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Bookkeeping Services


Opening a U.S. Subsidiary Is Still Possible During COVID-19

July 2, 2020 / by Loren Sweigart posted in Santa Monica, Bookkeeping Services, Los Angeles, Ventura County, Business Continuity

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Although COVID-19 has created obstacles for overseas companies to set up U.S. subsidiaries, it has also presented possible opportunities to pursue.

The coronavirus pandemic has had a catastrophic impact on the world's economy, with some sources forecasting a decline of up to 8.8% in global GDP this year. In addition, ongoing travel restrictions prevent entry to the United States from many countries, which may have disrupted plans at some international companies to open subsidiaries here. (As a general rule, opening a U.S. subsidiary requires obtaining a U.S. bank account, which must be done in person.)

Even so, there are glimmers of optimism amid the gloom. The pandemic has also revealed new opportunities, especially for companies that specialize in technologies that enable e-commerce, telemedicine and remote learning. For international companies in those fields, the U.S. market could be more receptive than ever. Here's what you'll need to know about starting a U.S. subsidiary.

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It's Not How Much Bookkeeping Costs, It's How Much Value It Adds

June 11, 2020 / by Indre Bauza posted in Small Business Advice, Northern Virginia, Bookkeeping Services, Business Advice

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No one ever says "You get what you pay for" when describing a good deal. People say that only when they realize (too late) that the inexpensive solution they chose is inadequate.

In reality, it's possible to get much more than you pay for — and outsourced bookkeeping services are a prime example.

A Long-Term Solution to a Pressing Need
During the launch phase, few business leaders have a solid long-range plan for keeping their company's books. Often, cash flow is modest enough that the owner, office manager or other staff member can do the books.

When your business grows to the point where it's no longer feasible (or wise) for the owner or a staff member to continue doing the books, however, finding a dedicated bookkeeper becomes a pressing need. That can pressure the business owner into settling for a short-term fix.

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Case Study: Flexible and Consistent Bookkeeping for a Franchise

May 28, 2020 / by Lynette DeRose posted in Small Business Advice, Bookkeeping Services, Business Advice, Case Study Blogs, Chicago Southland

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For Creative Colors International (CCI), one of the primary selling points for its franchises also created one of its biggest challenges.

The Illinois-based CCI, which specializes in repairing various types of furniture coverings, allows individual franchisees to tailor their offerings for their particular markets. For example, some franchisees contract exclusively with a single client for whom they work onsite, while others operate a mobile business with a variety of clients.

From a bookkeeping perspective, the result was a hodgepodge of reporting procedures that strained both franchisor and franchisees. Says CCI President and Co-Owner Mark J. Bollman, “For an owner/operator just starting out, doing the work all day and then coming home to a stack of invoices when they're tired hasn't been conducive to on-time reporting.”

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How to Plan a Successful Business Succession

May 14, 2020 / by Sandra Finerghty posted in Small Business Advice, Bookkeeping Services, Business Advice, Durham & Chapel Hill, NC

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Note: This blog first appeared on the NCACPA website.

It's not surprising that many new business owners devote little thought to their exit strategy. They have way too much going on today to worry about tomorrow.

Still, putting together a business succession plan as soon as possible is part of being a responsible business owner. After all, illness, disability or family obligations could force you to sell out sooner than you'd planned.

And even if you eventually do exit according to your own timetable, you'll want to do it properly, both to maximize your profits and ensure a smooth transition. This is especially important when passing the business on to a family member or longtime partner. You want to avoid misunderstandings that could strain the relationship and put a damper on your well-deserved retirement.

Visualize the Moment
The first step in planning your succession is deceptively simple: Stop and think of exactly what selling your business would mean in practical terms.

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Bookkeeping Is Vital as Businesses Rapidly Adapt to COVID-19

May 5, 2020 / by Leslie Jorgensen posted in Bookkeeping Services, Supporting Strategies, Business Continuity

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The coronavirus pandemic is testing the ingenuity of American businesses as never before. Companies are conducting major overhauls of their business plans, profit models, operating procedures and even human resources policies. These changes would normally call for months of careful research and planning but are now being implemented in a matter of weeks, if not days.

While speed is of the essence, any changes your business makes in response to COVID-19 must still be rooted in solid financial insight and intelligence.

Inspiration Amid the Devastation
It would be easy to give in to despair in response to the daily onslaught of grim news. But each day also brings inspiring stories of business leaders who have made agile adjustments that have not only enabled their companies to remain open, but also preserved employees' jobs and provided the public with much-needed services and products.

