If your business vehicle is used strictly for businesses purposes you may be able to deduct the vehicle. However, business insurance taxes may apply. These insurance taxes may also fall at a higher rate. If you do choose to use a business vehicle, decide who will be the main driver(s) ahead of time. It’s useful to let the employees access a business vehicle for resourceful time and management purposes. However, insurance rates will increase when you add an additional party.
If you drive your personal vehicle for business reasons you may be eligible for a deduction on your taxes. As of Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for business miles driven, down from 57.5 cents for 2015. 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015.
Make sure to keep track of the mileage in order to receive a discount. If you do choose to use a personal vehicle for work, it will not be represented in the financial statement or the assets of the business. Since the vehicle is owned by you and not the business, it will not be an asset of the business. The personal vehicle will be your own separate responsibility.
There are two options for deducting vehicle expenses: the per diem rate or the expenses sustained. To find out more regarding the two options speak to your personal accountant or visit the IRS website. To read more details and options for tax deductions, visit TurboTax's handy breakdown here.
The Bean Counters Bookkeeping Team hold accounting degrees and can help you identify the correct classifications for vehicle use in business. If you need help keeping on top of your books, we'd love to help you grow!
Starting a small business can be very challenging. You have to know how to productively manage time, money, and customers. While these skills may sound simple, they’re often the key components which small business owners struggle with the most. In order to succeed in the business world, sometimes we all just need a helping hand.
Kaylin Leland, owner of The Bean Counters Bookkeeping says that business owners take on several different tasks at once. “As a business owner you have the five hundred different hats that you have to be responsible for at any given time and outsourcing the bookkeeping requirements gives you time to go home and have dinner with your family. Or even focus more on growing your business without the overhead of hiring an in-house bookkeeper." Thus began the vision of a bookkeeping firm that provides financial support services to small businesses in the Wilmington, NC area and all across the United States.
The Bean Counters Bookkeeping was first launched in April 2013. Leland’s entrepreneurial passion first started in a small, but successful bike shop called Bike Cycles. While there, she helped manage the shop on a day to day basis. Not too long after, she graduated from the University of North Carolina Wilmington with a Masters in Science in Accountancy. She followed her accounting degree with a career in the federal government as an auditor for the U.S. Army. Her passion did not stop there. Leland reminisces, “After working for the Army for a couple of years I wanted to get back to that small business relationship. You know; seeing the passion in people’s eyes when they start their business and it starts to work and grow and I wanted to work in that realm again.” The Bean Counters Bookkeeping started out like many small businesses - a local focused service based company helping other like minded business owners in the community. As technology became more widespread, and online accounting systems increased functionality, The Bean Counters Bookkeeping branched out and now serves business across the U.S. in a virtual setting.
Leland’s bookkeeping business provides budgeting, cash flow analysis, QuickBooks setup and training, and many other services. “The biggest thing I hope to achieve is to help my clients grow. It isn’t just about me growing, it’s about helping them grow as well,” she stresses. Thus far, she has helped numerous small businesses not just in her local area, but many others who are embracing the savings of time and money (and other benefits) of cloud based accounting.
To find out more go to BeanCountersBookkeeping.com. You can contact Kaylin by phone at: (912)376-9918 or by email at: Info@thebeancountersbookkeeping.com.
You're probably well aware of the rise of cloud based bookkeeping programs such as QuickBooks Online, Wave, Xero, Freshbooks, etc. These programs certainly make a business owner's life easier. We couldn't agree more! In fact, these programs are incredibly helpful to bookkeepers and accountants as well. Never before in history has bookkeeping become more streamlined, transparent, and flexible.
Despite the advantages of these platforms, cloud based systems still have their limitations that prevent them from automatically deriving a complete, reliable and accurate result that a professional bookkeeper will provide.
However, we're commonly asked why one of these cloud based bookkeeping systems can't replace the need for a bookkeeper. Software is commonly used to store data "in the cloud" instead of on your local server, making it accessible from wherever you may be, as long as you have an internet connection. Plus, due to this software being available on a subscription basis, business owners save upfront costs involved in buying the software outright and installing it locally where its accessibility is limited. These are definite advantages, but because of the automated processes of importing bank feeds, many business owners assume that this replaces the need of a bookkeeper.
That couldn't be further from the truth, and if you are using a cloud based service INSTEAD of a bookkeeper (and not in tandem with a GOOD bookkeeper), you're making a big mistake.
