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Month: June 2018

Weekly, Fortnightly or Monthly Bookkeeping Services For The Small Business

Weekly, Fortnightly or Monthly Bookkeeping Services For The Small Business

Even the smallest of businesses always handle some aspects of finance on a day-to-day basis. Startups and family-owned companies could use the services of accountants to track expenses, income, and taxes. Proper bookkeeping overall helps a business to reach its full potential. However, not all business owners realize the value of keeping their books in order until they are behind on a couple of payments or facing tax issues.

Depending on the way a business operates it might prove beneficial to update account books on a daily, weekly, fortnightly, or monthly basis. The reality is that no company that can exist without the proper administration of business funds, and the only way to figure out if this is happening is by recording these transactions as frequently as possible. Day to day bookkeeping for the small businesses is a key business need. 

What Is The Role Of Bookkeeping For A Small Business?

Bookkeeping essentially refers to handling the financial data of business with aspects of accounting and record keeping functions. More prominent corporations often have dedicated finance and account departments to manage these aspects, but for the mid-sized to small business sometimes it is impractical to have a full-time accountant onboard. It has given rise to the rise in outsourced bookkeeping with most companies getting these services from offshore firms.

While most small businesses start off with handling their finances internally, they soon realize that they need a professional to manage certain elements. Some of the other reasons why the small business should consider getting outsourced bookkeeping include:

  • Freeing Up Employee Time

When there is no dedicated accounts department or a full-time accountant to deal with business finance, the task often falls on non-accountant employees. They usually have to split time between balancing the books as well as performing their regular work duties. Often, these employees do not have sufficient bookkeeping skills and it also usually leads to workload fatigue.

However, outsourcing the services of a bookkeeping firm or hiring a financial manager on a need basis takes the load off employee time.

  • Uphold Transparency

Every business must have up to date account books. They often detail correct entries detailing payables, receivables, tax information, and every other financial aspect. Making account entries might seem like a straightforward task, but a foresight on a missed entry can create a myriad of issues for business.

That is why it is essential to make sure that a business hires a licensed Certified Professional Accountant to manage their finances. Hiring an expert in the field means that they are well versed with ensuring accuracy when bookkeeping and can catch on to any discrepancies early enough. Transparent bookkeeping, in the long run, can save a business from litigations arising from tax issues and in the worst case scenario closures.

  • Keep Up With Tax Laws

Keeping account books goes beyond giving a business insight into their finances. It is also a way to make sure that the company operates within the stipulated tax laws. These laws keep changing frequently, and for anyone who is not a dedicated accountant, it becomes difficult keeping track of them mainly in the case of a business that experiences exponential growth.

A finance manager can make sure that the business stays tax compliant and keeps up with the changing regulations. They can also make suggestions about elements that need changes related to financial legislation.

  • Meeting Financial Obligations

Businesses always have expenses and payments that they need to meet from time to time. It can become overwhelming for a startup who often have to wait a considerable time to receive payments from clients. Accounting firms can handle the process, and they are able to prioritize as well as schedule payments appropriately.

Tasking the professionals with the payment process also limits the likelihood of making costly payment mistakes.

  • Liability Cushion

When any business comes under the scrutiny of the law, it is always related to their bookkeeping. When contracting accounting firms, most often guarantee their work by accepting liability in the case of discrepancies that might arise.

While it does take a bit of the liability off of the business, such instances can end up tying the company’s capital for lengthy periods. Therefore, it is vital to carry out some due diligence before settling on any accounting firm.

  • Financial Forecasts

A good financial expert can quickly pick up on every aspect of a company’s economic image. That means that they can work on upcoming budgets to project the performance of the business. Making these financial analyses can keep a business on track and also enables the planning of future expansions.

Proper forecasting also enables a company always to have appropriate inventory as well as have enough funds to cover payroll, taxes, and other financial obligations.

Bookkeeping Frequency

The smaller business might not have huge expenses like the big corporations which need to have an in-house dedicated accounts department. That gives the startup the liberty to get financial services on a need basis. However, it still raises the question about the frequency of bookkeeping and whether a weekly, fortnightly or monthly schedule works best.

To reiterate, it all depends on the business operations and the nature of the market the company serves. For instance, a small business that sells products on a daily basis would need to make daily entries detailing the sales, payments owed to suppliers, and other expenses. These are aspects that employees can enter on an automated system but it would still take the services of a financial manager to balance the business books on a weekly or fortnightly schedule.

The business that does not have daily expenses might find it more convenient to update their books on a weekly or fortnightly basis. A sole proprietor who perhaps sells wares they make off of a home-based workshop might need the services of an accountant on a monthly basis to help with tax issues.

