Tag: Baton Rouge Financial Consultant

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.  

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. 

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.

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.

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. 

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.

Building a high-performing work team can be challenging but the results are rewarding. Even with all team members in place, there are always new growth opportunities to explore and interpersonal dynamics to fine-tune. Here are some of the most common characteristics of high-performing teams. How does yours compare?

CPA in Baton Rouge LA

Leaders Put the Team Before Self

Members of effective teams do not think of themselves as above their peers. While they may have a designated or de facto leader, the voice of the collective rises above individuals. When a group’s members work in unity for the greater good, business thrives.

They Take Ownership of Their Roles

Self-reliance and accountability are among the most important hallmarks of individuals who work on effective teams. These qualities enable every member to perform optimally in their role. Their sense of cohesiveness dictates that when one person falls behind, others gladly step in to help.  

They Innovate

An effective team is not satisfied with the status quo. Its members are constantly looking for ways to improve processes and work through challenges. Each member feels empowered to contribute ideas.

They Know How to Build Trust

Cohesion built upon trust means that every member of a team works toward the same goals. They know how to work well together, and feel confident making judgement calls when problems arise.

Closely related is a sense of mutual respect. Teams that operate on this premise will work to ensure each member has what is needed to do their job well. Without that respect, it’s likely that people will be performing the bare minimum in their roles.

They Understand Their Limitations

Some of the best teams know when it’s time to ask for outside help. Whether it’s a task that your workers do not have the experience to complete, or the workload becomes excessive, they show a willingness to seek assistance or an outside perspective.  

By comparing this list of qualities to your own team’s characteristics, you gain insight to areas of strength and opportunity. Together, you can work toward achievements as a group. Our small business accounting firm aims to be an external team member you can count on when you need help with tax strategy, bookkeeping, and formulating financial growth plans. Call our office and schedule a complimentary initial consultation with our Baton Rouge LA accounting team. 

As a business owner or manager, you are accustomed to giving feedback to your employees; but are you able to take it, as well? Learning to solicit and leverage employee opinions regarding your operation and your leadership are important growth tools. Here is how to gracefully accept feedback as a business leader.   

Baton Rouge Financial Consultant

Actively Seek Opinions

When you solicit input, you give your team members license to offer valuable insight into the health of your operation. Listen carefully and you just might discover a money-saving innovation that changes your business for the better. As small business accountants, we see transformations like this frequently.

Whether feedback is delivered in an informal, water-cooler context or a formal meeting, it provides important opportunities to improve processes. Be sure to seek opinions as frequently as possible and praise helpful feedback in front of the team. 

Think Constructively

When feedback is less than positive, listen with an open heart and mind, praise honesty, and listen closely for growth opportunities. 

• Do not react without considering the other person’s intent
• Learn why the person feels the way they do 
• Ask clarifying questions to help you fully understand others’ viewpoints
• Take time to digest the information if needed 

It is never wrong to reenter a discussion later on from a different perspective. Taking whatever space and time you need will likely help you use feedback in a constructive way and enable you to better understand your leadership style. Team members will also be open to a thoughtful approach.

Make Time to Self-Reflect

A conversation with an employee or team manager is only one way to receive feedback; you can also learn about your strengths and challenges through self-reflection. Keep a journal to track successes and opportunities, and then look for patterns. Read self-help books or talk to a business consultant for insight.

Employee feedback can turn into a golden opportunity to strengthen your business and leadership style. You did not become an entrepreneur by caving to criticism from the outside; you likely used it strategically. Think of feedback from your employees the same way.

If employee feedback sparks an idea for a new service line or financial savings, our small business accounting firm is ready to show you how to turn inspiration into reality. Contact our Baton Rouge LA CPA office. 

More than just being experts who help you do your taxes, accountants can solve your business challenges in creative ways. They are trained to understand how businesses work and create solutions that others may not think of. Here are just a few of the creative ways accountants can solve problems for your business.

CPA in Baton Rouge

 Understanding Your Type of Business

Many accountants specialize in certain types of clients: small businesses, large firms or high net worth individuals, for example. A small business CPA fully understands your unique challenges and is able to use that knowledge to help you grow. Accountants who understand your field are uniquely qualified to assist you because they understand your issues in context and can examine an issue from every relevant angle. They know the business and therefore have a better grasp on will be the right solution for you. 

Big-Picture Thinking

As a business owner, you want to focus on pleasing your clients and on growing your enterprise. Hiring an accountant can save your business thousands of dollars and give you back the time you are spending on forecasting, tax preparation, and bookkeeping. The right accountant can see your business from both a 30,000-foot view and a detailed perspective. They can foresee problems and steer you away from making a bad decision. When it comes to solving a financial problem in your industry, a new perspective that considers all consequences may help you succeed. This is a major reason accountants can make a significant impact to your bottom line.

Creativity and Strategy

Difficult problems require creative solutions. Whether you are starting out and need help with a business plan or you’re entering a high-growth period, a business accountant can keep track of your cash flow. They can take an objective look at your overhead and costs and help you manage your money in a savvy manner. Combining their knowledge of your field with the ability to bring a high-level, strategic approach to your finances allows accountants to create innovative solutions that meet your long-term goals.  

Avoid IRS Audits

The likelihood of an audit is small, but every business needs to be prepared. If you already work with a good accountant, they will have the detailed records needed to satisfy the government’s questions; if not, and you face an audit, hire an accountant to save time, stress and money. A CPA will also help you avoid trouble — such as spotty record-keeping and innocent miscalculations — in the future.

Our CPA in 70808 accounting firm is here to help you navigate your business finances ethically and within regulations. If you’re facing an accounting issue that requires skillful handling, contact our team of professional accountants today and find the solution for success you’ve been seeking.