Tag: Baton Rouge Accountant

Making sure your business succeeds is a high priority for anyone who owns a company or is in a partnership. Succeeding means running your business in the most efficient manner possible, finding ways to grow revenue, lower overhead, maximize deductions, and minimize tax liabilities. With the help of our CPA in Baton Rouge, your business can achieve these goals so that you can concentrate on running the business. 

Financial specialists can help.

A business CPA specializes in corporate finance, just as you do in your field. CPAs who practice in your industry have an up-to-date understanding of the typical expenses, trends, and ways to lower tax obligations for your business. In addition, they understand where to purchase new equipment or inventory that offers the best return on investment and have the ability to save money every year by reducing depreciation on asset types specific to their industry.

Assess the financial health of your firm.

Generally, people think of CPAs in relation to tax matters. Choosing the right certified public accountant can provide your business with more than just tax advice; they can also apply their expertise to the overall model of your company. An experienced CPA can determine how to reduce expenses and increase profits. Accountants trained in this area can identify oversights and areas of inefficiency specific to a particular field.

An accountant will be able to make meaningful, actionable suggestions after analyzing your business finances for just a few months.

Tracking metrics and benchmarks: What’s the best way?

Benchmarking refers to a company’s performance metrics as compared to competitors and industry standards. A competent CPA does. An example would be, Ohio based businesses may not know how their business compares with those in California, Texas, or New York, but a competent CPA does. Analysts know the key performance indicators (KPIs) that govern each industry. This section includes client loads, profit margins, and active clients.

It’s common for business leaders to become captive to their customers’ needs and day-to-day operations; they may never pay attention to benchmarks or key performance indicators, which effectively frame and understand your company.

Accounting professionals are better suited to utilizing tools. They have experience in many industries. Our experts offer your industry-specific benchmarks, tax strategies, wealth building, and more. Learn additional information about how a CPA can assist you in growing your business by contacting our accounting office in Baton Rouge, LA today.

A business’s revenue tends to increase and decrease over time. A business owner who sees new business slow and income declines often cut back on marketing, as it is the item in the budget they deem most expendable. However, this is usually not the best decision according to our CPA in 70808. 

You will see a drop in revenue when you cut your marketing budget. You are effectively shutting the door to new business by cutting your marketing budget. There is fierce competition among companies, and many cannot afford to become obscurantists. When you are one of the few with little to no competition, you need to make sure people know you’re out there, what you offer, and any new services or products. Adding e-commerce to your marketing strategy requires reaching out to your target audience.  

Businesses cannot rely solely on word-of-mouth referrals in today’s competitive marketplace. It’s not enough to send postcards and emails once or twice a month to get new clients or customers. A scattershot approach is ineffective. Keeping yourself visible is crucial.

Your goal should attract new clients and engage and maintain your current clients’ loyalty. New services, specials, and the latest developments in your field should all be discussed. You can keep people informed quickly by using multi-pronged social media campaigns or email blasts.

Marketing efforts that are consistent and effective help you accomplish both goals.

As your marketing budget increases, your revenue increases as well. Your business should allocate a certain percentage of its budget to marketing based on the following factors:

• Is your business new? Until you develop a client base, you may have to invest more.
• Do you want to keep your business growing? Calculate your existing budget’s effectiveness by comparing the number of new clients acquired to the number lost each year.
• Are things improving or deteriorating? At least until the trend reverses, consider investing an additional 5 to 10 percent.
• Where does your local market stand in terms of competition? More investment is required to compete effectively in a competitive market.

Indeed you are aware of the latest marketing trends, and perhaps you have done your outreach, but is it the most effective way to utilize your time? Running the day-to-day operations of a business requires much time, and business owners are usually very busy. Outsource your marketing to professionals who understand your business. 

Contact our accounting office in Baton Rouge, LA to learn how to help plan your marketing budget and increase your business growth.

