NexGen nominated for 2016 North Dallas Chamber of Commerce Business of Year

NexGen Finance Solutions is proud and honored to announce that we were nominated for the 2016 North Dallas Chamber of Commerce Business of the Year Award in the Accounting and Finance division. This was the third time in 2016 that NexGen Finance has been honored with an award or nomination, winning the Best Businesses of Dallas Award and the Best of Plano Award in 2016!

About the North Dallas Chamber of Commerce Business of the Year Award

The award is given to companies that exhibit industry-leading expertise in their field, proving to be a valuable asset to the North Dallas community and improving quality of life for local residents. The award is set apart from other similar awards in that it centers around quality of service, not quantity. The program strives to honor businesses that are excelling in creating a lasting impact on the Dalals community by meeting long term goals, implementing best practices, and serving the community and their clients. Data is collected both internally by the North Dallas Chamber of Commerce and then externally as provided by third parties in order to determine the winners in each category.

Thank You for Your Loyal Support

At NexGen Finance Solutions, we recognize that our success is only a reflection of the clients we serve. We thank you for trusting your outsourced accounting and finance needs to our company and letting us prove our expertise and loyalty to you and the Plano community.

If you are still considering 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. We look forward to serving you and showing you why we truly are the best of Plano and Dallas when it comes to addressing your accounting and financial needs. NexGen Finance Solutions proudly serves the greater Dallas community, including Plano, Richardson, Allen, McKinney, Dallas, Frisco, and other surrounding communities.

Are you ready to meet YOUR new finance team?!

5 Benefits of outsourcing your finance needs

What are the benefits of outsourcing your CFO/Controller or other finance needs?  Click and find out.

 

 

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.

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Are you ready to meet YOUR new finance team?