A business cannot function properly if no proper accounting is done. Accounting is an integral part of a business. Hence the value accounting firms bring to the table cannot be ignored. Accounting firms carry out a wide range of activities in order to help business owners stay floating financially. It also helps to ensure there is some level of organization in the finance of the company. Their services make it possible for these businesses to grow and be accountable for their finances. Businesses who want to achieve a lot need to ensure they seek the service of accounting firms not just for hiring them for bookkeeping purposes but also as important business partners. Not all accounting firms in Austin offer all the different types of services. Some accounting firms carry out a particular type of accounting services. Hence it is important business owners do a proper interview in order to ensure that the accounting firm they intend to hire offers the services they require. It is wrong to assume that every accounting firm will be able to offer every accounting service. Some accounting firms specialize in certain niche services like tax preparation, business valuation services, some accounting firms also offer bookkeeping and even tax strategy. Depending on the services that are required, business owners should pick the right accounting firm for the job.

Here are some of the major services carried out by austin accounting firms:

• Business Development and Valuation

Accounting firms are a very important aspect of every business. A business will be unable to experience great growth if there is not a proper accounting structure to support the company. When a business needs to carry out valuation reports, accounting firms play a huge role in order to ensure that this goal is achieved. Accounting firms also play an integral part when a business needs to take a loan from a financial institution or take funds from a private investor; the accounting firm ensures that the transaction is legitimately and accurately valued. This service rendered by the accounting firm is also important when there is a need for a merger or purchase. Accounting firms help to also look into revenues that have been generated by the company in previous years, the consistency of the company’s growth in order to give an exact value of the company to the investor or buyer. This part is very important because the value of a company is always needed anytime any major transaction is needed to take place. Some accounting firms also help to provide a financial statement for businesses and also business projections. Accounting firms help with the pro forma financials of businesses; they are used for business expansion. Accounting firms do so much for business and no business can record any form of financial success without the effort of an accounting firm.

• Operational Bookkeeping and Payroll

A lot of business owners are great at providing great products, services, or ideas that are the backbone of the business. Some of these business owners are not financial experts. The most they know is the little accounting knowledge that is probably not enough to help the financial state of the company. Accounting firms assists these business owners in the financial aspect of their business. All these businesses need to do is to ensure that all the copies of the bank transaction carried out and also their bank account should be sent to the accounting firm and also to the bookkeeper in order to maintain an accurate record of cash flow. Another service that is carried out by the accounting firm is to also help the businesses they work for create a profit and loss statement that helps to explain and show the key areas of the costs and revenue streams.

They also help businesses with accounts and manage monies that are used and received by the business; this could include payment of vendors and payroll processes. There is so much that an accounting firm does for businesses to excel. They also help businesses do better financially and make good financial decisions.

• Tax Planning and Preparation

There is so much calculation and expertise that goes into tax planning and preparation and this is way bigger than a business owner. The expertise of an accounting firm is needed to ensure that proper tax planning and preparation is taken place. Business owners also have the right to give the accounting firm the authority to represent their interests regarding information requests or audits from the Internal Revenue Service. It is safer to work with accounting firms when it comes to tax planning and preparation in order to get the figures right.

You’ve heard great stories of how many regular folks make tons of money via ecommerce stores. Now you decide to get into it. You’ve studied the model and have come to the conclusion that you don’t want to join the price wars that’s a regular feature of the dropshipping model.

So after much research, you settle for a number of products that you believe will sell based on your market analysis (Click here to read more on how to conduct effective market analysis). Then you set up shop and, amazingly, after tweaking your ads, you start getting a decent number of orders. Then gradually, you discover that your basement can’t hold your inventory anymore and that every available space in your home is becoming a warehouse.

And as if that isn’t bad enough, you now don’t have any time for yourself or loved ones. You are dealing with quite a lot: You have to handle queries from customers, take orders, pick them up, package them, send them over to the delivery company and…

No, there has to be a better way, right?

Yes, there is…

3PL Fulfillment – A Brief Overview

When you need a company that will help you handle those logistical nightmares that we call warehousing, keeping inventory, picking and packaging orders, and shipping them to your customers, you are talking about the services provided by a third-party logistics fulfillment service (that’s the same as a 3PL fulfillment company).

