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Saturday, March 17, 2018

It's Hard To Steal A Happy Client & Easy To Lose One Who Is Unhappy

The salesperson delivered his pitch, complete with attractive graphics, graphs, and photos of happy clients. Embellishing the presentation were currently popular sayings like, "Building our business one client at a time," "We're building growing relationships," "Under promise and over perform," and "When our clients profit, we profit."
The listener sighed, almost rolled her eyes and said to herself, "They talk a good game, I've heard all this relationship stuff before, but I'm unhappy with my current vendor, the price is competitive, and if they do half as much as this guy says we'll be getting more for our buck, so I'll give this guy a try. And she signed the contract for a "Trial Period."
Three days later she received a handwritten(!) "thank you" note in the mail(!) from the salesperson along with a list of people in the firm that she could contact for various services. A week later she received an "Introduction to Our Company" brochure. A month later the salesperson called and asked if she had any questions or problems and, although he doesn't work with the clients directly, he checks in with her every two or three months to improve the relationship, discover if there are any problems, and seeks to find further potential opportunities.
This is a classic "Sales Satisfaction System." While most companies have their salespeople say, "Thank You" and then go on quickly to sell to the next prospect, this company has their salespeople deepen the business-client relationship by ensuring that the client is truly satisfied beyond the original sale.
A Sales Satisfaction System is designed to back up the promises made in the presentation and further establish the relationship from "vendor" to "trusted vendor we rely on." She has found their service actually is as good as all those clich├ęs in the original sales presentation. Now she relies on them, and she has expanded her use of their services substantially.
She recently received an ad for a similar service at a lower price. She glanced at it, wadded it up into a ball and lofted a three-point shot into the wastebasket, smiling in the confidence of her growing and profitable relationship.
If a company's success is based on long-term customer retention and repeat sales, then an ongoing "Sales Satisfaction System" will reinforce the commitment to the client and act as an ongoing retention strategy.
What "Sales Satisfaction System" is in place at your company?
Larry Galler coaches and consults with high-performance executives, professionals, and small businesses since 1993. He is the writer of the long-running (every Sunday since November 2001) business column, "Front Lines with Larry Galler" For a free coaching session, email Larry for an appointment - Larry@larrygaller.com. Sign up for his free newsletter at http://www.larrygaller.com

Wednesday, March 14, 2018

Stress Test Your Way To Excellent Customer Service

"The only way a brick and mortar business will survive today and tomorrow is by creating an outstanding customer experience" says, Dave "The Shef" Sheffield, motivational speaker, and coach.
"Of course our business can handle high stress/peak demand situations... " says every business owner ever.
What is said is often different than reality when put to the test.
Stress testing or "Red Teaming" is when a business or organization is pushed to the limits. Whether it is in a retail business, military, cyber, or any other type of business; saying you perform well under stress is different than actually doing it.
Macy's "secret shopping" excursion:
Bryce Hoffman, author of Red Teaming: How Your Business Can Conquer the Competition by Challenging Everything, made a surprise visit to Macy's in March 2017 after the new CEO took command and had begun his restructuring plan which included reducing the sales staff at Macy's.
Mr. Hoffman went shopping at Macy's and wanted to ask a salesperson about one of their products. He looked for a salesperson for 10 minutes. When he could not find anyone to answer his question he left the store.
The most important rule for your salesperson is to be available, on time, have a positive attitude and be there to answer your customer's questions. If you are understaffed, focus on teaching your staff to recognize people who are wandering around looking for something, and what to do when they encounter them.
(At the very least have a bell or buzzer at your customer service desk so your customers can reach your salesperson.)
What are the three secrets of creating "outstanding customer service" in your business?
1. Choose and train your sales persons to be on time, to be dependable, to have a positive attitude, to be tuned in to the needs of your customers. Have a bell at the desk, if you are short help, so customers can ring for assistance.
2. Your salesperson listens to what your customer's want and need for your products to do and shares the benefits of each product including the price. Your salesperson has the solution to your customer's problem.
3. Your salesperson has a passion and knowledge for your products and happily shares them with your customers. Your salesperson knows everything about these products and when your salesperson makes a promise they keep it!
As Jeffrey Gitomer, sales expert says, your salesperson is your "trusted adviser."
To keep your brick and mortar business surviving, create outstanding customer service, by training your salespersons to be on time, dependable, have a positive attitude, to be personable, trustworthy, knowledgeable about your product, and to listen and want to help your customers. Your salespersons are passionate about your products and enjoy helping their customers solve their problems.
Madeline Frank, Ph.D. is an Amazon.com Best Selling Author, speaker, business owner, teacher, and concert artist. She helps businesses and organizations "Tune Up their Business". Her observations show you the blue prints necessary to improve and keep your business successful. Her latest book "Leadership On A Shoestring Budget" is available everywhere books are sold. If you need a speaker contact Madeline at: mfrankviola@gmail.com

