Fall In Love With Better Business Habits

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payroll services minnesotaEvery new season brings with it an element of change, and hopefully a few seasonal specialties you can look forward to. For the fall season, your mind might fill with sweaters, changing leaves, trips to pick apples, pumpkin spice everywhere, and of course, the winter holidays coming on fast. Quite a bit happens in the year’s closing months, so it often seems like only the blink of an eye separates Labor Day from New Year’s Eve.

Fall is an optimal time to take more charge over your business, where you focus on everything that you have accomplished, as well as what still has room for improvement, all before calendars get flipped into a new year.

Before you’re able to any sort of fruitful planning for the future, you need to take the previous year into perspective and go back over everything that you’ve done in those 12 months. Do you remember what you first set out to accomplish? Do your actual accomplishments stack up very well to the original expectations?

The last four months of the year fly right by, especially when you consider how many events and holidays are mixed up in it all. Start considering holiday promotions now. Considering how many specials and sales are going to happen, you need to think ahead in order to stand out among your competitors.

You need to do other things that aren’t nearly as fun as getting ready for year-end promotions, which includes handling tax items and payroll tasks. You might want to send out reminders to your employers that they need to verify their W-4 information right away so you can process their W-2s promptly with the right information. The final quarter of the year is also an ideal time to start gathering up all the information, receipts, and documents you might need to file taxes in the new year. If all of this overwhelms you, or you just need professional advice on handling taxes, this might be a great time to partner up with UpToDate Bookkeeping in order to have help before things get too busy.

It’s really never too early to begin looking at your new year goals and where you want to make your business better. When you reflect on the accomplishments of the previous year, you have an analysis you can use to jumpstart the next year. Maybe you’d like to grow your customer base by 300, or perhaps you want 110% of your current ROI. Regardless of your goal, it’s good to plot them out in advance so you have time to start mapping out your strategies to get them done.

Fall is as fresh a start of a season as any other, so use it to bring some breathe some fresh air into your business. Even if the back-to-school frenzy is still hanging in the air around you, it’s a great time to do your own homework, study, and testing so you can teach the new year who is boss in your business.

The Importance Of Maintaining Accurate Financial Records For Your Business

Bookkeeping Company Minneapolis

Bookkeeping Company MinneapolisAccuracy and precision are essential when it comes to keeping financial records for your business. Tracking your financial picture provide you with valuable information that can help guide your decisions as your business grows. Knowing exactly where you stand financially at all times is essential if you want to achieve success.

Precision Matters

When dealing with financial data, precision is essential. Even the tiniest numbers need to be carefully tracked. Your company’s assets begin to depreciate the minute that you buy them. Tracking this depreciation is an important part of keeping up with your financial records. You also need to keep detailed records of all of your income. That doesn’t mean just writing down how much money is coming in. Instead, your income needs to be split out into cash receipts and accounts receivable so that you have an accurate idea of exactly where your money is.

Staying On Top Of Taxes

Businesses of all sizes are responsible for paying taxes on their earnings. The tax rates can be quite high – especially for businesses that are bringing in a lot of money. If you don’t accurately track and pay your taxes, you could find yourself facing a huge tax bill at the end of the year. To avoid this problem, pay your taxes as you go.

Catching Mistakes

One of the best things about keeping accurate financial records is that it allows you to catch mistakes or errors early on. That way, you can correct them before they grow into a significant problem for your business.

Keeping Investors Happy

If people have invested money in your business, keeping good financial records is even more important. Records like these are an essential component in the trust-building process and can help ease any worries or fears for investors.

Staying On Top Of Payment Cycles

Keeping detailed, accurate financial records is also important when it comes to keeping up with your accounts payable and accounts receivable cycles.

Tasks like tracking your inventory, paying out wages, and managing your bills all need to be taken care of in a timely manner. Without detailed financial records, keeping up with these duties is far more difficult. A good example can be seen with a business loan. Instead of just sending in your monthly payment, it is important to figure out how much of that payment is going to the loan’s principal and how much is going to interest. To do that, you need to accurately track the data.

