March 1, 2019
Your time is valuable. And as a business owner, it’s likely your most in-demand asset. Stop and consider how you spend your time during an average week. Are you doing the things that can enhance your business? Are you working in the areas of the business that best match your skillset and expertise? Don’t worry if the answer is NO. Most business owners would say the same thing.
This infographic from the National Federation of Independent Business shows the survey results on how business owners spend their time. Not surprisingly, administrative tasks like bookkeeping are listed as the #2 time waster. When you consider how much you could earn for your company during the hours upon hours you spend mired in tasks like itemizing expenses, paying bills and sending invoices, you are working at an expensive rate. At tax time, it goes up exponentially. Turning these tasks over to an outsourced provider frees up your time, allowing you to focus on what you do best – running your business.
Depending on the size of your business, an outsourced accounting provider may deliver more value for your company's dollars than hiring an in-house staff person. Consider that the full cost to hire an employee will include recruiting fees, salary, and benefits of 1.25-1.4 times the salary. Partnering with an outsourced bookkeeping and accounting provider can provide several benefits beyond the cost savings of salary alone. These include:
Ultimately, outsourcing bookkeeping and accounting services allows business owners to spend their time ON the business rather IN the business. Reimer, McGuinness and Associates offers expert bookkeeping, accounting and tax services through our BOSS™ service – Back Office Support System. We offer BOSS at three levels to fit the diverse needs of our clients. Our goal is to take care of your business by providing financial and strategic information that will allow you to make more informed decisions. We welcome the opportunity to hear about your business and where we can make a positive impact. Greg Elliott runs our BOSS group, contact him directly at 713-590-3025 or email@example.com.
ABOUT THE AUTHOR:
Greg Elliott is the Accounting Manager responsible for the accounting, payroll, sales tax and bookkeeping for the clients of Reimer, McGuinness & Associates, P.C. Greg is a native Texan and received degrees from Texas Tech University and the University of Houston. Greg is a licensed CPA and a Chartered Global Management Accountant as well as a Realtor.
Having a remote workforce can be challenging, especially if you are trying to build a positive, collaborative work environment. So, how do you create a sense of comradery when you have staff in remote locations? These tips can help:
Business owners understand the value of developing relationships, whether it is with a potential client or fellow business partner. Deepening your existing relationships and building new ones through activities such as a meal or an entertainment event can be key to growth in your business. Even though these expenses are ordinary and necessary to operate your business, the IRS is enforcing limitations on the related tax benefit of these expenses per the enactment of the Tax Cuts and Jobs Act (TCJA).
If you are expecting a refund this year, you may be tempted to splurge on something not-so-practical. Before you do, take some time to think about ways to use your refund to bolster your financial health. We’ve put together a few ideas for you to consider: