Monily

Bookkeeping Services, Accounting Services, Taxation Services

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The 10 Effective Points on How Payroll Systems Works

A payroll is system is a method of organizing the payment of employees and managing the way salaries are distributed. Small business owners generally take care of payroll systems on their own, or through a consulting CPA. Businesses need a working payroll system that is cost effective to them as well as being accurately maintained and all income taxes are correctly calculated and submitted to the federal and state tax governing bodies. A payroll is a complicated process for anyone other than a certified public accountant. In this article, we discuss the benefits of having a payroll system and a team that can manage it thoroughly for you.

Constituents of Payroll

A payroll is a mixture of these key components, which make a payroll this complicated to create and maintain.

Gross Wages

The total amount of money paid to each employee before any deductions are the gross wages of your business. Gross wages is the total amount that your employee receives at the end of each pay month.

Benefits

Benefits, such as provident funds, retention money, health insurance and transportation allowances are paid by the business; a portion of them however is deducted from their salaries. These deductions are taken out of the gross wages, which also needs to be stated in the payroll system, as they are reviewed during audits.

Social Security

An employees’ share of social security and Medicare payments are deducted from the gross salary as well. Along with any other deductions required by the state or federal laws.

Tax Withholdings

Employers through the payroll system also withhold employees’ taxes shares. As well as depending on the state and city, local taxes are added in to the mix.

The amount paid to employees after all of these deductions is called the net pay or net income for the employees. Through an advanced payroll system, all of these confusing calculations and time consuming paper work can be taken care of by a professional CPA.

Managing Payroll

If you thought the constituents of a payroll were a handful, managing them is an entirely different and further complexes the management of a payroll system. Payroll taxes and income taxes are both calculated and paid for separately to federal and state authorities. In order for each of these to be managed properly, they need to be calculated and maintained independently. For small businesses to achieve a proper maintenance of these two taxes, a certified public accountant.  However, CPA’s are very expensive, the most economically beneficial way for small businesses to get their entire payroll maintained, and taxes filed properly through the employment of businesses such as Monily.

Read Complete Article : Payroll System

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How to Prepare Your Ecommerce Store for The Holiday Season – Expert Opinions Included

Ever since the inception of the 21st century the world has become fully focused towards going digital. Hundreds of millionaires have found their fortunes through the internet, either by selling services and products or through internet fame. Today’s e-commerce is the most lucrative business models to get into, though a lot depends on how you execute your business. Setting up an e-business is not the most difficult of tasks, especially if you have someone managing and handling your business through years of experience and a heavy client portfolio such as Arturo Digital.

The holiday season is most lucrative time of the year for business to cash in on the most that they can. Everyone is walking around with a bunch of cash in their hands ready to spend it on anything that clicks with them.

In order for you to get the most out of this holiday season, we asked some of the best minds in the ecommerce industry to give us tips that have worked for them in the past. We had the founder and president of Dotmailer, Tink Taylor, to share with us his expert advice on what should businesses do when getting ready for the holiday season.

Read Complete Article : Ecommerce Store 

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Actionable Ecommerce Marketing Tactics to Drive Sales

A business runs on sales and cash flows, sales are driven through marketing. Businesses rely on visibility in order to get distinguished from the cluster of competition. Visibility is achieved through marketing, being able to properly be noticed, remembered and recalled by clients is what an ecommerce business depends upon. That is why the concept of the four P’s was created, that are the basis of all marketing tactics. This article discusses some marketing tactics that are bound to drive sales to your ecommerce business. The proper execution of these strategies are bound to bring in more foot traffic and improve sales as well as create brand equity.

Integrate social channels

Social media is the largest and most effective marketing tool that has been created up to date. Facebook, Instagram, Twitter and LinkedIn are the basis to understand and effectively connect with your target audience. Understand your viewership through their shopping behavior by properly understanding their habits and their likes. You can also integrate your social media pages and accounts with your ecommerce website, by simplifying the process for customers to be able to purchase directly through the handles.

Create a hype

Being able to trigger an emotional response from your clients is essentially the core essence of all marketing tactics. Marketing is the ability to understand people, the way they think and the way that they respond to various stimuli is what drives businesses towards success. Creating a hype goes in hand with being able to go viral for your customers. A hype can generally be created by having customers anticipate a discount or an addition into the product mix or product line.

Follow your customers

Tracking what your customers are doing when they come over to your website helps, you not just understand where the foot traffic is coming from and how to better optimize your website making it more accessible to the customers. It also helps you create a more enhanced user experience, by reminding them of what they looked at last, what things they added in their carts before leaving the store.

For instance if a customer came to look at handbags on your ecommerce website, and then left. They might have wanted better discounts, the next time they come over through smart systems integration you could introduce them to the website again by demonstrating new offers that you could make for them.

Read Complete Article : Ecommerce Marketing

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4 Successful Steps to Small Business Accounting

Economics are the guiding principles of organizations and startups a like. A business is the transaction of goods or services in return for money or financial gains. However, as much as we all love money, keeping track of it is probably the most time consuming and excruciating task for business owners. For startups, it is the most crucial function, as every single dollar has to be accounted for and reflected to make ends meet. Accountancy at its core is an essential business process, which is many a times disregarded by business owners. Making time for bookkeeping and account management reduces the time spent on other essential business processes. Here are some helpful steps that can guide you towards the right way of accounting for small businesses.