Guiding The Decision-Making Process

Ultimately, every decision that you make for your business should be as well-informed as possible. Financial issues play a key role in most major decisions that businesses make. The more accurate your records are, the easier it will be for you to decide on a course of action.

Any inaccuracies in your financial data, on the other hand, can negatively affect your business. Oftentimes, problems aren’t noticed until significant damage has already occurred.

Tracking your company’s finances isn’t very stimulating. However, it is one of the most important things that you can do for the future of your business. Maintaining detailed financial records also can prevent you from inadvertently breaking the law.

Payroll Services Provide the Necessary Administrative Help to Company Managements

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payroll services minnesotaWhen any business is set up that does have many employees, these persons will all need to be paid at fixed intervals that are normally weekly or monthly. For making these payments payrolls must be made detailing the number of days worked, the payments due based on agreed salaries, and deductions made for taxes or any other dues.

The preparation of payrolls requires a fair amount of work that must be accurate, based on attendance and other records. Businesses find that this requires deputing personnel to the required work, for a few days in a month. Keeping personnel specifically for this job may not keep them fully occupied, and if they are diverted from other work, those jobs may suffer. This is where payroll services that are outside companies can undertake, for a fee, all the work that is required.

In a basic payroll service, the outside company that has been given the work will collect all wage information including days worked and wages agreed on and will make all the necessary calculations, including required tax deductions, and any other deductions, and prepare the payroll. Their services can also include printing and delivering checks, or paying directly into bank accounts, and paying any required taxes to government bodies.

Taxes are often calculated based on the number of dependents a person has, and this requires the payroll services provider to be given the personal information about each employee. These can be federal, state, local, social security and any taxes for medical care. Some of the deductions require a matching contribution from the employer, and it can be the responsibility of the payroll service provider to maintain the records for each employee and make the required contributions to the designated authorities. Many people set up retirement funds as per any rules that a company may have in place and maintaining the records for this and making the needed payments may also be part of the services that they offer.

Payroll services can also offer to take over responsibilities that are normally handled by human resources staff, like administrating leave records and any benefits or retirement programs. While earlier, all the required information needed to be prepared in companies and sent to the payroll services company, the internet has allowed all this to be sent directly through web-based payroll accounts, where the details are constantly being updated by the company and are simultaneously available to the payroll service provider. The introduction of payroll software has made the entire process even simpler.

What is a Profit First Professional

Profit First Professional

Profit First ProfessionalBookkeeping is, undoubtedly, a broad profession with many openings to work within any business. The program is set aside for those who want to be part of an international network of bookkeepers, accountants, and business coaches who have gained exceptional skills to maximize the profitability of a company.

Once you’re considered as a certified Profit First Professional (PFP), you’ll have taken a considerable step career wise to be recognized as a person who takes their profession seriously. Every professional who works with business owners as their trusted strategic advisor concerning profitability must have this certification. With this in place, your clients will consider you as an accountable partner and by adhering to a specific process can assist them in making profit more deliberate.

The certification program is basically a learning process that’s aided by the Profit First Headquarters partners. With their experience and commitment to your success as an accounting expert, they’ll assist you in implementing these proven strategies both in your business and with your clients. In this guide, we’ll take a look at a few things you need to know about being a Profit First Professional.

What is Profit First Professionals (PFP)?

Like mentioned earlier, it’s an exclusive selected community of business and accounting professionals who are implementing the Profit First technique to assist their clients in building very profitable businesses by utilizing a consultative approach.

