Tag: Reasons

Professional Accounting Services: 10 Reasons Every Business Needs Them

Running a business requires hard work with managers and small business owners doing a wide array of job roles. Often many fail to know when to they should bring in experts to get certain tasks done. The task of managing finances is critical to a business but lack the expert skills to get results or in a cost effective manner. Many people each year embark on an entrepreneurial journey lacking financial management skills and find themselves sitting amidst stacks of papers a year later, not knowing how to fix financial management issues and chaos This is an unfortunate reality that comes with having a business, and it is one of the most common reasons that businesses fail. Whether your just starting a business or have operated for several years, here are ten ways obtaining professional accounting services from a chartered accountant or an accounting firm, can improve the health of your business.

1. Assisting in Planning and Management — If you’re just starting out and don’t know where to begin, a reputable team of accountants can serve as an indispensable resource in building an effective business plan. For those who already have an established business, these firms can analyze your current operations and suggest ways in which you could increase your businesses viability.

2. Managing Time — Being an entrepreneur is a time-consuming task. Hiring a team to manage your financial matters, can free up time to actually grow your business. Trying to manage finances is overwhelming for most of us. Taking this on and stretching yourself thin can leave ample room for error in doing business and or managing it.

3. Providing Expertise — Most business owners begin operations knowing only the front aspect of the business. They may know all about fixing cars or cooking food, but often lack knowledge of managing finances. Having an expert in these areas is the best way to keep your business going strong.

4. Helping Establish Proper Accounting Procedures — The rules of handling money and recording data is different in every business. Your accounting professional can help you create a system that’s unique to your organization.

5. Handling Taxes — Tax filing is a time-sensitive issue and real penalties can manifest due to incorrect or late filing. Professional accounting services stay abreast of current tax law which assists you in meeting requirements and maximizing deductions. Having a professional accounting firm working for you, will help maximize tax savings and in the event of a tax audit, they will be able to work with these agencies on your behalf.

6. Payroll Assistance — This area may seem elementary, but doing payroll is a time-consuming task! Paying your help not only means deducting the taxes and cutting the check, but keeping track of and paying out employer contributions, as well. Making sure these figures are correct and paid on time, is vital to avoiding unnecessary costs.

7. Managing Assets — Budgeting is another way in which many business go wrong. Overextending your credit and managing working capital incorrectly can cause your finances to deteriorate quicker than a sandcastle on a hot,dry day. Professional accounting services can give imperative advice in this area.

8. Eliminating Mistakes — To error is human, and when your busy trying to juggle it all its exceptionally easy to make them. Having a professional accountant oversee your records regularly, is an excellent way to double-check for those simple mistakes that can cascade into colossal problems if left unseen.

9. Providing Useful Reports and Explanations — Professional accounting services can combine data into reports that can help you clearly understanding where you’re at, and where you’re headed. Profiting in the future is crucial to understanding what’s going on at the present.

10. Performing Auditing Tasks — Internal auditing is an essential function that most entrepreneurs overlook. Reviewing your business processes for functionality and accuracy, is a fundamental need in understanding how you can successfully improve and experience growth.

Securing professional accounting services for a business is a cost that achieves cost efficiencies in operations, helps keep them abreast of financial commitments and usually results in lower tax costs. It makes sense for every business to make sure to get this support in place before starting a business and certainly maintain this support for the life of the business.

7 Reasons to Start a High Profit Concrete Block Making Business

Making concrete blocks and other concrete products is a very profitable business. I can make this statement quite unequivocally since I was in this business most of my life. You may ask why making something as commonplace as cement blocks should be a great money maker. Well here are seven good reasons:

1. You can begin as a home based business. You can operate from your garage with no added costs. You can start out this way and when the business grows you can move to larger premises to accommodate your concrete block making machine and the drying racks for hundreds of concrete blocks.

2. You can start your concrete blocks business with hand made molds. You make these from plywood and sheet metal at very low cost. These molds are easy to make in your home workshop from available plans and instructions. Using hand molds one person can turn out 100 concrete blocks per day quite easily.

