- Establish your business
- Acquire business credit
- Open a business checking account
- Create a salary for yourself
- Keep your receipts
- Track your shared expenses
- Using personal items for business purposes
The spread of the coronavirus clearly had an impact on the general business environment. For many businesses the crisis led to some decline in revenue resulting in making necessary adjustments to navigate the times and not put themselves at risk. While there are revenue opportunities for certain goods and services based on the impact of COVID 19 (i.e. masks), there are also opportunities in business operations. One of the advantages to decreased business activity is companies having time to make operational adjustments like back office accounting. If you are looking to make some changes to your accounting operations, here are some to consider that may help your business emerge from this crisis and any other stronger and better than before.
Get accounting online
Moving your accounting operation online is beneficial to your business, and any small to midsize company or organization should be running their accounting software on desktop or server-based software. Applications such as QuickBooks Online, Intacct, Xero, and others provide full accounting software functionality in a secure environment. We have a client portal for our clients at Motl Accounting which provides access for faster and more convenient communication and document exchange. No software installation on your computer is needed and any user from anywhere in the world can access, which makes it easier for your books to be managed anywhere.
Automate accounting process
Automating your accounting process eliminates the need for data with sensitive information to travel between systems via paper mail. Most online applications have electronic interfaces to banking systems. This eliminates the need to reconcile paper- based banking statements, as the information from your bank is always seamlessly provided to your online accounting system. These applications also connect to other specialized applications for billing and expensing in many instances, therefore reducing the time and effort required to reconcile through paper documents and manual entries.
Outsourcing some or all of your accounting operations is a great way to eliminate costs, decrease risk and free up time for you to focus on your business. Accounting firms are accustomed to cloud accounting and are in many instances more savvy in automating your accounting process. With remote access to software, data and a bookkeeper you will have access to a virtual accounting team that is available to you wherever you are. Beyond current circumstances, there is a sizable benefit to using an accounting firm like ours. Imagine the freedom to focus on actually running your business, confident that the books are right, having access to all your financials and a team of experts in your corner to help make sound logical financial decisions. This we’ve realized provides business owners and managers with peace of mind. Having the experts handle your bookkeeping, payroll and accounting lets you weather storms better.
If you are looking to automate and transfer your accounting practices online with a reputable accounting firm, we’d be happy to assist. Our team of accountants, bookkeepers and payroll professionals are ready to help you with your financials during uncertain times like these. Stay safe and connect with us via our website, social pages or call us at 847-426-2100.
Many consider tax saving strategies as the main reason to do bookkeeping but there are actually more benefits to consider. Great bookkeeping can help with decision making, prepare you for audits, help with taxes and more. A business owner who intends to succeed and grow over time can therefore gain much by having a great bookkeeping system in place. Our bookkeeping process at Motl Accounting provides our clients with financial statements, performance graphs, comparatives and payroll reports at the click of a button for their convenience. We also prepare their income taxes on a timely basis to eliminate most tax season worries, so they are always up to date with all the various taxing agencies. They benefit greatly from this and here are a few reasons why:
Having a great bookkeeping system or bookkeeper in place can help you when you get flagged for audits by agencies like the IRS. We have helped several clients with audits who in turn have had great outcomes from the process due to our involvement. They end up accepting how rigid of a process it would have been for them to handle alone without our expertise. As your business grows, it’s beneficial to keep good bookkeeping records you can hand over to a bookkeeper or accountant when you realize how big of a task it is becoming.
We pride ourselves in providing “peace of mind accounting practices”. We understand how stressful it can be when your books are disorganized, there’s a constant nudge to get to it as you know the importance of it being done. The lack of time to get it done on your part typically reflects how busy you are as a business owner and with that might come the inclination to get a professional bookkeeper. Knowing your bookkeeping is handled professionally and constantly lets you have the peace of mind and more time to run your business.
Expense tracking, budgeting and good record keeping is helpful for sound decision making. Having a process that keeps you informed on your most important financial information like profits and loss by service or product, sales by client/customer and more can be very helpful in knowing the next logical steps to make for your business. Technology now provides access to reports instantly through web portals and apps so you can make decisions on the fly. There are many insights a business owner can get by understanding their books and even more by having a great bookkeeper that can help keep their books organized while they focus on their passion of running their business.
Keeping all this in mind, would you and your business benefit from bookkeeping or accounting services? Assess your expertise and passion for it and if you determine it’s too much to handle on your own, have an accounting firm like Motl Accounting assist you. We have helped many business owners in the Chicagoland area and we would be happy to assist you. Call our West Dundee Illinois location at 847-426-2100 or contact us through our website.
Growing as a business is certainly of importance to most business owners. After all, you will want your company to flourish and continue to experience growth for many years to come. However, in order for your business to head in a positive direction, it helps to utilize proper financial planning and analyzing…that’s where an accountant comes into play!
Are you aware of how accountants can benefit your own business? Many might believe an accountant just helps with the crunching of numbers, but you’ll be surprised that great accounting practices actually help businesses grow and generate more profits in the process.
We understand just how beneficial an accountant can be for a business! We have helped several businesses in the Chicagoland area and provided them with great information that’s helped their businesses. That’s why we have gathered five ways in which accountants can help a business grow by working with an accountant like Motl Accounting in Dundee, Illinois. If you would like to discover what these ways are, be sure to continue reading:
These are just a few ways in which an accountant like us can assist your own business with growing.
Are you ready to work with an accountant in the Northwest Suburbs of Chicago to grow your own business and provide your peace of mind in the process? If so, please get in touch with us one of our accounting therapists at Motl Accounting, as we would be pleased with the opportunity to assist you with doing so!
In order to maintain a successful business, it’s advisable to work on keeping your finances in check. Bookkeeping is the recording of financial transactions made by your business and is an essential aspect of ensuring that your accounting remains on track.
Overall, bookkeeping is similar to going to the doctor…no one wants to take the time to do it, but it is something that can’t be neglected. Therefore, in order to save you time and to have confidence in your business’s finances, you should consider outsourcing your bookkeeping operations to a vetted bookkeeper.
We understand just how important it is for your business operations to run smoothly! Our award winning accounting services provide bookkeeping for several businesses in Dundee, IL and neigbouring cities That’s why we at Motl Accounting have gathered some benefits of hiring a bookkeeper for your own business. If you are looking to gain some great insights, here they are:
A bookkeeper is a wonderful asset to a business! Our clients appreciate the relationships they have with their dedicated bookkeepers and the technology we have for them to have access to their statements at their convenience. These are just a few of the many reasons as to why you should consider hiring your own.
If you are ready to learn about our bookkeeping services, or ready to have us assist you, please get in touch with us here at Motl Accounting. As a leader in the Northwest Suburbs, we would be pleased to have the opportunity to assist your business with our award winning accounting services.