Saturday, March 10, 2018

How To Make Customer Service Your Competitive Advantage

I'm often surprised to see that very few people care about providing top-notch customer service. It seems like all the energy is put into making the sale, and little to no effort is made in helping the customer once the product or service is delivered.
The Pool Example
A few years ago, we decided to build a swimming pool for our home. Given that we live in Texas, the pool comes in handy because at least half the year we experience warm temperatures. My wife and I spent a month or so getting proposals from pool companies, and eventually settled on one that offered the best package for the features we wanted.
Setting up the appointment with the architect was fast. In fact, they called us to make sure we could make the meeting. When we arrived, they had the simulation program fired up. Once we shared the items we wanted, the program would visually display them on a large TV screen mounted on the wall. It was cool to see the result based on the requirements we provided.
The contract called for us to pay in increments based on when milestones were met, such as when the plumbing and foundation were complete. We were assigned a project manager, Miguel, and he was at the house often. When he wanted to chat with us, he would arrive at the house at 7:00 a.m. to make sure he could find us. He asked for us to text him any time during the day, including weekends. When we did text with a question, a reply usually came within minutes. He was super-interested in making us happy.
The pool was complete only a couple weeks late, and this was due to big rains we had in San Antonio. We made the final payment, and it was now time to use the pool. For the next few months, the pool worked as promised - no problems. However, in September, the weather turned a little cold (like 80 degrees, which is considered cold in Texas), and we decided to heat the pool. Unfortunately, the heater was failing to work. In fact, we noticed a gas smell when the unit was triggered.
I called the project manager and other representatives from the pool company, and getting a call-back was nearly impossible. When I did reach the intended person, I was told that the problem was likely unrelated to their work. They asked me to call a plumber, and if that didn't solve the issue, I should contact the electrical company. In other words, I was getting the run-around. It was obvious that once they received the final payment, they moved on to other customers who were ready to cut checks.
The Lesson
I understand that there is eagerness in making the sale; the excitement is obvious. However, I also know that companies who are focused on keeping the customer happy even after the product or serviced is delivered, are more likely to dominate the market. The pool company I described here was just so-so with follow-up work, but they are still in business. I wonder how much better they might perform if they were just as good with ongoing customer support as they were when trying to make the sale.
I write a weekly article regarding project management, career management, and the like. Please visit our Blog! Blog Kool Derby