3. The demand for concrete blocks,and many other concrete products which you can make,never falters. They are a commodity which the building trades use to build all types of structure from tiny back yard projects to huge buildings. As long as building continues there will be a demand for your products.

4. Concrete blocks are not one day wonder widgets. Some items have a huge demand for a very limited period then fade from the scene. Think of the hula hoop or Rubik’s cube. Things like this are a short term craze which is quickly replaced by the next one. Concrete products however continue to be in demand year after year and the demand increases steadily.

5. When you start a home based business there is no big monetary risk. You can start with as little as a few hundred dollars. All you need is the plywood and sheet metal to build your hand molds and a supply of the basic materials for your concrete mix. These are Portland cement,gravel,sand and water. All of these can be obtained at your local building suopply store.

6. When you supply your products to buyers in your local area you have no high transportation costs. Concrete products are costly to transport from a distant maker because of their weight and size. You can supply home town customers at a very good price and make an excellent profit.

7. When your business grows to the point that you can no longer make enough blocks with hand molds you will need a concrete block machine. The only downside is that this is expensive. The machine will pay for it’s cost by increasing your production greatly. The alternative is to build your own low cost machine from auto parts and a few odds and ends. Can you build your own machine? Yes you very definitely can from plans with instructions which are readily available.

I could go on with many more reasons why you can do very well indeed in the concrete products manufacturing business. These seven reasons will paint the picture for you. Manufacturing concrete blocks and other concrete products is a profitable enterprise which you can start part time while you still hold a job. The risk is little and the rewards are great. Why not find out more about it?

6 Reasons To Start A Business During This Pandemic

You are not mistaken – I standby the title of my article. This is the best time to set up a business of your dreams or to expand your current business and yes, we are all still in Covid pandemic situation. So why all my positivity? Have I gone off-tangent with my thoughts?

I am an economist and business educator. For a long period of time, I have also been an active Singapore/Indonesia representative of the World Future Society. Thus scenario-planning is quite up my alley of expertise.

So here are my thoughts about why it is ripe to start a business now.

Reason 1: Globalisation

The spread of globalisation has not ceased. Rather, more people are jumping onto the bandwagon of seeking goods and services from different countries. There is an unquenchable desire to purchase the next “big thing” no matter the source of the new ideas

Reason 2: Rapid Spread of Information

As the world holds it breath for the technological march towards 5G, what has to be accepted is the speed of both information and misinformation. This means that with the right marketing strategy, you can propel corporate branding to a larger base of potential customers within a shorter time.

Reason 3: From social media to Mega Sticky Media (MSM)

I have created this acronym MSM because during the Covid period starting from 2020, there was the rise of Tiktok to become a free media platform to get business message across. It was like a combination of YouTube and Instagram but in hyper-speed of seconds. For the first time in history, marketing people are forced to distil the essence of a brand to suit a typical Tiktok attention-span. To many, this is impossible but to the youth-market this phenomenon is mere referred to as “Got to do it quickly!” GTDIQ -another one of my newly created acronyms.

Reason 4: Social Activism

For a business to embrace social change and be a good business citizen is not new. It also makes good business sense too. But the tsunami of social events that started from 2020 and how shareholders and customers will support a business that will take a stand – has officially taken root. Thus, if you start a new business, it is almost a truism that your brand has to encompass a certain level of being a change-agent for the betterment of society.

Reason 5: No Lack of Funding

Not only is there no lack of funding, but there is also now a new financial model Special Purpose Acquisition Company (SPAC) which allows start-ups to bypass the traditional Initial Public Offering (IPO) route. There is now a big demand for patents and new business models that help dig out a new niche.

Reason 6: Food Security and Sustainability Issues

With the acceptance that food security and environmental sustainability will constantly challenge the minds of many governmental decision-makers, there is opportunities galore for more research in this area. Thus, start-ups can develop their business plan and strategy along the lines of these issues.

With all these factors in mind, do consider starting a business today!

