Boston Dollars & Sense

Make the most of the new tax breaks -- Business financial services can help

Did you miss the good news in February from the Small Business Administration?

A whole slew of tax breaks are in place for all types of small businesses, from startups to ongoing ventures---17 tax cuts in all with five more scheduled to become effective in 2013. Check out their website for detailed explanations.

What do these tax cuts mean for you? See below:

Small business investor: Whenever the term, ‘capital gains,’ is mentioned, it makes you reach for your wallet. However, some capital gains in small business stocks have been zeroed out…gone. Wanting to sell a stock in 2012? Hold it for 5 years and you’re totally off the hook for any capital gains tax.

Been in business for five years? You can ‘carry back’ your business credit to offset bad economic times and taxes. This tax relief applies to 2011 credits as well as previous tax payments going all the way back to 2006.

Start-up? Right out of the chute, you can deduct $5,000 in expenditures.

Use a cell phone? Who doesn’t! The process of deducting these expenses was really simplified starting back in 2010.

Purchased new equipment? A larger part of the purchase can be now written off versus depreciating the cost over years. The old limit was $250K in 2009; that’s now been raised to $560K in 2012. In addition, you’re allowed to write-off the equipment cost with a 50% bonus depreciation during that first year of investment.

Hiring? Grab hold of a new tax credit for hiring the unemployed though this small biz tax credit; the candidate must have been looking for work for 60 days or more. There’s also a credit of up to $1,000 for retaining them.

Credit not subject to Alternative Minimum Tax (AMT): Okay, if your business is grossing less than $50 million for the previous three years---starting in 2010---you may be able to use various credits against your AMT liability in addition to your regular tax liabilities.

Do you need help taking advantage of these new tax breaks? Greater Boston Bookkeeping and Financial Services stands ready to assist you with a full range of business financial services. We also work in conjunction with a number of professional advisers, including CPAs and tax attorneys, to provide you with a full range of services.

Contact us today.

Move ahead with financial analysis consulting

It’s your business, but are you making the most of it? That is a question that everyone needs to be asking now. The economic roller coaster ride this country has been on for the past five years is all the evidence we need to know that the key to business survival and success rests squarely on having a solid financial footing and making key decisions at the right time. 

So how is your business doing?

If you cannot answer that question with confidence or if the answer to this question concerns you, it is time to call on an expert for financial analysis consulting.

The financial experts at Greater Boston Bookkeeping and Financial Services can give you a detailed analysis of your company’s financials and help you interpret those results.   

When you have a complete understanding of the financial foundation of your business, you can make better business decisions. 

By regularly monitoring you company’s financial reports, you can identify what is working and what is not. Your financial analysis will provide you with a set of tools that will enable you to proactively use that information.

Business today moves quickly. Successful business owners know that the secret to continuing their success is staying ahead in the game. The way to do that is to have an intimate relationship with the financial data that tells the company’s story. That relationship must be interactive. It’s not enough to know the numbers: You have to know what to do with them. 

If your business weathered the economic storms of the past few years and is looking to strengthen its position now or if you are just getting your business going, getting a thorough financial analysis should be at the top of your “to do list.” To learn more about the benefits of financial analysis consulting, contact us.

It's Easy to Switch Your Payroll to Us

Maybe you're fed up with the errors and unresponsiveness, or you feel like you're lost in the shuffle of your payroll corporate giant. We understand. We hear these and other complaints from our clients regarding their previous payroll providers all the time.

Most companies, even while dissatisfied with their current payroll provider, still stay with them because they don't realize they can change any day of the year. Also, sometimes inertia sets in -- change is difficult for many people. However, we help our clients with this transition every step of the way.

Did you know that as long as you have payroll records from your provider, we can switch you over to our state-of-the-art payroll service any time of the year? That's right... you don't have to wait to time it perfectly with a year-end or even a quarter-end. We've set up many of our clients, mid-year -- or even mid-month.

We are an attractive alternative to ADP and Paychex. Here's why.

1. We do not make errors and offer an unconditional guarantee. Our clients appreciate this peace of mind.
2. Our response rate to client inquiries is 100%. We have a 'sunset policy,' which means we respond to our clients before day's end. There is no complicated telephone tree to reach us. Simply call our main number and you will be immediately directed to us.
3. We cost less. Our company policy is to beat the cost you're paying to your current provider.
4. We won't nickel and dime you. We determine your annual cost and divide that cost into 12 predictable monthly payments. No extra charge for the 941s, no extra charge for the W-2s, no extra charge for direct deposit, and so on, and so on.
5. We offer FREE direct deposit. Everyone wants their money immediately available on payday.
6. We offer our clients' employees FREE 24x7x365 access to paystub viewing through a secure online portal.
7. We do not require tax impounding for your federal and state taxes. This means you get to keep your cash to support your business until the day the taxes are due.
8. Your payroll data easily downloads, transaction by transaction, directly to your accounting software. No one from your company ever needs to manually record your payroll again.