This shouldn’t be confused with a drop shipping company. While a drop shipper also does everything a third party logistics fulfillment company does, there’s a fundamental difference…

A drop shipping company buys and stocks inventory at its expense. It owns the stock. You, the merchant, only enjoys an arrangement that allows you to list the products the dropshipper has in stock on your store. When a customer purchases from you, you place an order at the dropshipper’s site, provide the customer’s shipping details and the dropshipper delivers it to your customer as if it was directly from you.

But in the case of a 3PL service, you buy all inventory with your own money. They ONLY help you warehouse them, process, package and deliver to your customer. But at every point, you own the products they are simply handling for you.

The Benefits

The benefits of using a third party logistics company for all your fulfillment are clear. Let’s talk about a few of them…

1. It frees you up to focus on the things that are your core competencies. If you run a store and have done your due diligence, you’ve taken time to master traffic generation, conversion and customer support, among other things. With this major time-consuming aspect off your list, you can concentrate on these areas.

2. You enjoy a higher quality of service. Anything handled by professionals is usually much better than that handled by amateurs no matter how great their intentions are. Your logistics as an ecommerce store owner aren’t different. People who live and breathe fulfillment will definitely do it better than you. For your customers, they enjoy a much higher quality of service.

3. You can enjoy your business more. You simply can’t enjoy your work if it eats up every waking hour and leaves you thinking about unfinished task even when you’re lying down. As people who run ecommerce stores, we understand how having other people take care of inventory, order processing, packaging and shipping can make the business something you run with joy.

4. It helps you make more money. If you can focus on the core drivers of sales in your business, you’ll definitely make more money. There’s nothing complicated about that, right? Visit https://3pllinks.com/third-party-logistics-provider-save-business-money/ to see how this helps you make more money by cutting down your costs.

The Downsides

It’s important that we point out that there are a few things that might NOT seat well with some people about using a third party for their logistics. Here are they are…

1. You incur additional cost. The service provider you engage is running the business in order to turn a profit and so this means that you’d pay extra to enjoy the convenience. Depending on how big your operations are, it might eat too deep into your profits. So think twice before going this route if you’re just starting out.

2. It ties down your capital. In contrast, dropshipping allows you to enjoy all those benefits without having to pay a dime before your customer has actually purchased the product from you.

Conclusion

NOT all businesses can use the dropshipping model in order to take a hands-off approach to their e-commerce business. For such businesses, using a third party that’s been proven to handle logistics efficiently is definitely a smart way to move their business forward.

Have you thought about creating your own technology company? Silicon Valley isn’t the only place in the United States that holds great promise for you. The reality is, Washington, D.C. is a thriving entrepreneurial hub that has drawn many startup aspirants over the years, according to business expert Brian Ferdinand in a recently released article. Here some major reasons why Washington, D.C., has emerged as one of the most in-demand cities for startup creators.

Washington, D.C., Versus Other Cities

In a recently published article, Brian Ferdinand, who is the managing partner of CorpHousing Group, emphasizes that one of the major advantages of running a startup in Washington, D.C., is that the United States’ government is based there.

Because the government is present in Washington, D.C., the area’s economy is extremely steady. The nation’s capital generally doesn’t have the economic swings that many other areas struggle with, which is why many entrepreneurs are drawn there. In addition, billions of dollars from the government are spent on research and development locally each year, further adding to the economy’s robustness.

Another perk of operating a business in Washington, D.C., is that the government is essentially a large customer. So, if you have a business product or service that government workers or agencies might find useful, you have great potential for success in the city.

Washington, D.C., Attracts and Breeds Entrepreneurs

Washington, D.C., features a continual flux of well-educated individuals. Some of these people appear in the nation’s capital for a short period of time. For instance, they may live there during a four-year presidential administration. Or, they may be called to Washington, D.C., to complete temporary military assignments. Some individuals move to Washington, D.C., simply to call attention to certain issues for a time. Meanwhile, others stay in Washington, D.C. for the long haul.

With the mix of these individuals, you have a dynamic business market filled with people from various walks of life. That’s because the city does an excellent job of both attracting and breeding the brightest minds. So, whether you’re looking for people to hire or to sell your offerings to, you have an eclectic mix of potential employees and customers to target.

