22 minute read
MONEY CORNER 32
The Importance of Hiring an Accountant for Small Businesses
When a small business begins to experience growth, an accountant is not only recommended, but also a necessity. Every entrepreneur, small business, or start-up must ask themselves how they can benefit from the services of an accountant, and consider how they can assist with the nittygritty financial aspects of the business.
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The thought of filing taxes and general bookkeeping is something that can cause feelings of dread to business owners who increasingly want to be able to dedicate more time to big-picture tasks, rather than the day-to-day. However, while these tasks are undeniably tedious, they are not something that can be breezed over or rushed through. Mistakes and omissions can get you in trouble with tax regulators, and pleading ignorance over innocent errors won’t excuse them.
As your business starts to grow, it’s easier to see the hiring of an accountant as a longer-term investment that will allow you to free up your days and dedicate more time to undertaking income-generating ventures instead. There’s no need to stumble through the dark when it comes to thinking about your company’s financial future. An accountant may be the impartial business mind that your company needs. While the task of finding one may seem daunting, fortunately, there are companies out there like Ageras, a matchmaking service that helps small businesses find the perfect bookkeeper or accountant.
Reducing workload
In the early stages of a start-up or small business, most people learn to be a jack-ofall-trades, having to manage every aspect of the business to some extent. But as a business begins to take off, as well as needing to dedicate more time to the day-to-day, the bookkeeping will also get more complex. It will reach a point when an accountant becomes necessary to keep up with growing finances and to even just free up the rest of your time. The right accountant should give you peace of mind and allow you to concentrate on other aspects of the business.
Buying or selling a business
Rather than starting a business from the ground up, you may be interested in buying an existing one and managing it as a start-up. In this context, a small business accountant is essential to help you avoid hidden pitfalls like inheriting debt. Hiring an accountant will remove the fear of the unknown, as they will conduct a full and detailed study of that business, while also assisting with the technicalities of business acquisition through working with a lawyer. If you are on the other side and selling a business, an accountant will have all of the paperwork in order for prospective buyers.
Working with an accountant who has a specialty
If you want to work with someone who will be an asset to your business and offer practical advice, it’s important that you hire someone who has specialist knowledge about your sector. Every industry is different and will utilize different methods of maximizing financial planning, such as tax deductions and business growth. The right accountant will be specialized in your industry, have experience in working with those businesses, and understand the unique ins and outs. This will also give you the best chances of having pre-warning of any regulatory changes that may affect your finances.
Helping aid sustainable growth
While your business’s growth may seem manageable, a new client may require rapid expansion. Even though this is an obvious positive, sudden growth can be problematic. An accountant can help make the transition process as smooth as possible, from getting new employees on the payroll to tax management, to practical matters like office space and property tax. Their expertise can extend as far as seeking out funding and the longer-term well-being of the whole company, such as financial incentives during a busy time.
Measuring performance
It’s a common pitfall for new businesses to be so preoccupied with trying to get things off the ground that they forget to actually put measures in place to help them monitor performance. In the early stages, many businesses don't keep track of how they are performing against objectives that every start-up should set. An accountant can help put evaluations in place, which allows business owners to understand how their ventures are actually doing and how they can change based on the key indicators they consider important.
By Mikkel Jensen
An accountant may be the impartial business mind that your company needs.
Legal business structuring
It’s crucial that every business gets its legal structuring done right. The structuring of
your business is determined as soon as an accountant is involved. They can help you determine a realistic structure, deciding whether yours is a limited company, sole proprietorship, limited liability corporation, or partnership. As businesses grow, changes to tax implications can result in hefty fees if not monitored properly. An accountant can assist by providing advice on invoicing under your name and working as a self-employed person.
Auditing
When your company is selected for a government audit, having a good accountant in place will make the process as stressfree, streamlined, and efficient as possible. Accountants offer auditing insurance to reduce the possibility of an expensive audit, covering the costs of responding to their government review, inquiry, or investigation. Audit trails can also be an effective way of preparing companies to trace past transactions.
