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Benefits of Outsourcing Your Bookkeeping

Posted on August 6th, 2019

Most business owners have more tasks on their plate than there are hours in a day. Are you wondering how to get it all done without sacrificing the growth of your business? It’s entirely possible to minimize the hours spent balancing your books by outsourcing them to a skilled accountant, which can introduce unique advantages to your business.

Increase Your Available Time & Energy

It’s an accountant’s job to pore over financial statements, while it’s yours to keep the business in top shape. The hours you used to spend reconciling accounts or balancing the ledger can be handled by someone you trust. You can re-invest yourself in more productive tasks and personal endeavors knowing that your company’s finances are receiving the care and attention they deserve.

Reduce Errors & Costs

Your first response to the idea of hiring a professional bookkeeper may be that it’s just too expensive. The truth is that outsourcing your bookkeeping can actually save you money.

Accountants are experts at handling complex accounting procedures, payroll distributions, and tax regulations. Not only will they help you avoid costly mistakes and IRS penalties, but they will also make it easier for your business to take advantage of cost-saving tax credits and deductions that will increase your bottom line.

Enhance Your Financial Strategy

With an outsourced accountant on your team, you gain unique insight. They can point out areas that need improvement, and places where you can cut costs. Bookkeepers also serve as a protector of your finances. If any fraudulent activity is going on, they can make you aware of it. The most important task they perform is profit tracking, where they analyze records and help you monitor sales targets.

The strategic decisions you make for your business should be based on sound financial data. If your books are unorganized or out-of-date, you are putting your business at risk. Your accountant can be an indispensable resource, providing valuable insight and advice that will ultimately help your business grow and prosper.

Need Expert Bookkeepers? Call Worthing & Going, CPAs

We are a full-service accounting firm, and we are ready to put our expertise to work for you. Invest your valuable time in your business’s operations and let a professional handle your finances. Call us today for a consultation!

Organizing Your Records for Tax Planning

Posted on April 9th, 2019

Organizing your records is the best way to successfully and legally reduce your tax liability without running into problems with the IRS. We work with businesses and individuals throughout southern Maine to implement tax-saving strategies that will maximize after-tax income. Keeping good records can sometimes be difficult, but it’s worth the effort.

Better Business Operations

As a business owner, you know how crucial it is to be organized. It’s nearly impossible to run a successful business if you are constantly searching for paperwork and important files. Good records allow you to identify all your assets, expenses, income, and liabilities. This lets you see the strengths and weaknesses of your business, which will enable you to make better financial decisions.

Accurate accounts give real-time data for better reporting and forecasting. Goals and objectives that are created with accurate information are more easily attainable. You need accurate records to generate an income statement, apply for a loan or create goals to grow your company. Partners or investors will appreciate the informative data that paint a real-time picture of their assets in the company.

Avoid IRS audits

Businesses are required to keep records of all their transactions. These records are eventually used in tax filing. Any irregularities or flaws in reporting will create an opportunity for the IRS to audit the company. As a business owner, you will need to open your records to the IRS investigator searching for proof of income and proper documentation. Good accounting records are less intimidating than IRS audits.

Use Accounting Software

An organized filing cabinet is only part of the recordkeeping puzzle. Your digital records also need to be in order, but this may be a bit more challenging if all you have are spreadsheets, online statements, and receipts. Implementing accounting software gives you a platform for tying your digital paperwork together.

Tools like QuickBooks allow you to categorize transactions and connect third-party services for bill payments and other functions, enabling you to combine your business’ computer records. These resources also allow you to generate earnings reports and analyze accounts, delivering unique insight into your organization.

Need Help Streamlining Your Paper and Digital Records? Call Us!

Worthing & Going, CPAs can help you organize your books and establish a system that makes sense to you. Call us today for accounting and bookkeeping cleanup!

Business Valuation in Southern Maine

Posted on December 10th, 2018

The agreed-upon objective value of a business is a matter of weighty financial consequence, especially in situations in which the ownership of the business is soon to be reassigned, diluted or otherwise altered. Unlike the simple appraisal of a property, a business valuation is a dynamic exercise, requiring the calculation and analysis of several complex variables. At Worthing & Going, CPAs, we provide valuations for businesses and business owners of Scarborough and Saco, and the surrounding areas.

Business valuations can help you determine the financial well-being of your business based on its assets, income and market traction. Valuation can also help you to identify hidden assets. These assets can include programs or materials generated by your company, making their value difficult to observe by a company insider.

Conducting a Business Valuation

The first step Worthing & Going, CPAs takes during a business valuation is to examine your company’s history of performance. Both public records and the business’ financial documents will reveal how the company has fared in the past. We then look at the potential for future earnings via the company’s capital structure. The worth of the entity is significantly impacted by whether income or debt is more likely to grow in the years to come, especially when compared to the business’ previous trends.

We also examine the managerial approach currently in use. If a business has a clear operational structure that allows it to run smoothly, then other risks the company might face can be improved upon more readily. However, a management style that is ineffective in running the venture will need to be overhauled, which can cost significant resources and prevent other issues from being addressed.

From all this information, the intrinsic value of the business can be determined and compared to its current market value. Valuations are unique every time, requiring diligent and thorough accounting work.

Contact Us for Your Valuation Needs

Whether you are looking to expand your business, draw investors, or reevaluate an existing business strategy, our customized valuation services can help you to effectively determine your place within the market. Worthing & Going, CPAs provides business valuation services in Scarborough, Saco and the surrounding Southern Maine areas. For more information, call our firm today and schedule a consultation.