Consult with professionals early on

Getting it right the first time is especially important for startups and their accounting processes. As they are highly dependent on financiers and investors, which means that, their accounts and books need to be pristine. Along with showing the returns to investors, small businesses need to understand the divisions of company shares and be able to thoroughly articulate the worth of the business along with the correct proportionate amount of shares to be owned by each share holder. That is why small businesses need to consult with professional bookkeeping and tax consultants.

However, hiring services of accountants is highly expensive, and thus making it one of the major reasons why small businesses opt out of getting them onboard. Technology has however made major reductions on these expenses, by the creation of virtual accountancy services such as Monily.

Don’t do it yourself

Managing and keeping control over everything is the ambition of all businesses owners. However, the ground realities make it next to impossible for business owners to have eyes and a portion of their brains being used in every aspect of the business. Especially one such as bookkeeping and taxations for the business should be left in the hands of the experts. Bringing a small business accountant on board helps, you focus on the business’s core functions that are essential for its well-being. As much as the need to track your small business’s financials might be, it is best if you let expert bookkeepers for small businesses to manage your books and your taxes.

The best way of how to do small business accounting is to let experts such as Monily handle them.

Organize and keep track

The only way to successfully manage anything, from inventory to customer base to businesses financials is being organized. When you have everything, you need in a single platform for bookkeeping and taxations, by outsourcing this business function you are able to keep track of things in a more visual and understandable manner. Keeping important documents essential for taxations in an orderly manner can save you from a world of trouble and hard work. By having Monily, a small businessfinancials and accountancy firm helps you maintain all-important documents such as receipts and proofs of expenses as well as your books.

Read Complete Article : Small Business Accounting

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Advance Guide: How to Organize Receipts for Tax Time

“Would you like a receipt?” That is probably the most commonly heard of sentence when we all go around buying business essentials or just running errands. But how many of us actually say “sure” to the question, and then how many actually keep these receipts?

Here is a news for you, those recites are important, especially for small business owners. Keeping them can save you a world of unwanted troubles. However, like all entrepreneurs you probably do not have the time of the day to be taking care of receipts, let alone filing them and maintaining a track record of them. This article discusses the various ways you can safe keep and take care of these receipts without having to jeopardize on your time. Technology has come a long way to ensure that the maximum time spent is on productive and progressive decisions.

Here is what you can do to make your life with receipts easier.

Keep them

This goes without saying, being a business owner receipts of your day-to-day transactions are essential. Not just to keep a track of where you are spending and what your business is utilizing your capital on, rather it is also essential to help you safe guard yourself from when there is an external audit, or the IRS decides to review your books. They can even act as your witness, and remind you of where your money goes. Hence, it is imperative for you to always keep your receipts.

Connect receipts with relevant business expenses

Do your statements sometimes make no sense? Is there money that is missing? Maybe you dropped a couple of bucks somewhere. Keeping a record of where you are spending and how much you are spending on them help you keep clear from lost finances. You can easily retrace the expenses and evaluate the justifications of the expenses. The best way to manage them with ease is to categorize expenses into relevant files. For instance, utility bill receipts can be stored in a single file. Daily expenses on another and so. Another way to ensure the most out of your receipts being organized either is keeping them in color-coated folders, or titled with their contents.

Digitalize

Digitalization has facilitated everything we do in life. From automated food ordering services, to the way, we communicate and even how we conduct business today. For many millennials take their phones away from them and see how they go about their day, in fact not just millennials, we are all extremely dependent on technology for everything that we do. Businesses have cherished immensely by profiting up on making their daily practices smarter through incorporating the latest in technology. Digitalize your receipts by keeping a track of them through solution based accounting applications.

Simply take a picture of the expenses and use accounting for small businesses such as Monily, which automatically keeps a record of all your expenses. Maintaining your books as well as graphically representing where you are spending the most. This process will also help keep backups of everywhere that your money is going. Even if you believe firmly on technology and the storing of your receipts through it, still keep hardcopies of them in files and folders.

Maintain Your Book Daily

Your books are integral representation of your business’s expenditures and earnings. They are also, what are ultimately required to ensure that you pay the required amount of taxes and are also able to retract your financial movements. Keeping a record of them and maintaining them by updating them directly through your receipts can save you a greater hassle. You already have enough hours in a day to complete all business related work, imagine piling up all these receipts and ledgers for another time, or waiting right before tax time to sort through them. Sounds awfully painful doesn’t it. The smarter way would obviously be to update them in a timely manner. However, an even smarter way to go about this would be to hire a virtual accountant such as Monily that provides bookkeeping and taxation services. Have them update and maintain your books as well as record you every financial transaction. So that you have, more time at your disposal to go about doing what is more important for your business.

Reduce cash expenses

Money come, money go. This happens to everyone, no matter what the social or financial standing might be. The more money you carry in cash the more disappears into a mysterious expenses which is mostly untraceable. Since it is already a pain tracking and recording financial dealing that are done leaving a paper trail, cash is even easier to flow out of your pockets without leaving any trace of where it was utilized.