Applying for loans
When dealing with financial institutions such as banks, it’s important for businesses to have credit facilities established. Showing that your business is well-established, sustainable, and can present accurate facts and figures will all help aid a favorable credit score. An accountant can produce projections and expected revenue when applying for a business loan. Not to mention, any business owner would rather have an accountant handle the small print, terms, and conditions.
When it comes to growing a small business, it may be tempting to cut corners and reduce costs wherever possible. However, as they say, a stitch in time saves nine. Your future self will thank you for making the smart decision to hire an expert to manage an aspect of the business that may seem dry, but in reality, is the most important thing to get right for so many reasons.
No matter how competent you may be with managing finances and bookkeeping, some aspects of it probably still cause you dread. There’s no reason to continue investing time and energy into something that can be handled competently by an expert. Also, by becoming aware of the greater benefits that exist around hiring an accountant, you can see them as a means for increased strategic planning and sustainable growth. Even better, the free matchmaking service from Ageras will connect you to the right fit for your business fast. only desirable for businesses, but also totally attainable with the right tools. A change that seems so small can bring the biggest results.
By Mikkel Jensen
If you've never considered bringing an accountant on board for your small business, here are some key points to consider that will open your eyes to the extent of the benefits they can bring.
1. Meet government regulations
An accountant can deal with the fundamentals of tax returns and can also assist in government interactions by filing legal documents, registering companies, handling the company’s formation and share allocation, and handling payroll.
2. Stay ahead of trends
A good accountant shouldn’t just be able to effectively complete the dayto-day tasks; they also have to keep up with trends, changes in rules, and regulations that may affect your business. They should be able to produce financial forecasts and make you aware of potential issues that may crop up well before they do. After a thorough financial evaluation, they should present you with tools and solutions to manage such an issue should it arise, and continue to carry out regular checks.
3. Improve cash flow
Without a proper hold on your business’s cash flow, you will be in the dark about what potential decisions you can make. A good accountant will ensure that you have proper cash management strategies in place and equip you with all the essential information to make well-informed decisions regarding business management and investment to maintain positive cash flow. Business owners should always have a sound grasp of what kind of spending they can make for both immediate needs and longer-term plans.
4. Get deductions
When the tax man comes around, it can be hard to understand exactly why certain amounts of money are being taken from your hard-earned income. Most businesses wait until it’s too late to try and make deductions, but an accountant can spot these things early on in the year and advise on the best way to make strategic decisions to avoid unnecessary taxation. Even tracking and accounting for things like home office space, expenses, and depreciation can make a huge difference when the end of the tax year rolls around again.
5. Work with a specialist
If you want to work with someone who will be an asset to your business and offer practical advice, it’s important that you hire someone who has specialist knowledge about your sector. Every industry is different and will utilize different methods of maximizing financial planning, such as tax deductions and business growth. The right accountant will be specialized in your industry, have experience in working with those businesses, and understand the unique ins and outs. This will also give you the best chances of having pre-warning of any regulatory changes that may affect your finances.
Mikkel Jensen (https://www.linkedin.com/in/mikkel-jensen-1247752) is the US Director of Ageras, a matchmaking service that creates a transparent market for accounting, bookkeeping, and tax services for the benefit of both clients and the industry. His focus is to help create an eco-system that can deliver a holistic group of accounting services for small- and medium-sized companies. Currently, looking for an accountant is a hassle. You can easily spend hours searching online, checking directories, reading reviews, and calling around to multiple offices to find the right match. With Ageras, you simply submit the details about the accounting help you need, and our personal consultants will handpick three qualified professionals from our broad, nationwide network to provide you with free quotes. You'll receive quotes from accountants you can trust and are able to compare them right within our platform by easily seeing ratings, reviews, bios, and more. You will also be able to have confidence that you are going to speak with three people who specifically work with a business like yours and provide the exact service you need. Mikkel and Ageras truly focus on delivering a “Wow!” customer experience. Visit https://www.ageras.com.