Wednesday, March 7, 2018

Tasty Customer Service Tips

Explaining amazing customer service is a lot like having a step-by-step recipe for your favorite food. You have to know how to do it!
All businesses must create outstanding customer service whether they are online or brick and mortar.
For several years, I have been buying groceries at Farm Fresh Grocery Store in Poquoson, VA. Their cooked food department has amazing customer service and their customers keep coming back and line up to buy their freshly cooked products daily.
What makes this store so special?
The Manager and assistant cooks know me by name and I know each of them by name. We have a "relationship". Customers enjoy buying from people they like and trust. Friendly helpful sales service makes your customer feel special!
We ask about each other's families and they are willing and happy to spent a few seconds talking to you. The employees are not only knowledgeable about the layout of the store they are eager to help you find something, They are also quick to engage you in conversation if you look like you have had a hard day at work. They are eager to offer a caring ear and other times point out a bright spot that you hadn't recognized.
They care.
Happy customers tell their friends and neighbors about their experience. Word of mouth sales has been and will continue to be the top generator of business in any business. Creating a fantastic customer experience primes the pump for telling their friends and neighbors about their experience.
The chef is quick to tell me "I just made up some fresh roasted chicken, Madeline, you owe it to yourself to try some."
When you make your selection they will wrap it up or if they have run out of it, will tell you it will take 10-15 minutes for them to cook up your selection and to please continue shopping and they will have it prepared for you when you return.
Three Success Secrets for Amazing Customer service:
1) Hire for attitude. Your salespersons must have a positive attitude and smile at their customers. They are friendly and have a caring attitude, know their customers names, and truly care how their customers are. Your salespersons are personable and they enjoy their job.
2) Your salesperson "listens" to what you customers want and need to know about your products and then tells your customer the benefits of each product and the cost.
3) Your salesperson is passionate and knowledgeable about what they are selling and knows everything about the products they sell. They enjoy helping their customers solve their problems and become friends and as expert, Jeffrey Gitomer says become a "trusted adviser" to them.
By following these three secrets for amazing customer service you will keep a steady line of customers wanting to do business at your store.
Madeline Frank, Ph.D. is an Amazon.com Best Selling Author, speaker, business owner, teacher, and concert artist. She helps businesses and organizations "Tune Up their Business". Her observations show you the blue prints necessary to improve and keep your business successful. Her latest book "Leadership On A Shoestring Budget" is available everywhere books are sold. If you need a speaker contact Madeline at: mfrankviola@gmail.com

Saturday, March 3, 2018

Customer Service - Taking What You're Doing From "Good" To "Great"

Or maybe even Exceptional!
We recognize bad customer service right away, it's like a flashing beacon. We tell all our friends and colleagues about bad customer service, and the story spreads like wildfire. Let me share a recent experience with you, I'll keep it short, but it's utterly hilarious.
I just purchased a new BBQ pit, this thing is beautiful! I knew that assembling it was beyond my capabilities, so I hired someone to do it for me (I'm the queen at knowing what I do REALLY well, and what should be done by a pro!).
Now, I'm not saying that this professional assembled the pit wrong, it may have been that an incorrect part was shipped, but either way, the darn thing wouldn't light. I called the company I bought it from, and kept getting passed around until I ended up at the manufacturer (it actually took 22 individual calls to get there). After a very long conversation about the color of the wires on the ignition switch (that were yellow, even though they INSISTED that yellow was the one color they cannot be!) I convinced them to send me a new ignition switch. Ten days later I received a shipment from them, opened the box, and found a set of BBQ tongs. Not an ignition switch, but tongs.
So, there's bad customer service, in fact I'll go as far as to say bad customer "experience".
Someone along the line dropped the ball here, and trying to figure out "who" is an exercise in futility. What this does prove is that customer service is a part of every role within your company, from the moment you answer the phone, until the experience is completed (which includes putting the right part in the box that ships out the door). Where did this training go wrong?
Here are out tips for taking your customer service from good to great (and not shipping BBQ tongs!):
  1. Create a company culture that is clear to your staff. Do they know the experience that you want to create for your customers/clients? Does their mindset align with your desired outcomes? Remember, hiring someone isn't just about skills, it's about goodness of fit.

  2. Set clear objections and measurable outcomes. How long should an email sit in an inbox? How long should a caller be left on hold? Are all emails acknowledged, even if they can't be resolved right away? Do you have a clear training process that outlines how long an acknowledgement would take? If you do, are you measuring it?

  3. Does your staff understand the difference between escalation and collaboration? Many times, your customer service support is hesitant to "escalate" a case they're unable to handle because they feel it's resolvable, but are missing information that they would like to learn. So, it's not escalation they're looking for, but an avenue for collaboration within the team. Do you have a shared workspace where team members can communicate, ask questions, and learn from each other? Is there a shared knowledge base where collaboration can freely occur? Does your team know where to go for extra guidance?

