We put hours back in your day and, most importantly, we provide insight.
We review your Profit & Loss and Balance Sheet statements to make sure they show the true condition of your business.
What parts of your business are driving revenue?
Which ones cost you money?
Cash management generally is not a problem in and of itself; it is a symptom of other problems.
With small businesses cash management is crucial.
It is a common misconception that a business owner "loses control" of their finances if they outsource bookkeeping.
With us, that couldn't be further from the truth.
Kathryn C. Tiffany, LLC
Voorhees, NJ
(856) 803-4651
azfamily.com 3TV | Phoenix Breaking News, Weather, Sport
Did you know most small business fail within the first five years? Many times the biggest mistakes are related to finances.
Sherri Slayton with Alliance Bank of America tells us the five common pitfalls for small business owners.
-Pitfall: Not having a relationship with your business banker.
How to Avoid It: Whether you're starting your business, thinking about expanding or just looking for sound advice, your first step should be to make an appointment with your banker.
-Pitfall: Not having a business plan or anticipating cash needs for seasonality or growth.
How to avoid it: Discuss with your banker the short and long term goals for your business.
-Pitfall: Lack of quality accounting and financial information.
How to avoid it: Invest in an accounting system or bookkeeping system at your business, or hire a bookkeeper or accounting service to produce periodic financial reporting including profit and loss statements and balance sheets.
-Pitfall: Internal or external bank account fraud. As a business owner, you should pay close attention to potential fraud on your bank accounts.
How to avoid It: There are many options available to limit access to your business accounts.
-Pitfall: Managing the profitability of the business for tax purposes.
How to avoid it: Talk to your accountant and banker when you are considering deferring recognition of income, pre-paying expenses, expensing items that could be capitalized or accelerating depreciation for tax purposes.
Information on Alliance Bank of Arizona: www.alliancebankofarizona.com
Source: http://www.azfamily.com
Do you grab your chest when you open your accountant's/bookkeeper's bills?
We offer low fees.
Do you feel shunned by your bookkeeper/accountant when you call his/her office?
We offer "on call" 24/7 availability.
Tired of seeing a new face handling your account each year?
We offer personal service.
Do you find yourself auditing the work of your bookkeeper?
We offer quality workmanship.
Can't remember the last time your bookkeeper discussed his/her findings?
We offer unlimited consultations.
When you receive your financials, is it already time for next year's?
We offer timely completion.
Do you break out in a cold sweat worrying about an IRS audit?
We offer precision tax preparation.
Allow us to do your bookkeeping so you can do what you do best: your business! Consider the benefits of outsourcing all of your bookkeeping work to us.
Compare our fees to those of other certified bookkeepers and save thousands of dollars every year in accounting/bookkeeping fees!
Kathryn C. Tiffany, LLC
Call Today! 856-803-4651
Many small firms - and freelance bookkeeping practices - are run through home offices. The general rule for deducting any expenses associated with that home office is that a deduction is allowed only if you use the home office regularly and exclusively for business purposes. The home office must be a principal place of business or a place to meet or do work for clients or customers in the normal course of doing business. For employees, the home office must be used for the employer's - not the employee's - convenience.
Assuming that you qualify for the home office deduction, you may deduct:
- expenses directly related to the home office (e.g., the cost of painting a room that is used exclusively for business);
- a relative share of some expenses, e.g. real estate taxes, mortgage interest, utilities, insurance, repairs; and
- depreciation of the portion of the home used for business.
Please note: If you sell the home at some point, the amount deducted for depreciation expense over the years is subject to recapture as ordinary income.
Example: For the last 10 years, you have been taking $5,000 a year in depreciation expense for the portion of your home devoted regularly and exclusively to your consulting firm, for the total accumulated depreciation to date of $50,000. In 2015, you must report an added $50,000 in ordinary income on your tax return.
Tip: Before taking depreciation on a home office, consider how long you plan to own the home and if the possibility of recognizing ordinary income in acceptable. Consult your tax advisor.
STREAMLINE BOOKKEEPING - SMALL BUSINESS BOOKKEEPING SERVICES
We've created systems to make sure you get all the information you need
so you can spend your time on what you do best. On a monthly basis we
reconcile bank statements, credit card statements, and prepare your
financial statements. Whether you are a sole proprietor, partnership,
corporation, or non-profit, we help to keep your business running
smoothly.
Accurate and timely financial statements help you:
-increase the value of your company
-improve access to financing
-control costs: ensure that all expenses are confirmed, and reduce tax return preparation expense
-minimize stress at year-end: your financial statements will be ready for your tax preparer
-make informed decisions
-see your business trends clearly and easily
Call us for a free phone consultation!