Stay on Top of Your Health with NordicTrack’s Commercial S22i
Studio Cycle By Shannah Henderson
Amplify Your Work-from-Home Life with Elephant in a Box’s Dynamic Working Sofa
Let’s face it — the current COVID-19 (up to 20%). This is a patented iFit feature — no pandemic has caused major, other platform can do it! The sessions also feature frustrating disruptions in our a live workout leaderboard so you can compete everyday lives. One huge issue has been in real-time. You can also access thousands of the closings of gyms to halt the spread of on-demand cycle workouts, as well as crossthe virus. Due to this, many entrepreneurs training options like strength training, yoga, are now setting up their own in-home and bootcamps. gyms to stay fit without having to venture outside. For those searching for the perfect exercise equipment for their home gyms, NordicTrack’s iFit-powered Commercial S22i Studio Cycle will guarantee outstanding workouts! Entrepreneurs will love blowing off steam Photo Credit: NordicTrack The S22i Studio Cycle also offers yoga and mindfulness sessions to help you maintain a healthy state of mind. So whether you want to cycle through Grand Teton National Park in Wyoming or practice yoga on a serene beach in Bali, the S22i offers exactly what you need. You will love exercising with the S22i with NordicTrack’s iFit-powered The cycle also provides in-depth, personalized Studio Cycle throughout the pandemic and Commercial S22i Studio Cycle. workout stats so you can stay plugged into your beyond. It is like having your own personal progress and crush your goals. cycling coach in your home! Featuring a 22” HD Smart Touchscreen that rotates 360° and has a tilting display, the S22i allows you to do live-streamed studio cycling sessions with elite iFit trainers on your own schedule! You can also cycle on trails worldwide, from New Zealand to Japan, as the S22i has integrated Google Maps™0 workout technology. Even better — the S22i includes a pair of 3 lb. dumbbells so you can work out your arms and shoulders. Also, there is no need to sign up for expensive monthly cycling memberships, as you get a whole 1-Year iFit Family Membership (you can create up to four profiles) for free! After this, the membership is just $468 a year. In all, NordicTrack’s Commercial S22i Studio Cycle is an absolute must-have for all fitnessTo help you stay focused on your workout, your trainer will digitally minded entrepreneurs. It retails for $1999 (plus a delivery fee) at adjust your resistance (24 levels), decline (up to 10%), and incline www.nordictrack.com.
As a business owner, don’t you love and then easily fold it back in once they send innovative products that make the their final email at 5pm. Featuring strong work-at-home experience much and soft fabric, this couch is also super comfy more productive and enjoyable? If so, you for lunch-hour naps and all of your weekend will go gaga over Elephant in a Box’s portable Netflix binges. Dynamic Working Sofa — it is an incredible, comfy couch that features a convenient desk that pulls out from the armrest. With this pioneering 2-in-1 couch + desk, there is no need to set up a whole separate office in your home! Elephant in a Box’s portable Dynamic Working Sofa is a must-have for anyone The Dynamic Working Sofa’s fabric is also maintenance-free, as it is wrinkle-resistant, pet-friendly, and machine-washable — there is no need to worry about spilling your morning coffee on it! Elephant in a Box also offers fast, free shipping that you can schedule (your A breeze to move and assemble (it all arrives working from home. sofa will arrive in 2-4 business days). It is also in one box that is smaller than expected!), virtually 100% risk-free to try out this sofa, as it the Dynamic Working Sofa is also a must for features a limited lifetime warranty, 30-day free everyone working remotely due to the COVID-19 pandemic. Using trial, free returns (they will pick up the couch whether it is in or out of Elephant in a Box’s ingenious honeycomb technology, this highly the box), and no restocking fees. durable sofa easily unfolds to fit any sized room. The honeycomb technology is traditionally used in aircraft and allows the couch to be light and flexible, yet strong enough to withstand 3,000 lbs. (more than any conventional sofa on the market). The Dynamic Working Sofa offers the utmost convenience and functionality for your work-from-home lifestyle. The desk measures (H) 25.8” x (L ) 37.8” x (W) 7.1” and the sofa measures (H) 26.2” x (L) 83.5” x (W) 37.8”. Available with stylish Grey, Charcoal, or Navy This product ensures that entrepreneurs will spend less time Blue fabric, the Dynamic Working Sofa retails for $1,298 online at assembling their sofas so that they can spend more time on business www.elephantinabox.com. Cost-conscious entrepreneurs should also projects! They can pull the desk out from the armrest for the workday use the discount code WORKINGSOFA to get 10% off!