  4. Does your staff really know the product/service you provide? Frequently bad customer service is due to a lack of information. If you offer consulting services, train your staff on what the experience is like for your clients. Walk them through what your client feels, so they can understand the mindset of your clients, and respond appropriately. Great training, and continued training, is essential for your team to become involved and passionate about the experience they are helping to create.

  5. Customer service doesn't end when the experience ends. Great customer service includes follow up emails or personal notes to say thank you. Always keep communication open with former clients, you could learn a lot about what additional services you could provide to continue supporting them, but they are also your best source of referrals. Stay at the top of their mind with ongoing customer care.
And of course, remind your team to listen and to respond with respect.
Customer service doesn't end when an issue is seemingly resolved (I'm still waiting for my new ignition switch). It ends when a positive outcome is achieved, and your client walks away feeling acknowledged.
I'm still trying to figure out how to fix my BBQ pit with my new tongs! Wish me luck!
For more social media tips and strategies visit PMA Web Services where we share the latest information weekly! Grab your copy of "29 Ways You Can use Social Media to Build Your Business Right Now" here: http://www.peggymurrah.com/blog/

Wednesday, February 28, 2018

A Guide To Opening A Business Bank Account

Whether you will be starting a small or large venture, one of the important tasks that you have you do is to set up a business bank account. Although you may think this is just an additional task that will eat up your time and may even be unnecessary (since you have a personal account you can use), having a business bank account can be really advantageous, especially for your start-up company.
One of the important reasons why your company should have its own account is that even if your venture is a sole proprietorship, an official business bank account makes it easier for you to keep your business expenses separate from your personal ones. Also, having a separate account will make it easier for you (or your accountant) to compute and pay the necessary taxes for your business. Lastly, a business bank account can help make your company look more like a genuine, professional business as opposed to a small and possibly untrustworthy operation.
If it's your first time to open a business bank account, below is a guide and some helpful tips that can help you with the whole process:
1. Be on the lookout for any specials or promos offered by banks, both local and commercial ones. There are many banks today that offer cash bonuses, fee-free credit card transactions, and other incentives to attract new business customers. Take advantage of these offers so that you'll gain greater flexibility and save more money that you can use to invest in the operation of your business.
2. If you already have a personal checking and savings account, visit your bank. Ask the representatives about the business bank accounts they offer. You may be able to get a better deal by keeping both your personal and business accounts at the same bank
3. Ask the bank representative for a rate sheet that shows the current interest rate on business checking and savings accounts. If you plan on keeping a huge balance in your business bank account, earning some interest will be a really nice perk.
4. Select a business account that meets your requirements. Choose an account that won't charge you maintenance fees or per-check charges. In addition, make sure that you will be able to meet the minimum balance requirement to avoid incurring service charges.
5. Once you have opened your business bank account, wait a few days for the funds to settle in your new account. Check the balance to be sure that your initial deposit has been credited. Get in touch with the bank if there are any discrepancies with the initial deposit or if you have not received any account paperwork within a week of opening the account.
Read more tips about opening a business bank account here.