Read Complete Article : Tax Time

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Local CPA VS Cloud Bookkeeping: Reasons To Choose Cloud Bookkeeping Over Traditional Accounting

Today is the era where not even your printer needs a cable attached in order for it to function. Everything happens with a touch of a button on your smart watch or smart phone. The world is getting smarter every day, with rapid transitions into all things virtual.

Studies from the Harvard business school, Forbes and the world bank reveal that almost a quarter of traditional jobs will be taken over by robots and, automated systems with in the coming decade.

One of the practices, that will inevitably become obsolete will be traditional bookkeeping. This article talks a little about why and how bookkeeping is revolutionizing and adapting to the ever growing technological advancements of the digital era.

What is cloud based bookkeeping?

The cloud based bookkeeping is accounting just more advanced, in a manner where your entire information is accessible on every platform that you use today. Instead of having a dedicated computer system or an on paper system that is solely and devotedly being used for the firms accounting processes. With a cloud based platform you can manage, review and oversee all your financial data anywhere in the world, any time you want to.

In contrast to traditional bookkeeping, the cloud system works on your smartphone just as smoothly and securely as your trusted traditional mediums. Simply transformed into to a much more reformed and seamlessly interactive system. Cloud based QuickBooksempowers you to make important financial decisions on the go. You no longer need to remember where your business stands, what your cash flows look like, nor do you need to get puzzled between a wreck of sheets and numbers. A simple tap and all that information is within your grasp.

Why Cloud based Accounting Professionals?

With a cloud based bookkeeping you no longer rely on just a single individual that is your, accounting professional to have sufficient integrity, to responsibly go manage your accounts and books as well as successfully illustrate and offer consultations for future financial decisions vital for your business’s growth and sustainability. With cloud accounting you get an entire firm of accountants looking and caring after your growth. Going through all the processes that any niche service goes through to ensure maximum customer satisfaction and optimal results.

You get ten folds out of what you pay for, because now you’re not just hanging in the dry and depending on a single professional for your bookkeeping information to be passed on to you accurately. You get an entire organization backing you up, that goes through rigorous quality control and multiple levels of analysts, before it is handed over to you, in a timely manner.

How do you trust a Cloud based QuickBooks enterprise solutions?

For starters, an individual that is only answerable to you, can be prone to make mistakes. Their integrity can be questionable and so are their practices, whether or not they are best suited for you and your business.

The success of any business majorly depends on a structure employed through every function of the business. Having a dedicated team of accounting professionals keeping your QuickBooks enterprise solution up to date, managing your accounts as well as forecasting future trends. Gets your business a streamlined approach and a more controllable outcome than traditional bookkeeping methods.

How does Monily take over your worries?

Monily is a financial management solution that has more than 200 Certified Chartered Accountants, working full time to manage, maintain, forecast and project industry trends to improve clients’ businesses. Only the best and the highest grade accounting minds work in collaboration to ensure a maximum outcome for your business. With Monily your bookkeeping gets smarter than your smartphone, in other words it becomes smart-bookkeeping. Now not just a single local CPA works to improve, adjust, reflect, consult and file taxes for you, rather you have the brain power of 200 plus accountants and financial experts devoted solely to the improvement of your business and to make your business into a success it is inevitably to become.

Read Complete Article : Cloud Bookkeeping

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Advantages Of Cross Platform App Development for Businesses

The application industry has had a huge boost since the access to technology has engulfed the masses of the population across the world. Multi-million dollar businesses are born solely through applications; such as Snapchat.

A cross platform app development is the process of building an application in a way that it is adaptable through multiple platforms and is easily launched in all major application systems such as iOS, Android and Windows.

This article discusses the advantages of cross-platform application development.

Reduced Costs

The biggest problem that businesses face is finances, in a similar manner mobile application services are costly too. However, this cost can be greatly reduced by cross platform mobile application development. This happens due to the reduced coding and execution time, as well as ease of marketing through multiple channels simultaneously.

Since programmers or coders spend less time writing individual codes for applications across different platforms the per hour cost also decreases. Having hybrid coding or cross platform apps a lot more affordable. The purchasing of multiple tools to individually code for platforms is another primary factor in the reduction of prices.

Reduced coding time

Application development’s time varies greatly, depending on a bunch of factors including the complexity of the app and the number of features included in it. Before cross platform development, individual codes for each independent platform had to be written separately, tested and brought to market. With the advancements of tools, and swing ability between platforms, the time to develop and launch an application has been gravely reduced which also has a huge impact on the cost of development.

The reduction in time, also highlights when the application is in its testing phase, enabling businesses to test and launch them at a quicker pace. This has also reduced repetitive coding, where codes similar between platforms do not have to be re-written and can be used multiple times.

Easier Implementation

The ease of coding is reflected in to the implementation phase as well, where updates or changes on an application can be made for all mobile devices easily, by simply adjusting the new updates through all platforms. Mobile App Development services offered by places such as Arturo Digital ensure that your application is created at a faster rate and have reduced costs as well. Making sure that it is implemented through all platforms in the manner that your business had projected it to be. Multitudes of tools are at today’s developers’ reach through which the accurate development can be done, ensuring optimal implementation.

