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Whether you're just starting out or have been in business for some time, it's best to have both a bookkeeper and an accountant to help you manage and navigate your finances. There's a misconception that bookkeeping and accounting are the same things, but a bookkeeper and accountant have two different roles and responsibilities within your business.
Today we'll explain how bookkeepers and accountants work together to maximize your business.
While some responsibilities overlap between bookkeepers and accountants, many don't. Your bookkeeper can advise on your chart of accounts, current expenditures, and more while your accountant will have her eye on your business's financial condition and overall performance. With both, you'll have the additional support of two professionals working in tandem.
Bookkeepers, like our team at Capri, work with Accountants daily to ensure business operations are running smoothly and financial opportunities are maximized. The ongoing partnership between bookkeepers and accountants make business decisions, tax season, and unforeseen setbacks easier to handle.
Checks and Balances
When you work with BOTH a bookkeeper and an accountant, you have two sets of eyes on your business. You also benefit from a team of professionals handling your finances throughout the whole life-cycle of your profits and expenditures. That means better efficiency, problem-solving and more checks and balances for you.
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We know that every business is unique, so we build individual bookkeeping support solutions for our clients based on their own business needs and budget. Our goal is to help small business owners succeed holistically. To achieve lasting results, we know that building sustainable relationships and gaining a better understanding of their business is essential.
Here's a look at how we get to know our clients:
Whether a potential client has been referred to us or found us online, we always do initial research before the first meeting! Our team will do a deep dive online to get to know their business, including the industry, service areas, and operations.
#2 Initial Meeting: In-person (or Virtual)
The initial meeting is an important one! We believe that the key to the best professional relationships is mutual respect and understanding. We'll listen to our potential clients' business goals, mission and learn more about what's important to them.
#3 Get Informed
Access to current financial records is the first step after on-boarding with us. A Capri Bookkeeping Team will work inside a client's business to organize and analyze all the financial information.
#4 Partner with Your Finance and Business Team
Once we've accessed the information needed to get started, we'll partner with our clients' accountant and any other professionals handling their finances to streamline their business and maximize their finances.
#5 Weekly or Monthly Meetings
Cultivating a conversation and checking in with our clients is one of the best ways to keep them informed and move their business forward. We believe in taking a proactive approach, so we'll identify and make recommendations each time we meet.
Building a better working relationship that is based on mutual respect and understanding is vital to us! This not only allows us to understand your business better, but it lets us initiate and make proactive suggestions to maximize your business, so you're poised for growth. If you're interested in working with us, email our Founder and CEO, Ethan Capri at email@example.com.
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As businesses begin to reopen safely and keep team members and customers healthy and informed, small business owners are facing numerous new questions and unprecedented challenges. We’ve compiled a list of guidelines, small business advice, checklists and resources to help you make safe decisions as you begin your journey to rebuilding your business.
Small Business Loan Guidance:
COVID-19 Small Business Guidance & Loan Resources:
Workest HR Workspace Checklist
US Chamber of Commerce Digital Resources Center
NJ Government Guidelines:
Information and Guidelines for NJ Business
COVID-19 Advice for Entrepreneurs:
Protecting Your Business
Small Business Forecast
Predictions for the Future of Small Business
Have questions about your books or your business? We can help! Feel free to reach out today.
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There is no doubt that the pandemic had caused both short-term and long-term effects on the economy and small businesses around the world. We've seen many business owners, including our clients, make smart decisions during the pandemic, from taking advantage of the Paycheck Protection Program to adjusting business operations and investing in new revenue streams. While you can't prepare for a pandemic, you can certainly take these tough lessons learned and create a business budget to help get your business back on track going forward.
Here are some simple budgeting tips to help get your business back on track:
1. Get educated
Knowledge is power! Having a basic understanding of the financial side of your business can give you confidence when making business decisions. Taking an Accounting 101 or Budgeting Basics class can give you the tools you need to a better understanding of the underpinnings of your business.
Okay, so now you know the basics about the financial DNA of your business. When it comes to some of the everyday functions and processes, however, we recommend hiring a professional. Hiring an experienced tax accountant, business attorney, and bookkeeper, can drive the profitability of your business and help maintain your budget. Plus, they will likely catch issues that you may miss.
3. Automate Your Bill Payment Schedule
Managing your business's financials is a task in itself, so it's easy to forget your own personal finances. If you're making payments on business loans, credit cards, mortgages, or car notes, do yourself a favor and set-up automated payments so you don't feel as if you are working overtime to manage your financial responsibilities.
4. Utilize the Right Tools
Implementing the right budgeting tools for your business can have a significant impact on your business's success. Utilizing software like QuickBooks that offers a budgeting tool allows you to streamline your business, save time, and increase productivity.
We know maintaining your business budget can be a hassle, but it's well worth it in the long run! We hope these budgeting hacks will save you time and headaches when navigating the challenges in business today.