Accounting Services for your Business In Oregon City
Accounting services are the cornerstone of any business. Small start-ups can be made or broken depending on how the accounting is managed. Keeping the books in good standing should be the priority for a business to survive. There are a lot of entrepreneurs who discovered proper bookkeeping too late and ended up losing their business by operating at a loss instead of profiting.
The SBA (Small Business Administration) has a list of the primary reasons why small businesses fail. According to the SBA based on the list, the number one mistake that causes failure is the belief that you can do everything yourself in running the business.
Hiring Certified Professional Accountants
Hiring a professional certified accountant for accounting services is a must unless you actually have a degree in accounting or have a good foundation with business accounting. There are two options for solving your financial tracking. It is either hiring a bookkeeper or a certified accountant to set-up your accounting system.
Bookkeeper vs Accountant
Generally, start-ups can begin with a bookkeeping service provider. A bookkeeper is good for start-ups who have no plans of growing the company big. They can set up a basic system for recording transactions as well as summarizing financial statements.
Accounting services, on the other hand, is for those companies or start-ups who plan on going nationwide or if you have a big complex business entity (i.e. an LLC). An accountant is also necessary if you already have a good number of employees under your payroll.
Most entrepreneurs run the business on a part-time or operations at home to save on expenses. Hiring an accountant at a very early stage can be costly. You can prepare your books yourself or call in a bookkeeper when it is already out of your knowledge base. An accountant can be hired for the annual year-end tax planning. Do note that once the business grows, handling it on your own will result in potential damage to your business. Learn to outsource an accountant or hire internally for the benefit of the business in the city of Oregon.
Cash Accounting vs Accrual Accounting
Two of the only generally accepted practices for accounting are cash accounting and accrual accounting. Basically, cash accounting counts the transactions only when they occur and do not consider future transactions accounts receivable or accounts payable. Accrual accounting methods on the other hand, already take note in advance any possible transaction as receivable or payable. The accrual method gives more visibility on where the business actually stands.
It is best to check with an accountant to see which accounting method is suitable for your business. Other small businesses are required by law to adopt the accrual method while some can use the cash method for accounting.
In Oregon City or any city, using Intuit Quickbooks, if you need to switch from cash accounting to accrual, it may just be a matter of checking an option and it will arrange transactions based on the accrual method.
Plus Minus Accounting Inc. at your service!
We are the best accounting company in Oregon City! We are also Intuit QuickBooks certified pro advisors. Leave the books to us. We will support you and your business so that you can be at ease and manage the more important part of your busines such as providing stellar services to your clients.
You may contact us at (503) 594-2895 to have a personal talk about your needs.
Visit our website: https://plusminusaccounting.com