Read Complete Article : App Development For Business

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The Ultimate Checklist for Every New Ecommerce Business

E-commerce is the way of conducting business in this digital era. As it requires less capital investment (depending on the scale of the business) and a larger target market. All due to the connectivity of the internet.

A local clothing shop’s general target market is the neighborhood it is set up in, the consumer network that it can target changes instantly and grows exponentially when that same retail shop enters the world of e-commerce. It now caters to clients from all over the state, country and even foreign nations, depending on the scale of the operations of the business. Having said that, it is generally less expensive to start an ecommerce business, however, it does not make it an easy process to go through.

Starting an Ecommerce business means a lot of hard work and building an identifiably distinct approach, in other words the business’s Unique Selling Point (USP) needs to be first understood by the business’s owners and then translated for the clients to easily recognize and remember the business.

In this article, you will find a checklist to start an ecommerce business, which is only the start of the journey. This is only a guide, the more you submerge yourself into the creation of your e-commerce business the more you will start to learn and better understand how it operates. You will make mistakes and build up from them.

Selecting what to sell

Generally, all businesses are divided in two sectors, or a mixture of both. It is imperative to understand which business model works best for you.

Service Providing Businesses

In the ecommerce world, setting up service-based businesses is more than often the chosen path. A service-based business consists generally on the experience that the clients get from you. As anything that you offer them is not tangible, it is based on emotions and what the clients take back from it. This requires understanding your clients’ needs to the minutest detail and tailor making their experience from them. A service delivery process is generally shorter than a product based experience as clients do not physically obtain anything from the service provider and only experience the service at a particular location. An example of a service-based business is an online order delivery service. An online cleaning service or a drycleaner service.

Product Based Businesses

Product based businesses depend on tangible goods to be produced or obtained and then delivered to the clients. The quality of these products are judged, and are generally consistent, which means they are generally perceived of the same quality throughout the entire product selection. The clients own these products; they are selected by them and are used by them over a period of time. Whereas the interactions between the buyers and the sellers is always minimal. For instance, an ecommerce store that sells clothes as our initial discussion illustrates, would be shipped the clothes for the customers to wear. Their quality would generally remain constant, and would be less based on the experience and more on the usability.

The commonality between both

The common ground for both of these businesses is that they are dependent upon how much patron enjoys the experience. The world has moved past the typical brick and mortar business model and is now greatly dependent on the internet to cater to a larger client base. This means that the correct execution of all visual tools needs to be used properly to lure in and captivate the right audience. Hence, consumer experience is of primary concern to all business owners, irrespective of their nature of business.

Assessing the Idea

Once you have chosen which route to pursue you need to decide on your execution strategy and assess the idea by checking the industry. This is done through an in-depth analysis of the competition, the people that are already with in the industry. You also need to identify a section of the market, which has not been tapped in yet, or how your business could make a change to what is already available with in the market.

Being able to understand your clients and adapting to their never-ending needs and ever-increasing perceptions of quality and experience is imperative for any businesses survival.

Setting it up

You have assessed all that you need to and are now moving towards the practical implementations of your grand idea. What do you need to think about first?

Finances:

Money moves mountains. This is the fact that we live with, making it a vital reason why people go in to business. There are multiple sources to be financed, such as crowd sourcing and getting them from relatives.

However, understanding the correct numbers and how to organize your finances you need an ecommerce bookkeeper. This will help you allocate the right amount of funds for the right tasks. The best way to go about with this is to get a small businesses bookkeeping and accounting firm on board such as Monily. You no longer need to worry about the allocation of funds and an actual figure on how much you need, as well as what would be the terms for the return on the investments that are done.

Read Complete Article : Ecommerce Business

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12 Predictions on the Future of the Accounting Profession

Technology has aggressively changed the world around us. Businesses are able to understand their target market with a greater ease and at pennies on the dollar. Giant tech corporations have made the most out of understanding, accumulating and establishing a highly intimate connection with the general public. In broader terms making the world a lot smaller than it used be, simultaneously opening up new horizons for scalability of small businesses.

Even though technology has made it easier for humans to coexist and build a stronger more united world, there are adverse effects of it as well. However, that is only relevant for those that let time slip away, and are not able to adapt at the rate that technology brings about innovations and rejuvenates how everyday functions are performed.

There are extensive lists of professions that have been determined to be in the danger zone due to technological advancements and progressions towards independent and self-aware artificially intelligent (AI) systems. A way out does exist, which is to adapt to the changes and be ahead of the game by keeping up to date and utilizing advancements to one’s own gain, professionally.

Here are some predictions on the future of the accounting profession.

Cloud Accounting vs Local CPAs

We have discussed about this in earlier blogs as well, where local CPAs were compared with cloud based computing. The future is all but cloud, the life of the hard drive is very limited, since all communications and important data is starting to get stored away in a system called cloud. This will enable the transformation and sharing of data at a much faster and more logistical way.

