Bookkeeping Makes Tax Season A Breeze

As accountants, you will surely know how tedious it can be to maintain books, especially when the tax season is around the corner. Accounting and bookkeeping play a vital role in filing taxes accurately to the IRS. As a business owner, you should ensure that books are updated regularly. If you are running tight on your schedule, it is advisable to utilize accounting and bookkeeping software to manage your business finances effectively.

Financial management is one of the crucial factors in running a successful business. Leveraging the latest tools and applications can eliminate unwanted expenses and record transactions directly from POS, accounts, and payment gateways. It also helps track transactions faster, reconcile bank accounts, categorize transactions, and generate financial reports.

Nevertheless, updated and error-free books allow you to file accurate taxes on time. Updating your books regularly can help you identify risks. It gives you a better understanding of your expenses and revenue. It eliminates last moment hassle. Moreover, it enables accountants and financial experts to reduce taxable income.

Follow these tactics to make a tax season a breeze

Tip: Keep separate accounts for personal and business expenses.

Every Day Is Bookkeeping Day

Record each transaction into correct accounts and books to stop the piles of work on your desk. Remind yourself to update your books regularly to avoid errors.

Review Accounts and Books

Reconciliation plays a critical role in ensuring all the financial activities are recorded and entered correctly into appropriate accounts, sub-accounts, and books. You should review your accounts and books often to eliminate mistakes. Even a tiny error can cause a significant loss.

To manage your work effectively, you can categorize each transaction, follow an updating and reviewing process, reconcile accounts, bank and credit card statements, and verify balance sheet and balance. This will allow you to process documents faster when sending files for taxation.

Store Documents, Receipts, and Invoices

Gathering documents and keeping them safe can reduce the burden when reviewing accounts and books. It will also help you to rectify errors. Always collect all the transactional receipts (account payable and receivable) to verify information and data. This can act as proof of document when you have trouble filling taxes with IRS. In addition, arrange all the files in chronological order to locate them quickly.

Identify Tax Exemption Transactions

Recording each transaction into proper accounts and books makes it easier for accountants and tax agents to identify tax exemption transactions faster to reduce taxable income. Tax on certain expenses can be waived under specific tax laws. This can help you to save every earned dollar.

Bookkeeping With Automation Tools

Experts rely on implementing and integrating the latest technology to smoothen business operations and automate back-office tasks. The latest technology will allow you to stay competitive and reduce your workload. It also helps organize business affairs, enables entrepreneurs to focus on lucrative jobs, and streamlines business operations like accounting and bookkeeping, client management, invoices generation, payroll processing, and data processing.

Hire Dedicated Accountant Experts

As a business owner, we understand that you are focused on core competencies, which gives you limited time to manage your regular business operations. To meet your business needs and grow faster in the concerned market, it is advisable to outsource crucial business roles like accounting and bookkeeping, payroll processing, and other business operations. Outsourcing firms offer flexible business models and end-to-end solutions while utilizing the latest technology to provide comprehensive services to your businesses with enhanced security and privacy.

Bottom Line

Updating your books daily enables you to record each transaction into an appropriate category and reduce errors. It gives you enough time to review your books and file and report taxes accurately. If you are focused on growing your business, it is advisable to outsource accounting and bookkeeping roles to trusted partners. They can help you with dedicated resources, business analysis, risk, and financial management, including accounting and bookkeeping.

At Vieras, we offer our clients end-to-end accounting solutions with scalability options so they can focus on their expertise and save every earned dollar. Our solutions help them move strategically in the competitive world without worrying about financial risks. We provide solutions for accounting, financial management, project management, data management, and human resources. We ensure that our clients get a one-stop solution for their needs. Schedule a call to know more about our accounting solution and learn how we will enhance your business operations.

Does Outsourcing an HR Team Outweigh Your Liabilities?

Having a solid workforce enables business growth and promotes a better workplace. It also allows entrepreneurs to scale faster in a competitive market. A strong workforce consists of trustworthy, ambitious, dedicated, productive, and optimistic people. Finding resources with exceptional skills and experience is one of the most challenging tasks. Moreover, expanding the team is not only costlier but also time-consuming. The bottom line is your business’ success depends on a good hiring team.

We profoundly believe that small businesses or medium-sized businesses should focus on leveraging technology to stay competitive in the market. State-of-the-art technology enables companies to automate regular tasks, reduce workload, and improve data predictions. Nevertheless, cloud technology allows you to manage your business from your comfort zone. Implementing the latest technology in your business creates new opportunities like hiring resources from remote locations.

Why is outsourcing beneficial?

Companies opt for outsourcing for several reasons. Examples of those are strategic partnership, availability of resources, easy expansion, and lower costs. Outsourcing business operations is considered one of the best strategies for growing companies. It gives them access to highly experienced and dedicated resources on-demand. Start-ups and other businesses routinely outsource roles like virtual assistance, HR, IT support, accounting and bookkeeping, marketing, and administrative solutions.

Pros of Outsourcing an HR team:

• On-demand expertise

• Streamlined recruitment process

• Employee benefits

• Compliance awareness

• Strategic resource planning

• Performance evaluation

Cons of Outsourcing an HR team:

• Lack of control on an external team

• Doubt of concern – privacy

• Data insecurity

• Communication Barrier

• Cultural shift

• Hidden Charges

Outsourcing HR roles and responsibility

Outsourcing makes it easier for companies like yours to find better resources and onboard them in a limited time. It leverages productivity and helps in completing projects faster without any complications.