All in all, if you set up shop in Washington, D.C., and offer a truly unique product, you increase your chances of launching a business that will flourish in both the short term and the long term.

I wanted to wait until my mortgage application had been approved before I wrote this, and thanks to the guys at Accelerate Mortgage it is now something which I can freely talk about. Th topic of today is why right now is the time, if you are able to, that you should be looking to invest in real estate. Many of you maybe thinking that I am mad to suggest real estate investment given the current climate of the pandemic, but there are in fact many reasons why now is a truly opportune time for those who can, to invest in some residential property.

Here are my reasons for jumping into this investment.

Easy Process

Buying and selling properties can be a pain and the process is not always as quick as it should be. Given that so many around the country are going to be looking to sell their houses quickly, you will be able to get a great price and ensure that you have a very smooth process. The reality is that many financial situations have changed and this is going to result in people looking to get out quickly.

Lower Prices

Some you may be sitting there thinking that it is far better to wait for the post-pandemic crash which so many are waiting for, and there is nothing wrong with doing so if that is your plan. My thought process is this, when the crash comes, many people will have sold already in anticipation of it, and others will face incredibly stiff competition for those bargain basement homes. Given my spending power, which is less than the likes of funds which invest in real estate, it makes more sense for me to buy now, albeit a little higher than if I wait around, and start turning that property into a rentable place to live. For me it is about getting ahead of the curve.

Resilience of the Market

If you are interested in buying real estate then do not listen to anyone who warns you that the prices may not bounce back. As long as you are patient then you are going to be absolutely fine with this investment and there is absolutely no way that they will not bounce back eventually. The real estate market, since the dawn of time, has always grown, it has survived world wars, pandemics and financial collapse, and it will survive this.

Renters Market

Sadly there will be a great number of people who will be moving out of bought accommodation and looking to rent instead of reinvesting and this means that you are not going to have a problem in renting out your property or properties once you have bought them.

Now is a great time to get involved in real estate investing and I would suggest that if you are able to do so, that you throw what you have at residential properties.

It’s easy to come up with an idea for a company, but it’s a completely different challenge turning it into a successful business. The majority of small businesses in Australia shut down within the first year, which is why it’s crucial that you take all the right steps to get your company off the ground properly. Here’s a quick guide on how to maximize your chances of turning your idea into a profitable business.

Conduct market research

It’s normal to get excited when you think of a great idea for a product, but you shouldn’t rush into investing your time and money into it without doing research first. Market research allows you to see whether there is a specific audience that would be interested in buying your product. It also gives you more insight into your potential competitors, as well as their strengths and weaknesses.

Create a business plan

Once you decide that your idea is worth pursuing, one of your first steps should be to create a business plan. Doing this will give you more insight on how to reach your target audience and how much money you need to set aside or raise to get things going. With a good business plan, you’ll know exactly how many people you should hire and what it will take for your company to become profitable. It will also give you an idea on how to expand your business when the time is right.

Pick a location

The physical location of your business is very important for your future employees, as well as potential customers. The location you choose should be based on the type of company you plan to open. Let’s say that you want to start a clothing store. To maximize your chances of becoming a successful shop, it’s important that you find retail space in a busy Australian neighborhood.

If a lot of people pass by your store on a regular basis, you’ll get more customers even if they don’t recognize your brand. On the other hand, if you only require office space to run your company, you should choose a location where there isn’t a lot of traffic. Make sure to also check whether there are sufficient parking spaces at or near the premises for all employees.

Invest in good equipment

One of the first major costs that you’ll have when starting a business is getting office equipment. Regardless of which industry you’re in, you’ll likely need laptops, desktop computers, tablets, monitors, and more. There are only two options for getting the right equipment – rent or buy. In case you’re on a limited budget, it might be best to search for Australian computer rental businesses for equipment. You can also purchase the equipment if you have the budget to deal with the upfront cost.

Hire the right people

Many entrepreneurs take on multiple jobs when they’re in the beginning phases of starting a company. Nevertheless, hiring people is inevitable if you want your business to grow. That’s why it’s imperative to find productive and reliable employees. Ask your friends, family, and former colleagues if they know anyone who’d be interested in joining your company. You can also find talent online or at small business events.

