E.O.W(End of the Week) Notable Tip: Insurance

Happy Friday!

I hope you’ve had a great week.

Today I leave you with a short tip on how CFO’s can save money on business insurance.

“CFO’s can get better insurance deals by becoming involved and sharing with insurers balance sheet information, profit and loss, cash flow statements, credit ratings and cash reserves. In short, a business that has strong financial health is able to retain more risk.”

As always remember, “Success is continuous improvement.”

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Top 10 Business Tax Shelters You Should Know

As we all know, two things are certain in life, death and taxes. I personally enjoy doing my taxes but like everyone else I don’t enjoy paying them. In business, it is critical that you know all the deductions that are available to you when it comes to keeping your bottom line healthy and your tax payment as low as possible. See below for the top 10 business tax shelters you should know:

  • Real Estate
  • Pension Plans
  • 401K/Roth
  • Municipal Bonds
  • Health Insurance
  • Life Insurance
  • Tuition Assistance/Reimbursement
  • Charity
  • Leasing Vehicles (offers larger deductions than owning one)
  • Assets bought on credit (e.g.; computers, equipment, inventory, office furnishings, et cetera)

It is important that businesses keep a separate high yield savings account designated for taxes and automate quarterly deposits.

Notable Bookkeeping knows taxes. Let us help you with your tax planning and research needs. Contact us today

Multiple Hats Office Administration Hacks

Whether you are a Startup or an established small business a well run office is critical to the health and culture of the business. As in these types of businesses, wearing many hats is a given but with the simple hacks I’ve noted below you’ll run a smooth operation:

  1. Say no to Apple’s (5-10%) discount! Consider comparison shopping on BestBuy, Walmart, Newegg and Amazon. (I found Amazon to have the best deal most of the time).
  2. Create a visual office supplies inventory system. See how to create one here
  3. Develop HR templates for every possible scenario or activity (e.g., new hire email, potential hire interview request, harassment complaint form, et cetera.)
  4. Invest in an external hard-drive/USB to back up all your data and make sure you keep it in a fire/water proof box.
  5. Label and organize all office supplies and periodically review with team where all items are kept.
  6. Create different calendars with tiers, Tier 1 Calendar (Critical Meetings includes office and client meetings), Tier 2 (Office/HR related notices, such as, deliveries), and Tier 3 (PTO requests).
  7. Actively record all office assets with their skus, model, upc, location and employee information in an Excel sheet.
  8. If your office offers snacks and beverages, buying bulk is the way to go. Amazon and Ebay are your best bet!
  9. If your company uses Quickbooks online, utilize the recurring transactions feature to automate fixed invoices and bills.
  10. Deposit at the office! Ask your bank if they offer a check scanner as this will reduce the time it takes for you to deposit checks as you will be able to do it right from the office!

Small Business saves big with Accounting Automation

Automation of general accounting functions is not only for large corporations, small businesses can reap in the benefits as well. One of the most important costs you should be aware of is the cost of an invoice. Are you or your accounting personnel spending too much time creating and inputting bills and/or invoices into your accounting software? There are many tools that can assist in helping you reduce these general accounting costs but today I will be discussing a feature in Quickbooks Online that aids in the automation of Accounts Payable and Accounts Receivable activities.

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Small Business Accounting Automation

Let’s take a look at Quickbooks Online. How much time are you allotting for entering and processing bills and invoices when that time can be used to better serve your customers and increase sales? Did you know that Quickbooks Online has a feature named, “Recurring transactions”, that allows you to automate your fixed bills and invoices. The time saved by using this feature will allow small business owners to optimize their customer satisfaction ratings.

The “Recurring Transactions” feature, allows you to schedule bills and invoices. You can set when you want the invoice to be created and how often it should be distributed (e.g., weekly, monthly, yearly, et cetera ). Great care should be taken of course when creating the template. It is highly advised to only use this feature for fixed bills and invoices.

The benefit for small business owners who use this feature is tremendous. It means less manual entries, which in turn, allows for more time to do more of what they love.

Next time we will discuss the importance of continually assessing your insurance policies to ensure your are properly covered for current and potential business risks.

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