What are the benefits of outsourcing your CFO/Controller or other finance needs? Click and find out.
Tag: accounting for a small business
Outsourcing Your Business’s Controller Services
When starting and maintaining a small business it can be difficult to keep up with its financial needs. Accounting is not a job suited for everybody. It is important to make sure a professional is handling your business’s finances to ensure your money is being used accurately and efficiently. Outsourcing a controller to manage your finance needs saves you time and keeps you from unwanted stress.
At NexGen Finance Solutions, located in the Dallas-Fort Worth Metroplex, our controllers have the experience and education to serve you and manage your finances well. They will manage all aspects of the accounting process to ensure accuracy and completeness. This provides you with more time to better use towards other areas of your business and allows you to cut down on costs.
When outsourcing your controller services you do not need to worry about keeping up with staff. If you did not outsource your controller, you would need a plan in place for instances where your staffed controller may be sick or gone on vacation. When you outsource a controller, you do not need to concern yourself with training or hiring staff to take over. We already have a seamless plan in place to ensure your financial needs are still met.
Our controllers work to build policies and procedures specific to your business to allow for financial growth. These policies and procedures are implemented to catch omissions, fraud, and errors. Our controllers will work with all departments within your business to ensure that everyone is aware of the policies and sticks to them. This allows for less complicated reporting.
We are excited to share our professional and experienced controllers with you as we assist you with your financial needs. Contact Bryan Polozola today by calling 214-629-0100 or email him at bryan@nexgenfinance.com to receive more information about our controller services.
Are you ready to meet YOUR new controller?
Expenses to Consider When Starting a Small Business
At NexGen Finance Solutions, a recurring accounting support and finance analysis company in the Dallas-Fort Worth Metroplex, we are committed to assisting you with your small business finance needs. One of the largest financial commitments when starting a small business are the startup expenses. Consider the following expenses when getting started:
Capital Expenses
A one-time cost of buying an asset is called a capital expense. When starting a business these expenses can sneak up on you. It is important to thoroughly think through everything you will need to start. Some of those expenses may include vehicles, equipment, business cards, website development costs, security deposits, property, inventory, a sign for your building or office to advertise, brochures, and/or office supplies.
Capital expenses usually do not qualify for a tax deduction, but you will be able to write off the expense’s depreciation.
One-Time Expenses
One-time expenses include legal fees, permits, licenses, state incorporation fees, etc. These are expenses you will have to make to legally start your business. Some licenses, permits, or fees will require you to renew them annually, making these yearly expenses instead. It is important to keep track of each expense to know if they will need to be renewed. This will allow you to properly budget each expense so you will not be caught off guard when renewal time comes.
Fixed Expenses
For fixed expenses you will need to think through what costs you have each month. Usually you will need to pay rent or mortgage, utilities, administrative costs, insurance, and/or payroll (if you have salaried employees). These expenses do not change month to month, making them easier to budget for.
Variable Expenses
Variable expenses change month to month. These expenses may include shipping or packaging costs, costs of a direct sale of a service or product, inventory, travel, and/or payroll (if you have hourly employees). These expenses are more difficult to budget for. Initially, estimate how much you think you will spend on each item and give yourself a “fixed” number to stay under. Once you get started doing business, look back over the previous months to see how much you are actually spending on each item. This will help you adequately budget for each expense.
Many of one-time expenses, fixed expenses, and variable expenses are tax deductible up to $5,000 in your business’s first year.
Keeping up with your many expenses and finance needs can be a grueling and unpleasant process, but they shouldn’t be. Consider outsourcing your accounting and finance needs. Contact Bryan Polozola at NexGen Finance Solutions today by calling 214-629-0100 or email him at bryan@nexgenfinance.com.
Are you ready to meet YOUR new finance team?