● Employee Handbook

If you plan to grow your company, you should have an employee handbook. Handbooks make it easier for resources to understand business goals, missions, and visions. Most importantly, it helps them adjust to the company's culture and workplace settings.

Outsourcing companies have extensive experience creating an employee handbook that can serve a business purpose. They can make one for your company with all the necessary details, rules, regulations, and other information you would like to add. They have specific formats available for individual business types to make the process easier. This can save you tons of time on research and development.

● Recruitments

Hiring is a complex and time-consuming task. However, outsourcing HR roles saves you all the trouble. From finding suitable candidates to onboarding, they take care of everything so you can focus on other crucial tasks. They have access to an immense talent pool that you can utilize to meet your hiring needs in the needed time such as:

• Creating job profiles and descriptions

• Finding candidates

• Resume screening and technical tests

• Employee verification

• Onboarding 

● Workforce Management

Providing a safe and comfortable workplace for employees is key to retain them and increase efficiency. An HR team helps create a company culture that does just that, reducing turnover.

Payroll Administration

HR support can reduce the burden of managing staff and managing salaries. They can help you process salaries accurately on every cycle by correctly calculating work hours, leaves, deductions, and taxes. In addition to that, the HR team ensures that all the payments go out on time to enjoy uninterrupted services. They also help set advanced payroll management software to automate payments.

• Payroll Processing

• Payroll tax filing, deduction, and reporting

• Online payroll submission

• Accounts Payable and Receivable

● Talent Management

Analyzing employee performance is essential to understanding their contribution to the company. Employee performance can help you identify great talent within the companies to promote them to grow the company faster. Nevertheless, talent management plays a crucial role in helping employees grow their careers. However, if you are unsatisfied with employees' performance during the evaluation, the HR team can follow an off-boarding process.

P.S. At Vieras, we offer our clients the ability to focus on core competencies without worrying about business management and its functions. Our services include data management, project management, accounting services, IT support and maintenance, and human resources. The Vieras is a one-stop shop for all of these services. Get in touch with our experts to learn more about our outsourcing solutions.

Why Businesses Should Have a Fraternization Policy

It is not uncommon for employees who work closely together for long periods to become friendlier outside the workplace. After all, many people have met their spouses through work. Bonds are formed between people who find out that they share interests and similar lifestyles through conversation. Because of this, romantic relationships can develop.

However, certain romantic relationships between employees can be disastrous, especially if the relationship is between two employees who are not on the same level. For instance, a relationship could develop between a manager and a subordinate. Many issues arise that could affect the business and even the rest of the staff. Although employees who get along are great for the company's morale, don't you think there must be boundaries and limits to maintain order and a balanced overall "good vibe" culture?

This article will help you understand why you need fraternization policies to improve the company's culture. Creating a fraternization policy is more complicated than simply saying, "no dating in the workplace."

Having a friendlier culture is essential, but when the relationship between two employees grows personal, it could disturb the workforce and decrease productivity. Nevertheless, if the relationship between a manager and a subordinate continues to grow, you could expect a delay in tasks and an unbalanced workload within the team.

Also, if the relationship falls apart, it can affect company culture, and the concerned employees' behavior can stress other co-workers, especially when the couple starts fighting in the workplace. These employees can go ahead and file a lawsuit or sexual harassment case in some cases.

This can jeopardize your entire business, and other employees might feel uncomfortable and lose job satisfaction. To act in the company's best interests, we think every organization should have a fraternization policy to set truthful expectations.

A fraternization policy creates a limitation between co-workers' professional and personal life. The policy sets boundaries within the workplace and allows employees to conduct themselves to respect peers. To create a better workplace, management should have good policies. 

Standard acceptable and unacceptable behavior between employees:

Acceptable behavior:

• Appreciating peers and following up on their work, and creating a stress-free environment

• Creating a social bonding at the workplace like having lunch together or sharing common transportation

• Connecting with peers to share project details

• Maintaining consent of the relationship.

Unacceptable behavior:

• No physical contact that feels inappropriate

• Avoiding other staff

• Diverting tasks to other subordinates

• Avoiding personal communication that can disturb other employees

• Spreading rumours and gossiping about personal relationships.

To address these issues and prevent unnecessary actions, we help our clients revise their employee handbook and add a proper fraternization policy. This helps protect employee rights while allowing your business to retain good employees and maintain productivity.

You can expect employees to follow acceptable workplace behavior with a fraternization policy. This applies to all levels of employees, from CEOs to janitors.

Inclusion in the policy

• Start with what is a fraternization policy

• Importance of the policy

• What management expects from employees

• Explain boundaries and lay out the consequences

• Set rules and regulations for personal bonding

• Explain the risk of an unprofessional work relationship

• Define acceptable relationships and behaviors

• State the process of reporting and appropriate actions

• Describe the consequences of manager and subordinate dating

The points mentioned above can help you create a better policy and provide proper training to your employees. Our expertise helps our clients to build better relationships and a better workplace.

PS. At Vieras, we provide human resource services that include on-boarding, off-boarding, employee handbooks, payroll management and performance management. We have designed our services to help your business grow faster in the competitive market.