Small businesses rely heavily on small margins of profits; being a small business owner yourself, you would know this better. Every penny that is not being spent towards any unnecessary expenses can mean enhanced profits. Accountants are an integral part of your business; its well-being and structuration depend on them. However, local accountants can be extremely pricey especially accountants in Houston, Texas area. The point in having cloud based accounting systems in place is to reduce the overall expenses on this core business function, improving on the quality of management, and control that you as a small business owner need.

Corporations such as Monily, handle taxes and bookkeeping at extremely affordable rates all the while helping you focus more on your savings and business’s expenses on a reoccurring base at a quarter of the rate at which you would get a single accountant.

For accountants this means that they need to move up from providing just financial advisory services to small businesses, to providing cloud-based solutions that would help their client base save up on accounting expenses and cater to more clients through the integration of technology.

Read Complete Article : Accounting Profession

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How Can You Accelerate Your Business By Bookkeeping

So what makes a law firm financial operations any different than any other firms on the market? The answer is simple, Bookkeeping! When it comes to tax cutting and paying bills, it helps you handle cases profoundly making stressful situations extremely easy every day.

No lawyer in today’s world should be juggling around with million dollars without keeping track of how to manage his/her finances accordingly. Challenges can pile up! You can end up with problems such as catching up with priorities and paying up your due taxes and bills on time.

At Monily, we look forward to help lawyers who want a counter-productive and cost effective solution for their respective businesses. Most lawyers are focused on a single task at a time, just like they are tackling a case in a court… They take a similar approach to manage financials accordingly.

To get out of the cycle of failing consistently, they take a different approach. An approach to set up systems that can automatically optimize their profit returns and give them effective tips on practices so they can forecast market trends of the future.

How Monily prioritize your billable work?

Common challenges that most law firms face include billable work and offloading tasks of management and operations. To overcome such atrocities, it is necessary to practice laws and follow goals that get things done. Such is the case with Monily. It helps you prioritize your business prospects and give you a state-of-the-art tax return solution. If you are in the reaction mode, make sure that your system grows exponentially! And to do so, you need to implement effective bookkeeping within your organization.

What does growth have to do with Bookkeeping services?

Have you ever considered why your approach towards systematic growth is not credibly working? It’s because you are not picking the right apples and are readily jumping from one task to another.

Read Complete Article : Bookkeeping

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What Ecommerce Retailers Wish Their Accountants Understood

Accountants are your business’s backbone. They help you understand where you currently stand financially, how far you are from achieving that goal and what you need to do in order to remain at the top. A business functions for the core purpose of making money, performing essential tasks achieving organizational strength by leveraging profit margins and service offerings.

The internet has given birth to a new type of business, which took the world by storm and is now easily beating retail giants. Ecommerce retail stores are born global businesses, that dedicated their resources into facilitating a larger client base connect and make purchases from the comforts of their homes, office, the bus stop or anywhere else. Giants such as Amazon have concurred the retail environment, understanding the needs of patrons and successfully satisfying their entire purchase experience by limiting the hurdles that revolve around purchasing goods of all kinds on a daily basis.

Earlier, one could buy book and electronics online. In today’s day and age, you can buy apparels to groceries all through the tap of a button. You no longer need to carry the heavy bags of your latest shopping spree in to your car and then back home all things are now delivered to your home or office. Due to this mega boost in the Ecommerce industry, businesses that have not adopted an online presence have become and are becoming obsolete.   Unfortunately, however, many ecommerce retailers undermine the importance of ecommerce accountants and how having the right people can actually save them a great deal of trouble and can even become the biggest Asset for such a store.

This article discusses what things you might miss out when you try to manage your ecommerce store’s accounting and its books.

Remain Prepared for Tax Time

The biggest fear of all businesspeople is tax time. A real testing time, where days and nights are spent in front of a screen, or in a shoe box going through receipts and crunching numbers. Unless of course you are, smart and actually invest in an ecommerce tax accountant, bookkeeper or tax expert. Understandably, many business owners opt out of getting an accountant on board the initial days of their business. These technologically advanced days have enabled humans to let their cars drive themselves, how bad could it be for a virtual accountancy firm such as Monily to be handling your business’s books and keeping you tax ready. You can save yourself a great deal of pain and unneeded diversions by entrusting your books to specialist that will help you get ready for tax time. Many part time accountants that are employed by many ecommerce stores generally hold off from tax preparation and charge additionally to get their taxes done.

Read Complete Article : Ecommerce Retailers

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Advance Guide: How to Organize Receipts for Tax Time

“Would you like a receipt?” That is probably the most commonly heard of sentence when we all go around buying business essentials or just running errands. But how many of us actually say “sure” to the question, and then how many actually keep these receipts?

Here is a news for you, those recites are important, especially for small business owners.Keeping them can save you a world of unwanted troubles. However, like all entrepreneurs you probably do not have the time of the day to be taking care of receipts, let alone filing them and maintaining a track record of them. This article discusses the various ways you can safe keep and take care of these receipts without having to jeopardize on your time. Technology has come a long way to ensure that the maximum time spent is on productive and progressive decisions.

Here is what you can do to make your life with receipts easier.