Key Benefits of Hiring a Profit First Professional

– They will deliver premium level business services
– They play a significant role in the industry’s major shift where you can meet and exceed your financial targets.
– They offer high-quality services that favor your financial health
– They are a trusted advisor for your business success and profitability in the long haul

Differences Between The Duties Of A Bookkeeper And An Accountant


PAYROLL SERVICESBookkeeper vs Accountant

A bookkeeper is an individual who doesn’t have an accountancy college degree but deals with data entry tasks such as processing payroll data, ensuring statements are mailed to the customer, making ready the sales invoice, ensuring payment of bills, and entering bills made by vendors. On the other hand, an accountant has acquired a professional accounting degree and will carry on with the operations done by the bookkeeper. A few examples include:

– Preparing the company’s financial statement such as cash flow statement, balance sheet, and income statement.
– Adjusting entries in order to record the expenses that the bookkeeper failed to enter. These could include employees’ earned wages that require to be processed the following week and bank loans’ interests since the previous bank payment.
– They also help the management to comprehend the financial impact made by its past and future choices.

Bookkeeper vs Accountant: Key Differences

This list contains the detailed differences between the two careers:

1. Bookkeepers are needed for evaluating, quantifying, recording and later classification of financial transactions. Accountants, on the other hand, are needed to summarize, explain and convey the latest financial transactions as filed in the ledger account.

2. Bookkeepers are never tasked to come up with financial statements. However, accountants are paid to come up with financial statements.

3. When it comes down to the exclusiveness of financial decisions, it is usually impossible to rely on book-keeping records but considered with accountant records.

4. Bookkeepers mostly use tools like Ledgers and Journals while that of accountants are Income statements, Balance Sheet, Cash Flow Statement, etc.

5. Generally, the senior management doesn’t get involved with the bookkeepers, but when it comes to accountants, they could be interested in their functioning since they need the information so as to make better future management decisions.

6. With bookkeepers, no special skills are required since a lot of the activities are usually mechanical in nature. Accountants, on the other hand, need specialized analytical skills since there’s a high complexity level involved in keeping the books of accounts safe. To be an accountant, you’ll need a professional accounting degree as well as some past work experience in accounting.

Making sure the financial records are properly organized and the finances correctly balanced out by the bookkeeper, together with smart financial planning and timely tax filing by the accountant, directly accounts to the long-term success that each business needs.

What A Bookkeeper Can Do For A Small Business

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bookkeeping servicesBookkeeping involves the preparation of business accounts. It entails the recording of financial transactions on a daily basis. Paperwork detailing these transactions is usually processed. Sales and expenses are recorded in a general ledger. Software such as Quickbooks is involved in bookkeeping.

A bookkeeper should be able to reconcile the bank accounts of a business. This ensures that the details of transactions on financial statements match those in the accounting software. This is necessary to ensure that transactions are recorded correctly to avoid fraud and overdraft fees.

A bookkeeper should be able to handle accounts receivable for a small business. This involves the creation of invoices for customers. Sending these invoices and providing statements to customers is all part of accounts receivable tasks. Clients can also alert the bookkeeper when they make payments.

Accounts payable involve bills that a business receives. Deadlines for payment that need to be made should be noted by a bookkeeper. They will ensure that payments are made to various vendors. Proper management of these accounts will solidify relationships with suppliers.

A business needs a bookkeeper to prepare its financial statements. These include the profit and loss statement, cash flow statement and balance sheet. These statements need to be updated regularly. Preferably, this should be done on a monthly basis.

The expenses incurred through operations are shown in the profit and loss statement. This statement also shows the bottom line of a business. The balance sheet, on the other hand, shows the liabilities and assets of a business. Cashflow statements show how much money is coming into and out of a company.

Businesses need bookkeepers to process their payrolls. A bookkeeper is able to help a business prepare its payroll. He or she can input data into the payroll system. This happens after reports are submitted by the payroll provider. Alternatively, data can simply be imported.

Tax payments can also be made by a bookkeeper. Management of timesheets can also be done. This can be for hourly workers or for overtime.

Tracking and managing bank feeds is important for every business. A bookkeeper is able to manage the bank transactions of a business. Linking the bank accounts of a business with its accounting software enables this to happen. A business owner can monitor transactions in real time through this.

