Author: admin

Key Performance Indicators Are Effective Tools For Businesses | CPA in Baton Rouge

Posted on by admin
CPA in 70808

What is a key performance indicator (KPI)? KPI refers to a set of quantitative measurements used to gauge a business’s long-term performance. They are used to measure progress towards substantial goals like driving down overhead, increasing revenue by a certain percentage in a year, or improving customer retention rates.

CPA in Baton Rouge

In order to grow your business, you must measure your progress. KPIs can help your evaluate the specific areas of your business where you can improve, and see where you’re already succeeding. 

Types of KPIs

Depending on what area of business they affect, KPIs can be organized into several different types. There are five categories. 

  • Inputs: The resources used in constructing outputs (see below). For example, input KPIs might consist of the paper used in your office printers and the cost of electricity to power the computers. 
  • Process: Also known as “activity,” which measures the processes used in constructing outputs (see below). When working on a specific project, this could refer to the amount of time spent with the customer or the amount of people involved.
  • Outputs: The measurements of the amount of work done and what was constructed. Outputs result in tangible products or hard data in most businesses.
  • Outcomes: These KPIs focus on accomplishments and impacts, making them a little more abstract. Two outcome KPIs every business can benefit from are customer satisfaction and positive retention rates. 
  • Project: These KPIs are meant to answer questions related to milestone progress towards important initiatives. Adding a certain amount of new customers via a marketing campaign is an example of a project KPI. 

How Can I Use KPIs in My Business?

KPIs do not need to be tied to financial data, which is one important thing to keep in mind. If you would like to improve a business’ relationship with their customers and community, outcome and project KPIs can help.

Through the smart use of KPIs, every aspect of business can be analyzed and improved. It is an easy process to establish them:

  • Write a clear goal for your KPI: Make sure the goal is strategic, otherwise it will not translate into tangible outcomes. Also, tie the goal to a key business objective. This should be something integral to the organization’s success. 
  • Share the new KPIs with employees: Not only should you explain what the goal they will be working towards is, but also why they are working towards it. Someone on staff may even have an idea to improve the goal. 
  • Regularly review your KPIs: In order to track progress, use records and hard numbers. If a process KPI is set to add another employee in order to complete a project faster, the rate of the project should be compared before and after the goal is introduced.
  • Evolve your KPIs as needed: You should fine tune your goals or change direction entirely if the results fall short of your expectations. This change may bring a new and more efficient way of getting to the same result.

In order to get your business where you want it to be, KPIs are essential tools. Being so easy to define and act upon, they are reliable ways to track progress.

Want to learn more about how KPIs can help you grow your business? Contact our experienced accountants in Baton Rouge, LA today! 

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

Thinking About Selling Your Business? | Baton Rouge CPA

Posted on by admin
cpa 70808

When the time comes to sell your business, it can be quite intimidating. Many questions may be going through your mind, such as: How do you make sure the business you’ve worked so hard for is going to be in the right hands? And, when is the best time for me to sell my business?

The good news is you don’t have to face these important questions alone when selling your business. Our accounting team in 70808 is here to help guide you and educate you about what to consider when it’s time to sell. We have helped many business owners just like you complete successful, mutually beneficial transitions. 

Determine a “Why”

Why are you considering selling your business in the first place? Is your business underperforming financially? Had the responsibility become too much to handle at this stage in your life?

Or is it a more personal reason, like the loss of passion for your business? Pinning down the specific reason why you want to sell your business is an important first step in figuring out if it is a prudent move, or if it’s a mistake.

Timing is Key

If you have determined your “why” and think you are ready to sell your business, it is important to look at the timing. Do you have a set sell-by date, or are you going to take your time?

An important part of the selling process is knowing how you want to time each step, which can make or break a deal in the end. Assessing the appropriate time to sell can take more time, but it is better than setting an arbitrary date that increases pressure and affects the results of the sale. Taking your time will be much more rewarding in the end.

Consider Partnering with Outside Experts
Handling every aspect of selling your business without help is a full-time job. To make the process smoother, consider using partners or enlisting outside help like a broker to help with the closing, or a marketing agency to help you find the right buyer. These added resources will save time and help with your bottom line at the end of the process. 