Saturday, February 24, 2018

Balance Sheet And Accounting Applications For Small Business

Balance sheet, or Statement of Financial Position, forms one of the financial statements (the others being Income Statement, Statement of Cash Flows, and Statement of Stockholders' Equity with Notes accompanying them) that shows the position of business at one particular point of time its assets and liabilities as well as the capital. It gives the figures for assets including current and fixed assets, liabilities including current and fixed, and equity or the amount contributed by shareholders plus retained earnings (or losses, as the case may be).
Unlike income statement, another of financial statements, which shows the fiscal performance over a period of time, balance sheet, is a picture of one particular period of time. While both can be prepared for any duration (or for any time), normally they are made at the end of the financial year. It is obligatory to do so as decreed by legal requirements, including submission to tax authorities. Accounting standards also require that balance sheet is prepared that accurately reflects the financial position of the business.
The balance sheet is the last of the statements to be made; the steps in accounting after this are its interpretation by the management. While this alone does not suffice, information's, ranging from the addition of (or reduction of) working capital - in case current assets is lower than current liabilities (or vice versa), knowing the net worth of the business, determining future sustainability, calculating dividends to be distributed to the shareholders. Employees can also be adjusted according to the decision generated.
It has other users in addition to tax authorities and the management; public as well as investors and creditors who have no other document to rely on, can assess the health of the business, its liquidity through its perusal. They can see whether the business can meet its obligations by what it owns. The issue of to or not to invest in the business can be solved with a look into it.
Of course, there are notes accompanying the financial statements. Moreover, these too should be consulted in case there are any financial information relevant to existing and prospective investors, as well as lenders, and other creditors to help decide about resources of the entity. Accounting applications help in making balance sheet. The process follows from the earlier stages of journal entries that are made, a ledger that is prepared and trial balance that is tallied. In all the stages, the accuracy of entry is ensured so that there is no hassle while preparing it. This also helps in reducing employees needed to prepare it, thus freeing the manpower to do other important issues.
Management can see the financial position of business without having to wait for the end of the financial year thanks to a feature in apps that can swiftly show the state of business at an instance of time with some giving option of the real-time balance sheet. Comparison of past years' (or past period) record is also made easier when using applications.
This valuable advices about fuel inventory shared by Accment for accountant or non-accountant firm. Accment provides online lotto inventory, bookkeeping management, payroll hours, day journal applications too.


Wednesday, February 21, 2018

6 Money Habits That Can Make Your Small Business Debt-Free

1. Money Habits
Do you pay 10% into your IRA and 401K as the first thing you do when income arrives? Or do you pay the debt collector first before any other consideration? Do you spend all of your money trying to make your small business profitable as the only priority?
2. Money Mindset
Do you focus on increasing your assets and your return on investments through smart strategies, in addition to earning a good income? Or are you hyper focused on improving your FICO score and keeping the debt collectors happy? Or do you spend most of your time and money networking in local meetings and attending marketing seminars to try and drum up more business?
3. Plan for Escaping the Rat Race and Living the Rich Life
Have you adopted the Thrive Budget, Modern Portfolio Theory, easy-as-a-pie-chart nest egg strategies and the 3-Ingredient Recipe for Cooking Up Profits? Or are you clinging onto investments that have lost value, praying for a Hail Mary miracle that erases your losses and achieves unbelievable gains, and borrowing money to stay afloat in the meantime? Are you so afraid of the idea of investing that you invest only in yourself and your business, but get tempted to buy gold because that's what everyone else is doing?
4. Health, Health Insurance and Health Savings Accounts
Do you have a high deductible with health savings account that you manage for 10% ROI? Or, are you stressed out all of the time, worried about your health, angry at all of the ways you are being eaten alive by bills, and paying an arm and a leg for health insurance because you have to? Or, do you spend most of your "extra" money on fun and pleasure instead of health insurance? Are you uninsured?
5. Outlook on Business
Do you work hard, course correct, adopt best business practices and keep work and family and home life separate? Or are you so worried about your finances that you are crabby with your family and draining your life savings to try and hang onto everything, including a failing business or investment? Have you borrowed from family and friends to buy another self-help seminar or online marketing course?
6. Outlook on Life
Do you take responsibility for your fiscal health? Or do you feel like a victim? Or are you just perplexed as to why all of your Law of Attraction seminars ended up costing you so much money, instead of bringing the riches they promised?
Once you understand how your thinking has trapped you in a cycle of over-spending and debt, you can start planning and acting more like an investor who is taking ownership of her life and is determined to get financially free. You will shift out of debt consciousness and into prosperity and abundance. Out of victim mentality and into ownership. Out of trying to appease the credit card companies, banks, debt collectors and others who hound you for a payment, and into a workable Debt Management Plan that allows you to contribute to your own Retirement Plan and basic needs, while you pay off debt on the best possible terms. You will transform out of depression, disgust, rage and/or helplessness into being a conscious creator of your world and our world at large.
When you a business owner and struggle with papers, try ginstr business apps and save time and money.


