Getting the Most Out of Your Business Expenses | AG Company

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

The Road Map to Your Financial Future | AG Company

Baton Rouge Accountant

A financial advisor is a partner in your financial planning. Assume you want to retire in 20 years or send your child to a private university in ten. To achieve your objectives, you may want the assistance of a competent expert with the necessary licenses; this is where a financial advisor comes in.

Together with your advisor, you will discuss a wide range of topics, including how much money you should save, the types of accounts you should maintain, the types of insurance you should have, and estate and tax planning.

They are not only financial advisors but also teachers. Among the advisor’s responsibilities is providing guidance on how to achieve long-term financial goals. A variety of financial topics may be discussed in detail during the educational process. Early in your relationship, budgeting and saving may be discussed. As your expertise grows, you will be able to understand more complex tax, investment, and insurance issues.

Prior to providing you with financial advice, it is essential that they first understand your financial situation. You cannot prepare for the future if you do not know where you are today. In most cases, you must submit a detailed written inquiry with your financial details. Providing this helps the advisor better understand your situation and ensures that important information is not missed.

Your financial advisor will gather information about your assets, obligations, income, and spending. In addition, the information provided should include future pensions and income sources, estimate retirement needs, and outline any long-term financial obligations. Simply put, you will create a list of all of your existing and future assets, pensions, gifts, and sources of income.

By providing investment information, an advisor can examine more personal matters, such as risk tolerance and risk capacity. When it comes time for your investment advisor to determine your asset allocation, knowing your risk can be helpful. It is also important that you make sure you explain your investment preferences to the advisor.

Financial advisors combine all of this preliminary information into a comprehensive financial plan that serves as a road map for your financial future. The initial assessment consists of reviewing the most important findings from the information you provided, followed by assessing your current financial situation, including your net worth, assets, liabilities, and cash or working capital. Additionally, a financial plan summarizes the objectives discussed with your advisor.

If you wish to learn how a financial advisor can help you with your financial goals, please contact us today. Our Baton Rouge CPA team is here to help you.

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

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

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

 How to Boost Profits at Your Business | Consultant Baton Rouge

Baton Rouge Consultant

You have a responsibility as a business owner to ensure your company’s success. The sense of accomplishment is a significant aspect of owning a business that is so fulfilling. All business leaders need to make sure their businesses are profitable, no matter whether they own a business or belong to an investor group. 

To stay on top of overhead, revenue, and marketing strategies, you must have a solid grasp of them. Check out these tips to increase profits for your business.

Calculate your expenses.

If you wish to increase your profits, make this a priority. The leadership must create a detailed expense report each month. Equipment, salaries, liability insurance, and rental costs or property taxes are all included in this category. Look over this list regularly to see if there are any places you can save money. 

Look for items that your business overspends on or that are not strictly necessary. According to your business needs, you might be able to lower your overhead by lowering specific supplies, finding ways to reduce your insurance payments, or even writing off more expenses to reduce your taxes. 

You can lower your overhead in a variety of ways. Start by carefully going over all your expenses. If you don’t have the time to do this task yourself, it is a great idea to hire a certified public accountant who specializes in your type of business. 

Establish goals for growth.

To avoid becoming complacent, you have to have specific goals. Without clear goals, you will stagnate and see decreased profits. For a company to be profitable, CEOs need to plan where they want the company to go in the future. Develop strategies that get you to define the number of clients you hope to gain during each period.

Promote your company online.

Utilizing search engines is one of the most common ways for people to find your business. A study found that 93 percent of Americans use search engines to find local businesses. You are likely among them. If you want your business website to be seen by as many eyes as possible, what can you do to stand out? A search engine optimization (SEO) campaign is the answer to online marketing. Getting as high a ranking on Google as possible is the purpose of this kind of marketing. 

This is a crucial step in today’s marketplace, where Google, Yahoo, Amazon, and Bing are the dominant search engines. Contact us today for expert advice on these and other ways to make your enterprise as profitable as possible. Our team of professionals has excellent experience in helping businesses grow.

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