If you’re like many small business owners, you handle payroll yourself. Maybe you don’t trust using small business payroll services. Perhaps you get pleasure in personally handling the money, when each of your employees gets paid. Maybe you’re trying to save a few bucks by keeping it in-house instead of using a small business bookkeeping service.

Cutting paychecks once was much easier. But thanks to today’s laws… deductions and the IRS… the simple task of paying your staff has evolved into a time-consuming nightmare.

In fact, many payroll do-it-yourselfers don’t even realize how much time they spend on payroll alone. Recent studies showed that small business owners spend an average of eight hours a month performing payroll functions.

That’s 12 full days a year — over two working weeks! Wouldn’t that be better spent generating sales, prospecting new business opportunities, improving products or services, or servicing customers?

Instead of working on payroll, you could be generating more business so you actually can make payroll. Instead of cutting checks, you could be collecting them – from fresh sales.

In today’s competitive economy, it makes sense to outsource bookkeeping help and payroll, with small business accountant solutions that meet your business’s needs. Letting go of this one task will quickly let you to spend more time doing what you do best… like running your company.

Here’s why you should outsource your payroll:

• Save money – Use your staff more efficiently by letting professionals handle payroll and the associated legal details. This allows you to better contain your overhead, removing expense of specialized employees.
   
• Save time – Outsourced payroll services eliminate the hassle of customizing, updating and maintaining your own payroll system. No more data entry… no more researching updates or stressing about new laws… no more worries.
   
• Worry-Free Tax Filing – Eliminate the risks of calculating and filing your own payroll taxes. Have professional CPAs do it for you. Federal, state and local payroll tax laws always seem to be changing, becoming more complex. Your time can be better spent than researching new rules and updates.
• Easy-to-Understand Payroll Reports – You get a wide variety of user-friendly and accurate payroll reports. For a tiny fee, we can even include union reports, certified payroll, workers’ compensation reports and much more.
• Let the pros handle it - Our professional staff allows you to focus on the core competencies of your business. You get true accounting professionals working for you and with you.

When you’re ready for book keeping service — whether you need bookkeeping Akron or bookkeeping Cleveland — there are many bookkeeping firms and bookkeeping businesses from which to choose. At Dashboard Accounting, we specialize in virtual bookkeeping and outsource small business accounting services, giving our clients the complete financial picture and expert advice — all at a price that makes sense. We’re also QuickBooks certified, and can train you on small business software tax, payroll, and serve as a general accounting software consultant. For more details, go to www.DashboardAccounting.com.

Continuing on with the top ten mistakes made by small business owners

Forgetting to track reimbursements

Often owners will tell their employees to pick up items they need and then reimburse the  employees once they see them. These reimbursements are often paid with their personal funds, either cash from their pockets or their personal credit card. With this being the case, many owners normally forget to write it down or forget to mention it to the bookkeeper, so it goes undocumented, causing the owner to lose money in the end.

Not properly classifying employees.

Every company has different employees that have to be classified differently due to how they are paid and taxed. There are contractors, subcontractors, commission based, on-staff employee, ect. Certain forms must be filled out for each different type. If the wrong classification is done, it can cause headache and can be costly due to fines.

Dashboard Accounting is available and offers bookkeeping help to small and middle sized businesses. Contact Dashboard Accounting with any questions you have. Dashboard Accounting offers their book keeping service to the northeast Ohio, including Akron and Cleveland.

Why would you use an Outsourced Book keeping Service?

First, when you hear the word outsourced, you are thinking overseas.  Don’t.  Outsourcing book keeping or any other service just means you are not hiring an employee in your business to do the work.  Outsourcing is when you hire someone, or another company, to do the work for you instead.  In the right relationship, you will save time and headaches because you are not hiring, training and replacing a book keeper.

Think about his scenario.  Your company needs part time bookkeeping help.  You place an ad, interview lots of very nice people, get a few final candidates, reinterview those bookkeeper candidates, do a background check (they have access to your financials remember) and then you make an offer to the best candidate and hope they accept.  Then you do the paperwork, set your new part time book keeper up on payroll, begin paying his taxes and start the training process.

Are you done?  No.

Now you have to train that new hire in how to be a Quickbooks Pro.  You might send them to some courses, help them learn about small business tax issues, etc. etc.

At then end of this, hopefully you are happy.  If not, you have to get up the courage to fire them and start over because this is too important of an area to let be sloppy.

For the sake of this article, lets assume you like them and move on.  Now you are very happy with your new part time bookkeeper, but he or she now has a new set of skills and great experience, so they get bored and someone else makes them an offer for more money – and they accept.

Now you have to start all over – and what happens to your book keeping in the time it takes to do this whole process again?  How much money will you lose during the transition?

When you think through this process, it is easy to see that outsourcing bookkeeping to a company is a huge value.  Your CPA may suggest a company but they are usually way overpriced.  A professional bookkeeping company like Dashboard Accounting does nothing but maintain great people and systems in the United States that do book keeping for companies.  There is a good chance Dashboard Accounting can lower your costs, improve your book keeping and eliminate the book keeper churn headache.  Plus they are offering up to 2 free hours of consultation just to see if there is an opportunity.  Why not book your free book keeping assessment today?