Keep them

This goes without saying, being a business owner receipts of your day-to-day transactions are essential. Not just to keep a track of where you are spending and what your business is utilizing your capital on, rather it is also essential to help you safe guard yourself from when there is an external audit, or the IRS decides to review your books. They can even act as your witness, and remind you of where your money goes. Hence, it is imperative for you to always keep your receipts.

Read Complete Article : Tax Time

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Advance Guide: How to Organize Receipts for Tax Time

“Would you like a receipt?” That is probably the most commonly heard of sentence when we all go around buying business essentials or just running errands. But how many of us actually say “sure” to the question, and then how many actually keep these receipts?

Here is a news for you, those recites are important, especially for small business owners.Keeping them can save you a world of unwanted troubles. However, like all entrepreneurs you probably do not have the time of the day to be taking care of receipts, let alone filing them and maintaining a track record of them. This article discusses the various ways you can safe keep and take care of these receipts without having to jeopardize on your time. Technology has come a long way to ensure that the maximum time spent is on productive and progressive decisions.

Here is what you can do to make your life with receipts easier.

Keep them

This goes without saying, being a business owner receipts of your day-to-day transactions are essential. Not just to keep a track of where you are spending and what your business is utilizing your capital on, rather it is also essential to help you safe guard yourself from when there is an external audit, or the IRS decides to review your books. They can even act as your witness, and remind you of where your money goes. Hence, it is imperative for you to always keep your receipts.

Connect receipts with relevant business expenses

Do your statements sometimes make no sense? Is there money that is missing? Maybe you dropped a couple of bucks somewhere. Keeping a record of where you are spending and how much you are spending on them help you keep clear from lost finances. You can easily retrace the expenses and evaluate the justifications of the expenses. The best way to manage them with ease is to categorize expenses into relevant files. For instance, utility bill receipts can be stored in a single file. Daily expenses on another and so. Another way to ensure the most out of your receipts being organized either is keeping them in color-coated folders, or titled with their contents.

Digitalize

Digitalization has facilitated everything we do in life. From automated food ordering services, to the way, we communicate and even how we conduct business today. For many millennials take their phones away from them and see how they go about their day, in fact not just millennials, we are all extremely dependent on technology for everything that we do. Businesses have cherished immensely by profiting up on making their daily practices smarter through incorporating the latest in technology. Digitalize your receipts by keeping a track of them through solution based accounting applications.

Simply take a picture of the expenses and use accounting for small businesses such as Monily, which automatically keeps a record of all your expenses. Maintaining your books as well as graphically representing where you are spending the most. This process will also help keep backups of everywhere that your money is going. Even if you believe firmly on technology and the storing of your receipts through it, still keep hardcopies of them in files and folders.

Maintain Your Book Daily

Your books are integral representation of your business’s expenditures and earnings. They are also, what are ultimately required to ensure that you pay the required amount of taxes and are also able to retract your financial movements. Keeping a record of them and maintaining them by updating them directly through your receipts can save you a greater hassle. You already have enough hours in a day to complete all business related work, imagine piling up all these receipts and ledgers for another time, or waiting right before tax time to sort through them. Sounds awfully painful doesn’t it. The smarter way would obviously be to update them in a timely manner. However, an even smarter way to go about this would be to hire a virtual accountant such as Monily that provides bookkeeping and taxation services. Have them update and maintain your books as well as record you every financial transaction. So that you have, more time at your disposal to go about doing what is more important for your business.

Reduce cash expenses

Money come, money go. This happens to everyone, no matter what the social or financial standing might be. The more money you carry in cash the more disappears into a mysterious expenses which is mostly untraceable. Since it is already a pain tracking and recording financial dealing that are done leaving a paper trail, cash is even easier to flow out of your pockets without leaving any trace of where it was utilized.

Conclusion

Receipts are important; in fact, they are highly important for all small business owners to successfully and smoothly manage expenses keeping an eye on profitability. The better way it to let technology handle it and be organized. Everything in business is highly dependent on transparency and order, especially all sorts of financial dealings. By having technology by your side, you spend less on time and energy sorting through backlogged work. You need to either still keep records of your expenses, in the form of digital representations by taking snaps of them, or actually maintaining hard copies of your dealings, it is imperative that you store what you spend, how much of it and where.

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6 Tips for Managing Small Business Finances

What is the reason of getting into business instead of following through the typical 9-5?

Money is a great initiative that pushes us all to wake up in the morning and get through all sorts of trouble just for that paycheck at the end of the month. Businesses depend solely on the amount of money they can bring in and how lucrative they are. Similarly, keeping an eye on the finances is of primary concern for all business people, but to what extent. This article discusses some tips that can help a small business with its financials. It discusses all aspects that are important for business owners when talking about their books, and how to make their lives easier.

Be Organized

Organize, organize, organize; do not become a neat freak though. Everything becomes easier when you remember the word repeated thrice in the beginning of this heading. Especially so, when you are dealing with financial matters that are not only your concern but also of governmental organization such as the IRS.

The best way to be organized is to log everything, into files (if you are classic) or into an excel sheet (also if you believe in antique methods). Whether or not you trust in technology to maintain your books for you is an entirely different aspect discussed in the topics to follow.

