Business Accounting Services that Can Make Your Company More Profitable

In order to manage your business profitably it is necessary to have access to the appropriate financial data, advice and services. For small business in a very competitive market you are faced with the challenge of constantly improving profitability, the need to decrease taxes, eliminate tax surprises and free up time for other competing interests. Using business accounting services will make your company more profitable by reducing staffing cost and attaining cost savings based on expert advice.

Business Accounting Defined

Business accounting is the process in a business that tracks and communicates financial information. This consists of three basic activities: identifying, recording and communicating the economic events, such as transactions and investments of a company. Bookkeeping techniques are utilized to record these economic events. A key business practice for profitable small businesses is outsourcing business accounting.

Interpreting Business Accounting Reports: Internal Users

Data collected from bookkeeping is used by accountants to generate financial statements that are then presented to the internal and external users. Accountants can also analyse and interpret these financial statements and explain the meaning of reported data. Internal users, such as marketers and supervisors, of small businesses would need the expertise of a managerial accountant to interpret these financial statements. If such staffing is not a part of your small business it is then pertinent to gain the services of business accounting professionals with the requisite qualifications and experience who will assist small businesses in understanding the economic status of their company, and, by extension, run the company profitably. Without the expertise of accounting professionals your business could run the risk of failing to meet legal and regulatory standards, this mistake could potential eat away at your profits.

Interpreting Business Accounting Reports: External Users

The external users vary. Investors who are seeking to expand his/her investment portfolio would need financial information on an organisation as well as creditors and government agencies. Government agencies typically seek out tax accountancy information of an organisation. Small business that seek profession tax accounting services ensure that they are advised on using the most tax effective strategies so that they pay the correct amount of taxes, and are compliant according to government standards. Financial accountancy services are required to manage and produce the reports needed by the various external users. Accurate data drives profitable business decisions, and that’s why small businesses must ensure their books are in the hands of experts.

Financial Reports Produced

Business accounts are usually kept in the form of financial statements that show all of the financial resources within the organisation and how these resources are being allocated. Accounting records typically filed are balance sheets that give a snapshot of a business’s financial information from the period of the snapshot through the end of a specified accounting period. Additionally, profit and loss statements, and cash flow statement are produced along with an analysis of the business’s performance by applying ratios, benchmarks in their reports so as to enable their performance to be improved.

Business accountancy should be outsourced for small businesses as there is a variety of financial expertise required for tracking and communicating analysing and reporting financial information about the business. Typical services provided are in the form of accounting, bookkeeping, taxation and business consultation. This information is generally sought out by shareholders government agencies and business managers to keep track of finances of the business. Basically, business accounting services provide an important function in empowering small businesses understand their financial reports to make decisions that positively impact the bottom line.

Benefits of Being a Financial Services Franchise Member

Given the current local and global economic situation, industry experts encourage people to look into innovative business options for income and profit generation. Aside from property investments and food chain franchises, being a financial services franchise member can help you earn money in today’s technologically advanced world. Those who want to enter the growing cost management business can find unlimited financial potentials in this industry. To know more about this option, here are some facts to help you out.

A cost containment franchise serves as a recession-proof business with vast market potentials. With this, you can enjoy multiple revenue stream opportunities that allow you to gain profit through fast, easy, convenient, and reliable business platforms. The business can be applied anywhere; it has no defined territories. You can perform essential business operations even in remote areas, as long as a client needs cost containment services for his or her business.

As a low-overhead business, financial services franchises can be easily operated from home, making it an ideal investment or employment option for busy parents who want extra income while enjoying the comforts of their own home offices. You can operate independently, have full control of your own activities, and set and enjoy your own work schedule. As long as you perform your work duties, you can spend your free time with your kids and effectively balance business and parenting responsibilities.

With an innovative business services franchise, you can experience a customized lead generation program before training to create local leads that you can keep as reference for future business needs. Undergoing necessary training through modern modes of communication allows you to learn from industry experts eager to share their knowledge with the country’s booming entrepreneurs. With proper training, you can then perform your work duties more effectively within practical time frames.