Most people would prefer to do something fulfilling and rewarding with their lives given the opportunity, and the best way to achieve this is to opt for a career that provides this. There are plenty of factors that go into choosing a career, including financial stability, but more importantly, a high amount of reward and satisfaction. Choosing the right career for you goes beyond the salary and provides a lifetime of happiness. For this reason, lots of people choose nursing as a career. Being able to spend your working days helping and being there for others is not only a financially stable choice, but it is also hugely fulfilling and extremely rewarding. There are many factors that go into this, which include:

It’s a Career in Very High Demand

Wherever you are in the world there is always going to be a huge need for nurses. The population around the world is aging, leading to a higher demand for nurses, and there has been an increase in chronic illness. Last year, the COVID-19 pandemic showed us just how important nurses are and always will be around the world. Globally, hospitals and other healthcare organizations need more good nurses than ever before, particularly in the US, where there are a massive nursing shortage and an ongoing demand for nursing positions which has led to a higher salary for nurses and made it easier to find work right away. Nursing is one of the very few positions where you will find yourself needed massively wherever you go.

It’s Emotionally Rewarding

A job that is stable and financially rewarding is one thing, but nothing quite beats working in a position where you are rewarded emotionally at work every day. The nursing profession offers a rewarding experience that is second-to-none, with the opportunity to take care of people who are in need and be there for others during some of the worst times of their lives. Working as a nurse allows you to make a massive impact on the world and make a difference, not only in the individual lives of others but to society as a whole. Nurses are responsible for being a source of support and comfort to those who need it, whether you are helping a patient recover from an injury or illness or supporting a family as they prepare to lose a loved one.

It’s a Flexible Career

As a nurse, you have a lot of choices when it comes to how and where you want to work. There are plenty of options available for nurses outside of hospitals since nurses are needed in a huge range of environments outside of the traditional hospital such as private care facilities, clinics, doctor’s offices, and even in schools and jails. Nurses who are interested in working on the latest treatments can find work in research facilities, while those who enjoy working alone might find that a job visiting patients in their homes is an ideal choice. You can choose where you want to practice your profession as a nurse, and there are even more choices available when it comes to where you would like to specialize. As a nurse, you could opt to work with a wide variety of patients or choose to specialize mainly with children, the elderly, women, infants, or people who have a certain health condition.

It Offers a Lot of Room for Progression

As a nurse, you will never be short of options when it comes to progressing your career. Along with the aforementioned specialty areas, nurses have plenty of opportunities when it comes to moving upwards. Whether you want to continue working in a clinical setting and provide patient care at a higher level, or are interested in leadership and management roles, there is something available for every type of nurse. Nurse leaders and managers are needed in every area of healthcare to manage teams and coordinate patient care. Nurses who would prefer to continue working directly with patients while enjoying a higher salary and higher level of career autonomy may consider becoming a nurse practitioner. This is a position that allows nurses to take more control over their work with the option to run an independent clinic, provide patients with diagnoses and prescribe medication and treatment depending on the state where you work.

It’s Easier Than Ever to Get Into

If you are looking to change your career into nursing and want to get started with this profession as quickly as possible, getting into nursing has never been easier. Thanks to the global shortage of nurses right now, educational institutions and healthcare organizations are working hard to ensure that studying to become a nurse is accessible to anybody who wants to do it. This means an increase in accelerated BSN programs and other online programs that are perfect for aspiring nurses who need an option to study that fits around their current commitments. This accelerated nursing program is the ideal choice for anybody who already holds a non-nursing degree, allowing you to get your BSN and start working as a nurse in half the time you’d expect it to take going down the traditional route. Grants, scholarships, and other funding options are also available for various reasons and from various organizations to make getting into nursing easier for many.

It’s Filled with Learning Opportunities

If you enjoy learning new things, nursing could be the perfect choice of career for you. As a nurse, you are never finished learning and there is always something new to master in the healthcare profession. The medical field is constantly being updated with new research, new tools and technologies, and new healthcare conditions such as COVID-19 that nurses will need to master quickly and thoroughly in order to ensure that they are consistently providing their patients with the best standards of care. If you enjoy being mentally stimulated and always want something new to learn, nursing certainly provides this.