Many factors should be considered when selling your business. Be patient and give yourself time to make sure you make the right decision. Such an important decision can have many repercussions and getting help from outsiders will only make the process easier in the long run.

If you are looking for expert assistance in the sale of your business, call our accounting firm in Baton Rouge, LA today and find out how we can help you achieve the best possible outcome.

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

How to Become a Productive Business Leader | Baton Rouge Financial Consultant

Posted on by admin
CPA in Baton Rouge

Every thriving business has a productive and powerful leader behind it. When each member of the team has direction, intention, and a clear purpose, it makes it so much more attainable to achieve their goals. This is why it is important to be the best possible leader you can be. There is always room for improvement whether you’re starting up a new business, or you have been leading a team for years and need business management.

Effective Leaders set a Compelling Direction.

When someone has a set of goals they are working to achieve, they are more likely to work more efficiently. When communicating with your team, it is crucial to set concrete and attainable goals for your employees.

For the sake of your business and their own personal success, make sure they understand what makes these goals important. Make sure as your team works toward these goals that you are monitoring their progress. 

Effective Leaders Create Lasting Solutions. 

There will always be issues that arise at work, which is inevitable. How will you fix it? If you find a temporary solution for a permanent problem, it’ll just lead to more problems and headaches in the future.

What separates a leader from a follower is the leader will take charge and won’t settle for a quick fix to a problem when they know the steps it takes to permanently fix it. 

Effective Leaders Know When to be Flexible

There are two mistakes that many new leaders make that can derail the success of a business. The first is allowing their team to walk all over them, giving in to any demand or complaint. The second is taking the exact opposite approach and to not change anything.

There is a time and place for going with the flow and making adjustments based on what your team and practice need. There will also be times when you must push your team and business forward despite the challenges. 

Effective Leaders Need Support Too 

It is common for leaders to believe that they need to have the weight of the entire business on their shoulders, but it is unrealistic for anyone to handle everything themselves. It is more than acceptable to ask your team for help when you need it.

When completing a project at a high level, you may lack the time or expertise to complete it alone. If you believe your accounting skills are holding you back from a higher level of success, our accounting team in 70808 is here to help you with expert accounting services.

We have the knowledge to leverage your finances and help you stay on track and achieve your goals. Contact our accounting office in Baton Rouge, LA today and let us help you succeed!

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

Can Your Business Handle a Financial Crisis? | Baton Rouge Accountant

Posted on by admin
CPA in 70808

A main principle of financial planning would be to establish an emergency fund. It is important to have extra money saved up, especially in today’s society when the economy is changing constantly. You should be prepared for things you can’t control like a natural disaster, staffing upset, or an unplanned event. These things can all interrupt your business flow, and we are here to help. 

Defining a Financial Emergency

According to each practitioner’s unique circumstance, the criteria that constitutes a financial crisis may differ. If several team members were to quit at a larger, financially stable business, it would likely go unnoticed. However, for a small business this could be a big problem.

If there was a fire, flood, or other damaging event, it would be disastrous for any business, big or small. All of these scenarios are prime reasons for setting up a business emergency fund because you truly never know what could happen.

How Much Should You Set Aside?

The majority of financial advisors recommend saving between 3-6 months of salary in individual emergency funds. Nevertheless, these amounts probably won’t be enough for even a small business. There are several variables, but here are some questions you should ask yourself to find out what would be the best decision for you:

  • What risks are not covered by insurance?
  • How much are replacement costs for essential equipment that is damaged?
  • What are your limits on insurance?
  • How long can your business stay afloat if you are unable to generate revenue?
  • What would it cost to arrange coverage for staff members who quit on short notice?
  • How long can you wait for insurance claims to be processed?

Knowing Where to Start

A lot of people don’t anticipate financial crises, which means they won’t think to save money for a rainy day. If you have not started an emergency fund for your business, now is the time to start setting money aside and creating a plan. Don’t know where to start? A great place to start is by scheduling a consultation with our accounting team in 70808. We can assess your assets and figure out the next steps to make sure your business is financially secure for any crises that may occur. Call our accounting office in Baton Rouge, LA today.  

