There are a number of reasons why you might decide that you can do your own accounting for your business especially when you consider that you can make use of accounting software options to make the task a bit easier.

However, not all accounting and tax issues are straightforward and if you get accounting help here, it should ensure that you stay on the right side of the tax authorities and fully understand that financial position of your business.

Here is a look at the pros and cons of doing your own accounting.

Keeping accurate records

In order to be able to have a clear and accurate picture of the financial health of your business at any one time, you need to have a system in place that allows you to collect the required data as accurately as possible.

The good news on that score is that many accounting software packages that you can buy or lease are aimed at being as user-friendly as possible and that means the administrative task of inputting all of your sales and expenses data as quickly and efficiently as possible.

You should also be able to find a software option that keeps track of your inventory as well, so the basic task of collecting key data in an accurate format should be within your reach if you choose a package that helps you achieve that aim.

However, you should also be aware that there are certain limitations to consider when relying on software data you have inputted.

Carrying out an audit of your business records using an accountant could reveal a certain amount of accounting and data discrepancies and using a professional service could also help you identify how to interpret the data in the most tax-efficient way possible.

A good solution could be to use accounting software to help you prepare all of your basic financial data and then use the services of an accountant to cast their professional eye over the details and provide you with some general financial and tax-efficient recommendations.

Cash flow forecasts and business plans

There is a lot more to accountancy services than basic number crunching and if you are seeking to acquire some finance for your business, for example, it can often be the case that using an account could be advantageous.

If you have approached your bank or a lender for a business loan they will want to see your latest financial records and the success of your loan application will hinge on whether you can produce a credible cash flow forecast and business plan to support your request for funding.

Do you really have the time or inclination to do it all yourself?

Running a small business often involves multi-tasking and handling all sorts of different challenges and you might ask the question whether you can justify spending too much of your time on accountancy tasks when there are plenty of other pressing calls on your time to contend with.

The fact that you are running your own business confirms you have a certain amount of entrepreneurial flair and focusing your energy and efforts on increasing sales and growing your customer base could be a better way to spend your valuable time.

It is worth remembering that you don’t have to employ an accountant full-time and it could well be that you only need to pay for a couple of hours of their time to get the answers you need,

Weighing up the cost

It is essential that you keep tight control over your expenditure and one of the most common reasons why some business owners are reluctant to use an account is down to cost.

You might think it is reasonable to assume that you can’t really afford to hire an accountant but you might think again when you consider the sort of value that they can offer your business.

Take a moment to consider how long it takes you to work out your taxes and you should be to calculate how many hours it has cost you to complete that task. If an accountant can do the job in half the time you could find that their hourly rate actually equates to a lower cost compared to what you could have earned doing your regular work.

Freeing up more of your time by delegating certain accounting tasks to your accountant could turn out to be a smart move if it allows you to concentrate on generating more revenue.

Enjoy greater control over your finances

Even if you use an accounting software package to help you keep control over your finances there is still the issue that you might not have as much control over your money as you would like.

Using an accountant should present you with an opportunity to enjoy a greater level of understanding and control of your financial situation and outlook.

Cash flow forecasts are pivotal to keeping your business afloat as you can see how much money you need to maintain a good trading position and fund any expansion plans you have.

It is now easier than ever before to share information with someone like an accountant if you choose cloud-based accounting software and that means you won’t have to waste your valuable time gathering all the data together as they can access the details in an instant with your consent.

The art of delegation

As your business grows it will quickly become apparent that you will have to learn how to delegate certain tasks so that you can focus on key aspects that demand your attention.

Delegating your financial affairs to an accountant could turn out to be a savvy move and the costs associated with that decision can be justified if it frees up more of your time to be able to concentrate on growing the business and increasing turnover.

When you weigh up all the options it should allow you to make an informed choice about what aspects of your business’s accounting you can take care of and when it might be better to use an accountant.

What leads to a happy employee at work? Benefits and a good salary are great to have, but employee satisfaction is equally important. In an age where employee retention is becoming difficult, organizations need to step up their game in providing a healthy work environment.

An average American spends about 90,000 hours at work in their lifetime. Hence, work is a significant part of a person’s life. If you’re not satisfied with your job, it can lead to degradation of your well-being, which is accurate for 80% of the US workforce.

It means that a company needs to make changes to its work environment so that employees can experience a healthy culture that leads to a happy life. A high level of employee satisfaction translates to high productivity, increased sales, and better performance, which impacts the organization positively.