Nursing is one of the most rewarding careers in the world – not just financially and in terms of job stability, but also because you get to make a real difference to the lives of others.

If you are an aspiring entrepreneur or a retail shop owner and hoping to start a business in a state that has a sales tax, then in the next year, you will become familiar with all the sales tax return rituals.

Sales taxes are very important. If you want to be in the legal jurisdiction of the government, you need to pay tax. If you are found neglecting your sales tax duties, you will be punished severely.

Filing sales is a much more complex process than you can think of. You have to be conscious of your business’s financial flow as the sales means showing all your financial flows to the central authorities and paying the sales tax for your business.

The sales tax preparation is time-consuming and creates mental stress for the person who is actually handling all the tax-related concerns.

The tax return format is different and changes with the change in the state. So be knowledgeable about the procedure a statute has on the sales tax return.

Preparation For The Sales Tax Returns

Though the sales tax return process is different for the different states, the main filing process remains the same. Here we have stated a basic format on how you can prepare yourself for the Sales tax Returns.

1. Forms

Forms are very important in filing sales tax returns. Every state has its own form and has different procedures; hence, you need to be aware of the forms used in your states. Once you know those forms. The next step is to get hold of those forms from the official website of the central institution.

For instance, The state of Texas offers its tax return form on an official website in the form of a PDF. You can visit the website, download the form, fill up all the details, and submit it to the responsible authorities.

You can proceed with the form fillup in two ways. First, you can directly fill up online, and second, you can print it out and then follow the traditional method, pencil, and eraser.

2. Collecting Information

But before you can start with the form fillup, you need to have all the necessary information about your financial transaction and accounts. You must need an accounting system that can keep tabs on the business financial flow and collect sales tax. Otherwise, your life will become a hunting ground for invoice and payment receipts at the time of filing tax returns.

Today, almost every business has accounting software that keeps track of every financial transaction within the business jurisdiction.

If you are in the sales business, that means you are liable to pay sales tax. However, you need to itemize the things that might not fall into this category, as there are only selected items on which you have to pay sales tax.

3. Completing The Returns

Now the most crucial part, filing tax returns. The tax return form needs to be filled properly. You need to make sure that your company name, company address, Taxpayer ID are mentioned clearly on the form.

Under them, you will be asked to fill up all the sales and purchase details subject to sales tax. This part is very important as not every product needs to be added to the sales. Several products are not considered under the sales tax. Hence, keep an eye on those kinds of opportunities as they can reduce the amount of taxation.

4. Due Dates

Dues dates are very important when you are preparing yourself for a sales tax return. You have ensured that you are not behind schedule; otherwise, you might miss out on the due dates that might lead to legal action against you.

5. Payments

Now that you have completed the whole process, the only thing left is to ensure that the same amount mentioned in the document is deducted from the account. There have been times that the taxable amount is something else, and the amount deducted is different (more). Hence, after the whole process is completed, reconcile with your banks and check the payments.

Closing Thoughts

Tax preparation is a daunting task, no matter which year it is for you. It is undoubtedly complex for the forest timers, but the same goes for the businesses paying sales tax for the tenth year. Some businesses even hire accountants to deal with this issue.

Liability insurance for contractors protects the policyholder from outside litigations. It offers coverage against mistakes that take place when providing a service as an independent contractor. Although mainly used in the construction business, it can also be adopted in other manufacturing, wholesale, retail, and restaurant sectors.

Do Contractors Need Liability Insurance?

Independent contractors need liability insurance. This is because of a variety of reasons. It depends on the risks, contract, and type of business. Based on your analysis, contractors may also opt for errors and omission insurance.

But since the rate of litigation is rising in the US, it’s better to protect yourself and your business from potential risks arising from those litigations.

When selecting contractors’ liability insurance, you need to look for a few things. Here, they are:

The Sector of the Liability Insurance Package

The first thing you need to look at is the sector. If you’re involved in the construction business, look for packages catering to construction contractors. Similarly, if you’re a plumber contracted to fix leakage in a building, opt for packages meant explicitly for your business. Similarly, painters and home renovation contractors should look for specific insurance types.

But, general liability insurance for contractors covers every type of contractor irrespective of their sector. But specificity goes an extra mile in providing the exact coverage you need.