Yes, you now have the ease of accessibility and definite cost benefits, there are several other factors that should be taken into consideration. Bookkeeping requires knowledge, accuracy, and precision when handling the complexities of the business transactions. Especially when a company needs to pay quarterly taxes, has various loans, imports payroll transactions, and on and on.
A professional Bookkeeper can handle complex transactions, oversee the data and systems and spot an oversight or error which a cloud program can't detect. At least not yet. We routinely hear about business owners who get rid of their bookkeeper because they now think these software programs are all they need. Then they run into problems. When they come to us, we end up finding mistakes in postings, discrepancies between profit and loss items, balance sheets, and incorrect reconciling. A software system like QuickBooks online is needed, yes, but you still require a certified bookkeeper who can process the information correctly.
In conclusion, a cloud based bookkeeping system cannot replace a bookkeeper, yes, it will reduce the time required for bookkeeping (which is why we ALWAYS suggest using one) however, it should never replace your bookkeeper. If you have questions about how to best utilize these systems, or even receive savings on QuickBooks Online at our discounted wholesale price, give The Bean Counters Bookkeeping a call at 912-376-9918.
Bookkeeping can be confusing. We get it. In fact, our job is to make your life easier by taking care of one of the most confusing and time consuming aspects of your business. However, bookkeeping is essential to your future growth. Our services are straightforward, and we enjoy being transparent with how we work. Read on for answers to the most common questions and concerns we receive from business owners who are still "on the fence" about outsourcing their bookkeeping to us.
What do you charge? Why aren't your prices listed on TheBeanCountersBookkeeping website?
We've found that businesses are unique and therefore have very different and occasionally complex needs. If you've been keeping on top of your books fairly well, and are just looking to change your bookkeeper, it will be a quick and relatively simple transition. We recommend using an outsourced bookkeeper from the beginning and never trying to handle your own finances.... believe us, it will save you TONS of money and headache later on)! Let's say your company has a handful of bills to pay yet many employees on payroll. Your competitor only has one credit card deposit daily, but may have 100 transactions coming from 100 unique customers that requires the setting up 100 customers daily into your accounting software. Do you see the difference? This is why we quote specifically per customer. We're not trying to be elusive, we just need to know the details on average transactions per month to give you an accurate and competitive quote. We pride ourselves on being affordable and well worth the money invested in our services. We certainly do not want to overprice what we can do, and we're confident that we can handle sticky situations, so give us a shot!
Am I locked into a long term contract?
No way! We do provide contracts for our clients to ensure confidentiality and trust. However, if we aren't performing up to our expectations, we don't want to lock you in. Even if we set up your QuickBooks - that's yours to keep and make use of. Of course, we think that once you use our services, you won't ever want to quit. ;)
Can I keep my accountant or do I need to use one you recommend?
Well, all of us have accounting degrees and we do have CPAs ready who are licensed and certified, however we know that you may LOVE your current accountant, and that's great! You can still provide access to QuickBooks to your current accountant, and we'd love to team up with them. Keep in mind, when you outsource to us, no matter what you choose, your bill from the accountant will be much lower since we'll have your books cleaned up and ready for tax time.
I'm trying to cut down on the paper. How can I get my receipts and documents to you?
Good for you! We firmly believe in cloud accounting and the ability to reduce waste. We use a cloud based document system and will provide you easy access to your own secure folder. We'll even get it all set up and then you simply snap a picture, upload, and we'll take it from there.
I've got Payroll to consider and already have my own provider. Can you work with that?
Absolutely! Whatever payroll provider you use, we will analyze the data and send the details to them. If you are open to changing or want to set a new provider in place, we can suggest options that will save you time and money as well.
I see you use Quickbooks. What if I'm using Freshbooks or another bookkeeping software?
We're all over Quickbooks and here's why. Quickbooks is easily set up even if you're using another provider. Not only that, they are the best in the industry and have the best options, accessibility, and track record far and above their competitors. They've even been rated #1 in 2017. So, currently, we only use Quickbooks because it's the best, and you deserve that. If you're worried about moving to the best, our bookkeepers will ensure that all of your data is uploaded and converted to Quickbooks. They have the best integrations with other cloud-based systems, and that's why we stick with them.
Have other questions? Feel free to reach out! We'd love to answer any question you may have about bookkeeping, give you a customized quote, or even provide Quickbooks training if it seems too overwhelming. You can get in touch with us via our contact page, or call us at 912-376-9918 from M-F 7am-9pm ET. Prefer email? No problem, just send your questions to firstname.lastname@example.org and we'll respond as soon as possible!