Have a specific folder where you keep all of your bills and urgent payables and another where you put in all of your receivable. Review your bank statements on a weekly or fortnightly basis, to calculate and keep track of those pesky every day expenses. They might not seem like too much but a dollar spent is a dollar less for you to perform business essential processes.

Keep track of your money

Technology has made payments so much more easier; however, it has also reduced paper trail. Being organized means easier money tracking; exponential technological enhancement also means that it is more convenient when you adapt technology into your technology practices. Through advanced financial tools and virtual bookkeeping and accounting firm, you pay a quarter on the dollar to better manage and track your financial expenses.

Separate Business from Personal

When starting a business it is hard to separate a business account from your personal account as the expenses are minimal and everything is going out of your pocket. However, it is smarter to always have a separate bank account for both. This helps you keep better control on what you spend and are able to smartly distribute your budget, keeping greater control on your expenses and returns. It also simplifies bookkeepingand reduces unaccounted for expenses. This practice will improve your money management when the business starts growing and becoming more lucrative.

It is a hassle to open additional bank accounts initially but it is an effort that pays well in the longer run. A business is an entity in its own; you are its soul even so your own expenses should not be driven out of your business’s finances and vice versa.

Keep a Checklist for bills

We all have bills to pay, but what is the difference between business bills and personal bills? Business bills are generally a higher priority as paying them off keeps it flourishing and in turn support your personal bills as well. What is common in both is that they are to be paid on time. However, be organized about it and keeping a checklist has never hurt anyone; instead it could actually help you be prepared for reoccurring and unforeseen expenses. This has a trickledown effect on the rest of your financials as well, since your expenses are nicely covered by having them in a checklist you now know exactly how much money you have to spend on other business important expenses.

Hire a Virtual Bookkeeper

Bookkeepers are expensive but they are also essential for all businesses, we have talked about their importance a bunch of times over. Yet, it is still ideal to get one even if you think it is an additional expense that you cannot afford at the moment. There is no good or bad time to get a bookkeeper or better yet an accounting and bookkeeping firm for small businesses. Having your back covered with a financial consultant can help you relieve off, of the burden of tax season, also improve on your transparency, and generally just make your life easier. In a way that someone else worries about tracking, your money and you simply look at the numbers after they have been aggregated and demonstrated into graphs and charts.

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How to start a Business: A Checklist for your start up

Millennials, the offspring’s of Generation X and baby boomers have started an entirely new drive of entrepreneurship. Small businesses alone within the United States make up 99.7% of all U.S based businesses according the US Small Business Administration. Due to the increase in technology and borderless trade, starting a business is on almost everyone’s checklist. Unfortunately owning a small business is very different in reality, there are tons of things that you need to think of and manage.

Thousands of small businesses are created every year and only one fourth of them reach the five-year mark. The reason why a majority of small business fail can be accredited to the lack of planning and understanding the market dynamics correctly.

Here is a startup checklist for you to follow through if you are planning to start one.

Research

The most important step when starting up a business is research. Understand the gap within the market and how you can fulfill the needs of the clients. Researching and evaluating every possible end plan for your business. Have a strategy for if things do not work out; have your back covered always. This process might seem exhaustive and boring but it is essentially, what will either make or break your business. Understand the need of your offerings whether you want to go in the service industry or products you need to consider your personal strengths and weaknesses.

The service industry is solely based on experiences clients get it is largely dependent upon building strong relations of trust with patrons, as people can’t really feel or hold or reuse the service over and over again. If you are a people’s person and think that there is a gap in the industry, you still need to do your research thoroughly and assess all options at your disposal.

Understand your competition and what they are capable of; it is all part of researching, which ultimately can become your sole Unique Selling Point.

Connect with your clients

What can’t be heard of can’t be sold. Whichever industry you decide to tap into, there is a great chance that someone else is already in it. Researching will help you evaluate what the big fish are doing and in turn help you strategize your own route to connecting with potential clients. The digital era has made marketing and communications a great deal cheaper than traditional mediums. Understand your target audience, who will be your major customers and what will be the best way for you to become visible to them. Having a website front is no longer just an option, if you are staring up fresh chances are you are low on finances, the only logical solution for you would be is to create visibility through online portals.

When you are connecting with the populous there are many things that you need understand from their color preference to the messages you want to get across. What better way to deliver your goods than by having your clients help you build your business. Create a brand persona that is distinct from your competition. Make sure your packaging is very different from what already exists; decide on what makes you stand apart. The world today is solely dependent upon how will people get serviced, if you go a mile extra to ensure the satisfaction of your clients it just might be the boost that you need to get your business started.

Finances

Money, that is why everyone goes into business. Getting money for your start up however, is not an easy ordeal. Add to that having to manage your finances and taxes is another trying task, which is commonly disliked by all entrepreneurs. Just like all businesspeople, you would probably want to manage everything on your own. Having an accounting firm for startups might seem like a bad idea, you know, the expenses and the fear of having someone else manage your financial books for you can make anyone uneasy. That is why you should only trust businesses that maintain complete transparency.

The best way to deal with unwanted additional expenses is to hire an online accounting service, which is not very cost effective and still gets the job done.