A business’s revenue tends to increase and decrease over time. A business owner who sees new business slow and income declining often cuts back on marketing, as it is the item in the budget they deem most expendable. However, our CPA in 70808 shares that this is usually not the best decision. 

You will see a drop in revenue when you cut your marketing budget. By cutting your marketing budget, you are effectively shutting the door to new business. There is fierce competition among companies, and many cannot afford to become obscurantists. When you are one of the few with little to no competition, you need to make sure people know you’re out there, what you offer, and any new services or products you may have. Adding e-commerce to your marketing strategy requires reaching out to your target audience.

Businesses cannot rely solely on word-of-mouth referrals in today’s competitive marketplace. It’s not enough to send postcards and emails once or twice a month to get new clients or customers. A scattershot approach is ineffective. Keeping yourself visible is crucial.

Your goal should be to attract new clients and engage and maintain your current clients’ loyalty. New services, specials, and the latest developments in your field should all be discussed. You can keep people quickly informed by using multi-pronged social media campaigns or email blasts.

Consistent and effective marketing efforts help you accomplish both goals.

As your marketing budget increases, your revenue also increases. Your business should allocate a certain percentage of its budget to marketing based on the following factors:

• Is your business new? Until you develop a client base, you may have to invest more.
• Do you want to keep your business growing? Calculate your existing budget’s effectiveness by comparing the number of new clients acquired to the number lost each year.
• Are things improving or deteriorating? Consider increasing your investment by 5 to 10% until the trend reverses.
• Where does your local market stand in terms of competition? More investment is required to compete effectively in a competitive market.

Indeed, you are aware of the latest marketing trends, and perhaps you have done your outreach, but is it the most effective way to utilize your time? Running the day-to-day operations of a business requires a lot of time, and business owners are usually very busy. Outsource your marketing to professionals who understand your business. 

Contact our accounting office in Baton Rouge, LA to learn how we can help plan your marketing budget and increase your business growth.

As a business owner, you have a lot of responsibilities. Overseeing staff, monitoring financial transactions, and catering to clients’ demands can be overwhelming. You can avoid the risk of employee theft by putting safeguards and internal controls in place. It may seem hard to imagine that the smiling face you hired to welcome customers could be stealing from you, but business owners have suffered the loss of thousands of dollars annually with this kind of naivety. It can be challenging to prevent employee theft, but you can minimize the possibility of it happening by educating yourself and implementing measures to boost your financial security. Here are a few suggestions recommended by our Baton Rouge CPA.

Know Who You’re Hiring 

It’s not enough to hire someone based on their resume or personality. Anyone you consider hiring will likely handle confidential information, so a thorough background check is essential. Contact information for their past employers should also be requested. 

Learn as much as your employees.

Over time, employees can figure out which clients pay with cash, who writes checks, how much money is deposited daily and weekly, and what comes in from outside sources. You should also know this information. Request that your employees record these details in your accounting software, and ask your accountant to assist you in creating a system that includes a check and balance system with daily opening and closing reports. Therefore, only you or your accountant can run and analyze these reports-never an employee.

Create Shared Responsibilities

You should establish and implement a team-based approach to these tasks so that no single individual in your office controls the entire financial process from start to finish. In this way, you will know who recorded which transactions and will create a sense of accountability among your employees.

Be on the lookout for common red flags

Always be on the lookout for common signs that an employee might be stealing from the practice. Pay attention to anyone whose spending suddenly exceeds their budget, is always the first in and the last out of the building, or is overly protective or secretive of their work. 

Arrange a third-party audit

A victim of embezzlement can suffer significant financial damage, so it’s important to periodically hire an outside accountant to review your finances and look for irregularities. Using this person, you can monitor your employees’ work to catch errors, mistakes, and theft.

You shouldn’t tell anyone on your staff that something is amiss in your business, since the suspect may discover this and destroy incriminating evidence.  A trusted CPA can put a fool-proof process in place so you can catch your thief and get your money back where it belongs — in your business. We can answer your questions or schedule an appointment at our Baton Rouge, LA accounting firm for you to learn more.

No matter how impressive your vision for your company may be, success requires hard work and strategic planning. Highly successful business owners learn to set goals realistically and effectively. Mastering the skills of effective goal-setting, strategic planning, and assessing goals will help you to find greater success in your business and develop great business management skills.

Set Incremental Goals

Start small when setting goals by establishing daily and weekly goals. It can be easy to let ambition take over while you dream of long-term goals. However, you cannot reach your long-term goals without smaller victories along the way. Setting smaller, incremental goals provides the opportunity for you to be in consistent control of your business. You will know if you miss a weekly goal, and you can then adjust your strategy to make sure your team can stay on track moving forward. If you are only setting quarterly or yearly goals it can come as a surprise when you miss them, or your team might be left struggling to meet them in the eleventh hour.

Make Goals Visible

You and your team need a visual reminder of what your goals are and when you plan to achieve them. Put them up on a bulletin board in the office, or include them on your calendar. Write your goals in a place you look at daily as a consistent reminder. We all have those back-of-the-mind thoughts or ideas that might be good if implemented, but they are frequently forgotten. A thought without a goal or deadline is merely a wish. Our CPA in 70808 wants you to make your goals visible to you and your entire team.

Measure Your Goals

How will you know if you achieved your goal if you cannot measure it? Goals should have a measurable standard. Perhaps your goal is to see a 20% increase in your monthly new client numbers in a 6 month time frame. By defining specific numbers and time frames, your goals will lead to action. Abstract goals are often set and missed. When a goal is clear and measurable, you can more easily create a plan that accomplishes the goal at hand. Once you’ve set measurable goals, make sure you have a method for evaluating them. Will you be reviewing your progress weekly, monthly, or quarterly? The time frame will vary based on the size of the goal and effort needed to evaluate change.

Evaluating your goal setting protocol will help you to identify areas of opportunity and areas that need improvement. It will help drive the success of your business. Contact our accounting firm in Baton Rouge, LA and let our experienced CPAs help you with your financial goal setting.

Quality leadership is a result of the utilization of characteristics that are identifiable and easily strengthened. When a team has a strong leader, they will work more efficiently and the workplace will be overall a better environment. Without a leader, even the best employee can’t reach their full potential. The following characteristics shared by our CPA in Baton Rouge, LA have proven to be critical qualities in a leader:

• Appreciation

When your team members are acknowledged and appreciated, you will foster a working environment that rewards and motivates the contributions made. There are many ways to demonstrate appreciation for your team, including verbal recognition (public praise), bonuses and pay increases, extra time off, gifts, meals and more. Showing appreciation will increase the amount of respect you receive from your team.

• Accountability

A great team will appreciate and thrive with the appropriate accountability. Setting clear expectations and communicating clearly will help to establish this. After setting the expectations, you can then put accountability measures in place. Checking team member deadlines and reviewing work quality will help to maintain accountability. Providing honest feedback to your team will allow them to achieve the professional growth they likely desire. When balanced with appreciation and facilitated with respectful communication, accountability can lead a team to new levels.

• Compassion

Compassion will help you to naturally understand and cater to the needs of your team. Understanding the importance of work-life balance, considering benefits that matter to a team, and allowing for trusting relationships to form are all ways to demonstrate compassion as a leader.

• Honesty

Dishonest communication can often lead to confrontation and problems long term. Imagine that a team member is underperforming regularly. It may be uncomfortable for an employer to confront this difficult situation. Instead of directly and honestly discussing the needs of the business, the leader may instead try to sugar-coat the feedback and soften the communication.

Unfortunately, this won’t allow the team member to correct the communication or to begin looking for more appropriate employment. Long term dishonesty can lead to a dysfunctional team.

