Why should you hire an accountant?

When running a business your main role is to boost its productivity and grow your income. As you can expect, some factors directly influence your business. One of the aspects that require great attention is your finance department. If you ignore this area, your business can collapse because you can end up in tax problems with the IRS. And if this wouldn’t be enough, this department also directly influences your profit, so you should always look for ways to streamline its operations. Collaborating with professionals is one of the most effective ways to keep your finance department running. And if you don’t have the manpower to maintain your finances, outsourcing a team is also an effective solution.

An accountant helps you save money and time

When hiring an accountant, it’s important to choose someone who has plenty of experience in the domain. But you should know that Regnskapsfører Oslo comes at a cost, so you should be prepared to pay some extra cash monthly. According to the region where your business is located, the average salary may vary, so you should do research to find out what other companies offer. It will help you during the selection process.

But because you don’t have experience in completing accounting tasks, you should totally consider the option to hire an accountant. You don’t have spare time to learn how to run your finance department, but they are specialists in Regnskap Oslo so they are trained to complete bookkeeping services.

They will handle the taxes

The greatest problem you can deal with is missed tax deadlines, and if you are running a small or medium company, it can highly affect its profit. This happens because you or your employees may not have experience in financial management. Taxation is an extensive subject, and only a professional in Regnskapsbyrå Oslo can handle the entire process successfully. Multiple laws and regulations govern the taxation industry, and if you are not up to date with the latest information, you can easily make errors. Because it would cost you money to dedicate your time to understanding tax laws, you should hire an expert.

They create an automated and organised system

A few years ago, all accounting books were kept in a drawer and people had difficulties in analysing them. But nowadays a professional will create an automated system that can offer them easy access to large books. Because of the internet and latest technology numerous operations like accounting and bookkeeping can be completed with the help of automated systems. Cloud-based software and accounting systems make keeping track of your finances simpler.

A professional accountant will use advanced programs to operate your finances. They will also update your employees in time on the changes they have to operate in their orders to ensure that your profit is not diminished. By working with an expert you will never have to worry again about pay slips and missed receipts, they will keep everything updated. Having an organised financial department will highly affect your profit.

Planning an office party – useful advice

Hosting an office party isn’t as easy as it may initially seem, considering you need to take into account some relevant aspects first. If you are keen on making this event a success, receiving a bit of help on the matter might be necessary. Here are some insights you should know:

Get everyone gift bags

A gesture that will surely be appreciated by everyone there, and will show your consideration and involvement would be to get your guests some gift bags. It doesn’t matter what you put in them, as long as it goes well with the theme of the event. You employees with remember the occasion better this way. You can use cardboard gift bags for this task.

Entertainment

Because this is a party after all, you should set the right atmosphere, and that means focusing on entertainment. Depending on where you will be hosting the gathering, a DJ or a live band might be suitable choices. Think about how you want the entire party to go, and choose your form of entertainment accordingly.

Focus on the décor

The décor will be the first thing people notice when coming to the party, so things should be on-point in this department. Make the area seems colourful and joyful by incorporating the right elements. You don’t need expensive items for this task, even ribbon and balloons will do the job just fine.

Food and drinks

There couldn’t be a party without food and drinks, so this is one of the tasks that will require most of your attention. If this is a casual, festive occasion, consider the possibility of setting up an open bar. This way, evermore will be able to choose their favourite drink and you won’t deal with any complaints. As for the food goes, to keep things convenient and easy, you should go for a buffet. Find yourself  great caterer, and provide guests with a selection of food choices. Make sure you don’t forget about desserts. Even just some cupcakes and fruits might be sufficient.

Considering this event can influence office morale, regardless of theme or occasion, you should put in the effort to ensure thins will turn out as great as expected. There are a few things that can help you on the matter, giving you the chance to host a successful party that everyone loves and enjoys. Take into account these tips, and you will be pleased with the results yourself – details can make a difference, so try to not overlook anything important.

Hiring a CPA for trust planning and administration – Things you should consider

While many individuals present plenty of ways of managing and administrating an estate, on a very basic level, the topic of CPAs role in the matter is yet under-discussed. And while many of us can acquire basic information on the topic, it’s considerably more efficient to hire a CPA and let them professionally manage these matters since they certainly have a wider knowledge base and incredible sets of skills. Many seem to outline the importance of hiring a lawyer for estate planning and administration matters, but they seem to neglect the importance of hiring an accountant. Below we have some important information on the topic.

In estate and trust administration, CPAs play a great role

While managing an estate or trust, you may come to a conclusion that the tax requirements in the field are far beyond what you can deal with. In this case, a CPA or certified public accountant will help you. Many consider the option of hiring an EA. But, unlike CPAs, these specialists can only manage taxation matters, while CPAs will successfully deal with all accounting areas, so this comes as a bonus. However, you must remember that both EAs and CPAs are qualified to deal with taxes when it comes to estates and trusts. The main reason for which this happens is that trusts and estates don’t fall under regular public taxation regulations. In trusts’ case, CPAs can act as protectors as well. Consider the services of a specialist from Stephens & Nashland CPAs, when in need.

What is a trust protector?