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

Better Accounting = Smooth Running Business | CPA in Baton Rouge LA

Posted on by admin
CPA in Baton Rouge LA

Being a business owner can be very stressful with so much going on all at once. There is a lot of multitasking going on with seeing clients, managing staff and not to mention staying on top of all the latest trends in your profession.

With all of this chaos going on, there is barely any time for balancing the books. One of the best things you can do for your business is to delegate these tasks to an accountant who specializes in your area of expertise. By hiring an accountant specific to your industry, there can be many advantages including:

  1. Staying on top of industry trends: By hiring an accountant who is specialized in your field, you can be confident that they will be mindful of industry trends that could affect your profitability. Also, you won’t end up paying more annual income tax than necessary, because a specialized accountant is aware of the evolving tax laws and will help you to avoid unwanted audits. Your tax advice will also be curated for the size and location of your business. 
  1. Serving as a sounding board: Eventually you may consider wanting to invest in new equipment or even expand your office. If you want to stay relevant, you must stay competitive and look for opportunities to grow. With a specialized accountant you can explore the pros and cons of making a big financial decision. Having an accountant help you avoid poor investments will help you avoid losing money in the long run.
  1. Assisting with retirement planning: It is never too early to start planning for retirement, no matter how far away it seems. Having a CPA who understands the goals of your business and your target retirement age, can take a lot off your plate so you can focus on your clients.
  1. Spotlighting best practices: Before you, your accountant may have worked with businesses similar to yours depending on their experience. Because of this, you can take advantage of their industry knowledge. They will be able to help you build connections, and provide advice on relevant business decisions. 

You may not have ever thought about hiring an accountant before reading this article, but hopefully after reading this you will realize how important it is to focus your time and energy on your clients. By saving financial decisions and concerns for your accountant, it may help you tremendously in taking your business to a whole new level of success. 

Contact our accounting office in Baton Rouge, LA today for more information on our small-business accounting services and allow your business to thrive!

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

How to Protect Your Business with a Specialized CPA | CPA 70808

Posted on by admin
CPA in 70808

When managing the finances of your business, it is important to hire an accounting professional that is able to pay attention to detail to a high degree. This is why hiring a certified public accountant (CPA) should be one of the most important first moves you make.

A CPA is responsible for much more than just balancing your finances at the end of each quarter. Change your mind to think of a CPA as more of an advisor. Being a business owner, you can experience different obstacles and barriers.

The role of a CPA is to guide you through the various pitfalls you may encounter. Some routine tasks covered by a CPA include overseeing point of sale transactions (POS), billing, cash flow, and accounts receivables/payables. Unlike a general accountant, a specialized CPA can counsel you on industry-specific best practices.

Sound Financial Advice for Business Owners

It is difficult for many business owners to hand over control of their office finances. A specialized CPA can provide additional understanding to strengthen the financial health of your business and to provide an extra set of eyes to give you the financial advice you need when making an important business decision.

Maybe your staff is not matching your production levels, but you would not notice it unless an outsider told you. Also, they can give you advice on when it comes time to invest in new equipment and tips on what you can do now in order to minimize your tax payments in the future. 

Fraud Prevention

One of the most common occurrences in business is fraud, and it can derive both internally and externally. Businesses can lose thousands of dollars from employee theft and insurance claim irregularities. 

You know how hard you’ve worked to grow your business, and it would be a shame to damage that. A specialized and experienced CPA knows how to spot red flags and methods relating to industry-specific fraud. They will help protect your business and livelihood with their keen understanding of how to apply fraud-deterrent policies and procedures to your everyday routine. Even if there is no fraud suspected, it is still necessary to conduct a risk assessment to indicate the likelihood of it occurring in the future. 

A Smart Investment for Your Business

In order to run a successful business, it takes more than being able to type in numbers on a spreadsheet. A specialized CPA has an intricate understanding of the variables that will help the production of your business, and also will be able to listen to you and communicate clearly when it comes to goals and best practices. 

Partner with a specialized CPA today to guide you towards a successful future. Contact our accounting office in Baton Rouge, LA today for a consultation. 