Thank you,
Kathryn C. Tiffany, LLC
Certified Professional Bookkeeper and Certified QuickBooks ProAdvisor
Voorhees, NJ
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Website: http://www.TiffanyAccounting.com
Email: Kathryn@TiffanyAccounting.com
Member of the American Institute of Professional Bookkeepers,
National Association of Certified Public Bookkeepers, Association of
Certified Fraud Examiners, Intuit QuickBooks Advisor Program, Voorhees
Business Association, and Chamber of Commerce.
Designed To Improve Efficiency, Gain Better Insights and Simplify Communication Between the Accountant and The Client.
Businesses that use QuickBooks love to work with software that is easy to use and reduces manual entry.
With QuickBooks 2015, small businesses can complete their financial and accounting responsibilities with a minimum amount of effort so they can focus on growing their business.
With the improved communication tools, staying connected with the company’s accountant just became a whole lot easier!
Sources: Social Security Administration; Federal Reserve of Philadelphia; Department of Labor.
Methodology
This calculator estimates how much you'll need to save for retirement. To make sure you're thinking about the long haul, we assume you'll live to age 92. But you could live to be 100 or incur large medical bills early on in retirement that may raise your costs even further. Social Security is factored into these calculations, but other sources of income, such as pensions and annuities, are not. All calculations are pre-tax.
The results offer a general idea of how much you'll need and are not intended to be investment advice. The results are presented in both future dollars (at retirement) and today's dollars, which is calculated using an inflation rate of 2.3%.
How we calculate your savings goal
First, we determine what your income will be at the time you retire by growing your current income at an annual rate of 3.8% (the inflation rate of 2.3%, plus the salary growth rate of 1.5%). We then assume you can live comfortably off of 85% of your pre-retirement income. So if you earn $100,000 the year you retire, we estimate you will need $85,000 during the first year of retirement. For each subsequent year, we increase your income need by 2.3% to keep up with inflation. We then factor in Social Security by subtracting your estimated benefits (more on that below) since that income will reduce the amount you will need to save.
The second step is to calculate the total savings you will need at the time you retire, in order to generate enough income for each year of retirement. To do this, we determine what it would cost to purchase a fixed income annuity, with inflation-adjusted payments, using a discount rate (or rate of return) of 6%. The cost to purchase this hypothetical annuity is your target savings goal.
How we calculate the amount you will save
To figure out how much you will save by the time you retire, we first estimate your future income by growing your current income at a rate of 3.8% (the inflation rate of 2.3%, plus the salary growth rate of 1.5%). Then, we determine what the sum of your annual contributions will be between now and retirement. We assume your current savings and future contributions are invested and will earn an average annual rate of return of 6%.
How we estimate Social Security benefits
We estimate your Social Security benefits based on the assumption that you will have worked at least 35 years and will start collecting benefits at age 67. For most people who are working today, that's considered full retirement age. If you plan on retiring after age 67, we assumed the benefits are invested (along with your savings) and grown at the same average rate of return of 6%. We use your estimated pre-retirement income to calculate your estimated annual Social Security benefits, based on current benefit formulas and accounting for inflation. To better understand your actual Social Security benefits, please visit www.ssa.gov.
Calculator: http://money.cnn.com
By Andy Bailey
Last month, I was flying back from Texas with my oldest daughter when a woman in the seat in front of us had a medical issue. The passenger beside her noticed that something was wrong and alerted the flight attendants. After a few hurried minutes of activity and help from a nurse who just happened to be on the plane, the situation escalated.
Several passengers — myself included — stepped in to help lay her flat in the aisle, provide her with oxygen, take her blood pressure and attempt to communicate with her. These three passengers (who had never met and did not have much expertise), the nurse and the crew were able to get her situated so we could continue care and make a decision about what needed to happen next. Do we land or keep going?
Here are four key lessons I learned from that flight.
1.Sometimes you just have to stop and think. In business and in life, moments of urgency are all around us. We, being human, tend to react rather than respond to situations.
On that flight, for example, we initially reacted and then, once we had to, we stopped to think, “What now?” We had a critical choice to make and even without knowing all of the details about the woman’s condition, we made it. We decided to land and get her professional care.
Sometimes in life we should take a step back, stop reacting and think about what must happen next to ensure, as best we can, the greatest positive outcome.
2.Decide to change your path. Once we decided that the woman needed professional care, the next step became clear: descend quickly and get on the ground as soon as possible.