Small businesses need bookkeepers for many reasons. UptoDate Bookkeeping prides itself in offering quality, accurate and efficient bookkeeping services. Whether it is outsourcing that you require or just setting up and organizing your bookkeeping, we are here to help you. Visit www.uptodatebookkeeping.com for all solutions regarding bookkeeping for your business.

The 3 Signs You Need Help With Your Payroll

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payroll services minnesotaWhen you first start a business, processing payroll seems to be the easiest task that you will have to perform. If you are currently reading this, then you have probably come to the conclusion that payroll is a process that involves more than simply paying employees. Trying to do payroll on your own can take up a lot of mental bandwidth. So, if you feel as though you are ready to outsource your payroll, the following are some signs that now may be the time to hire a bookkeeping company to manage it for you.

Late Payroll

It probably goes without saying that most of your employees do not have a lot of breathing room when it comes to their finances. In fact, reports from the Federal Reserve estimate that over 40% of households in the United States do not have the funds available to cover an unexpected $500 expense.

This means that if you are late running payroll, this can not only mess up their lives, but it can also destroy any credibility and trust you have established as an employer. So, if a bank holiday will throw you off from processing payroll on time, or it slips your mind, consider outsourcing the job to a payroll service.

Missing Tax Deadlines

In the majority of states, small businesses have to make at least eight separate payroll filings annually. These filings include state filings and quarterly filings of the IRS Form 941. Making sure these filings are processed on time is another task that can be forgotten by small business owners. Filing late and/or making late deposits can become costly over time.

Cash Flow Issues

Even small businesses that are successful can occasionally experience cash flow problems. If your business goes through seasonal cycles of ebbs and flows, or you have a major one-time expense, your budget may be destroyed. Whatever your specific problem is, a bookkeeping or payroll service can help you manage your cash flow in several ways such as:

Withholding the taxes for payroll so you do not have to come up with the money at once
Paying your employees through direct deposit
Providing you with accurate payroll data so you are able to make better projections for cash flow

This is list is by no means complete, but it should provide you with a few red flags that you should be on the lookout for. Simply put, an experienced and professional bookkeeping service will give you more time to focus on other areas of your business while minimizing risks that could occur from you doing payroll on your own.

Our Primary Goal Is To Help You With Your Bookkeeping

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bookkeeping servicesIt is so important to keep track of all of your finances if you have a business. If you do not know how to do this properly, you may need to hire a bookkeeper that can keep your finances in order for you. There are likely many companies in your area that do provide bookkeeping services. You will need to find a competent business that can help you out. The best way to do this is to research all of the companies to find out how much they charge and if they are available. Your other option is to simply call UpToDate Bookkeeping.

The Services That We Offer

Our company is an accounting service that can help you maximize your profits. Whether you need to use our services one time to set up your accounting program, or if you need a regular bookkeeper, we can provide all of this and more. We not only provide bookkeeping services but we also do payroll services. We want to make your job as easy as possible. Instead of designating one employee to handle all of this for you, our company can help you save money and eliminate any worries about the bookkeeping process. We will give you personalized, cost-effective and comprehensive services that can help your business succeed.

Why You Should Consider Using UpToDate Bookkeeping

Our company was founded at the turn of the millennium. All of our employees have a combined amounts of experience that extends beyond six decades. We understand the ins and outs of bookkeeping, payroll, and job costing. Our team is thoroughly committed to providing you with a personalized service that will allow you to simply focus on your business. We can also help you establish financial goals for your company, and discuss your financial statements with you. Our job is to help your business become as profitable as possible, and that can begin by taking advantage of our bookkeeping services.

If you do not have a bookkeeper for your business, certainly consider using our company. UpToDate Bookkeeping is providing these services for many other businesses. If you would like to speak with us, you can contact us by phone, or send us an email so one of our representatives can get in touch with you promptly. Even if you have never used a bookkeeping service before, you will be glad that you started working with us. Our objective is to always provide our clients with the best possible bookkeeping and payroll services available. You can learn more about our business at: https://uptdodatebook.wpengine.com

Outsourcing Bookkeeping

Quickbooks Training

Quickbooks TrainingRunning a successful business and being the owner of one are two completely different things. You may have hundreds of regular customers and adequate capital but you could be putting your business at jeopardy if you do not utilize a reputable and effective bookkeeping service as well.