Be Goal Oriented

Do you remember back in school there were always these pesky tests and exams, the end goal was to either clear through the finals or score a string of As. The same is with everything else in life and especially so in business. Write down what you want to achieve from the business, and what your final goals are, where do you want to lead it and how will you get there.

There are two types of goals, long-term and short-term. Long-term goals help you stay true to your path; they also help you create a business vision, which is where you envision your startup to be a few years down the road. Short-term goals help you reach and achieve your vision, which can either become your mission, or they could be strategic goals oriented towards achieving the business’s vision and in turn helping you achieve your vision.

Remember goals are essential in establishing a structure and helping you achieve all that you need to.

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5 Reasons a Bookkeeper Can Save You Money

Money, the world revolves around this small five-syllable word. We might not like to accept it or be proud of it but everything you have done today and will do until you are in bed is about M-O-N-E-Y. In light of this discussion, that money is what matters the most to, of all people are business people and entrepreneurs. Saving up is what drives a business out of the startup phase into a full fledge working business model that elevates returns and escalates growth.

Does money appear from thin air? Alternatively, the famous parental saying money does not grow on trees is very well understood by all of us by the time we become teenagers. However, in business, there is a way to make money appear from thin air, and that is by having a professional bookkeeper on board.

Every penny that you do not spend is a penny earned.

This article helps you understand the idea behind creating money from thin air by having an advanced bookkeeping service.

Manage You Profits Smoothly

When you run the show, there are a lot of things that you need to look into. Should bookkeeping be one of them? Short answer to that is, no. The longer answer is, would you rather spend a couple of hundred bucks and have someone else take care of your bookkeeping and financial management needs or would you rather, spend countless hours recording your daily transactions and tracking dollars rather than focusing your attention in making more of them.

Every startup works on a very tight profit margin, and even a single dime can make a lot of difference at times. When you have a professional CPA working for you, keeping track of where you are spending and how much of it is going. In turn by saving off from errors and by spending your time where it matters you can make more money from your business.

Divert Your Attention

Tax time! That freaked you out didn’t it? Yeah, happens, research has shown that the only thing business owners and entrepreneurs loath is taxation. Filling out all that paperwork, cross checking with your accounts and financials, what to write off as deductible and what not, is hectic. However, not when you have a professional who lives and breathes taxation laws and bookkeeping helping you through such tough waters.

The stress you go through when preparing for taxes can take a toll on your business’s other functions as well, hence keeping you from making more money than you would otherwise be making.

Focus On What You Are Good At

Why complicate your life even more, let a pro handle it. Unless you are a bookkeeper yourself, you should really consider staying out of the mess numbers can create. There are many moving parts in every business, no matter its size and so there are a lot of other areas that you can focus and include your expertise in. One of the more pressing reasons why a bookkeeper would save you money is if you don’t have to go through analyzing all the minute details that money management brings with it. Accountants specialize in taxation's and bookkeeping, let them handle the troubles. Spend the time on more productive activities such as bringing in more clients or improving on your products and services. Do not lose sight of the reason you started this business in the first place amidst all the numbers and calculations.

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5 Reasons To Hire a Tax Pro To Prepare Your Income Taxes

Taxation at its core is a stressful word. Let alone having to manage payrolls and maintain books with all transactional records that follow it, is an entire world of complications. Unless you love managing, numbers and playing around with them, which can still make your confrontation with filing your income taxes an uneasy ordeal.

With changing policies and the government introducing new tax laws and reforms, it might not be the best decision to manage your small business’s taxations and income taxes on your own.

Even if you are working from home and think you have got your taxes under control, unforeseen errors and problems always pop in which are even harder to trace and fix on your own. Due to all of the problems that a person can face, there is an entire educational field dedicated to train and equip people with the skills needed to manage accounts and finances, otherwise known as CPAs or Professional Tax Consultants. It is not always smart to micro manage especially in areas that control a great portion of your business’s well-being.

This article helps you understand why it is better to hire a tax consultant, and what better way of getting it then virtually with businesses such as Monily that, live and breathe taxes and bookkeeping.

Save On time

Here is a riddle for you, what can fly without wings? That is right; the answer to that riddle is what almost every business owner and entrepreneur lacks. There are not enough hours on the dial for you to be done with all of the tasks of the day. Add-on having to manage your business’s books on a daily bases. Include your transactions, expenses and take care of the receipts to latter feed them in to the system. Why handle all the practical details that go in your business? When you can hire a professional tax consultant through taxation services in Houston such as Monily.

When you hire the services of tax consultants, especially virtual ones you save up greatly on time, by spending your it focusing on the growth of your business, and managing its day-to-day activities rather than spending that precious time bending over your accounts trying to figure some sense out of the numbers.

Services like Monily, work on everything from getting you tax ready to maintaining your books on a day-to-day bases. Leaving you ample amount of time to get on to what really matters, bringing in business and growing it. Just like every business owner your accounts are an important aspect of your trade, instead of getting into it yourself, you could simply look at the graphs demonstrating your expenditures and receivables on a user friendly and easy to understand display, in-turn saving on, yes, you guessed it, Time.

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