Changing a path you have set out on is never an easy thing to do. John Mullins, Professor of Entrepreneurship at The London Business School, talks about the fact that most businesses end up being something much different than they were originally intended to be. This success in Plan B is often attributed to the willingness to attempt, fail and learn in a repeated manner with the eventuality of a change in direction.
3. Grab a friend and a professional. On our flight, the small team of caregivers became friends to the woman. I am not sure if any of us thought much about it, but when the need arose, we just, well, helped.
In life, either professionally or personally, you will need a friend or two to just help sometimes. Find yourself a few true friends that will be there when the times get tough, because they will, and be vulnerable with those people. Talk with them about your fears and shortcomings. Being vulnerable builds trust faster than anything else.
On our flight, the woman was likely at the most vulnerable point in her life, traveling alone and 30,000 feet in the air. She needed friends.
Also, it helps to have a professional on your team of friends. Whatever you are doing or wanting to do, there are people who have done it and have done it well. They know the answers to most of the questions. Seek these people out and ask for help and they will likely give it freely. Remember, someone did it for them, too.
4. You are not alone — ever. This was something that surprised me on that flight. No matter where you are in life. No matter how tough it gets. No matter the circumstances. We are never completely alone. There will always be someone that will help us. We just need to ask and be open to it.
The flight story ends with a landing in Little Rock and the EMTs boarding the plane to take over the care. I don’t know what happened after my new friend left the plane, but I do know that through the experience, I learned a little more about myself and the grace of others.
Andy Bailey is lead entrepreneur coach with business coaching firm Petra and serves as the entrepreneur organization’s global membership director. Visit his blog at www.petracoach.com for more business and leadership insight.
- Source: http://www.tennessean.com
Hiring a small business bookkeeper in New Jersey is an important step in growing your business. You should always interview several candidates to ensure that you find someone who is a good fit with your company’s needs. During these interviews, you may discover some services you didn’t even realize you needed.
Here are a few questions to ask when you are interviewing candidates to fulfill bookkeeping duties for your business:
Past experience matters.
Ask about their prior bookkeeping experience. Are they familiar with your industry? Have they previously worked for a company your size?
What else can you do?
Find out what services they are willing to offer beyond QuickBooks. Advising, cash flow reports, budgeting, audit support, accounting, payroll, and forensic bookkeeping are just a few other services you may need along the way.
Who’s my contact? Who does the work?
Determine whom you will work with. Smaller firms may have you working directly with one of the firm’s owners, while bigger firms will likely hand you off to a junior accountant. Both situations could have pros and cons, but knowing the flexibility and response times you should expect is essential.
Do I trust this person?
Ask yourself if you are comfortable chatting with him or her. Is this a person with whom you can work closely, share privileged information, network, and call with questions or emergencies?
Kathryn C. Tiffany, LLC is a trusted bookkeeping service for scores of small businesses in NJ area. Our bookkeepers have the training, knowledge, and expertise to help you take your company to the next level. We have been working with South Jersey area businesses for over 25 years, and have experience in a wide range of industries.
Learn more about how our complete line of bookkeeping services can help your NJ business, and maximize your use of QuickBooks.
Call today! 856-803-4651
Math and numbers:
If you're like a lot of business owners you either don't like them, don't understand them, or don't pay attention as closely as you should. You know you should have a handle on all of this but can't find the motivation to get any further.
Lots of business owners have some form of math anxiety. Couple that with an aversion to accounting and you've got a real problem on your hands.
But here's the raw truth: your business runs by numbers and if you don't know how to read them you are flying blind. It's time for you to step up and make the decision to get the training and knowledge you need to make that happen. You need to understand what the numbers mean and what the relationships between them. You don't need to love it, you just need to be competent. And you need to do it now!
You already know that numbers will tell you if you're making a profit or not. But numbers will also tell you whether you can afford to buy a new piece of equipment or hire someone. They'll tell you how your marketing campaign is contributing (or not) to your bottom line. How good your sales are. Whether your costs are increasing, etc.
You can't sit around and wait for your bookkeeper or your accountant to bring you up to speed on these things. It's your responsibility. You need to dive into your financial statements and bring these things to light yourself. So how do you do that?
First, decide that it's worth your time and attention and that it's a priority. Really, isn't it more than time for you to know this stuff? Consider all the decisions you're making now based on guesses and hunches, and then imagine making those same decisions based on hard facts. What might you do differently? I'll bet probably plenty.