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

Basic Bookkeeping for Your Small Business | CPA in Baton Rouge

Posted on by admin
Baton Rouge Financial Consultant

Bookkeeping is a task best left to a professional accountant, but many small business owners want to do it themselves. Either way, as a business owner you need to become familiar with basic bookkeeping principles.

Bookkeeping is little more than recording financial transactions and organizing them. It is the only way to determine your business’s health and profitability. The daily entry process tracks expenses, identifies excesses, and helps you identify expansion opportunities.

Ways to Manage Your Bookkeeping

While there are reliable bookkeeping software packages designed to save you time, you get a more complete picture of your business’s financial health when you hire an accountant who has knowledge of your field. Relying on a small business CPA with deep knowledge of your sector allows you to focus on growing your business and managing day-to-day operations. 

Why Hire a Small Business Accountant?

Specialized business CPAs can turn your bookkeeping into tax advantages, as they see the big picture and spot trends. They are also intimately familiar with changes in tax laws that affect your field, so you are assured of staying compliant without worry.

Industry-specific accounting professionals can step outside of the balance sheet and provide useful benchmarks that help your business stay competitive. This insight can help you make informed decisions when it comes to expanding, hiring, and adding new products or services.

Investing in new equipment and technology, for example, might be critical to keeping your business on the leading edge. A specialized accountant can advise you on the financial benefits and risks associated with these kinds of investments, so you can make informed choices that save money over time.

A savvy business CPA can also connect you to other financial professionals who will benefit your operation. Maybe you have been eyeing a larger facility or thinking about adding a partner. If so, a specialized business accounting firm can link you with banking professionals and loan officers who understand the subtleties of your field. They can also provide information on best practices to change a business structure or create a partnership.

If you are interested in handing off your bookkeeping to an experienced and trustworthy team, contact us. We can also handle your business income tax preparation, offer you sound business advice, and analyze the overall financial health of your operation.

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

How to Protect Yourself from Employee Embezzlement | CPA Near Me

Posted on by admin
CPA in Baton Rouge LA

You want to trust the people who work for you; after all, you probably hired them and work side by side with them. But a wealth of statistics shows that worker theft is on the rise, including embezzlement. A full 95 percent of all businesses worldwide have experienced some type of employee theft, according to the latest Global Study on Occupational Fraud and Abuse. 

Which industries are most affected? According to the Association of Certified Fraud Examiners, banking and financial services have the highest number of occupational fraud cases; manufacturing is second; government and public administration is third; healthcare is fourth; and retail is fifth.

As a business owner, you have many responsibilities, so it’s vital to create safeguards and internal controls to prevent worker theft. Educating yourself and putting processes in place can minimize the possibility and detect it early. Here are some tips to get you started.

Know Your Hires

It’s not enough to select a new employee based on resume, recommendation, or personality. Any hire who will handle confidential information should undergo a professional background check. It’s also smart to check references.

Look for Common Embezzlement Red Flags

Keep your antenna up for common theft indicators. The Global Study says employers should pay attention if someone is suddenly spending beyond their means, is always the first in the building and last to leave, or is overly protective of their work.

Learn All Aspects of Your Business

While it is important to delegate, you need to know what is going on with every department or area of responsibility. Over time, employees will learn which clients pay with cash, who writes checks, the average daily and weekly deposit amounts, and how much money comes from outside sources. Require each employee to keep detailed logs in your accounting software. Your small business accountant can recommend a program that includes a check and balance system with daily opening and closing reports. That way, either you or the accountant can run and analyze these reports.

Delegate Shared Responsibilities

No individual in your office should control any financial process from start to finish. Implement a controlled team approach instead. This will let you know who recorded which transactions and offer a higher degree of accountability.

Schedule an Outside Audit

Serious financial damage can add up quickly if you’re the victim of embezzlement, so it’s important to let a small business CPA audit your finances for irregularities. He or she will be able to monitor your employees’ work and catch errors, whether honest mistakes or intentional.

If you notice the numbers in your business aren’t adding up, it’s best not to tell your staff, as the suspect could destroy evidence. Instead, talk to a trusted CPA first so they can put a theft-detection process in place.