If you become a member of a financial services franchise, you can offer your own clients with a comprehensive cost containment solution that will work best with their specific business operation needs and preferences. You can provide access to leveraged national supplier contracts from leading companies in the country, and even get assistance form qualified expense category experts that support businesses like telecommunications, document management, office printing, as well as printing, freight, and waste removal.

As a member of an established financial services franchise, you can also enjoy customized, proprietary software packages that automate vendor bidding and savings calculation process. With an ongoing marketing support, you can host your own website through the support of top-of-the-line search engine technology used by industry experts. Consult a reliable cost containment company to know your options.

Financial Services Professionals: The Business of Busy-ness, is it Destroying Your Sales?

Did you know that the word “business” actually comes from the word “busy”?

Financial services sales offers us several ways of keeping busy. In fact, three types of activities fill everyone’s days – those which are income GENERATING … income CONSERVING … and income CONSUMING.

The challenge is staying focused on the right activities and in the financial services industry you are probably responsible for ALL three!

Income generating activities are the lifeblood of your business. They are where ALL the money comes from. Your sales are the result of this step well done.

In this category you will find all sorts of activities – prospecting … customer acquisition … marketing … research and development and that’s just a glimpse.

Income Conserving activities protect your hard earned money. Here is where you preserve your sales.

In this category you’ll find activities relating to being efficient, as well as anything that impacts good will and customer loyalty.

Income Consuming activities are a normal part of every business.

While many income consuming activities are necessary … unavoidable …important… perhaps mission-critical, most are simply a blatant waste of time and resources and eat away at your hard-earned profits.

Income consuming can be tough to evaluate , because on the surface they seem to be income generating or conserving. Whether it’s being dragged to and through another pointless meeting or policies and procedures that do nothing but complicate the simplest of tasks … or (fill in the blank with whatever drive you CRAZY), the average day is filled with things that are of little or no value to your business.

Nevertheless, activities that ARE of PARAMOUNT importance to your business can STILL be incoming consuming.

For example: let’s say a prospect wants your service and your friend refers them to you. You make an appointment, give them a presentation and they hire you. You then go back to the office to finish up paperwork and begin being of service.

While anyone in sales would probably argue the point, when they do the needs analysis and the paperwork, that is NOT income generating … it’s income CONSUMING. That does not mean it wasn’t important – it was CRITICAL in fact! But the income was actually generated by the salespersons marketing efforts. Everything that occurred AFTER the presentation became an expense in order to fulfill the agreement.

The salesperson can certainly help CONSERVE income by being professional and frugal with time. He even has the potential for GENERATING additional income by suggesting another product to the client – or by making such a positive impression that the client would eagerly recommend him to others – but the pure activity of providing the service is income CONSUMING.

If you would like to keep your busy-ness as profitable as possible, here are three ways to do it:

First, detach yourself emotionally from the assessment process so you can be objective and clear.

Second, examine your business and decide what percentage of time should be focussed on each category.

Third, decide what would be the ideal activity ratio at each level – and 100% income generating isn’t a realistic expectation!

Finally, instill in your team or yourself if you are the team, a fundamental respect for income – its generation, conservation and consumption. Every moment of every day should be governed by a simple question: “How is doing this going to affect my income?” The answer will dictate it’s priority.

Priority #1 – EVERY team member should take full advantage of every opportunity to perform something income generating.

Priority #2 – When not busy generating income, team members should seek out ways to conserve what has been gained.

Priority #3 – If an activity neither generates nor conserves income, it must be carefully evaluated for its income gobbling potential. If the activity is necessary, team members should strive to be as
efficient as possible. If it is simply a waste of resources, it should be avoided altogether.

Now, get out there and Do something with this information to increase your efficiency and sales – you’d hate for the time you’ve spent reading this to be income CONSUMING because you did nothing useful with it!