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4 Early Signs of a Bad Debt and How to Protect against it- explained by Accountants in Melville

Most businesses start with an optimistic note, but gradually it directed towards a cynical path, especially due to disappointing experiences. Bad debt is a great example that integrates cynicism in a business owner’s mind. However, you don’t have to be the victim every time it happens. Staying vigilant and implement a strong finance habit can help you identify a bad debt before it happens.

1. When customers admit by themselves

Whenever you follow up customers to remind them of the payment, make sure to ask them the reasons behind the delayed payment. If your customers admit that they are getting late payments from their customers’ side, then consider it as a red flag. If you witness any further delay in payment, turn over to your collection agency as earliest as possible.

2. Sudden change in payment habits

If you see that customers who always pay on time suddenly making late payments, then it can be an early sign of bad debts. If the situation persists, make sure to set payment deadlines to those customers. Turn over to your collection agency, if they fail to pay on the committed timeline, says professional tax accountants in Melville .

3. Customers not picking calls

An unreachable debtor is a trouble for your business. Although most people go on vacation or get busy for a period, being unresponsive to a creditor is quite unprofessional. Try to establish contact for a few more times. If such behavior persists, make sure to leave a serious voice message along with an email. Mention the deadline and associated consequences. If your debtors do not respond promptly, then turn the accounts to your collection agency.

4. If customers face new Competitors

If you are dealing with customers who have been operating successfully for years but suddenly have to deal with some real competitors, then there is a chance your customers will make issues while making a payment. If you think this is happening, then make sure to stay firm in your payment terms.

Hire professional accountants in Melville to get your business finances in order.

Why I Switch From self-managing my Accounts to QuickBooks Accountants near Me?

As a small business owner of a bistro, I have a huge responsibility to take care of my finances as well as manage the business. During the initial days, I used to do my own bookkeeping but soon it becomes too critical to handle. The business was growing up and handling finances by myself was getting out of control. Therefore, I decided to hire an accountant service provider for bookkeeping and taxations.

One of my friends suggested me to go for a QuickBooks accounting system. Therefore, I searched for quickbooks accountants near me in New York and find FinXtreme. They are doing my business for 2 years and I must say, I am quite impressed. Coming to QuickBooks – It is an accounting management software that helps businesses to track their daily basic transaction.

Switching from a manual accounting process to a software-based accounting system is never an easy job. However, QuickBooks is very user-friendly and safe. It is power-packed with built-in features, which makes it easier for anyone with decent knowledge in software and accounting to easily enter and track their orders, sakes, payments, invoices, and more. Moreover, it also allows you to pay and manage employees, search vendors, schedule reports and more.

A wide range of packages to choose from From basic to premium-, QuickBooks comes with an assorted range of packages for the requirement of various types of business. If you are an entrepreneur and staring out, then I would suggest you start with the basic package. Once your business starts booming, you can easily upgrade your package without deleting or losing any data.

Easies to access Quickbooks is easily controllable and sharable. You can password-protect each feature and control how much you share with your employees. It makes me track my finances without giving full control to professional accounting agencies. It helps me and my quickbooks accountants near me to work together and with transparency.
Quickbooks also allows you to add your company logo on invoices as well as facilitates advance features like an auto-response to customers, edit employee details from payroll, add payment templates and so on.

Deferring State and Federal Taxes beyond April 15, 2020- Accountants in Melville Can Help

If the effect of coronavirus pandemic makes you left unprepared for paying your taxes this year, then you can apply for a penalty-free extension by 91 days by the US treasury. Once you apply for the extension, you will have until July 15 to file your tax returns. Individuals, corporations, non-corporation, trust, and estate can seek tax extension.

Besides the federal government, the state tax agencies also looking forward to moving past the deadline of April 15 for helping people and businesses affected by the coronavirus outbreak.

The new Federal tax deadlines

The news of tax filing extension comes from Treasury Secretary Steven Mnuchin, who on a press conference confirms about the three-month extension to the abovementioned taxpayers. When first announced, the extension was only limited to taxpayers with $1 million or less and businesses with $10 million or less. However, the government has lifted the monetary limitation as now every taxpayer can avail of the three-month tax extension.

Penalty:

As long as you meet the July 15 payment deadline, they won’t face any penalty.

Federal Tax Extension for individual taxpayers:

If you opt for July 15 extension, then you do not have to go through any qualification procedures like filling forms or contacting the IRS. Meanwhile, for requesting an extension beyond July 15 you have to file form 4868 with the help of professional accountants in Melville, accounting software or at IRS.gov. However, to avoid penalties you have to pay the estimated taxes by July 15 and file the tax returns by Oct 15.