Excellent leadership can take time to establish. It can make or break the success of a business and a team. Strengthening leadership skills can be an invaluable contribution to your business. Contact our accounting firm in Baton Rouge, LA for a business evaluation and further analysis on the leadership within your business.

Starting your preparation early for tax season can help to save you a lot of time, money, and stress in the long run. Evaluating spending, tax implications, and tax laws can help you in your planning process. Annual financial reports show that Americans overpay on their taxes by a collective one billion dollars every year. This often happens when businesses fail to hire tax professionals who are well-versed in tax credits and deductions.

There are a number of deductions that your business can consider. Some of the most popular deductions are as follows:

• Charitable Expenses: Depending upon the nature of your donation and the extent to which you have documented it, you may be eligible for a charitable contribution deduction. For example, if your business makes a large monetary donation to the local food pantry and you save all receipts, you can use that as a tax deduction.
• Job Hunting Costs: Whether you are seeking employment or paying money to a recruitment company to hire a team member, you may have expenses in this category that are worthy of consideration.
• Lifetime Learning Credit: With proper documentation, if you have taking a large amount of expensive continuing education, you may qualify for a tax credit.

Changes to the Bigger Picture

In addition to claiming credits during the actual filing process, there are a number of bigger changes that you may want to consider during the upcoming year.

• Choosing the Right Business Structure- An experienced accountant can help analyze your business structure and decide if it is the best fit for your business.
• Maximizing Your Medical Benefits- Any smart tax strategy includes proper management of medical benefits. Businesses with a certain number of employees can take advantage of the Medical Expense Reimbursement Plans. These plans allow you to write off medical bills as business expenses.
• Choosing the Right Retirement Plan- Retirement plans help to ensure financial stability and living standards when you eventually decide to retire. Our experienced CPA in Baton Rouge can help you choose the right plan to help you meet your goals.

Tax season only comes once per year, but business professionals should be thinking about the tax implications well before April rolls around. Our experienced accountants can help turn a hefty payment into a large return. Contact our accounting firm in Baton Rouge, LA today for a tax consultation with one of our accountants.

An efficient system to have in place when onboarding new team members is the 30-60-90 planning system. This method uses identifiable goals and objectives to help review new employees and analyze their progress. With the 30-60-90 planning method, you will more easily integrate new team members and help them on the path to success.

30 Days

Establishing relationships are at the heart of the first 30 days. This time is also vital for setting team member and business expectations. Be sure to communicate with new hires to create three or more goals to work on during the first month of employment. Emphasize the importance of absorbing as much information as possible during this time period.

60 Days

After the first 60 days, your new team member should be into a good routine. They should be able to fully execute the things that they have learned with confidence. At this point, the focus should be shifting toward contributing to the company’s mission.

90 Days

By the three month mark, our Baton Rouge accountant says that your team member should be fully integrated into your business workflow and executing responsibilities independently. They should be able to take the lead on projects or tasks without any supervision. When problems arise, they should be able to solve them proactively and prevent any further issues.

Creating a 30-60-90 Plan

The best 30-60-90 plans look beyond solely analyzing the numbers. You want your new employee to think critically as they settle into their new role. There are a few things that you can keep in mind as you create a plan to optimize your team’s success.

• Focus on the Big Picture: Think about why you hired this person for this role, whether it be to expand your team or fill in a need for your business. Make sure they create goals and metrics based upon the vision of your business.
• Ask and Answer Questions: Create an understanding of the baseline status quo. Encourage them to ask questions to help them understand priorities and direction.
• Be Flexible:  Don’t worry if your new hire isn’t the perfect fit immediately. Three months is a significant amount of time and there is an adjustment period. Provide guidance and correction as necessary.

With use of the 30-60-90 method and proper planning, you can help integrate new team members into your business and help to achieve long-term goals. Contributions from every team member are vital to the success of your business. Contact our accounting firm in Baton Rouge, LA today to schedule a consultation for help with setting up your 30-60-90 plan.