Accounting For small businesses in Tampa, FL

small business accounting in tampa

If you are a small business owner, you must have juggled between keeping up with invoices, keeping track of expenses, and complying with tax regulations. If you fail to cater to these issues, you not only risk financial health but can also hinder growth and postpone core operations of your business.

Fortunately, at Retanaco Accounting, we specialize in providing solutions that streamline Accounting for small companies and empower small businesses to expand. Our trusted team works tirelessly to provide business bookkeeping services for small business owners and financial growth strategies for efficient cash management. Together with these sound insights and tailor-made solutions, you can achieve your financial goals with minimal risks.

Drive Your Business Forward with Hassle-Free Accounting Partner

As a small business owner, you often deal with multiple aspects of your business simultaneously. While financial management is crucial, focusing on growth initiatives to propel your business further ahead also comes into play. That is where we partner with you as your small business accountant. As we strive to take care of the numbers for you, you can utilize this time to expand the business and attend to this growth.

Besides, our financial management will elevate your decision-making as you’ll always have accurate quantitative information to reallocate your resources and minimize risk. With our trained professionals, you’ll only guarantee yourself with precise accounting solutions that move you closer to your entrepreneurial dreams.

Benefits of Accounting Services for Small Businesses

Starting a business from scratch can be overwhelming. You don’t just need a great product that sells; you must also familiarize yourself with various aspects of running a business. At Retanaco, we aim to provide small businesses with a coherent accounting system that maximizes profits and success.

While no two businesses are the same,

  • Reliable foundation to ensure accurate financial reporting: Partnering with a bookkeeping service for a small business helps maintain a record of all transactions using cash flow statements and balance sheets. This provides a clear overview of financial performance in a regular, informed fashion.

  • Provides an in-depth financial analysis to reallocate resources: Retanoco analyzes trends, cost patterns, and profit details, establishing liquidity with data-driven decisions. For example, services related to payroll for small business owners can help them understand the compensations they are expected to deliver.

  • Simplifies tax planning and proceedings effectively: Complying with the tax regulation is vital for all businesses. Our small business accountants are trained to identify potential deductions, avoid penalties and keep your financial statements prepared when the tax season arrives.

  • Diverts focus on growth-oriented strategies: Not only do our accounting services for small businesses help owners make the best use of their time, but they also help drive growth in the company. You will always have access to data that can predict challenges and growth opportunities that come in handy over the long run.

  • Builds credibility among investors, stakeholders, and lenders: Bookkeeping services for small businesses build credibility by showcasing the proper adherence to accounting standards. This creates transparency for investors, stakeholders, and lenders, thus helping to achieve their interest in your business.

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Accounting for Small Companies - Basic Practices That Every Business Owner Should Adopt

In recent years, it has become common for entrepreneurs to opt for start-ups and generate good income with their small businesses. However, as they move ahead in their venture, they need to develop an accurate financial system that can help keep track of profits and performance.

As a business owner, you are most likely juggling several operations simultaneously. While opting for a professional small business accountant in this case is inevitable, especially for a growing company, it is important you are familiar with the ins and outs of accounting yourself. This guide will walk you through the essentials of accounting for small companies. It will help you understand a few things that should be taken care of to maintain a smooth cash flow system that keeps your business up and steady in the long run.

Keep Business and Personal Accounts Separate

A common mistake new business owners make is to avoid setting up a new bank account for their business needs.

Business accounts make it easier to track expenses and help maximize tax deductions. With business credit cards, you can also focus on building cash credits and covering cash gaps in larger purchases in the future. Also, if your business needs funding at any point, a solid financial record will play a role in landing approvals.

Remember that you might have to pay a minimum opening deposit if that is the bank’s prerequisite. This depends on whether you are setting the account with a traditional bank, a credit union, or an online bank along with the type of business account you opt for. A good rule of thumb would be to compare the pros and cons of different bank accounts before selecting the one that best aligns with your needs.

Determine an Accounting Method

Based on the accounting method you select, you are required to provide tax reports for taxation purposes. Making the right choice is crucial as it sets the tone for forecasting the future growth of your company. Also, it helps in increasing the likelihood of gaining investors for financing purposes.

Basically, two types of accounting methods work best with small-business models.

Cash Method – Cash-based accounting involves recording numbers once you receive the income and pay the expenses. This means that if you are dealing with a long-term client, you can only record the cash inflow and outflow only when the payments are clear.

This method is great for small businesses up to a certain limit. However, it does not cater to loans, liabilities, and inventories. This sometimes does not give the accurate financial status of the business by overstating its health as cash-rich. As a result, it might portray an incorrect image of a company’s high performance when it is struggling financially.

Still, it is widely used by small companies. As long as your company generates less than 25 million dollars in the prior three-year period, the Internal Revenue System qualifies you to use the cash method. Beyond that, switching to the accrual method is obligatory.

Accrual Method – This method incorporates income and expense records, regardless of the payment status. This means the numbers are recorded as the bills are received and deals are closed instead of waiting for clear payment before proceeding.

Note that this method does not record cash flow. This brings more focus on long-term profits, while the company might be struggling with short-term cash shortages. On the contrary, this method does involve loans, assets, liabilities, and inventories. Thus, by matching revenue with expenses, the accrual method gives a much broader representation of profitability.

Set Up an Accurate Bookkeeping System

By partnering with bookkeeping services for small businesses you can track the inflow and outflow of your funds. Anything you spend money on – from high-end transactions to office utilities – must be recorded in your bookkeeping system. Only a business with precise records can maintain financial statements.

Your accountant will most commonly draw up the following financial reports.

Balance Sheet: A balance sheet focuses on assets and liabilities and gives you a picture of your company’s financial health. A good rule of thumb is to reconcile one at the end of each reporting period, such as a monthly, quarter-yearly, half-yearly, or annually. This helps compare your current balance sheet with the previous one for you to better understand the performance of your business and to make informed future decisions.

Income Statement: This is the kind of financial statement that tells how profitable the business was in the current year after deducting all the taxes. It focuses on the revenue, excluding your expenses and losses. It is one of the most important ones when it comes to finding an investor so that they can assess how profitable your company has been before drawing up any investment plans.

Cash Flow Statement: This statement differs from the balance sheet by focusing only on the inflow and outflow of the funds rather than diving into what the business owes and owns at a given time. It’s usually compiled at the end of the month to analyze the earnings and expenditures. This way, you always judge what you can or cannot afford at a time. Besides, it’s super important if you ever plan to apply for a loan or go for a line of credit.

Manage a Transparent System of Payroll for Small Businesses

A robust system of payroll for small business owners often supports a strong company’s accounting infrastructure. A clear picture of your employees’ compensation, including details about their wages, benefits, bonuses, and deductions, is vital for smooth administration. It also helps track employees’ attendance and working hours to ensure that they are being compensated rightfully as per the regulations.

Also, a payroll system plays its role in tax compliance as well. By knowing your employees’ allowances and earnings, your accountant can draw up the local, state, and federal taxes to ensure timely remittance during the tax season.

Partner with Accounting Experts for Your Small Business

Outsourcing business bookkeeping and accounting experts is always a healthy investment for your business. While it’s true that most small businesses do start with a one-person team approach, as you grow, you must hire professionals to deal with your business’s finances. Retanaco Accounting offers all finance services for small business owners, including managing your accounts, bookkeeping, and payroll. Trusting the financial experts will not only give you the much-needed peace of mind to run a business, it will promise that your cash management is well-maintained and accurate for future ventures.

Get Customized Accounting Solution that Fits Your Business Needs

We understand that every business comes with its own unique set of challenges and obstacles. That’s why we avoid the one-shoes-fit-all approach and focus on providing customized accounting solutions for each client. To understand your financial goals and operations, we start by assessing the foundation of your company. We then leverage this information to provide tailor-made accounting services – be it bookkeeping services for small businesses, payroll for small businesses, tax compliance, or streamlining your financial processes.

In order to come up with a design that aligns with your business needs, we at Retanaco Accounting believe in collaborating with small business owners first. Rest assured, once we draw up the perfect strategy for your business, our only focus is to work on empowering your entrepreneurial goals.

Why do I need an accountant for my small business?

You need an accountant for your small business to draw professionally evaluated financial statements, manage a smooth payroll system, comply with tax regulations, make future monetary projections and strategically plan out funding.

Is it worth it for my small business to get outsourced accounting services?

Outsourced accounting services for small businesses involve giving certain financial responsibilities to a third-party firm that is an expert in maximizing your business’s profitability. This way, you can concentrate on aspects that demand the most of your attention, such as expanding the caliber of your service and eventually growing your business.

Will I lose control of my business’s finances if I outsource my accounting needs?

No, outsourcing your company’s accounting needs does not mean you will lose control of your business’s finances. In fact, at Retanaco Accounting, we aim to not only manage your financial records but also help you understand the basis of your business transactions. This guidance will only help you make better decisions for your company.

Do you use any type of accounting software?

Being well-versed with the latest technology and tactics, we encourage using accounting software to streamline the workflow. By using automation technologies, we reduce the risks of human errors and save a lot of time.

How much does your service cost?

The good news is that we charge lower than you would pay to hire an in-house accounting team. Our prices depend on the volume and complexity of the finances of each client we take on. For that, we offer free consultation to our prospects to understand their business before quoting suitable prices for the job.

What should I opt for Retanaco Accounting for my small business finances?

Our experts at Retanaco Accounting collaborate with you to ensure that engagement models help your company expand strategically. We are client-centered and provide individualized services for every company. Moreover, we are technologically adept with our contemporary tactics to ensure timely and quality management of our client’s goals.