Advantage of filing federal tax return before April 15

Currently, the IRS is open and processing tax returns. IRS said that they are issuing most tax refunds within 21 days. Therefore, the sooner you file, the sooner you will receive your tax refunds.

Deferring Payments for Businesses

Businesses can also extend their tax filing date to July 15 without paying any interest or penalties. For extending the tax filing beyond July 15, businesses have to file Form 7004. However, businesses have to pay the estimated taxes by July 15 for avoiding penalties.

If you need help with filing tax, then feel free to contact Finxtreme’s top accountants in Melville for prompt and affordable service.

Three Common Bookkeeping Hurdles Faced by Small Scale Law Firms

Lawyers of small-scale law firms have to manage many things like court cases, management, networking, clients and bookkeeping, etc. Juggling between several tasks leaves a little for self-improvement, which will affect your core business eventually. Of all tasks, financial tasks like bookkeeping are very complex to operate, especially if you are not well versed with finances. Conducting financial tasks not only takes up your time but also costs you significantly when done wrong.

Common pain a law firm has to go through for maintaining bookkeeping activities

Hiring a Bookkeeper

It’s quite challenging for a law firm to hire a certified bookkeeper with appropriate skillsets and retain them for a long time. You have to understand that hiring and managing an in-house accounting staff will cost you a fortune. You have to incur the costs of salary, tools, systems, space allocation and maintenance charges. Even if you did pay for all these, the efficacy of the bookkeeping entirely depends upon the efficiency of the bookkeeper. Also, if your bookkeeper decides to quit the job, then the entire financial management tasks will fall on your shoulders.

Procedural Training

Irrespective of the records of accomplishment of a bookkeeper, you need to put some time to introduce your newly hired bookkeeper with your technology and procedural training. For example, most bookkeeping services in long island follow Quickbooks Online tools for their accounting activities. Therefore, you have to hire a bookkeeper who is trained for Quickbooks or you may have to spend additional resources to train your employees.

Workload Balance

Most small-scale firms lack the resources to hire the services of a full-time bookkeeper or to invest in a full-fledged accounting division. As a result, the bookkeeping responsibilities keeps on delegated from one employee to others, even though the accounting understanding between both the employees are disparate. Eventually, such approaches will be backfired, causing repeated bookkeeper turnaround.

The only credible solution for small-scale law firms is to outsource their bookkeeping services on long island. Outsourcing does not mean you have to hire finance specialists across the country. It means you can hire specialized CPAs who can undertake your entire financial tasks. Top CPA firms as Finxtreme offers bookkeeping services in Long Island, & Melville, NY.

Why Small Business Owners Prefer Online Bookkeeping Services on Long Island?

An influx of digital accounting applications is prominently visible in this modern age. From corporates to small merchants, everyone in the industry is gradually migrating towards the digital accounting platform. Let’s discuss how digital technologies have transformed the lives of small business persons for good.

1. It’s Convenient to Use:

Digital accounting apps allows finance professionals to enter transactions at ease. You can connect apps to the internet, which allows you to access your transactions whenever and wherever you want. Reputed bookkeeping services in Long Island like Finxtreme uses advanced online accounting apps, making your transactions flawless and precise.

2. Its Time-Efficient:

Since calculations are conducted in real-time, digital apps minimize manual calculations, thereby reduces errors to the minimum. Recalculation of financial transactions leads to extreme time consumption, which hinders your productivity. Digital apps eliminate financial redundancy and streamline the financial system within a business.

3. Promotes Trustworthiness Among Merchants & Customers:

The rift between merchants and Customers caused by miscommunication in financial transactions ends with online financial apps. Digital apps allow multiple users to access transactions. As a result, it increases transparency and enables the long-lasting relationship between two entities.

4. It’s Secure:

This is a major issue with most users. Obviously, one would think twice before storing their crucial data in an online server. Therefore, tax accountants long island uses extremely safe apps like QuickBooks online, where financial data are stored in an extremely safe server with highly encoded encryptions.

Small businesses that use QuickBooks find it much safer than managing financials manually. The risk of losing Physical bills is not an issue with cloud-based accounting apps. Most companies lose thousands of lost bills and other transactions. With cloud-based applications, your data will be stored securely and can be easily recovered within a click.

The advent of the internet has made everything easier for us. The complicated process of calculating and managing bookkeeping is no more a hassle. It’s time for small businesses to adopt these changes and embark on a path towards the ultramodern future.

Professional from Bookkeeping Services in Melville Suggested Some Good Finance Habits for Businesspersons

Practising good bookkeeping habits keep your business thriving.

As a businessperson, you should think beyond surviving through managing your finances properly. Poor cash flows, wrong tax filings, cash flow problems, etc. can gravely affect your business.

