How Can CFO Services Help My Business?Posted on March 23rd, 2015
It is mostly companies with a very large payroll that have the sufficient budget to staff a full-time CFO. Though all businesses can surely benefit from CFO services, many small and midsized business owners try to get by on their own. Because of their extensive education and training, CPAs are capable of much more than producing tax returns.
Part-time CFO services are a great alternative to hiring a full-time CFO. If you are a small or mid-sized business owner and you want the benefits of a financial partner without the cost of full-time staffing, look to part-time CFO Services (also known as Controllerships) in your area as a more affordable option. The investment to tap into their knowledge of industry specific business financial and operational management will pay for itself in the long run.
With a part-time CFO, you will have the ability to:
Increase cash flow – If your current or start-up business is having cash flow issues, a CFO will find the problems are and come up with practical answers.
Make better business decisions – Financial analysis gives a business the information to make good decisions. A CFO will evaluate your financial data – including your sales, products, and even geographic location. This will allow you to see what revenue you have now and implement changes to increase profits.
Obtain financing – A CFO will work with you to calculate how much capital is needed to grow your business, and help you figure out how to get it. This is especially important if you are hoping to expand or purchase new equipment.
Upgrade financial processes – If your San Antonio business has really taken off, it may be necessary to change the way you do your bookkeeping. A CFO can recommend accounting software and educate you and your staff how to use it.
Help a struggling business – If your sales are down and your records are in disarray, you need an expert to come in and clean things up. A CFO can help you do a variety of things, including consolidating loans and renegotiating contracts. A CFO can also act as a liaison with your bank or other financial institution.
If your San Antonio business could use help in any of these areas, a part-time CFO could be the perfect solution. Please call Marco Flores, CPA for more information. Marco has extensive experience in construction, real estate, and many other industries in the San Antonio area. Marco Flores, CPA will give your business the attention it deserves. Marco measures his success by the success of his clients!
Why is it Important to Keep Good Accounting Records?Posted on March 11th, 2015
As a business owner in San Antonio, you know how crucial it is to be organized. It’s nearly impossible to run a successful business if you are constantly having to search for paperwork and important files. Keeping good records can sometimes be difficult, but it’s definitely worth the effort. Here’s why:
Better business operations
Good records allow you to identify all of your assets, expenses, income, and liabilities. This lets you see the strengths and weaknesses of your business, which will enable you to make better financial decisions. Accurate accounts give real-time data for better reporting and forecasting. Goals and objectives that are created with accurate information are more easily measurable.
Avoid IRS audits
Businesses are required to keep records of all of their transactions. These records will eventually get used to file taxes. Irregularities or flaws in reporting will create an opportunity for the IRS to audit the company. As a business owner, you will need to open your records to the IRS investigator searching for proof of income and proper documentation. Good accounting records are less intimidating than IRS audits.
Preparation of financial statements
You need accurate records to generate an income statement, apply for a loan or create goals to grow your company. Partners or investors will appreciate the informative data that paints a real-time picture of their assets in the company.
If your San Antonio business has to deal with many different vendors, suppliers, and customers, good record keeping will let you keep your accounts receivable and payable in order. Also, if there’s some kind of dispute with an invoice, retrieving the documentation will simplify the resolution.
If your records are in order, your accountant won’t have to do as much work creating quarterly or yearly financial reports. You will also benefit from quick tax preparation when financial data is efficiently organized.
It is essential for the productivity and profitability for your business to always make sure your accounting and bookkeeping records are in order. If you are in need of a CPA or would like to understand how having CPA help will benefit your business, please contact MFCPA, LLC for more information. Owner, Marco Flores, welcomes new business and individual clients from in and around the San Antonio area.
6 Benefits of Cloud-Based AccountingPosted on February 25th, 2015
If you’ve been wondering about cloud-based accounting, you’ve come to the right place. Cloud – or remote – accounting uses software that’s stored and accessed through the Internet. Many small business owners in San Antonio are making the shift to cloud accounting because it offers several advantages.
6 Benefits to Cloud-based Accounting Services
Money saving – With all of your paperwork digital, you will be able to save money on printing supplies as well as postage. It will also be much easier to manage your cash flow. In addition, because cloud-based systems are extremely efficient, you will save hours of needless filing and organizing.
Time saving – With cloud accounting, the time it takes to get everything done will be shortened significantly. The issues and problems that used to take a couple of weeks to be addressed can now be taken care of in just a couple of days. No running across town to drop off documents. Scan and upload your paperwork through a secure channel for remote accessibility by your CPA.
Better organization – You no longer have to worry about tracking down receipts and finding documents when everything’s digital and is accessed with just the click of a mouse. It is always best to save a hard copy of important documents, but having everything organized on the internet, you will have access to them anywhere you go.
Information in real time – You should know the financial situation of your San Antonio business at all times. A cloud-based system gives you access to your data and ability to create reports. Make decisions about your business based on facts and have the documents to back it up, no matter where you are at as long as you have access to the Internet.
Easier collaboration – Cloud accounting allows you to collaborate with your accountant quickly and easily through the Internet. You will both be able to see all necessary documents immediately. View corrections made by your CPA and get clarification simultaneously.
Fraud reduction – Cloud-based systems are better at preventing fraud than manual systems. You’ll be able to determine who has control of bank accounts and see a record of what transactions were made and when. You can limit accessibility within the office or set up tracking methods to see who signed in and when.
MFCPA, LLC has extensive experience using cloud-based accounting with clients. Contact Marco Flores to find out how your business systems can make the change. Cloud-based accounting will allow you to better run and organize your business’ financials.