A trust protector is an assistant of corporate trustees and trust beneficiaries in the process of managing and preparing taxes. Its powers are contractual, as stipulated, and they are described in the trust document. This is a very common practice for offshore asset protection planning and it’s an added safety measure for trustees and trust beneficiaries equally.

What duties have CPAs as trust protectors?

A trust protector has plenty of duties, one of the most important is that they can replace or remove a trustee. They can also resolve disputes between trustees and trusts, and, if necessary, replace the administrative bodies of the trust. Moreover, they can redistribute trust provisions and statuses, based on unexpected events that may appear in the lives of beneficiaries or even unexpected law changes.

CPAs or EAs?

Given the expanded powers of a CPA, specialists advise investing in the services of this kind of specialist. EAs can only manage taxation matters, while a CPA will act as an adviser and protector of trustees, beneficiaries and trust as an entity. As you can easily imagine, hiring a trustee is a far more advantageous solution.

These are some important aspects one should take into account when it comes to trust planning and administration. When in doubt, always opt for the specialist with extended capabilities, as they can help you in unexpected ways. Hiring a CPA for trust protection and administration can prove itself a wise decision. In most cases, trust lawyers must complement the services of a CPA.

Criteria you must meet to obtain R & D tax credits

Owning a business and struggling with each tax that has to be paid on time? This article is here to present you all the criteria you must meet in order to obtain a Research and Development tax credit. Even if you don’t know much about this topic, if you read the summary of info right here you will start understanding how important obtaining one of these credits actually is. R and D tax credits are supposed to encourage all the companies existent in each field of work to invest in their research/development sector. These kinds of credits were initially introduced in 2000 and since them big and small companies started investing in R&D. If you are interested in obtaining one, keep reading below the requirements you’ll have to meet:

LTD. company

First criterion to take into account is that your company should be a Limited one. Being an autonomous company means that you will gain the Limited suffix right after your business’ name. Your company should own all the existent profits, should be paying all the existent taxes and the rest of the money should be proportionally distributed to the existent shareholders and to the working capital. The main advantage of owning a Limited company is that you can increase your profitability much easier with the help of loans and credits. One drawback would be the fact that each share is sold privately. The raised capital is therefore somehow restricted.

UK registration

All you have to do to register your company in UK is set up the details and register online. When owning a Limited status company you need to pay a small amount of money for registration and it takes as little as 24 hours to have your business registered. You can also opt for registration via any specialist agent or third-party software. Once your company is finally registered you will obtain a certificate to use later on.

UK corporation taxes

Everyone knows that in UK corporation taxes are not something to worry about. The taxes regime is one of the factors that influence the overall economy of a country. As mentioned before, you can deal with paying corporation taxes online, with three months before actually starting your business. Buying, selling and other activities are implied. Register with your UTR number and specify the date where you are going to start working.

GAAP accounts

The Generally Accepted Accounting Principles represent a condition to obtain a Research and Development tax credit. There are three main sets of rules that a company has to follow regarding GAAP accounts: the accounting guidelines, the rules issued by FASB/APB and the industry practices that are accepted in the respective country. Owning a GAAP account means that you are actually respecting all the rules and standards you need to respect, including the accounting methods used.

Essential tips to save on international money transfers

Whether you send or receive money abroad for your business, you have to make sure that you do not pay a high fee on the transfer. The process does not have to be complicated, because there are so many money transfer services, you can choose one that suits exactly your needs. Nowadays you have the possibility to find all the information you need online, and all you have to do is to make time to check the articles posted on specialized websites. You even have the possibility to compare money transfer websites and providers. If you want to make sure that you will get the best rates on your money transfer, then you should check the following aspects, because they highly influence the process.

Do not leave it until the last minute

If you know that you have to send your business partners money, then you should do not wait until the last minute because you may make the wrong decision. Check online in advance, to see what money transfer websites are most favorable when it comes to exchange rates and if you are at risk if you use a certain provider. You know in advance when the deadline of the payment comes, so make sure that you do not wait until the last minute, because chances are that in the hurry you will choose a money transfer service that will charge you a high fee.

Do your homework

The majority of people make the mistake to go their bank and simply ask for an international money transfer, without checking on the market what other options they have. The majority of banks ask a higher charge than the other money exchange services, so you should ask your bank what the charge for your transfer is, and compare it with the one of the other money transfer services. There are multiple foreign providers that offer a great value for your transfer, and you should make sure that you choose one of them.

Compare rates

One of the most important steps when transferring money abroad, is to compare the rates different providers offer. You should do it before every one of your transfers, because they may change them from time to time. You have the possibility to look online for a website that offers complete information on the foreign exchange suppliers, so you find everything you need from the comfort of your house.

Check for hidden fees

Before you choose a certain money transfer service, you should make sure that you see if they charge any hidden fees. You have to check if they offer the same rate for different sums, or they change the rate according to the sum you transfer. Also, it is important to read their conditions of transferring money, because they may have “out of currency” or “processing” fees. In case you are not sure, if the provider you choose has a hidden fee you should check for reviews online, because there are definitely other businesspersons who have used it, and they are willing to offer information on their experience.