Payroll Trinity Tips for Organizing Your Company’s Payroll

Whether you are just starting a new business or you are in the processing of expanding, staying on top of your payroll can be difficult for any business owner. Nearly sixty percent of all small businesses of the united states in 2013 handled internally their own payroll. Trinity Small businesses that choose to do their own company payroll do not have to feel stressed or bogged down with the idea of organizing your books because there are many helpful tips and tricks that can make payroll even easier for you to log and keep track of. It is important that a business owner has an organized and up to date payroll system to protect them from the IRS as well as ensure employees are paid on time.

Determine how Often You’ll Pay Your Employees

Every business owner needs to determine on the pay period for their employees. This will not only help you stay organized but also it will make things run more smoothly when handling payroll. Trinity business owners can make their pay periods weekly, biweekly, or monthly in some instances. Another important step to getting your payroll organized is deciding if your employees will be salaried or paid hourly. For a lot of small business owners doing their own payroll, it is easier to manage employees who are paid from a salary.

Create a Budget for Your Business

When a small business owner is trying to plan for their payroll, Trinity entrepreneurs need to know how important it is to create a budget that takes into account both wages and taxes. Employers are required to pay Social Security and Medicare taxes, and many places are required to pay unemployment taxes. Organization is key to staying on top of your company’s payroll. Additionally, it is recommended that you keep track of every record and document all in one place and to never throw anything out.

*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*

Bookkeeping Trinity Bookkeeping Tips Applicable at Any Time in the Year

Bookkeeping is something that you have to plan ahead for because it takes into account the records and information from a year a more at a time. Even with this being the case, there are still tips out there to help a business owner with their company’s bookkeeping. Trinity business owners do not need to worry about waiting until the next year to implement these tips and tricks because they will not affect anything that you have already recorded and saved. First, it is a good idea to start saving all of your receipts and any other type of document pertaining to a transaction or finances. Record all of your deposits as well so that you know exactly what is going into your business account, that way you are less likely to pay taxes on cash that is not income.

Go paperless! Try Cloud-Based Accounting

Nowadays companies have created and produced software to help you with your bookkeeping and accounting such as QuickBooks. Not only does it help you save on space, but a lot of cloud-based accounting programs have streamlined the process for business owners providing basic templates for your company such as invoices, deposit slips, and business account check printing. Another perk of using a cloud-based program over traditional bookkeeping, Trinity business owners would be able to access their files, spreadsheets, and business information from anywhere with an internet connection.

Make Time to Go Over Your Books and Accounts

Not matter if it is a new year or almost the end of one, as a business owner you should consider setting up dedicated times to go over all your accounting information. When it comes to bookkeeping, Trinity business owners are recommended to have a least a half an hour every week to go over and review your finances, as well as making sure that everything is up to date and in order. It is important to stay on top of all your accounts so that you getting payments on time. If you keep your books in order, you may be spending less time on your business’ finances and more time on expanding your business.

*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*

Accountants Trinity Should I Hire a CPA or File my Own Taxes?

If there was a time of the year that everyone is thinking about the same thing it is April and tax season. For small business owners, tax season can be a stressful time to make sure everything is accounted for and your employees are all taken care of. Some business owners might be wondering if they can afford the extra help of accountants. Trinity business owners might be thinking about filing their own taxes on their own to save some money, while others might be considering a CPA because they do not want the stress of making sure their tax information is up to date and correct. Should a business owner use the services of a CPA or file their own taxes?

The Advantages of Hiring a CPA

One of the main reason why people seek to use accountants, Trinity residents do not feel comfortable with their own tax knowledge. They have the expert know how and advice on how to handle or file your taxes as well as stipulations and conditions that can be recorded to potentially claim more money. Another advantage of hiring a CPA as opposed to filing your own taxes is the amount of time you may save. Unless you are a tax expert, the more complex your taxes are, the more time it is going to take to file your claim. When you hire an accountant, there is also a chance that they will catch a stipulation that you did not know you even qualified for, making it possible for you to earn even more money.

The Advantages of Filing Your Own Taxes

One of the biggest advantages of filing your own taxes in the fact that you understand the tax code, which not many people know about other than CPA’s or accountants. Trinity business owners who choose to file their own taxes will be saving money by using a third party or software that can be pretty expensive depending on the extent of your taxes. If you have very simple taxes, then you can potentially save more time than instead of hiring a CPA. It is not uncommon for smaller businesses that are organized to complete their taxes in fifteen to twenty minutes on their own.

*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*

Trinity CPA Trinity CPAs – How are Accountants Certified?

Trinity is home to a thriving business community, and many companies (and even lots of individuals) can benefit from the services of a certified public accountant or CPA. Hiring a CPA for the first time can be a challenge, especially if you’re uncertain about what an accountant does and what questions to ask. So in today’s article, we’ll explore the basics of what an accountant does and what questions to ask if you’re hiring a CPA.

CPAs receive their certification from The National Association of State Boards of Accountancy or NASBA, which administers a challenging exam to prospective CPAs. There are also a number of other requirements. For instance, prospective CPAs are required to obtain an accounting degree in some states, while in other states, you only need to obtain a certain number of college credits (usually, around 150).

CPAs are also subject to a background check because “good moral character” is a NASBA requirement.

Each state issues its own CPA certification.

CPAs must undergo periodic certification renewals too. In most cases, accountants are required to undergo some form of continuing education, such as college classes or a professional enrichment workshop.

Questions to Ask When Hiring a CPA

Trinity companies and individuals should be prepared to ask a number of important questions when hiring a CPA.

It’s wise to begin with questions about the accountant’s experience. You may also wish to request (and verify) the accountant’s processional references, in addition to verifying that the CPA’s certification is both valid and current.

You should also ensure that the CPA offers the services you require because accountants can deal in a vast range of different tasks and specialties, from general accounting and financial planning, to consulting and tax planning, to business finance, assurance, auditing and beyond. Accountants may also specialize in a particular niche, such as forensic accounting, information technology or IT accounting, international accounting or environmental accounting.

Another pertinent question concerns fees and billing. Your CPA may charge an hourly rate, while others may have flat rate fees for specific tasks or projects.

In the case of a business, you may wish to have a confidentiality agreement drawn up prior to starting work with the CPA. Trinity CPA clients may wish to opt for a confidentiality agreement if the accountant will have access to sensitive financial information in the course of their duties.

*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*