefers development

If your small startup or your business does not involve anything innovative or related to research and development then there is a high probability that your company will not be qualify.  Many companies have this idea fed into their head that if a company is not technology based or high in tech-advancements then they are not eligible. But this is a completely wrong perception. There is no rule that your startup must have large research and development laboratories or complete fields dedicated to this process. Though it should be somewhat related to research and development experiments. But there is no obligation of owning a large experimentation area. The prime goal of research and development tax incentiveis that your company must do something better for the consumers and should innovate or experiment with new ideas.

Importance of scientists according to R& D Consultant

This credit was primarily started in order to encourage more experiments and more research-based approach. If Your Company has hired many engineers and scientists then you have the highest probability to get selected. Your company must head in the direction of improvement like it must perform activities in such regard.

Research and development tax incentive prefers innovation

Many companies fail to be eligible for this process because according to R & D Consultantthey are not actually working on something new. As a business owner, you have to give time to improve the product which your customers consume, whether in terms of technique, software or design.

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By financen | April 12, 2019 - 6:22 pm - Posted in Business, Small Business

You might be thinking, “My company is small. I don’t need corporate videos, do I?” You might want to think again. Corporate videos can help train, inform and motivate your employees, as well as build a cohesive environment. Even for an entrepreneur on the beach, corporate video production daytona beach fl can help your company function more smoothly.

Train Effectively

Training new employees is a necessary task, but it doesn’t have to be a drain on your company’s efficiency. Instead of taking seasoned people off of their regular tasks to bring new folks up to speed, investing in corporate videos to train new employees can save you time and money in the long run. Studies have shown that creative, entertaining, well-produced videos are one of the most effective ways for people to take in new information. If it works for YouTube, it can work for you.

Get Creative 

We all hate boring meetings. Even the best donuts in town aren’t much incentive to encourage employees to sit through yet another update session, but these meetings are often necessary. Creatively produced corporate videos peak employee interest and help get important information across in a way that is not only painless, but enjoyable and effective. Your people might even start to look forward to the Monday morning updates, and this could save you a lot of money on donuts.

Build Cohesion

Effective corporate videos support your brand by forming a group of individuals into a team. Having a sense of belonging improves employee motivation, cohesion and effectiveness. This can make your company run more smoothly by giving your people the feeling that they are supported and encouraged to explore their own creativity. 

By investing in top-quality corporate videos for your company, you can make training new employees more efficient, updates more enjoyable and build an effective and creative team. Harness the power of creativity and make corporate videos work for you.

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Anyone who is considering purchasing property to start a rental business to beef up their assets should consider working with a real estate broker Spring TX. While there are plenty of great deals to be had, there are plenty of issues that can crop up that can turn an originally savvy investor into one that regrets ever setting their sites on the market. A broker can help ensure that investors get the best deals for their money and keep them from making common mistakes that turn their “gold” into “coal.”

Do Proper Research

There are many brokers out there. Some are self-taught, industry educated and highly experienced. No matter what type of broker one is interested in, it is important to choose one that meets expectations and works well with the vibe of the client. Some people find the right broker their first time searching, however, it often takes a few meetings with several prospects before a good match is made. Look further than credentials. Education, longevity, and industry reputation are huge factors that can make or break a deal.

Take A Deeper Look

There are many properties that are diamonds in the rough. Flippers or people who are interested in renovating a property before selling it themselves or renting it out often look for properties that require little to no work. These properties are often a dime a dozen. Be prepared to research what is available in the market and to dig a little deeper than what meets the eye. Many potential gold mines are overlooked because assumptions are made instead of taking a deeper look with an inspection.

Just like with any investment, it is important to know what the pros and cons are before jumping into the water. Things may sound great from one perspective, but unless or until one has experienced the challenges firsthand, it best to look before leaping.

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