By Shannah Henderson
Stay-at-home Mom Follows Passion and Builds a Successful Brand from Home
Lauren Meichtry was a stay-at-home mom for five years, but always had a passion for design. She thought that she had to choose between the two — being a mom or pursuing her passion, but she soon realized that she could do both. Lauren was gifted a vintage sewing machine from her Grandma Elsie and had begun creating pillows for her own home. Eventually, a good friend and old co-worker of Lauren’s, who had witnessed her passion and potential, asked her if what she was doing was enough for her. When Lauren took the time to really think about the question and be honest with herself, she had found that the answer was no. Lauren wanted more and she knew that she was the only person that could make that happen for herself.
Designing and creating pillows had been a passion of Lauren’s since the moment she was gifted Grandma Elsie’s vintage sewing machine. In fact, pillows were the first thing Lauren learned how to sew. Eventually, her husband began researching fabric vendors in their area and sent Lauren off with a list of places to visit. The first stop on her list was a showroom in West Hollywood, Hollywood at Home. From the second Lauren began feeling their different fabrics, she knew she had found her calling. She immediately lit up and found herself transforming, both personally and professionally. Lauren even began buying new clothes to help her look on the outside how she was feeling on the inside.
Being a stay-at-home mom for so many years, Lauren really dedicated her entire life to her children and did not spend much time filling up her own cup. The minute she gave herself permission to do exactly that, there was no stopping her. Lauren drew out their first logo, had it digitized, and then ordered tags and stickers for packaging. Prior to launching, Lauren would work with a professional branding studio who would help her refine and recreate her branding package. Lauren ordered yards and yards of fabric, and would spend every waking hour she had sewing pillows from home. After creating about eighty or so pillows, Lauren realized how crucial it was to her business that she found a manufacturer. This would be one piece of the business she could easily get off her plate. Lauren’s plan was to launch her business with a wide variety of in-stock pillow options, meaning they would ship out within a day or so of the customer ordering them. In order to do that, Lauren needed tons of pillows and she knew she could not make them all on her own. She began calling every cut and sew shop she could find in the Los Angeles area and was met with no after no. Since many of these cut and sew shops in LA make apparel for large companies such as Bloomingdales and Nordstrom, they unfortunately did not want to bother with a brand-new pillow business. However, Lauren was not going to take no for an answer. After weeks of searching, she finally found a shop that agreed to make her pillows. Lauren spent countless hours at the shop, mapping out the most efficient way to use each yard of fabric she had.
Of course, there were a few hiccups along the way. For example, they ran into quality issues and if Lauren did not call the shop multiple times, she would have never received her pillows. She even ended up at the shop owner’s home at one point throughout the process. Eventually, however, Lauren had enough pillows to launch the shop! She worked with an incredible team in Los Angeles to help build their website exactly the way she had imagined it. Lauren found the importance in investing in their branding, photography, website, and packaging before she introduced her designs to the world. She wanted to avoid having to play catchup down the line and felt that her investment at the start would be worthwhile. Lauren believes this may have been the single best decision she has made in terms of her business.
From the original idea of creating this pillow business, to the day her website launched, was just short of one year. On November 1, 2019, their website went live. Elsie Home’s first customers were, of course, members of their family and good friends of theirs. This allowed them to work out the kinks of the business with individuals who loved them and supported their business. Presently, Lauren handles every aspect of their business besides the actual making of the pillows. She did an immense amount of outreach to interior designers to help grow their business and in fact, interior designers make up approximately 75% of their current business. Elsie Home has been featured in Forbes, Martha Stewart Living, House Beautiful Magazine, and South Bay Home Magazine, just to name a few. Lauren’s business is still in their infancy and they are excited to have the opportunity to continue growing in the coming years. Visit https://elsiehome.co.
By Whitney Litz
Lauren Meichtry is the Founder of Elsie Home.
Hybrid, In the Office or Fully Remote: AR Can Enhance the “New Normal” Workplace
By Remi Del Mar, Product Manager, Digital Experiences – Augmented Reality & Commercial Display Solutions at Epson America, Inc.