Whether you believe it or not, bookkeeping is a significant part of a business. Of course it might not be the most exciting part of the business or the glamorous, it is however the heart of the company. Many small businesses do seek bookkeeping help, while others choose not to. There are many mistakes one can make but here are the Top Ten.

Not Saving Receipts-

Here there are two main points to look at. One, some business owners think that as long as they have their statements (Bank and Credit Cards) they are ok and do not need their receipts. Statements do not count. The reason is the statements are not like the receipts; statements do not give you a breakdown of the items you purchased. The IRS needs to see the receipts to they can make sure it is business related and not personal.

The other point is some do not keep receipts under 75 dollars. Yes, it is true that the IRS only requires receipts of 75 dollars and higher. However the lower receipts might prove to be useful come tax time. Everyone wants to ensure that they receive everything back that they are entitled to; keeping those receipts would help ensure that.

Doing it yourself-

Many small business owners choose to do their own bookkeeping. Outsource bookkeeping might be the smartest action a small business owner can do. The reason is, as the owner of a small business, your time is the most valuable. There are so many other details you could be focusing on, but you’re spending your time on your bookkeeping. Also not only does it give you more time it will give you peace of mind, knowing that your books are being kept by professionals who know the ins and outs of accounting. Hiring an accounting outsourcing service will prove to be beneficial with the fact that they have the skills needed and the ability to do the job quickly and efficiently.

Dashboard Accounting is available and offers bookkeeping help to small and middle sized businesses. Dashboard Accounting offers their book keeping service to the northeast Ohio, including Akron and Cleveland.

Your business plan is an important tool to help you guide the direction of your business. Not only does it offer you a good barometer for the health of your finances, it also helps you determine if you’re on the right path when it comes to long- and short-term small business accountant decisions.

If you don’t have a business plan (or if yours is not quite organized or polished), you can use QuickBooks’ tools to create or fine-tune one. Dashboard Accounting is QuickBooks Certified and can show you how to use this (and other tools) to get the job done quickly and easily.

To get started using quick book accounting software for your business plan: select Company > Planning & Budgeting > Use Business Plan Tool.

It’s easy. QuickBooks’ business plan tool allows you to use its lengthy “wizard” tool to walk you through each step of the process. This tool supplies information and asks questions about what’s needed on each screen. You fill in the answers (or select from options). The Business Plan Wizard works in the background to put your data in the correct place.

One of the first things the wizard will ask you is information about your company. If your business is brand new or has yet to establish a track record, you’ll have to give it your best estimate when it comes to sales (its best to be conservative).

Next step is income. Hopefully, you’ll already have data in Quick book accounting. If that’s the case, use the “Income Projection Wizard.” Otherwise, you’ll have to fill in the spread sheet manually.

Income is obviously among the most important aspects of your business data. Expect these numbers to be carefully scrutinized at some point (by your accountant, your bank, the IRS auditor, etc.), so be sure you have the facts and proof to back them up.   

After income comes “expenses.” Here, you can use the wizard or input data by hand. You’ll need to gather some specific details for this section, such as: beginning account balances; assets you own or need to purchase; cash available to invest, and amortization and depreciation… plus numbers on inventory, vendor financing, lines of credit, total credit limits, etc.

Once all of this information is loaded into your Business Plan program (within QuickBooks Pro), it’s time to write up the plan for your business. Using the three sections you’ve already completed, you now have a solid foundation to work with. You’ll also have examples of text-based sections to inspire you. These come in handy when it’s time to put your business approach and details into words.

By assembling your Business Plan step by step, you’ll get a stronger picture of where you are and where you’re going in the year ahead. Even if you never look at your business plan again… even if you don’t share it with another soul… the process of assembling the details and examining your numbers is highly valuable to most business owners.

For a vivid snapshot of your day-to-day financial data, to making sure your plans are on track, be sure to work with a professional outsourced book keeping service, such as Dashboard Accounting. They offer the accounting help you need to ensure your business goals stay on track, so your vision becomes your reality.

An outsourcing book keeping service is a very efficient option for many small and medium sized businesses.  But many business owners bulk at working with an outsourced bookkeeper due to some myths that they probably still believe.
Myth:  Big businesses can only afford to outsource.

Fact: Outsourcing of accounting functions used to be the prerogative of big business. Now with better sharing options, virtualized books, web based accounting packages and more, small businesses can work daily with their outsourced bookkeeper to keep information up to date and keep control of their information.

Myth:  Accounting Outsourcing is not reliable.
Just as with hiring an on site employee, you have to be careful about interviewing and setting standards to ensure you get someone that you want to work with.  The best virtual bookkeeping firms are going to become a part of your team and do a great job.

Myth: Complex IT integration is essential.
Every year the tools get better.  It is now possible to set up a virtual bookkeeping software in minutes.  You will be surprised at how easy it is now, whether you use Quickbooks Accounting Software or another option.