Second, look around for educational opportunities. Community colleges have accounting, bookkeeping, and other types of financial courses. There are free online sources like educational websites. Hit your public library and check out one of their books on any of these subject areas. They have lots of titles; find one that's written so you can understand it. Google a term like "cash flow" and then go to a site that looks to have lots of definitions. Look up the concept on Wikipedia. Ask people you know who are good at this and see if you can't get a little tutoring.
Keep working on this a little at a time. You'll be amazed at how even a small increase in your understanding in this area will transform your thinking as a business owner. Your business will thank you.
http://www.statesmanjournal.com
We're a bookkeeping firm in Voorhees, NJ - serving small to medium sized
businesses. We can serve your business as little or as often as you
need and accommodate whatever your bookkeeping needs may be. Please
visit our website to learn about our bookkeeping services here in New
Jersey! If you're looking for a reliable, professional, knowledgeable
and friendly bookkeeping service then we're your answer. We can clean
as well as maintain books for your business - no business is too small,
we can come in as little or as often as you need. Check out our
website: http://www.TiffanyAccounting.com
Please call us for a free consultation!
Bookkeeping/Accounting/Bookkeeping Services:
- Balance sheet
- Income statement
- Accounts Receivable / Accounts Payable
- General ledger
- Bank reconciliations
- Journal entries
- Payroll processing
- Payroll tax returns
- Budgeting
- Customer invoicing
- Cash receipts management
- Cash disbursements processing
- Reconciliations of Accounts
- Forensic Bookkeeping/Internal Controls
- QuickBooks Point of Sale
- QuickBooks Pro
- QuickBooks Premier
- QuickBooks Enterprise Solutions
- QuickBooks Online
We will be happy to work with your current Accountant for any
quarterly or annual reports or tax services that they provide.
Kathryn C. Tiffany, LLC is a local, full-service bookkeeping/accounting
service provider dedicated to enabling small business owners to do what
they got into business to do.
With Kathryn C. Tiffany, LLC, you won't be slowed down by having to do
the day to day financial activities critical to being successful.
You'll know where you are financially so that you can make the important business decisions with timely and reliable data.
You will be able to better control costs by reducing administrative
overhead, and ultimately you will be able to focus on the growth and
success of your company with our worry free administrative support.
Our Mission:
To provide efficient, quality bookkeeping services at a fair price in a user friendly environment.
Our fees are based upon hourly requirements and are very reasonable.
CALL NOW for a free initial consultation--at your office and convenience--to discuss your needs and how we can best serve you.
Kathryn C. Tiffany, LLC
Licensed, Bonded and Insured
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Member of:
American Institute for Professional Bookkeepers
National Bookkeepers Association
Intuit QuickBooks program - Certified QuickBooks ProAdvisor
Voorhees Business Association
Chamber of Commerce
Journal of Accountancy and Accounting Today
Please contact Kathryn for more information and to schedule a free consultation.
* Are you feeling overwhelmed by the mountains of year-end accounting details?
* Is the lack of timely financial information and alarm bells hurting your business?
* Are you losing valuable business tax deductions?
* Wouldn't you like to grab control of your accounting records once and for all?
If so, We Can Help You. With our services you can:
* Get on top of your business, not just your books.
* Regularly monitor your business's Key Performance Indicators.
* Know you're getting all available tax deductions.
* Rest assured, knowing you're in control of your company's finances.
And since we charge significantly less than your CPA, you'll save hundreds of dollars a year in accounting fees.
Business owners with inadequate accounting records often end up
paying additional taxes, penalties and interest for disallowed
deductions - even when those deductions were incurred legitimately!
Strategic, professional bookkeeping could help you to lower your taxes while complying fully with tax laws.
Consider our bookkeeping services to keep those records organized, it will save you time, money and stress.
Bonded and Insured.
We have A Proven Track Record of helping many organizations.
Call 856-803-4651 for a for a free and confidential
consultation--at your office and convenience--to discuss your needs and how we can best serve you.
We can help get you accurate financial records you deserve!
We'll offer a free analysis of your books and provide a quote at no
cost. Our pricing is very fair and cost-effective for each client. We
always keep cost in mind as we too are a small business.
Kathryn C. Tiffany, LLC (Licensed, Insured and Bonded)
Voorhees, NJ 08043
856-803-4651
http://www.TiffanyAccounting.com
Member of the American Institute of Professional Bookkeepers, National
Association of Certified Public Bookkeepers, Intuit QuickBooks Advisor
Program, Voorhees Business Association, and Chamber of Commerce.