For more information, please review our Payroll Brochure and Pay-As-You-Go Workers' Compensation Brochure which can also be found on our website.

Our clients love our payroll service. Isn't it time you ENJOYED working with your payroll company? Contact us today to see how we can help you regain satisfaction with your payroll provider.

Grow Your Business With Financial Outsourcing

You started your business with a dream and prayer, and now you are finally seeing success. Your clients want more, and new customers are popping up every day. Your dreams and your hard work are finally paying off. Now you could relax a little, if only you had the time.

You have put a lot of time, energy and effort into making your business successful, and now is not the time to drop the ball. You can do it all with a little help from one of Boston's premier small-business consulting companies and financial outsourcing.

We know what it takes to succeed in business and our wide range of financial outsourcing options can be tailored to fit your needs. We offer a full slate of payroll management services, help with your QuickBooks, financial analysis and contract CFO options.

The professional financial services offered can help you make the most of your money, comply with all regulations, and allow you time to focus on the most important tasks at hand — working with your existing and new customers to grow your business.

Let's be honest. You started your business because you wanted to succeed. You wanted to provide your services to customers who needed them. You cannot achieve that goal if you are spending all your time on your books.

Financial outsourcing can free you up to run your business without worrying about numbers. 

If you want to get out of the office and back to your customers, contact us. We have solutions to help you run your business with confidence. 

Financial Analysis Consulting: Could Your Business Benefit?

When was the last time someone outside of your small to mid-sized business performed a thorough analysis of your books?  Recently?  A few years back?  Never?  Such an important aspect of business operations is often overlooked for what seems like more pressing day-to-day matters.  In an increasingly dynamic economic landscape, you cannot afford to take chances with the future of your business.  Maybe it’s time to seek expert assistance.

An independent financial analysis with Greater Boston Bookkeeping and Financial Services offers numerous benefits.  First, the peace of mind that comes with knowing your processes are financially sound or that a few changes will make them so.  Second, you receive expert guidance and clear interpretation of your company's records.  Additionally, you receive proven strategies that help you to reach your goals and achieve desired financial results. 

What can you expect from financial analysis consulting?  Expect a thorough analysis of past performance in order to forecast future growth and strengthen your financial condition.  We provide strategic guidance tailored to your needs, working with you to maximize company profits.  Expect regular and careful review of your company's financial records, giving you the freedom to focus on business operations.

What are the arguments against obtaining a financial analysis?  The cost?  You can’t afford not to invest in the financial security of your hard work.  Failing to plan or inaccurate reporting could cost years of hard work invested into your business. Believe that financial analyses are only for larger corporations?  Think again - the majority of business in the Boston area are small to mid-size and are held to many of the same regulations and requirements as their larger neighbors.  Don’t let myths about the size of your operation keep you from your true potential growth.

If you are still wondering whether your business can benefit from financial analysis consulting – how could it not?  Greater Boston Bookkeeping and Financial Services can offer you the peace of mind that comes from expert assistance in ensuring accurate reporting and forecasting.  Contact us to tailor your plan to monitor and improve the financial health of your business.   

 

Do I Need to Outsource My Bookkeeping?

Whether it is from the corporate headquarters or the government, today’s businesses are faced with a growing number of financial regulations that have become a challenge to keep pace with. The demand to achieve cost efficiency and savings has never been greater.  To offset this increasing pressure, many companies are turning to outsourcing their financial matters to third-party financial consultants. These services can range from bookkeeping to financial analysis and even total CFO support.

Using an outsourcing company is one way for companies to manage uncertainty and ground their business in any environment – bull or bear.

Financial outsourcing makes business sense for several reasons:

• Savings in manpower and expensive financial software costs.
• Freedom to focus solely on the core business.
• Free up valuable company resources for other purposes.
• Reduce and control operating costs which can lead to increased profits.

In the Boston, Massachusetts area, Greater Boston Bookkeeping and Financial Services has the experience and professionalism to work with small to mid-sized companies as well as high net worth individuals. We also have a proven track record of providing CFO services to numerous companies in the Greater Boston area and service both profit and nonprofit companies. We also assist businesses with QuickBooks or Quicken setup, training, and support.

Contact us for more information on how our services can help your company.

I Don’t Need Bookkeeping Services, Do I?

You’re a successful, small business owner in the Boston area whose business is growing. You’ve always enjoyed the hands-on approach, even when it comes to the finances. However, lately you’ve not only found it mundane, you’ve realized that it means less time for you to focus on your company’s core business. You need bookkeeping services. 

Yes, finances are an essential part of your business. So it is important to find someone who can handle your needs so you don’t have to look over their shoulder. That’s why outsourcing your bookkeeping to a local firm with a solid reputation makes sense. It offers you accessibility, accountability, and community. Plus, it’s easy and it’s affordable. It’s just a matter of choosing the right firm. 

First, ask those you know and trust who they use. Talk to other local business owners, people you respect. Get referrals. 