Bookkeeping is simply a vital role that must be done properly. Some business owners have the time to do their own bookkeeping. Unfortunately, however, other business owners think that they have the time to do their own bookkeeping but in reality, they do not. These type of business owners need to retain the services of a reputable bookkeeping service.

There are many actual advantages of outsourcing your bookkeeping requirements rather than hiring an internal bookkeeper. Internal bookkeepers can become emotionally involved in the daily running of the business. They also will require other considerations such as vacation pay, sick days, personality issues, and so forth. An external bookkeeping service, on the other hand, has nothing personal to do with your business. Their goal is not to pat you on the back and tell you that everything is fine but rather to provide you with a clear insight of the financial position of your business.

Another key reason to outsource a bookkeeping service is conflict of interest. This will be especially true if the company has more than one owner. It can often be a sticky situation if one owner is entrusted with the accounting and bookkeeping duties. An untrained owner could easily make an error when accounting or record-keeping. This could cause dissension between the owners or other employees in the company may wonder what was the true reason why the financial error was made?

Try to select an external bookkeeper that has a wide variety of bookkeeping and accounting services. Look for a service that has the experience in your type of business. The better bookkeeping services will possess excellent overall skills. They will be able to help you determine financial issues so as to increase the company’s profits. Finally, it is financially better for your business to pay the outsourcing costs of a bookkeeping service rather than hiring a full-time, internal bookkeeper.

Simply talk to a few keeping services and ask them a variety of questions to help you determine which bookkeeping service is perfect for your business. In the long run, an external bookkeeping service may be the best solution for your company’s to profits and growth.

Do You Need Help From A QuickBooks ProAdvisor?

Quickbooks Training

Quickbooks TrainingIf you find yourself in need of a QuickBooks ProAdvisor, you will want to consider hiring us. We offer over six decades of bookkeeping and accounting experience. We know how important it is to have a professional team working on your behalf. Our team is fully committed to providing you with the most up to date and personalized service to handle all of your accounting needs. We take the guesswork and the time-consuming nature of bookkeeping out of the equation in order to help you maximize your time and energy to focus on your own business. Below, we will be going over some of the reasons you should consider choosing us to handle your bookkeeping efforts.

Reasons To Choose Us:

1. Experience.

As mentioned previously, you will be able to trust us with all of your bookkeeping needs because of the vast amount of experience we offer our clients. We know exactly how important it is having a company that you trust handling your books. We are professionals that are experienced in bookkeeping and we are certified Quickbooks Pro Advisors. Therefore, you will be able to trust that our entire team is qualified to handle your books.

2. Personalized.

Another reason to consider hiring us would be due to the level of personalized that we offer. We know that every business is unique. Therefore, we strive to offer full personalization of our services to ensure that we meet the specific and individual needs of each one of our clients. Being able to offer such a personalized service is crucial to our ability to provide the highest possible level of service to cater to our client’s specific needs.

3. Certified.

As mentioned previously, we are fully Intuit QuickBooks Pro Advisor and ProCore certified. Therefore, you can count on us to be able to handle even the most disorganized books.

4. Save Time.

We know how important it is to save time within your business. After all, time is money and the more time you put towards result producing activities within your business, the more money you will make. This is why we focus on saving our clients time over anything else. We pride ourselves on our ability to take all of the time-consuming tasks off of our client’s hands so they are able to focus on what makes their business more money.

There are plenty of reasons to hire us to handle your bookkeeping needs. By hiring UpToDate Bookkeeping, you will be putting your bookkeeping duties in the hands of certified and experienced professionals that can ultimately save you time and money.