Saturday, February 17, 2018

Financial Statement Basics And Presentation: The Balance Sheet

The Canadian Balance Sheet shows the financial position of an entity which is why this statement is commonly referred to as 'The Statement of Financial Position." The first key point to note is that the balance sheet is prepared to show the company's position at a specified single point in time (Example, as of December 31st, 20xx) whereas other financial statements such as the Income Statement are reported to show the company's operational performance for a specified length of time such as, "for the year ended December 31st, 20xx." In this example, the income statement is said to cover an entire year from January 1st - December 31st which is also known as a calendar year-end.
Furthermore, the balance sheet consists of three important elements to consider. It reports the balances of all assets, liabilities and equity accounts for the company. It is critical to understand the fundamental accounting equation in the preparation and presentation of the balance sheet where Assets = Liabilities + Equity.
  • Assets: contains all resources that the company owns at the balance sheet date. This includes both current and non-current assets that the company utilizes in order to generate future economic benefits. The most common current assets listed on the balance sheet includes cash, accounts receivable and inventory which are resources that are anticipated by management to be converted into cash within a year or the entity's operating cycle, whichever is longer. Accounts receivable is simply the amount of money owed to the company by its customers which is generated from the sale of goods and services on account. Non-current assets, therefore, contains all resources owned by the company that have a useful life of more than one year. These assets are often referred to as Capital Assets which include equipment, buildings and land. Notice that all assets mentioned thus far whether current or non-current can be classified as Tangible Assets which contain physical substance. However, the balance sheet also presents Intangible Assets which are reported as non-current capital assets as well, since they have a useful life of more than one year but do not have any physical substance such as goodwill and patents. The sum of the current and non-current assets will equate to and be reported on the balance sheet as Total Assets of the company.
  • Liabilities: represents the claims against the company's assets that have not been paid at the balance sheet date. Therefore, they are obligations to the company's creditors. Just like assets, liabilities are subdivided into current and non-current. Accounts Payable is a frequent account that can be seen on the balance sheet and is essentially the direct opposite of the accounts receivable balance. While accounts receivable are amounts owed to the company from a customer sale on account, accounts payable are amounts owed by the company to its creditors arising from purchases on account both of which are either expected to be collected or paid typically within 30 days. Non-current liabilities represent obligations that will not be settled for more than one year or the company's operating cycle, whichever is longer. Long-term liabilities (non-current) found on the balance sheet include long-term bank loans and notes payable. The creditor's claims against the assets can be seen by examining the fundamental accounting equation stated above where the entity's assets equal the creditors' claim which represents liabilities plus the owner's claim of the assets representing the company's equity. 
  • Equity: according to the fundamental accounting equation if we rearrange this to solve for equity, one can conclude that Equity = Assets - Liabilities. Upon closer examination, it can be clearly seen that equity represents the value of a business after liabilities have been reduced from the company's assets. Often equity is referred to as the residual interest of a company. Also, it is important to note that the creditors' claims to the assets are always settled first before the owner's claim can be realized.
Presentation Example for the Statement of Financial Position
Statement of Financial Position
As at December 31st, 20xx
Current assets:
Cash $2,000
Accounts Receivable 1,000
Inventory 3,500
Supplies 500
Total Current assets $7,000
Non-Current assets:
Building $75,000
Equipment 7,000
Total Non-Current assets $82,000
Current liabilities:
Accounts Payable $3,000
Wages Payable 1,500
Total Current Liabilities $4,500
Non-Current liabilities:
Lease liability 1,000
OWNER'S NAME, Capital 83,5000
The above illustrated example for the statement of financial position shows various key features. The heading indicates the name of the company, clearly indicates what type of financial statement is shown and what period it is covering. Furthermore, the statement of financial position is visual a representation of the fundamental accounting equation. The left side of the statement represents assets which is also the left side of the equation. The right side of the statement represents liabilities and owner's equity which in turn captures the right side of the equation. As a result, the statement of financial position is perfectly balanced only when total assets equals total liabilities and owner's equity.
After examining the above illustrated equity section of the balance sheet and noting the name of the company reporting the statement, it is important to recognize that the form of organization in this example is that of a proprietorship and not a corporation. The difference in the balance sheet reported by a proprietorship and by a corporation lies primarily within the equity section. In a proprietorship, the owner's capital includes the initial investment in the business, net income (profits) or net loss (losses) and is reduced by any drawings (withdrawals made by the owner for personal use). However, in a corporation, these amounts are split up into two common accounts: Contributed Capital and Retained Earnings. Contributed capital also known as share capital represents the investments made by the shareholders' of the corporation. Retained Earnings is the cumulative income/loss amounts of the corporation since inception and also includes all dividends paid out to the shareholders. Dividends are similar to drawings in that they both reduce the equity account since they are distribution of equity payments to the shareholders' or the owner respectively.