Top Ten Reasons Why I Should Start Taking The GMAT Exam

The Graduate Management Admission Test, which is also known as the GMAT, is required by many of the top business schools. Many people put off taking this test until the last moment. There are many reasons why you should start taking it now or at least take its practice tests. The particular test is a big step for a lot of people, and it may be a requirement for you to get into a graduate program.

Reasons Why You Should Start Taking the Test

  1. The graduate program that you want to attend may require you to take the test before you can begin working on your certified MBA. It is a good idea to get this out of the way as soon as possible so you know for certain come enrollment time that you are a candidate for the graduate program.
  2. It takes a lot of people awhile to actually pass this particular test so you should be sure that you can pass it before it is time to begin your MBA course of choice.
  3. There are many different sections of the GMAT and you need to make sure that you are going to pass them all to get into your graduate program. There is a verbal, quantitive reasoning, and analytical writing section to pass. If you start taking the test now you’ll be sure to have a passing score by the time you need to enroll for your program.
  4. You should start taking the test now as all of the top business schools have different requirements. They all have specifics about the grading of the test and how you score. You want to have plenty of time to take action if you don’t meet the requirements for one school but you do for another.
  5. This particular test will prepare you for other entrance exams that you may have to take to get into business school or a graduate program.
  6. Taking the test and passing will show that you are serious about a job in the business field and your place in a business school.
  7. In addition to a certified MBA many businesses like to see that a person has passed the test as well.
  8. This particular test will give you an idea of where you stand. How well you do on the exam will show, for many people, what your strong points are and what your areas of opportunity may be.
  9. Taking the test now will free up funds for later, as it usually costs $250 and you might need this money when it comes time to enroll.
  10. Top business schools often don’t require the test but will give preference to those that have taken and passed the test.

As you can see, there are a lot of reasons for you to take the test. It’s not the easiest test, but with some studying you’ll be able to take it on. The GMAT will look good on your transcript and give you a leg up on the competition.

Top Reasons to Use a Ready Law Firm Partnership Agreement Form

Starting a law firm can be quite daunting. You have to arrange the legal status of your entity. You also need to take care of office leases, taxes and other financial matters. More importantly, you need to establish the partnership and the management of the firm. A law partnership agreement is not easy to draw, so you should consider relying on a ready form. There are a number of benefits coming with this option. You should definitely consider all of them.

The first and foremost reason for using a ready law firm agreement form is greater protection. When all matters between the partners are arranged for clearly in advance, the risk of any disputes is automatically reduced. The chance of the firm being sued by former partners and clients is also lower. Generally, a ready form shows you all the details that you have to provide for, so you will not have to worry about leaving a loophole for any potential problems.

The ready form allows you to establish your partnership’s structure and management more accurately. Not many lawyers are familiar with the structuring of a company and its management, but these need to be provided for. Instead of using a business advisor, you can readily rely on a ready form to give you the template, while you simply fill in the blanks. This will ensure the quicker and smoother start of your business.

The wide range of customized forms is another reason why many law firms prefer ready partnership agreement templates. Many law firms do not fit the standard for partnership and want to make sure that their specific situation is reflected and fully explained in the establishment document. For instance, one of the partners might want to retire and start working of counsel at one point. Thus, a provision for this should be made in the agreement. Instead of drawing a special document, the firm can use a ready form customized for their case.

Convenience is another major reason for the use of ready law firm partnership forms. Having a template saves time that you can spend on more urgent matters. The ready form allows you to get the agreement signed easily and much more quickly. In this way, you can start your operations and make money faster, which is certainly an advantage. This makes the use of ready templates cost effective as well. Generally, it is always a good idea to leave the administrative work to professionals who specialize in this and to focus on your own work.

Overall, the ready forms for law firm partnership agreement allow you to secure the smooth establishment and operations of your entity. They are convenient to use and cost effective. They give you a quick head start in the business. Of course, you have to choose carefully the templates you use. It is essential for them to be drawn by professional lawyers who have long-term experience in this area of law. This will guarantee that the agreement is foolproof and useful.

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