You’ll also want to make sure there is a fit. Visit with the bookkeeping service to find out how they can make your financial life easier. Ask for their credentials. Get to know them and their style of doing business to ensure it fits with your current needs. 

Finally, conduct references. Make sure they can deliver on service and commitment. Check out their list of past and present clients. Who are they? What kinds of businesses? Are they similar to your own? Meet with other local business owners who use their services to gain more insight. 

Choosing high-quality bookkeeping services is the easy part. Letting go is the tough part. Either way, Greater Boston Bookkeeping and Financial Services can help. 

When you’re ready to focus on the business of doing business, let us focus on the financial details. 

An outsourced CFO might solve a familiar quandary

It’s a familiar quandary for small- and medium-sized businesses (SMEs) across the country: balancing the critical need for a skilled chief financial officer with limited resources.

Many SMEs, however, would do well to consider the practical — and strategically advantageous — alternative of an outsourced CFO.

According to the Wall Street Journal, annual salaries for CFOs frequently top six figures — the Boston, Massachusetts, market, of course, is consistently at the high end of the pay scale. And, as Ashleigh Swayn, CEO of Countplus MBT, notes in a recent blog post: “It’s not just the CFO’s salary that you have to account for. It’s also the overheads like payroll taxes, retirement plans, and other benefits paid to full-time employees. Indeed, these overheads can cost up to 30 percent of the salary in addition to the salary itself.”

Cost isn’t the only consideration, though.

SMEs often find that a “rented” CFO brings a more objective viewpoint to company finances, which can result in sharper strategies.

The Journal’s report, for example, cites the story of Ruthann P. Lacey, who owns a law practice in Georgia.

Before bringing in an outsourced CFO, an office manager handled the firm’s bookkeeping and Lacey’s husband filled in with financial and tax-preparation advice.

Following the CFO’s advice, Lacey installed QuickBooks software, hired an accountant and brought the company's accounts receivable system up to date.

"This is something I should have done a long time ago," she says in the article.

An outsourced CFO can bring direction, framework and sophistication at a fraction of the cost of a full-time executive.

“As an outsourced function, you can manage the cost as a monthly operating expenditure,” Swayn adds, “and you’re not exposed to staff turnover, recruitment costs, or management costs.

“But you will have help with evaluating strategic business opportunities for growth as well as expertise in handling the monthly accounts.”

We can help. Contact Us to see what might work well for your business.

 

April Robbins Joins Greater Boston Bookkeeping and Financial Services

I am very pleased to announce that April Robbins has recently joined Greater Boston Bookkeeping and Financial Services as Associate.  An integral member at my firm, April is responsible for managing our bookkeeping services and our small business payroll service for our clients in the Boston, Massachusetts market.

Prior to joining the firm, April co-founded and was the Chief Financial Officer for AvWatch, Inc., a successful business start-up providing air surveillance for local, state, and federal organizations.  April was responsible for all accounting, business loans, financing and payroll.

Before starting a new company, April spent a number of years in the Biopharmaceutical field first as an engineer supervising the construction of new pharmaceutical plants and then as a manager of Material and Logistics department. As a manager April was responsible for launching new life-saving products, and maintaining inventory levels. Her team worked with Marketing, Quality and Engineering to ensure packaging was designed and validated, quality levels were met, and critical inventory levels for all raw materials were established and maintained.

As a manager April worked to achieve outcomes for the company but also worked with each team member to develop training, education, and career development plans.

April received a Masters of Business Administration, graduating with high distinction, from New York University’s Stern School of Business. She also holds a Bachelors of Science and Engineering in Chemical Engineering from Princeton University.

April can be reached through email at april@greaterbostonbookkeeping.com or at our main number, 978-662-5400. Her direct line is 978-662-5403.

Be sure to check the About Us page on our website soon to learn more about April and how she may be able to contribute to your company’s success.

It's a good time of year for QuickBooks training in Boston

OK, there's no more denying it. It's way past January 31st, so all those stray tax forms are now in a pile. (Always a surprise 1099-MISC or some other form, isn't there?)

The Super Bowl is over -- the unthinkable has happened and all of Greater Boston is in mourning.

And so there really is no reason to put off the inevitable.

Or maybe there is...

Is this the year that you want to get some QuickBooks training? Maybe this could be the year that you finally finally get up to speed on some of the tools that can make bookkeeping such a chore.

Or maybe you already know QuickBooks pretty well, but when you try to train someone else to do it, well, you and the person you are trying to train both just end up frustrated and mad. You know how you do things, but that doesn't always translate for other people.

We understand. Luckily, working with QuickBooks is second nature to us. We are a firm here in Massachusetts that uses QuickBooks all the time, and trains others how to do it. You see, we're not just bookkeepers, we are a "virtual CFO" and we do CFO consulting. We work with small and medium- sized businesses, both regular corporations and non-profits, too.

Hey, we can't take the sting out of that Super Bowl, but we can take the sting out of dealing with your needs for CFO kinds of services, including training you or others in your organization.

If that sounds good to you, please contact us. Thanks!