Myth:  Outsourced Accounting leads to job cuts

At Dashboard Accounting, all employees are employees in the US and working under the close supervision of a virtual CPA.  Even with the higher wages vs overseas, it is still a big cost savings to businesses because they get a team that is optimized to meet the needs of the business and do the job at a fraction of the cost of a full time book keeper.

There is a lot to consider in starting your own business:  should you use an accounting outsourcing service, should you develop a business plan, how do you obtain sufficient funding, what marketing and many other questions.

It is also important to determine the organizational structure that best suits the business.   This decision will impact operating efficiency, the way you report income, the taxes you pay and your personal liability. 

Here are a few reasons business owners select each structure:

• Sole Proprietorship
  • Inexpensive to start and simple to run
  • One level of tax on net income
  • No separate tax return
• Partnership
  • Ownership not limited to one person
  • One level of tax on net income
  • Income and expenses allocation is unrelated to percentage of ownership
• S Corporation
  • Limited personal liability for shareholders
  • One level of tax on net income possible
• C Corporation
  • Limited personal liability for shareholders
  • Easy to transfer ownership/add investors
  • Perpetual continuity presumed
• LLC
  • Limited personal liability for members
  • All members can participate in management
  • Income and expenses may be allocated in a manner unrelated to percentage of ownership

Which structure is right for your business?   There are so many factors to consider, from business type to tax implications.  An outsource CPA has the background and expertise to help you make your decision and form your business properly from the start.  Dashboard Accounting can be your accounting outsourcing service.  We can also give you bookkeeping help by being your book keeping service.

Why should small businesses outsource bookkeeping? Because most of them don’t have a dedicated Chief Financial Officer or Controller on staff, so they rely on the accounting done at the year-end.  At Dashboard Accounting, a small to mid-sized business gets to see their accounting information daily. This means no more waiting to get your information from your accountant putting you at least a month behind. When data errors are not caught and rectified within a short period of times, days (or weeks) of detailed backtracking may be required to fix the mistakes. If errors go uncaught and unfixed, by the time they are caught they might be too big to fix. A simple error could end up being an expensive error with the amount of hours wasted to backtrack, possibly hiring an outside contract specialist, and/or legal or taxation problems.

A solution has been created from Dashboard Accounting. They want to be the small business accountant department. They offer book keeping service, payroll services, QuickBooks training, controller services, and much more. There is an on board CPA, Staff Accountant and Quick book Pro Advisors.

Contact Dashboard Accounting today and see how they can help drive your business forward!

Financial success often comes at a price — and all that money you earn for your hard work is then taxed by the government. Small business accountant services from an outsource CPA can help your small business accounting to ensure you’re prepared for the changes ahead — especially when it comes to preparing and paying your taxes.

Everyone has to pay taxes — you can’t avoid it — but you CAN avoid paying too much.

As your income grows, and as you reap more rewards as a small-business owner, it helps to be aware of your personal bottom line — before your next bonus goes to the IRS instead of to your wallet.

You deserve to keep what you earn — or as much of it as possible!

Dashboard Accounting small business accountant services can help. As your small business accountant and outsourced book keeping services, we can also advise you, personally, on strategies to minimize your income tax implications. It’s the bookkeeping help that can actually save you money.

Something as simple as knowing your personal income tax rate can help you calculate your 2009 tax liability for unexpected income, retirement planning or investment income. We offer tools to help guide you as you estimate your average tax rate, your current tax bracket, and your marginal tax rate for the 2009 tax year — depending on your filing status (married, single, etc.)

For instance, if you’re married, and you’re planning on paying yourself $137,500 for 2009… well, you may want to consider a pay cut!  Earning anything over $137,050 moves you into a higher tax bracket — from 28% to 33% — which means you’ll hand over a whopping 5% more in taxes than had you stayed a slightly lower pay. 

Of course, many small business owners don’t realize this until it’s too late. The right accounting service — one that includes personal evaluation and advisory services as part of the package — can help you make the necessary adjustments to prepare for such situations. It’s like having a CFO without the added expense.

Analyzing “how much should a small business owner should pay themselves” is one example of how having the right outsource CPA and small business bookkeeping service can sometimes mean thousands in savings each year.

You can find out more, and check out our Marginal Tax Rate calculator at “Resources” at the Dashboard Accounting website, http://www.dashboardaccounting.com.

Dashboard Accounting’s reputation for providing quality, personalized financial guidance to small businesses is reflected in over 20 years of experience.  Dashboard Accounting is experienced in all matters of accounting, bookkeeping, controller, and financial reporting.  We utilize professional bookkeeping help and accountants to manage our clients’ bookkeeping and accounting with Quick Book accounting software.  By utilizing Real Time Book keeping service our team is able to organize and streamline the financial administration of small business owners. 

At Dashboard Accounting our mission is to…guide you, the small business owner, with professional outsource CPA analysis and forecasting of your critical financials…empower you for making sound business decisions…save you money with outsourced book keeping, tax, and controller services.

Dashboard Accounting may service anyone worldwide utilizing virtual bookkeeping.  You may access your data in REAL TIME with 24/7 REPORTING via your custom “Dashboard”, which clearly depicts your company’s performance on a one page report, utilizing easy to interpret graphs and charts.