Businesses and organizations of all sizes are in different phases of reopening offices and are constantly evaluating — and then reevaluating — what is safe, what is not and what the future will look like. While plexiglass dividers, floor decals and one-way walkways might not be permanent, one thing that is certain — the hybrid remote work environment is here to stay. Whether working from home, safely from an office or a mix of both, teams are quickly realizing they must work in different ways and with different tools to communicate and collaborate effectively. As organizations face the next normal, technology has made working from home a seamless reality and advances in Augmented Reality (AR) are paving the way for richer work and collaboration experiences.
Remote Reality: AR Smart Glass Applications for Hybrid Remote Work
AR technology allows users to see digital work assets superimposed or positioned within the real world and can be delivered through a handheld or hands-free device. Unlike hand-held devices such as mobile phones and tablets, coupling AR technology with a hands-free solution like AR smart glasses enhances the hybrid work from home (WFH) environment in several ways:
■ An Additional Screen in Less Workspace:
AR smart glasses provide an additional screen or heads-up display that is projected into the wearer's line of sight, minimizing workspace by eliminating the need for a second physical monitor. Integrating AR smart glasses can help streamline daily tasks that require a “second screen” such as the comparison of multiple spreadsheets or the simultaneous use of multiple programs, as well as the need to monitor incoming emails or social media feeds in real time.
■ Immersive Remote Collaboration and Training: AR smart glasses can create a multi-dimensional immersive experience by digitally transporting users into a virtual meeting room where information can
be exchanged. AR provides visual details or 3D models for collaborative design and reviews, regardless of where each user is based. AR smart glasses can also be used with conference and meeting platforms, like Zoom, for training and remote assistance. For example, in the healthcare industry, using AR smart glasses, on-site doctors can get advice from a remote expert to help provide a diagnosis. ■ Concept and Design Visualization: During an initial concept or design phase, AR enables users to bring products or a design to life by pulling the idea or object out of the screen and dropping it into the real world at full scale. For example, architects, engineers and landscaping contractors using
AR smart glasses to support conceptualizations and final appearances of their design ideas, can merge the computer-generated design directly onto the area and determine any last-minute changes before beginning construction, ultimately saving time and costs for future job site revisits and rework.
Benefits of Integrating AR Smart Glass into Hybrid WFH Environments
Incorporating AR smart glasses into the dayto-day hybrid remote work environment can provide the following benefits: ■ Productivity: The heads-up and handsfree design of smart glasses allow for streamlined workflows. Depending on user needs, there are AR solutions available that enable switching between apps or “screens” based on the user’s head movement. Several AR solutions also offer features such as voice control, hand gestures and eye tracking for greater efficiency and control of workflow needs. AR smart glasses provide a more natural way for teams to review, edit and collaborate on work from a living room or home office, and sharing AR views enables multiple team members to edit 3D models from two perspectives simultaneously, resulting in an accelerated design development process. ■ Digital Privacy and Security: Remote work presents a unique challenge for information security. In addition to your organization security protocols for safeguarding data, an important rule of thumb when working remote is to pay attention to your sight lines. When working with sensitive or non-public business information materials or legal documents, smart glasses provide a private view of content, enabling users to work without concern of outside views or access.
■ Remote Flexibility: Whether traveling on a plane, via public transportation or in an autonomous car, users can continue to work during their commute using AR smart glasses. Additionally, remote users have the flexibility to seamlessly move from rooms in a house or another venue without the need to move around a physical monitor.
The Flexible Future of Hybrid WFH
Hybrid WFH is not going away anytime soon and recent projections from Global Workplace Analytics estimate over 25 percent of the workforce will be working from home a few days a week by the end of 2021. Circumstances have forced businesses to evolve at a faster rate, and companies have expedited incorporating collaboration tools into the day-to-day to improve communication over the long haul. And while there are new workday rhythms that need to be established and recognized at the individual level, AR smart glasses can enhance the hybrid WFH environment by creating a super-powered augmented workspace with multiple customizable screens, unrestrained from the limits of physical monitors.
Remi Del Mar manages the developer community for Epson's Moverio AR smart glasses, partnering with third-party companies looking to enhance digital experiences and drive the AR category forward. For additional information about Epson’s AR smart glass solutions, visit https://epson.com/moverio-augmented-reality.