Top professional accountants and CPAs suggested some good financial habits to follow

1. Pay Crucial Attention to Prepare Tax Returns

Unless you have professional experience in taxation, you need the help of a professional to prepare your tax returns. If you don’t have any experience with accounting, then it’s better to hire professional Accounting and tax services in Melville. The work of a professional CPA is to claim every tax deductions and overall reduce your business’s tax burdens. With trained eyes, you may even receive small refunds rather than owing money to the IRS.

2. Learn some Finance Basics

Although a reliable CPA firm will work for your company’s benefit, it still will not hurt to understand some basic concepts of finances. Outsourcing bookkeeping and accounting works will put your company’s finance in order and refine your cash flows. However, you cannot leave your entire business on the hand of someone else. Learn how to review reports, and always ask questions to your accountant in case you do not understand something.

3. Use Cloud-Based Accounting Software

The day of complex paperwork is over. Now accounting works are conducted over online including features like sending receipts, inventory scanning, payroll reminder, automatically add bills to invoices and many other advanced features. Using cloud-based accounting software like QuickBooks online allows you to manage and track your financials in real-time and eliminate your financial errors. If you are not familiar with such software, make sure you hire bookkeeping services in Melville, who offer accounting services through Quickbooks.

Persistence for perfection and keeping up with consistent performance is the key to a successful business. Finance is an essential element of a business and should not be considered as a secondary task at any cost.

Myths You Might Hear While Booking Accounting and Tax Services in Melville

Outsourcing bookkeeping and accountancy services are one of the most affordable ways to receive excellent quality services. A large segment of small business owners nowadays prefers outsourcing their services to cut cost. However, there are quite myths associated with outsourcing services especially when it comes to managing finances.

Today, we are doing to address the top three myths related to accounting and tax services

1. Outsourcing Means Overseas

Whenever we hear the word ‘outsource’, we automatically think of someone in a distant country, doing our tasks. However, things are quite different. The real meaning of outsourcing is different. When someone outsources some tasks, that means they are taking the help of some other service providers. That nowhere means the service provider belongs to some other country. There are many Accounting and tax services Melville offers onshore services in NY.

2. You Will Lose Control Over Your Services

There is hardly any business person who would like to lose control over his/her business. However, that’s one of the biggest misconceptions that exist in outsourcing financial services. Contrary to what some people believe, offloading bookkeeping to a professional service provider will help you handle your company’s financial position much better. Professional bookkeepers and CPAs offer you look at your financials with a different point of view.

3. They are Expensive

Time is money and each time you spend on struggling with finances, you are losing time, which you can spend on other productive tasks. More than 70 percent of businesses lose money due to their lack of financial expertise. In the long run, businesses that operate without a professional finance expert lose way more money than a business with sound finance. Besides, hiring a professional won’t cost you thousands. Most Accounting and tax services Melville like Finxtreme provides professional bookkeeping and taxation at a price as low as $89 per month, which is way lower than hiring an in-house professional.

Saving money is not the only reason to hire a Bookkeeping Services: A guide by top Bookkeeping Services in Long Island

Hiring an outsourced Bookkeeping Services in Long Island does not mean that you will only save money. There is a lot of other reason which tells us why outsourcing BookKeeping Services more efficient.

Customer satisfaction and the human service provided by the company creates an exceptional working relationship with you and your bookkeeping. Filling up the gap between human and software is what you should ensure while hiring the most Bookkeeping Services Long Island has.

Here in this post, we will discuss some other benefits of bookkeeping rather than saving time and money.

Proven expertise:

Professionals in bookkeeping service always stay up-to-date on all the finance details. You cant do better than outsourced reputed bookkeeping services, when it comes to knowledge and expertise.

Hiring them will always reduce your stress and help you go a long way. All the government remittances, annual tax returns, and all other business obligations need expertise for hassle-free work.

The power of the team:

It is always effective when a team of expertise and experienced team works on your bookkeeping. Sometimes somethings might be unchecked or overlooked when done by an individual. But a team involves group effort that gives a more efficient outcome.

Top-level systems:

This is the most essential benefit of hiring Bookkeeping Services on Long Island. Your business may not have all the advanced tools for accounting and applications. Which may affect your bookkeeping and accounting. But in this competitive market, all the smart companies invest in technologies to get a more adequate result and provide the best service to their clients. If you outsource for Bookkeeping services you can access all the top of the line benefits of accounting without even investing money.

So in conclusion, these were some other benefits of hiring bookkeeping services. However, for the most efficient and adequate service contact Finxtreme the most trusted name for Bookkeeping and Accounting in the USA.