Type of the Insurance package

When purchasing a liability insurance package, check the package. It’s worth mentioning that not every insurance policy covering contractors against damage lawsuits is called liability insurance. There are Errors and Omission Liability Insurance that protects against negligent professional service. You may then find Directors and Officers Insurance or D&O Insurance that provides protection, especially to directors and nominated officers of a firm. This ensures they’re not sued for the damage.

There are options like customer injury protection type, customer property damage protection, libel and slander protection type, and products-completed operations insurance in liability insurance itself.

It would be best to discuss with your independent agent selecting the correct package for your contracting business.

Price and Premium

The next thing you should look at is the price. Since there are different types of liability insurance packages, prices tend to vary too. Generally, packages that have more coverage cost more. On the other hand, packages with lower coverage have a lower price tag.

While the lower-priced package might sound appealing, you shouldn’t go for it simply because it’s cheaper. Take into account your business model, sector, and what could go wrong. If there’s a chance of a disaster for the client because of your negligence, higher-priced packages are worth the investment. They will cover you against high-value litigations.

You should also ensure that the package fits within your budget without hurting your bottom-line.

Modifications to the Existing Insurance Package

Business insurance is different from personal insurance, as businesses are highly dynamic. The needs and requirements keep on changing from time to time. Therefore, it’s better if your insurance package can be changed accordingly.

Today, you might be a 10-person contracting agency. But in the future, you may double up to 50 or reduce the number to 5. Therefore, a package for a 10-Person Company might not suit the needs of a 50 or 5-person Company. You might end up overpaying or underpaying.

Also, by bundling your insurance policies, you often save money while increasing coverage. So it’s better if liability insurance for contractors offers dynamic options rather than static.

Terms and Conditions, Disclaimers

Finally, you should check all the terms and conditions mentioned in the policy. The policies are notorious for being multi-pages long. But you need to take the pain to go through them all. In case that’s not possible, you can ask your lawyer to go through it.

By protecting your contracting business against litigations, you’re mitigating high risks that can potentially take down your company. Irrespective of which sector you’re in, you should get liability insurance sooner rather than later.

Businesses have taken a big hit during the coronavirus pandemic, and many of them are struggling to keep their heads above water. This is something that plays a massive part in the process of running a business, and it’s something you need to make sure you focus on. There are plenty of great ideas that can be used to help with this, and it’s essential that you try to do as much as possible to work on being able to improve the company.

You have an opportunity now to try to work on taking the right steps that will help you to improve and grow as a business, and you should be looking at how best to do this. You’ve got a lot of things to consider when it comes to helping your company survive in a post-COVID world, and you’re going to have to take steps that are going to help you achieve this as much as possible.

Cut Operational Costs

Operational costs eat into business finances in a big way, but there is just no avoiding them. So many companies are starting to feel the impact of these costs since the pandemic has caused economic turbulence. That’s why it is so important to come up with ideas that are going to help you run the business better, and there are a lot of things that you need to make the most of with this. Try to come up with ideas that are going to help you here, and this is something that you need to make the best of right now moving forward. Look at some of the best ways of trimming the costs of running your business, and understand how much this is going to impact you and your business.

Make Your Marketing Better

Marketing the brand is key, and this is something you are probably going to need to improve and alter as much as possible when it comes to improving the process. There are a lot of things that play a massive part in this, and you need to look at what it takes to make your marketing better. There are a lot of excellent ways of being able to do this, and you need to look for a more diverse and involved marketing strategy, one that is going to have massive impacts on the business, and will go a long way towards helping bring in more customers as a result.

Finance the Company

You also need to look at doing what you can to finance the business and make sure it gets the funding it needs. This is so important moving forward because you need to ensure that your company has plenty of money to allow it to grow and continue operating. That’s why you should be looking at things like personal loans for business, as well as what you need to be making the most of moving forward right now. Try to think about some of the best ways of being able to achieve this right now.

As you can see, there are a lot of things that you need to work on right now, and this is so important for getting things right in the future. Make sure you are focused on doing as much as possible to work on taking things to the next level. As a business, you need to look at the best ways of achieving success, as well as how you can navigate COVID as a modern business right now.