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In a recent interview, leading CPA Pauline Ho, head accountant at Laus Consulting in Orlando, FL, revealed that she is helping small business owners avoid wasting huge amounts of money by applying specific accounting strategies they are nearly always not on top of or are unaware of.For more information please visit http://lausconsult.com
When asked to comment, Ho said, "When it comes to staying on top of accounting, small business owners can typically do the basics such as tracking revenues, expenses, and profits on their own. However, it becomes a whole new ballgame when tax season rolls around or when the business expands."
When asked to elaborate Ho explained what she does to help owners in this situation so they save both time and money.
"Keeping tabs on every expense is vital to the financial health of any business," she said.
"For all our clients we make sure that we assign every single expense with both a label and a category. This help us keep a close eye on their cash flow, which can then help them minimize their tax liability and take advantage of deductions,"
She also tracks all payroll costs that could make or break any small business.
“Paying employees typically takes a huge chunk out of a business' budget – in fact, labor costs could run as much as 70% of a budget. With this in mind, we note employee salaries as well as overtime and other benefits they might be offering to ensure they are paying employees fairly," she said.
"This is particularly important when doing payroll taxes, which have different regulations and timeframes than income taxes."
Ho also explained that it's vital to keep a detailed log of all income.
When asked to elaborate, Ho said, "Having a comprehensive record of all your business' incoming cash flow will mean that you'll have accurate figures to work with when doing taxes. Making a mistake on your taxes could lead to hefty IRS taxes."
She explained that one of the best ways to store all this accounting information is through automating accounting practices.
“By far, the fastest and most accurate way to stay on top of your bookkeeping is with accounting software. The accounting software on today’s market is flexible to accommodate businesses despite their size and scale.”
"Furthermore, good accounting software such as QuickBooks Online not only keeps track of income and expenditures, it will also allow several other functions such as sending and paying invoices as well as making reports."
In Ho's experience, when small business owners outsource their accounting prodedures to her team, the big win is they tend to avoid cash flow problems.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Pauline Ho
Email: Send Email
Organization: Laus Consulting Services LLC
Address: 879 Outer Rd B, Orlando, FL 32814, USA
Phone: 407-401-9768
Website: http://lausconsult.com
Source URL: http://RecommendedExperts.biz
Release ID: 88913336