Tag: AG Company

Navigating the Sale of Your Business | CPA Baton Rouge

Posted on by ignyous
Couple with accountant sitting at table Consultant Baton Rouge

There is no doubt that starting a successful business is one of the greatest achievements a person can achieve in their lifetime. Not only have you earned a living, but you have also contributed to society in a way that was previously unimaginable. You may want to consider selling your business when it becomes successful so you can capitalize on the hard work you have put into growing your business. The process, however, is not without its own set of difficulties.

Regardless of whether or not you are considering selling your business, you will need to make sure that any bookkeeping processes you use are up to date. In order to ensure that your revenue and profit are accurately depicted, you will have to audit past financial statements. In the event that you fail to do so, your buyer may decide to back out or even accuse you of fraud. You should consult your Accountant in Baton Rouge for more detailed information on this matter.

It is wise to set aside various documents that are relevant to advertising your sale once you have audited your financial statements. Among the types of documents you might be asked to provide are income statements, balance sheets, cash flow statements, and a summary of your current clients. By having all of these documents on hand, you will be able to accurately advertise your sale. In addition, you will be able to ensure that you are putting your best foot forward at all times. Having a clear understanding of your business’s financials is very important when it comes to maintaining transparency.

Most often, an intermediary is recommended to assist in the sale of a business. In order to reduce unwanted bargaining, it is important that both parties act fairly. Following the selection of this intermediary, you will work with them to determine the value of your business and reach an agreement that meets your needs. When dealing with these intermediaries, you will often find that they will press you harder for the documentation you provide in order to ensure that every client is treated fairly. If you feel uncomfortable about this process or are unsure of how it should be conducted, you should consider the advice of an accountant. 

To learn more about the process of selling your business and the financial aspects involved, please contact us today. Our team of Baton Rouge Financial Consultants will be able to provide you with expert advice regarding the sale of your business.

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

Getting the Most Out of Your Business Expenses | AG Company

Posted on by ignyous
Woman working on balancing financials AG Company

Tax season is one of the most stressful times of the year, especially if you are dealing with specific deductions. It is critical that you keep a record of your business expenses, even if it is a tedious process. A business owner, however, can end up being audited or overpaying taxes in the event that they fall behind with their tax management.

To effectively manage these deductions, the first step is to use proper bookkeeping practices. If you are able to properly track all of your business expenses, it will be easier for you to determine which of them are tax-deductible. If you want to grow your business, you will need a strong accounting department that uses streamlined systems. Some of these strategies include using accounting software, utilizing digital receipts, utilizing specific bank accounts, and regularly reviewing the business finances.

If you are looking to utilize accounting software, you’ll need to see which options fit your business. The right software will help you automate many aspects of your bookkeeping while maintaining financial integrity. These software systems can also categorize your expenses to better understand what should be deducted. If you are struggling to find a software solution, it may be best to consult with a dedicated accounting organization. 

If you choose not to utilize dedicated accounting software, you’ll want to still digitize as much as you can. Paper records can be difficult to store and organize in a reliable manner. For any business receipt you utilize, be sure to digitize it in some way. It may also be wise to store these files on a cloud-based system to ensure there isn’t a single point of failure. If all of your receipts are stored on your home computer, you may be in trouble if disaster strikes.

At the end of the day, none of these tips will be of use if you do not regularly review your finances. Proper bookkeeping will always include regular reviews to ensure that no mistakes were made the first time around. Be sure to audit your own finances on a quarterly basis at a minimum. If you have the resources to do this even more frequently, you’ll be ready when tax season approaches.

If you are having difficulty keeping up with your business bookkeeping, you might want to consider inviting an accountant to help you before it is too late. Please contact us today for more information.

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

Planning Your Retirement | Consultant Baton Rogue

Posted on by ignyous
Accountant Baton Rouge

Ensuring financial stability in the present is just as vital as planning for the future. There are, unfortunately, many people who neglect to plan for retirement and find themselves in a tricky situation as a result. You can avoid these headaches by planning early for your retirement. There are a couple of great steps to handle this process.

Estimate your needs:

You’ll want to make sure you have solid goals for the future. Having a specific amount in mind isn’t necessary, but it may help with planning your retirement. You can do this by looking up the average cost of living for the area you are in, and then accounting for inflation the best you can.

Start Saving

One of the simplest ways to plan for retirement is to start saving early. Every time you receive a paycheck, put some aside into a separate account to remove the temptation to spend. You should start small and then increase your contributions over time. The sooner you begin the process, the more time your money has to grow. It is never too early to start. You can place these funds into a basic savings account, but there may be more effective ways to invest this money, as we will discuss further on.

Contribute to a 401(k) plan.

Some employers will offer a savings plan that will quickly start your retirement. These companies will often match the amount of money you wish to contribute, with certain limits in place. If you utilize this properly, you can automatically contribute money to your plan while making free money from your employer. The specifics of this plan will differ depending on your employer, so be sure to read the fine print.

Contribute to an IRA

Similar to a 401(k), an IRA is a plan that will grow over time to plan for retirement. Some employers will also match these contributions. These funds are invested in the market in various ways, which will differ depending on your plan. You will also need to determine if an IRA is best for you, as opposed to a Roth IRA. Both options are great, but you will need to examine the tax differences.

These are just a few ways to plan for your future. Oftentimes, it is beneficial to consult an accountant to find the best plan for your needs. There are many options available, and you’ll want to optimize your plan. Contact our Baton Rogue Financial Consultant today for more information on these accounting services.

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

How to be Financially Successful When Working From Home | AG Company

Posted on by ignyous
Accountant in Baton Rouge

When switching from an office to a home office, you will have to get used to a familiar yet new environment. In any work from home scenario, you must scrutinize your habits and finances more deeply.

Maintain a record of your business expenses. It is recommended that you keep a record of all of your business expenses. Find out which costs will be covered by your employer and which you will pay for. An accounting firm can significantly assist in these situations.

Time management is essential. It allows you to maximize your productivity. Your employer and future will only benefit if you stay productive when working from home. You can measure how long you stay focused by using productivity apps. The apps limit the amount of time you spend on social media, so you will not be tempted to check Instagram on the job. It would help if you were disciplined, a beneficial quality that permeates your professional and personal lives.

Financial automation is a good idea. The easiest way to automate your financial life is to get your paychecks automatically deposited. If your employer offers a retirement plan, enroll; your contribution is automatically deducted. Try various investment apps or seek independent advice from your accountant. Build up your savings by setting up automatic transfers from your checking to savings accounts.

Education is the key to your future. Working at home gives you time to do chores during lunch and break times. The convenience of proximity makes vacuuming, washing, and preparing meals much more accessible. You can also learn new skills while working from home during your breaks. You can learn what you need to know to be successful online and at a meager cost: how to master a specific type of software, brush up on management skills, and refine your financial skills.

You might want to consider adding insurance. Office insurance covers you, but how about your home office? Working from home may add some additional liability for some people. Consult your accountant or insurance agent to find out if you need additional insurance, such as an umbrella policy. It can cover some of your legal fees if you are sued on your property or if someone is injured on your property.

Some people find working from home challenging, while others find it rewarding. An experience like that allows you to experience work-life balance from a different perspective and reevaluate your financial health and work habits. Contact our CPA Baton Rouge office today if you have other questions about taxes or financial tips for working at home.

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