What are the Midas Accounting Benefits?
Business Assessment – You go to the doctor for a physical checkup each year? Wouldn’t it make sense you do the same with a business assessment? What is a business assessment? A Business Assessment is a wonderful tool that compares your business to the leader in your industry who has the same annual sales. It is like comparing to all other printers to a Hewitt Packard printer. Hewitt Packard printer is the benchmark used for quality by other printers for comparison. When was the last time your company had a business assessment? The businesses assessment is a report that will expose a firm’s weaknesses and strengths. The report generates twenty pages or more with vital data to create a business plan and improve their financial status exponentially. The business assessment gives us clues to eliminating unnecessary spending and up selling to existing customers.
Business Plan – An organization needs a blueprint for success. A Business Plan that takes your dreams and ideas from the owners head onto paper. Once on paper, those ideas become a physical reality. The business plan covers marketing, production, human resources, and accounting strategies. The company begins to identify who is their competition, develop a detail hiring and firing procedures, how much to pay their employees, and what is their competitive edge. The Business Plan gives management a clear vision of direction towards where a company wants to head for success.
Accounting/Bookkeeping – Luca Pacioli is called the Father of Accounting. In 1494, he wrote book “Everything about Arithmetic, Geometry, and Proportions” that included the double entry accounting for the Duke of Urbino. The Duke was a businessman during that time. The book was written to assist him operate his business more profitable. Accounting has changed very little over time. The accounting is the vehicle that is used to record business activities to assist practices to quantify and qualify the data to evaluate the firm’s success or lack of it. Accounting exposes your business actual positive or negative cash flow. You can put all the numbers in the place, but it does not solve a business problems. An entrepreneur needs an expert accountant to determine what this information actually means and what action to take to improve the business profits, reduce their taxes, and improve your cash flow. If the business owner makes $100.00 per hour and it takes him 20 hours to do his accounting, it would be costing him $2,000.00 to do his books. We would be privileged to perform your bookkeeping starting as low as $500.00 per month. Let us work your books so that you can work on your business.
Tax Planning – What is the difference between tax planning and preparation? The difference is December 31 because anything after that date you can only prepare tax preparation to report the year-end financial results. Tax planning involves making intelligent and well based decisions because of the your new understanding of the tax law and how to utilize those tax codes to reduce your taxes legally with the same money that you are already spending. As good tax accountants, we can aid you to achieve these tax strategy benefits and have more fun both in your personal and business life.
Tax Preparation – It is not always only how much you make in profits but in reality how much you keep in your bank accounts. The tax law is very complex. We can make sure that your business takes advantage of all legal deductions that apply to your personal or business tax return. A business owners’ have many responsibilities when it comes to marketing and production. How could he or she possibly have the time, knowledge, or understand the whole tax law from the past to present. Remember tax laws changes on a daily basis. The entrepreneur needs a partner to guide them to weather the tax storm and safely protect them from government agencies from tax audits. This means that the best time to prepare for a tax audit is when the tax return is being filed for the year end.
Cash flow – A key report for business to determine if they have enough money coming in compared what is going out the business. Cash flow is compared a person’s blood flow. If an individual loses blood rapidly and does not stop the bleeding, they will absolutely die. This concept also applies to a business when they are losing more rapidly money compared to what is coming in. If this condition occurs frequently, they will some be out of businesses. Today over 2,000,000 businesses are on the verge of filing for bankruptcy because of poor management and accounting/bookkeeping. They failed to watch the bank account to what way is the cash flowing. A company must examine the cash flow report frequently and peruse the data to make sure the flow is in their favor. Today when it comes to receiving loans, financial institutions examine a company’s books and their cash flow to assess to determine the organization ability to pay back those loans.
QuickBooks – If accounting is the language of business, QuickBooks then speaks 80% of accounting for small business. As a QuickBooks Certified ProAdvisors, we can install and setup your QuickBooks accounting software correctly right from the get go. The proper installation and setup increases the company’s chances of success. The setup will make the correct debits and credits for you. For example, if you know how to write a check, QuickBooks will in the background take care of all the rest of the accounting. We also provide expertise training so that you can enter the data properly and with confidence. An old accounting term is garbage in garbage out or GIGO. We will fortify you from creating such a mess of your accounting from happening. When you seek our profession assistance, you definitely have started on the right foot to avoid a possible train wreck. You will not be exposed to creating trash for financials. You will instead have sound information to make excellent decisions with.
Consulting- Most successful people have coaches in are every area in their lives. This entrepreneur’s realize that they do not know everything and seek advice from skill professionals to guide them to make up for their lack of knowledge. When Tiger Woods was at his peak, golfers when love to have him for their foursome. We may not be able to lower your golf strokes as Tiger Woods could do, but we are able to advise you that reduce your taxes, increase you profits, and improve cash flow with our personal consulting, business assessment and strategies.
Budgets - Businesses need more then have a store front and open the door daily for customers to flock into their business. Companies need some form of plan with controls. Realistic controls are necessary to keep a business on target for their short and long term goals. You can be an excellent archer. If you blind fold an expert archer spin him around in the room and hand him a bow and arrow. What do you think are the chances of the archer hitting the bulls-eyes? You would conclude impossible. What success does a company have running their firm blindfolded? Yet that is exactly what business owners do on a daily basis? They fail to provide corporate vision and direction. When organizations use budgets they are more likely to grow and prosper. Budgets help motivate sales department and keep the firms ’expenses under control. Likewise, budgets keep firms aiming for their financials bulls-eye towards success. This tool can assist owners to get back on track when the organization has deviated from their expectations.
Internal Audit- At times, the financial statements seem to be out of whack. When this happens, you may want a third party to examine your records to determine the accuracy of their books. Bookkeepers could make improper entries or avoid making them at when something is out of the normal transactions. In addition to that white collar crime does occur. Embezzlement is not quite uncommon in the business world. An outside audit may detect these irregularities and fix the problems before things get out of hand. Audits expose when employees may not be following policies and procedures. These audits can detect these flaws, and we make recommendations to remedy these issues.
Mergers and Acquisitions - The most common way to begin a business is startups. Nearly two millions businesses fail each year because of poor management and bad accounting. Other businesses are looking to expand in their market. It is difficult to acquire more customers through the normal marketing techniques. These marketing strategies can be very expensive and provide a minimum return for their investments. Each may want to consider buying an already existing successful firm. Today there are so many baby boomers desiring to retire. They failed to generate a succession or exit plan. These firms already have excellent sales, good employees, and systems that are proven for success. It would be better to acquire these firms instead of creating a startup business or increase advertising strategies to acquire new loyal customers. Plus, you may find these businesses are for sale at bargain base prices. We can assist you to find the right type of business that interest you by searching and finding excellent candidates that you want to own. We perform the extensive research and contact ten businesses first by mail then by phone calls to these firms in the industry that you are interest in. We gleam three best opportunities for you to choose from. Our reasonable fees are more cost effective compared to startups and expensive marketing strategies. Mergers and Acquisitions can save you time and money to obtain a profit organization to own. You are already operating a profitable firm. You can avoid all the problems that you face when it comes to startups or expanding your market.