Hiring an accountant as an expert, neutral third party is a smart defense against employee embezzlement. Schedule a complimentary initial consultation with our firm in Baton Rouge, LA today. We can help you put the right systems in place.

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

How a CPA Can Save You Money | Baton Rouge Accountant

Posted on by admin
Baton Rouge Accountant

More entrepreneurs and small business owners rely on software and the internet for their accounting needs. While it may save money in the short term, DIY solutions can end up costing more in the long run. An accountant who specializes in your field can hunt down deductions unique to your industry. This may ultimately save you from making serious financial mistakes. 

CPA Baton Rouge LA

Our Baton Rouge CPA firm has many years of experience and training. We offer personalized insight into financial statements, cash flow, profit and loss statements, and any compliance issues governing your type of business

Identify Spending Patterns 

The insights of a business CPA can help you pinpoint spending patterns as well as opportunities. We can help you understand the nuances of how your inventory is being managed, whether your pricing is competitive, and how your financing could be better structured. From those insights, we can also help you analyze which areas of your operation are ready for growth, what changes would benefit you, and how you can plan for continued success. 

A small business accountant in 70808 provides the resources and guidance needed to make more informed decisions for the future of your operation. The internet and software might help you organize, but only a trained CPA can provide a customized approach to finances. 

Bookkeeping Services Near You

Do you need local bookkeeping services? Our firm offers ongoing financial accountability and insight into your operation’s financial health. Relying on a CPA with knowledge about your business sector offers you a look at larger trends as well the health of your business. You free up critical time to focus on caring for your clients and planning your next move.   

Protect Your Future with an Experienced CPA

A firm like ours with many years of experience works at peak efficiency. This helps you avoid costly errors that a generic software program or a less seasoned accountant could make. We ensure that everything is completed fully and on time to help protect you from audits. 

As a small business CPA firm in Baton Rouge LA, we are confident of the benefits we can provide your business. If you would like to learn more, there is no risk in scheduling a complimentary initial consultation. Baton Rouge, LA CPAs are pleased to provide you with insight into your type of business and discuss our many services; contact us today. 

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

What a Small Business Accountant Can Offer You | Baton Rouge Accountant

Posted on by admin
CPA in Baton Rouge LA

You wear many hats as a small business owner and some tasks demand more daily attention than others. Accounting and business analysis are among those that can get overwhelming. Many entrepreneurs are turning to specialized financial experts; why don’t you?  

CPA in Baton Rouge LA

Here is what a small business accounting firm with expertise in your field can offer:

The latest tax advantages. A small business accountant can guide you toward tax decisions that benefit your operation. Unlike software and online accounting systems, an experienced CPA firm that understands your sector can prevent you from overpaying and maximize your allowable deductions. Hiring our accounting firm is one of the wisest decisions you can make for your business’s future. 

Knowledge of your Industry. Small business accounting professionals stay ahead of trends that impact your industry. They offer business-specific advice to maximize your profits. They are also knowledgeable about ever-evolving tax laws to keep you compliant within the regulations governing your industry.    

A big-picture view. Industry-specific accountants can benchmark your business against competitors within your unique market. This kind of insight helps you make informed choices when it comes to hiring, adding services and products, and making expansion decisions requiring a financial investment.

Retirement-planning assistance. Like many small business owners, you are likely self-employed and the burden of retirement planning falls solely on you. An experienced CPA can advise you on the most suitable plans for your business and help you create a long-term financial goal.

Advice on major purchases. Investing in the latest equipment and technology can keep your business on the leading edge. An accounting firm with knowledge of your industry can advise you on the financial benefits and liabilities of planned purchases, so you can maximize your return on investment. 

Solid industry connections. A small business CPA can put you in touch with loan officers and banking professionals who are familiar with your sector. They can help you enter a partnership, finance a large purchase, or advise you on restructuring.

A small business accounting firm can offer you far more than tax preparation and bookkeeping services; they provide solid business advice, long-range planning tips, and the kind of financial health analysis that is helpful to any entrepreneur. To learn more about how our accounting services can help your business thrive, contact our CPA in 70808 and request a complimentary initial consultation.

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808