How to Start a Successful New Business

Are you wanting to start a new business?  Are you an ambitious and energetic visionary who has what it takes to begin a new small business venture?  There are many entrepreneurs out there who are creative and determined, but may not know the first thing about beginning a business.  Many jump into the idea of a business start-up, but find themselves a short while later with a failed business.  A small business start-up can be very rewarding and successful if it is created and set-up properly and if it is treated like a business.  The following are two key components that are important for small business success:

Start the new business with a plan.  If you expect your small business start-up to be a success, you must first begin with a plan – and a plan begins with a well prepared business plan.  The business plan is a written summary of the business venture, its operational, financial, and marketing details and strategy.  A simple business plan consists of:

Executive Summary

Vision or Mission Statement

Company History

Business & Industry Profile

Business Strategy

Company Products & Services

Marketing Strategy

Management Summary

Financial Plan

A business plan is both essential and crucial for the small business start-up’s success.  It will afford the business idea with the nuts and bolts of how, what, when, where, and why for the business structure; it is the road map to success. 

Select a bookkeeping service entity before beginning the small business venture.  Many entrepreneurs try to jump in feet first with their business concept before thinking about the health of the business.  The health of the business is the business’ well-being and is determined from its financial statement analysis.  The last thing that a business owner may think about is the bookkeeping that will be required for the new business start-up.  Much time is utilized getting a business off the ground, and the last thing that the owner wants to do at the end each day is record keeping.  To stay in compliance, the new owner must keep complete and separate books for each business; which is where one of the most important decisions take place:  selecting the bookkeeper.

The importance of selecting your bookkeeping service entity, before beginning your new business, cannot be stressed enough.  Bookkeeping, accounting, payroll, and tax services are skills that many business owners lack knowledge of, and many owners find it best suited to hire outside bookkeeping services for this reason as well.  

Excellent record keeping is key to sound financial health of any small business today.  While many small business owners try to hire someone in-house, eventually many find that it is less stressful to outsource these services to a bookkeeping entity in order to keep accurate records as well as lessen the chances of erroneous record keeping and/or misappropriated employee theft, due to the lack of sound internal controls within the business structure.  Select a bookkeeping entity before beginning the new business venture is the best solution for small business owners so that the focus is on growing the new small business successfully – allowing more time to build what is really important to you – your business. 

About the Author

Balanced Bookkeeping & Accounting, LLC is comprised of accountants with more than 30 years’ experience in small business bookkeeping/write-up, accounting, payroll, and small business taxes.  We assist both existing small business owners with their bookkeeping and accounting services, as well as providing assistance to new business owners in creating their small business entity. We offer knowledgeable and reliable services for our small business clients providing them with accurate and timely bookkeeping and accounting services in Broken Arrow, and Tulsa, Oklahoma - as well as all of Northeastern Oklahoma. 

Balanced Bookkeeping & Accounting, LLC

P O Box 134

Broken Arrow, Oklahoma  74013

(918) 286-2494 office

email:  balancedbookkeeping.acct@cox.net

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5 Reasons to Outsource your Business Bookkeeping and Accounting

Most small business owners are not accountants and would rather spend their time working toward the building of their business rather than being bogged down with bookkeeping and record keeping tasks. Before they realize it, too much time has passed and the bookkeeping/accounting has piled up and becomes a hassle -- resulting in unnecessary stress for the small business owner.

This mold can be broken by simply outsourcing the bookkeeping/accounting needs to a professional - a bookkeeping and accounting professional. This specialist enables the small business to run much smoother and profitable while offering the owner the much needed peace of mind that their bookkeeping and accounting is balanced and accurate.

Outsourcing the bookkeeping and accounting is a smart way for the business owner to delegate these very important tasks in order that they are completed timely and accurately. The following are 5 advantages to outsourcing these tasks:

Saves Time - outsourcing the bookkeeping and accounting frees valuable time for the business owner allowing the focus to be placed on the daily business at hand.  The last thing that a business owner wants to do is the bookkeeping at the end of a long day. Outsourcing keeps the books balanced accurately and timely; saving the business owner much needed time at the end of the day.