Top 10 companies with the best work environment [2019]

According to Fortune 100 Best Companies to Work For, here are the top 10 companies in the list:

Hilton
Salesforce
Wegmans Food Markets
Workday
Kimpton Hotel and Restaurants
Cisco
Edward Jones
Ultimate Software
Texas Health Resources
The Boston Consulting Group

It might come as a surprise that many tech companies haven’t made it to the list. The companies mentioned here offer a wide variety of services. These include hospitality services, retail, information technology companies, financial services, professional services, and even health care.

In determining the Fortune 100 best companies to work for, the employees’ day-to-day experience at work was considered. The company’s value, the workers’ ability to contribute new ideas, and the effectiveness of the leader were also important factors in coming up with the list. Moreover, the employees in each organization filled out a survey.

Reviews by employees of the companies mentioned above show that a company’s culture and practices influence employee satisfaction. A culture that promotes learning and growth at work have higher employee retention. Moreover, any company’s values are an essential factor, because if they don’t align with employees’ personal values, they may not be comfortable working for that organization.

A culture that promotes a sense of community and interaction between employees makes employees happier and more involved at work. Hence, an organization that empowers its staff is bound to see exponential growth.

In addition to this, these companies reward employees’ efforts. If employees feel cared for, they wouldn’t have a reason to leave their job. Hence, a diverse and inclusive workforce is a necessity. People belonging from different backgrounds can impact organizations positively because a diverse workforce brings their own experiences to the table. Hence, it creates a knowledge-base and a broader pool of skills that are vital for a company.

These companies not only focus on making profits but also focus on improving the lives of people that come in contact with their product or service. For an employee, this matters because it allows them to view their job as meaningful. It gives them a sense of purpose and increases loyalty with the organization.

Why culture matters at work?

According to a survey by Deloitte, 80% of the US workforce is dissatisfied with their jobs. With such high numbers, one must question what are organizations doing to improve job satisfaction?

Hence, a company’s culture comes into question. Culture matters because it shapes the work environment and the day-to-day activities of an organization. An employee is confined to the office for about 40 hours a week, sometimes even more. The culture in the workplace either creates a pleasant atmosphere or a hostile one. No one wants to work in a place where they may face stringent managers, poor working conditions, and disgruntled employees.

On the other hand, a healthy culture allows the employee to enjoy the work they do. It reduces absenteeism, improves productivity, and lessens employee turnover. It also promotes creativity, thereby allowing an organization to grow.

What leads to a good work environment?

Positive Company Perception

A company’s perception is critical for employees. How the staff views the company determines their loyalty to the organization. Moreover, an employee should have faith in the product or service that the company offers. For a great work environment, the employee must feel a sense of purpose in their job role. Only then can an employee feel like their contribution to the organization is meaningful and that it has a positive impact on the customers/clients.

Employee feel valued

A manager must note an employee’s hard work and effort. Hence, employees should be appreciated, given due recognition, and positive reinforcement for their contributions. Companies could do this by granting bonuses for the extra effort. Without such measures, it may lead to underperformance and dissatisfaction.

Team building

Companies with the best work environment promote team building because it creates a sense of community, which is vital for every organization. Employees must feel like they belong. Hence, inclusion and embracing diversity are necessary. Team building activities such as scavenger hunt with apps such as Goosechase, can help accomplish this. A strong team sticks together, supports one another, and weathers out even the toughest days.

Ability to grow

A healthy working environment pays attention to the growth of an employee’s skill set and promotes an environment that focuses on learning. Managers can assist by overseeing day-to-day tasks until employees become proficient. An organization that helps the employee build their career will witness less employee turnover.

Hence, organizations that want to tap into the potential of their employees must invest in training. Training should be for hard skills as well as soft skills. Training for hard skills develops job-related skills and enhance the productivity of employees. Soft skills, on the other hand, improve interpersonal skills that help an individual become confident, open to sharing new ideas, and collaborate with others.

Employee health

Good organizations take care of the well-being of their employees and invest in wellness programs. An organization that cares for its employees is bound to have a high retention rate. Moreover, it creates loyalty and a level of trust between the employer and the employee.

Work-life balance

Work-life balance is necessary for a healthy life. Companies can support by providing employees paid vacations, maternity, and paternity leaves. It allows employees to focus on their family life as well. Hence, it creates job satisfaction that is on the downward trend currently. In addition to this, the employee should be encouraged to pursue self-growth.

Communication

Employees must be able to communicate with higher management without hesitation. Employees must be able to communicate with the upper management and higher hierarchy, without hesitating. Open channels of communication ensure that an employee can talk to management without being judged. It helps in building trust as well. Popular software tools such as Slack and hardware tools such as AxVoice allow teams to communicate, without burdening the organization with huge bills. With job satisfaction levels at an all-time low, organizations need to look for practices that keep employees engaged. Companies with a high level of job satisfaction are those that focus on their employees. Other companies have a lot to learn if they want to grow and expand.