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Bookkeeping and Back-Office Support for Modern Architects

May 1, 2020 / by Loren Sweigart posted in Santa Monica, Bookkeeping Services, Los Angeles, Ventura County

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A local IT expert, Holden Watne from GenIX, caught our eye with his recent blog post, "Embracing Technology for Greater Productivity in the Architecture Industry."

We see obvious parallels here. Since 2004, Supporting Strategies has embraced the power of technology for greater productivity in bookkeeping and back-office support. Just as modern architects have moved beyond drafting tables and cumbersome physical blueprints and into the digital realm, leading outsourced bookkeeping service providers leverage cloud-based software tools to reduce paperwork and increase efficiencies.

Let's look at the many ways in which outsourced bookkeeping services are a perfect fit for forward-thinking architecture firms.

By Promoting a More Efficient Use of the Architect's Time
Modern architects juggle multiple projects and responsibilities. They'll embrace solutions that enhance their mobility and let them collaborate seamlessly with clients and key team members from the office, job sites and home.

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Adapt Your Business for Tomorrow With Outsourced Bookkeeping

April 28, 2020 / by Mark Schanen posted in Bookkeeping Services, Milwaukee, Business Continuity

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As the COVID-19 crisis forces businesses to change how they operate, many companies find they need more financial analysis and bookkeeping support than ever before.

From emergency measures, such as determining the size of a loan request, to getting a better understanding of fixed-cost obligations, business leaders need up-to-date financial insight. That includes frequent cash-flow forecasts to keep pace with a rapidly changing environment.

Bookkeeping That Fits Your Evolving Needs
Outsourced bookkeeping and controller services offer a cloud-based, remote-work answer to these evolving business needs.

Now is the time to find a custom solution that not only addresses immediate concerns, but also improves your underlying operational efficiency by providing a bird's-eye view of your processes. And even when this crisis passes, you'll continue to enjoy the advantages of improved financial insights as well as time saved on daily tasks.

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Construction Pros Use Bookkeeping for Contingency Planning

April 14, 2020 / by Steve Barber posted in Bookkeeping Services, Northwest Maryland, Business Continuity

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Disruptions are the norm in the construction business. And while the COVID-19 outbreak — which has led to a widespread halt of building projects — is more extreme than most disturbances, successful construction companies are structured to handle multiple projects with long durations and to anticipate potential interruptions along the way.

When it comes to contingency planning, outsourced bookkeeping services are one of the most useful tools those in the construction trade can use.

Preparing for the Worst
Construction companies encounter cash-flow interruptions for a number of reasons, from routine weather delays to once-in-a-century pandemics. Even projects that stay on schedule often require a juggling act between making upfront vendor payments and collecting revenue from clients on the back end. Staying up to date on your finances is the best way to prepare for these interruptions. And the first step is to establish a cloud-based bookkeeping system.

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Three Tips to Stay Up to Date on Cash Flow in Your Business

April 2, 2020 / by Earle Durham posted in Small Business Advice, Merrimack Valley, Bookkeeping Services, Business Advice, Southern Maine, Business Continuity

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If you're one of the vast majority of businesses feeling the impact of the coronavirus pandemic, these are unsettling times. One way to protect your business' health is to regularly monitor and forecast your cash flow.

With that in mind, here are three tips to ensure your cash flow keeps pace with your business goals.

1. Review Your Cash Forecast Every Week
A cash-flow forecast is just that. It's a projection of how much cash you expect your business to have in the near future based on the information you have today. Simply put, cash flow is projecting your:

  • Cash In: sales, collecting accounts receivable, investments/loans
  • Less Cash Out: accounts payable, operating expenses, payroll, R&D expenses, sales and marketing expenses, owner’s draws, loan repayments
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Keeping Your Doors Open With a Business Loan

March 31, 2020 / by Elliot Hershik posted in Chicago Far West Suburbs, Bookkeeping Services, Business Continuity

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The coronavirus pandemic is wreaking havoc with businesses of every size and type. If yours is one of them and you're struggling to meet your obligations, you might be eligible for a loan through the Small Business Administration (SBA) or other organization.

Here's what you need to know.

Basic Application Requirements Still Apply
In a recent blog on coronavirus preparedness, our colleague Andy Hale mentioned the new low-interest SBA loans that have become available. These Economic Injury Disaster Loans, which the SBA is offering in conjunction with state governors, can provide distressed businesses up to $2 million in working capital.

Although the SBA is expediting assistance through a streamlined three-step application process, you'll still need to provide some basic financial information, including:

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