Leading CPA & Corporate Accountant Pauline Ho Shares Her Best Business Startup Accounting Tips - Orlando, FL

Top Accountant Pauline Ho founder of Orlando’s Laus Consulting Services LLC in Orlando, FL advises sartups to take on certain accounting tips to ensure they flourish financially and retain good, strong management structures. For more information please visit https://lausconsult.com

Startups are advised to take on these accounting tips from Corporate Accountant Pauline Ho to ensure they flourish financially and retain good, strong management structures.

For more information please visit https://lausconsult.com

Ho, founder of Orlando’s Laus Consulting Services LLC, advised that among the pressures new businesses face is the challenge of accounting, and how it can make or break a company without the necessary discipline.

She said: “Nearly one-fifth of businesses fail to make it past their first year of trading, so having a person dedicated to overseeing the accounting and the relevant cash flows will enable a centralized approach and help prevent any issues arising revolving around finances.”

Ho acknowledged that small business owners should quickly separate their company accounts from personal accounts to give clarity – and ease of auditing – in tracking expenses and take advantage of any tax deductions.

Having separate accounts enables the business to adopt a line of credit for cash shortfalls and to avail of other services, such as credit cards and business insurance.

“One of the most important elements of a business is the bookkeeping. Software options are available, but dedicated bookkeeping can keep track of expenses and income, and provide a clear picture of a business's financial health.

“Using software systems can help reduce time and errors dedicated to this part of the company. It means the owner can also dedicate more time to what they know best – the front end of the business.”

She added that keeping to budgets and maintaining accurate accounting data would not only help reduce the stress of running a business, but recordkeeping would help in the filing of tax returns on a monthly, quarterly and annual basis.

Startup owners should also educate themselves about the accounting terms that often come up in business. Fixed assets, expenses, gross and net income are just some of the terms they will get used to during their accounting.

She advised business owners can hold on to their cash longer by speaking to their suppliers who may offer credit terms or offer a discount if they pay early. “Equally, they should be discussing with their clients to meet payments on time to ensure a cash smooth flow.”

By keeping an eye on the finances, a business owner can quickly build a picture of where their money is going, how they can best employ cheaper, outsourced labor to achieve the same ends, and better control their expenses.

Up-to-date finances can also aid an owner in making more accurate tax predictions and payouts when the time comes, she advised. “Nevertheless, it is always advisable to use an external tax accounting professional to ensure their taxes are correct and in on time. The bonus here for a sole proprietor is that the cost of hiring someone to prepare their business’s tax return is deductible.”

Ho added that companies should be prepared to retain income statements, a balance sheet, and a cash flow statement as they are required by banks and investors to understand the financial state of the company when it comes to securing loans and investments.

These can also help to assert financial projections for a business in determining cash flow and questions from potential loaners and investors.

She concluded: “All the elements drawn together present a clear and unequivocal picture of a business's performance, its potential going forward, and assurance to the owner and its lenders that it is not on troubled ground financially.”

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Contact Info:
Name: Pauline Ho
Email: Send Email
Organization: Laus Consulting Services LLC
Address: 879 Outer Rd B, Orlando, FL 32814
Phone: 407-401-9768
Website: https://lausconsult.com

Source URL: http://RecommendedExperts.biz

Release ID: 89016383