Saves Money - the professional bookkeeper/accountant saves the business owner a great deal of money especially compared to the in-house employee, which costs the business a larger expense not only the salary of the employee, but the costly employee benefits and taxes that the business is responsible for as well. The business bookkeeping and accounting needs are met at a much reduced cost, while saving money that could be used to promote and expand the businesses growth. Additionally, outsourcing to a professional bookkeeping/accounting practice saves the small business money compared to a higher priced CPA firm.

Access to Specialized Staff & Top Notch Accounting Systems - tax laws and regulations are constantly changing in which business owners do not have to be concerned with when outsourcing their bookkeeping. The business owner has access to a full staff of bookkeepers and accountants who specialize in all facets of business accounting, allowing the business to grow and succeed.  The professional bookkeeping and accounting firm affords top notch accounting systems along with the knowledge; thus the business is in the hands of the top accounting tools in the industry.

Helps the Business to Grow Successfully - a full business analysis, with detailed management financial statements, provide the owner the key tools to position their business and guarantee its success and growth as compared to an in-house employee who may not be able to provide the owner with the necessary information in which to base important decisions.  Additionally, with the outsourced accounting controls in place, it keep the checks and balances intact so that the business owner does not lose anything due to employee mishandling of accounting measures that can be costly to any business, or create loses due to employee theft.

Ready at Tax Time - outsourcing the business bookkeeping and accounting is a smart measure as it ensures the bookkeeping and reporting is balanced and accurate; thus the business is prepared for tax time as opposed to the business owner having an inaccurate accounting of their business at the end of the year. The professional bookkeeper and accountant team has all of the necessary financial reports ready to make tax time a breeze; offering the business owner the peace of mind knowing that their business meets full tax compliance.

Outsourcing the business accounting to a professional bookkeeping and accounting practice makes sense by both eliminating the expense of in-house employees as well as an expensive CPA firm; saving money and time while growing the business into a successful endeavor for the small business owner.

Balanced Bookkeeping & Accounting, LLC  --  (918) 286-2494


Email:  balancedbookkeeping.acct@cox.net

www.balancedbookkeepingaccounting.com

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www.balancedbookkeepingaccounting.com

Bookkeeper in Broken Arrow Oklahoma

Balanced Bookkeeping & Accounting, LLC offers a team of professional accountants and bookkeepers that specialize in full charge bookkeeping and accounting services, financial statement and management reports, along with complete payroll services for clients in the Broken Arrow and Tulsa area, as well as all of Northeastern Oklahoma. We also provide business tax preparation and planning solutions to enable you to optimize your business success. 

Mission Statement 
To provide reliable, accurate, and timely professional accounting services, with the highest standards of performance and values, to our clients on their pathway to success. 

  Call us today and let us focus on the accounting so that you can focus on what is really important -- running your business.  

(918) 286-2494

email:  balancedbookkeeping.acct@cox.net

www.balancedbookkeepingaccounting.com

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Keep Track of those Business Expense Receipts 2015

Each new year or each new business start-up, begins the process for small business accounting.  One of the most important things to remember is to keep track of those business expense receipts throughout the year. 

Many small business owners can feel overwhelmed with this aspect of doing business as often times they are too busy with the day in and day out of business activities to have the time to deal with their bookkeeping and accounting, and rightly so, they are busy with the task at hand of successfully growing their business.  

The IRS defines deductible business expenses as those that are both necessary and ordinary.  An ordinary expense is one that is commonly used and accepted in the trade or business, while necessary expenses are those that are helpful and appropriate for the trade or business. 