Wednesday, February 14, 2018

What Does A Tax Accountant Really Do And Do You Need One?

When it comes time to completing your tax returns, you may find yourself in a cold sweat and not knowing what to do. Maybe you have heard of tax accountants, but aren't sure exactly what they do or whether you will actually benefit from making use of their services to help you or your company manage your tax year after year.
Most tax accountants will work with private individuals and companies of all sizes. While the outcome remains the same to help their clients manage their tax effectively, how they handle the two clients is completely different and requires different solutions to ensure their clients always meet deadlines with accurate returns that the client can rely on and trust.
Most tax accountants are independent contractors, so they don't work for your company or for you personally, but when you need their services you can call on them. The benefit to this is that you only pay for the service as and when you need it. In most instances you will be charged an hourly rate, so having your paperwork in order and ensuring you provide the tax accountant with everything they need, can reduce how much time they need to spend on your particular tax job, which can help reduce your costs moving forward.
One of the things a tax accountant will do for you is to manage your tax preparations. They will collect all the relevant information they need from bank statement to income reports to expenditure receipts and more. They will collect the information, capturing it into a system, so that they can provide the tax office with accurate information, so you only pay the tax you need to pay.
The tax account will focus on lowering your tax obligations. They will look for information and data which can reduce the amount of tax you pay. Ensure you keep every receipt, this way they can prove your expenditure and income and work on ways to reduce your obligations now and in the future.
They will fill in your tax return for you. While you may think a tax return cannot be complicated, you want to ensure it is filled in accurately with absolutely no errors. It is so easy to make a mistake on these forms and it doesn't matter where you are in the world. A tax accountant has completed thousands, if not millions, of tax returns, they know how to fill them in, which reduces the risk of human error, ensuring the information you supply is accurate and up to date.
The tax accountant will ensure your tax returns are submitted on time and without delay. This reduces the risk of you being fined any penalties for late submission. This can give you peace of mind, help you relax and know that your tax is taken care of. You can concentrate on other elements of your life or business, not having to diarise the dreaded tax return submission date.
For companies, the tax accountant is also responsible for preparing your ledgers to ensure that they are accurate and up to date. When you have accounting employees in-house it is easy for errors to take place, we are all human. The accountant will go through the ledger, look for mistakes and ensure that they are accurately completed to make your tax return a quick and easy process.
The final thing you will find a tax accountant can provide is that they will offer essential advice. They will help you reduce your tax obligations now and moving forward.
Balanced Business Accounting is a dedicated team of professionals providing assistance and monitoring customer's financial positions. This well-established Brisbane based company offers innovative accounting solutions to customers throughout Australia on a daily basis. The company are members of the Institute of Chartered Accountants and have structured their business to provide their customers with superior service and support at all times. Balanced Business Accounting offer a host of business services from financial planning to taxation and audit services to online software solutions and so much more. To find out more about BBA, visit....