To sum it up, bookkeeping is an essential aspect of every business regardless of size. Working with a finance manager goes beyond simple bookkeeping, and they can offer valuable business advice on how to handle financial activities. When working with an accounting firm, a business can always reach out to them for professional guidance when the need arises.

How to decide on Spray Booth Treatments for your industry? 

How to decide on Spray Booth Treatments for your industry? 

A paint booth helps industries obtain a pristine finish for the products that can be painted in different colours. A spotless finish is important since customers will be choosy and no one wants to rework the same piece due to the time and effort consumed in the process. Therefore, it is essential that your paint booth can work at optimal efficiency and to ensure that you should have the paint booth serviced by a professional at regular intervals. Also remember that a defective paint booth can be the health hazard for you and your employees, apart from your products not receiving the desired finish. In some instances, a defective paint booth can also cause environmental hazards. Therefore, it helps to understand potential trouble spots with spray booths and be an informed customer, if you are considering installing a new spray booth.



Early warning of trouble with your spray booth

Once you have a program of routine checks at an interval of few weeks, you can avoid many of the problems without shutting down the spray booth for several days for spray booth maintenance. The following are among the early warning signs outside your spray booth itself:-

When you notice one or more of these signs, the first thing to check out is the ventilation around the system. Fumes and toxic vapours from the spray booth can be the underlying cause of the problems listed above.

Uneven or improper finishing
If you notice the drying cycles taking longer time or the final few coats of paint sprayed showing contamination with dirt or debris or running off, that is the first sign of trouble inside the booth needing the service of a professional.

Harmonious functioning
You can ensure optimal productivity from the spray booth when it is fully harmonized with every component. Malfunctioning even one component can result in complete breakdown or poor finishing. The following areas should receive your attention every day to ensure this.

  • Ensure proper sealing of the booth to prevent dangerous vapours and fumes escaping and affecting the environment as well as people around.
  • Check the calibration and function of all equipment starting with the jets to the computerized functions.
  • Check the filters and ensure that they are clean every day
  • Ensure effective air circulation and airflow

Why the filters are important

One of the major causes of improper functioning of your spray booth is clogged filters. If you inspect the filters at regular intervals, potentially, you will save time and money, apart from expensive repairs and downtime.

Rely on the professionals

You now have a broad idea of the functioning of your spray booth, and it is always desirable to rely on the services of professionals whenever you notice trouble spots that are beyond simple cleaning and tidying up. Ignoring minor trouble or trying to fix things up with in-house resources can be the invitation to more serious problems that could inconvenience you and your customers. When a professional takes charge, he/she can warn you of any impending problem so that you can take necessary steps without causing inconvenience to your customers.
Now, we move on to get a close-up view of spray booths and how you choose one for your industry.

The role of spray booths in modern-day manufacturing

Spray booths have significantly contributed to modern day manufacturing helping cost-effective production. These boots are designed in a way that they can accommodate products of varying sizes from very small components to semi trucks and large assembly lines as well as intricate furniture. While helping businesses to streamline production, spray booths also ensure the safety of employees and the environment around the workspace, control over contamination, hazardous material spilling over and many other associated health issues.

Classification of spray booths

Generally, spray booths are offered in 3 distinct configurations with each of them created to cater to specific applications. Booths with an open face, a back wall and two side walls with a ceiling for exhaust is a popular variant when you are focusing on furniture finishing, woodworking or a range of smaller components. Another variant is the non-pressurized booths which are closed completely with multiple or single door to accommodate varying sizes of material needing finishing. This variant comes in handy for metal work, automotive finishing, fibreglass and similar applications. The next variant is pressurized booths which are similar to a non-pressurized variant in terms of shape and size. But, this variant can adjust the air volume inside the booth providing a marginal advantage. Refinishing sectors, automotive manufacturing, electronics and similar applications needing a clean environment tend to prefer this variant.
A specific advantage you get from spray booth is minimizing health hazards for your workforce by protecting them from the hazardous material used in painting. Further, these booths also help avoid the potential explosion that may be triggered by various chemicals used in the painting process.

How to buy spray booths

Finish type, air quality, sizing, usage and price are the major considerations while shopping for spray booths. You are making a significant investment even at the lower end of your options. This could also drive some people towards looking at used equipment to save some initial costs. But, it helps to remember that used machinery and a used spray booth are two different propositions. In the first place, it is difficult, and you will not have the backing of manufacturer’s warranty if something, unfortunately, goes wrong. Therefore, buying a new one is always a prudent option for more reasons than one.
Finally, irrespective of your choice, you will also need to ensure correct installation to ensure that the heating system and every jet that sprays the paint are even to achieve the harmonious finish. Regular servicing by a competent professional will help you enhance productivity while earning safe profits.