No matter how much you know about making financial statements or bookkeeping, you still need to have bookkeepers especially if your business is progressing.
Owning a business is not a simple thing to do. There are many concerns and aspects of the business that you need to look into. The most important thing is for you to generate profit.
Virtual bookkeeping allows an accountant or online bookkeeper to provide accounting services for a client remotely.
This means more promotion or more rapport with the customers. However, you can not deny the fact that bookkeeping is also important. But since you only have one body, you need to delegate the tasks.
When you delegate the task for bookkeeping, your options are to hire an in-house bookkeeper, employ a freelance bookkeeper, or outsource the bookkeeping duties.
Usually, when you are faced with these options the first thing that comes in mind is the bookkeeping rate. Each option has a different bookkeeping rate.
As a businessman, you would think of how much to save in bookkeeping rate since anyway this is only a secondary concern compared to generating sales. But since it’s important to delegate the task you need to know as much as possible how much should you be spending on this.
Evaluating the Bookkeeping Rate
Usually, a bookkeeper rate for a freelance bookkeeper can range from $15 to a $100 per hour. In the same way, the bookkeeper that you hire in-house would also have another rate plus all other benefits that you need to give. The outsourcing bookkeeper also has a different bookkeeping rate depending on how much workload is assigned to him.
It's all the more important today that you maintain a strategic edge in terms of dealing with your taxes the most efficient way. Strategic tax planning has been proven to be the most effective-a process used to reduce taxes for both individuals and businesses. Strategic tax planning can help you greatly when planning is done well before the end of the year.
The urgency of dealing with your taxes now is the best time that is important in the process of strategic tax planning. Business level and shareholder taxes are one of the most burdensome expenses small businesses tackle on a recurring annual basis and as a business owner, you always have to keep up with the constantly changing and complex tax laws to ensure you are compliant and to minimize your liabilities.
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Features of Strategic Tax Planning
Understand your goals: Even as a business owner, when you do your tax planning, you do that at both the individual and business level to minimize your income taxes and save yourself money you need to grow your business. Remember, effective tax planning is about wealth management.
To get through the process of tax planning in the most effective way, you start your planning by first understanding what your goals are and your overall business strategy. You then seek opportunities to minimize tax liabilities. You have to be proactive with your planning in the sense that you endeavor to understand your tax situation long before payment and tax returns are due.
Endeavor to reduce your adjusted gross income: Your adjusted gross income is key in determining your tax bill. Adjusted gross income is the most significant measure of your net income minus any adjustments. The point is, the more money you make means the more taxes you pay; and the less you make, the less tax you pay.