The following is a short list of just a few of the most common business expenses:

• rent
• telephone, cell phone, utilities, internet
• office supplies
• postage
• business cards, stationery and printing
• bank service charges
• office furniture
• parking and tolls
• mileage of use of vehicle in business or auto expenses, and auto tags
• professional associations and publications
• insurance
• education

There are many more expenses that are allowed that are not listed here including office equipment, which is also deductible and very important; however, it is best to leave this aspect to us, your professional bookkeeper and accountant, as depreciation comes into play here and it is very important that this is handled correctly, in order to keep your business in compliance.  

The best rule of thumb is to always keep your receipts for anything purchased for the business, and let us help you in the determination of allowable expenses, while we take care of your bookkeeping and accounting needs.  Call us today and let us focus on the accounting, so that you can focus on what is really important, running your business.  We are here for you to help make your business successful.   (918) 286-2494. 

We provide services for clients in the Broken Arrow and Tulsa area, as well as all of Northeast Oklahoma.

www.balancedbookkeepingaccounting.com


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2014 Tax Year Above the Line Tax Breaks for Educators

Many taxpayers for the 2014 filing year will get to take advantage of the tax breaks that were extended by Congress.  There are a few of these tax breaks for the upcoming tax season that can help to reduce the taxpayers adjusted gross income (AGI) which are also referred to as above the line deductions, and the taxpayer does not have to itemize in order to take advantage of the above the line deduction to reduce adjusted gross income.  Educators can take advantage of this extended tax break for the 2014 tax year as well.

To clarify, there are two types of deductions that the IRS allows, above the line deductions and below the line deductions.  The line refers to the taxpayers adjusted gross income line total.

Above the line:  these deductions are claimed on page 1 of the 1040 and this type of deduction reduces the taxpayers AGI, and the taxpayer does not have to itemize in order to take advantage of this type of tax deduction.

Below the line:  these deductions are claimed on page 2 of the 1040 and this type of deduction reduces taxable income.

The educators tax break extension will be very beneficial to educators for the 2014 tax filing, as this allows the educator to deduct up to $250 of any unreimbursed expenses.  Expenses are those amounts that an educator has paid for books, supplies, computer equipment and related software, other equipment, and supplementary materials that were used in the classroom.  This deduction is taken on line 23 of the taxpayers form 1040 or line 16 of the form 1040A.   This above the line deduction will help educators for the 2014 tax filing year as many schools have experienced budget cuts in many areas that have caused teachers to have to pick up the slack in order to have enough classroom supplies.

Educators should remind their tax professional that they wish to claim this much deserved tax break for the 2014 tax filing year as well.

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Call us today for your bookkeeping, accounting, and payroll service needs in Broken Arrow and Tulsa and Northeast Oklahoma areas.  We are here for you -- (918)286-2494.

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We are here for you --  Do you hate to do bookkeeping or never seem to have the time to get it done?  Give us a call today -  we are here for you.  You can drop off your paperwork, submit it with our online client access, or we will be happy to come to you.  We are your one-stop bookkeeping and accounting practice.  Call us and let us make your job easier -- We are here to take care of your full service bookkeeping and accounting needs -- we make it easy for you so that you can concentrate on what is really important -- running your business.   Call or email us today.      We are "the small business friend."      --      (918)286-2494

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Balanced Bookkeeping & Accounting, LLC

Balanced Bookkeeping & Accounting, LLC offers a team of professional accountants and bookkeepers providing bookkeeping and accounting services for all of Northeast Oklahoma -- including Tulsa, and Broken Arrow.  

We provide reliable, accurate, and timely services in a one-stop shop to keep your business in full compliance.  We specialize in full bookkeeping & accounting services for small business, financial statement and management reporting, along with complete payroll and payroll tax payments.  We also provide personal and business tax preparation and planning solutions to enable you to optimize your business profitability.

Mission Statement

      To provide reliable, accurate, and timely professional accounting services, with the

         highest standards of performance and values, to our clients on their pathway to

                                                                     success.     .  

           

                                               "we are the small business friend"

         Call us today and let us focus on the accounting so that you can focus on what is 

                                           really important -- running your business.  

                                                                  (918)286-2494


www.balancedbookkeepingaccounting.com

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