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Tax Planning Tips for College Students and Parents

As students head to campuses to begin their fall semesters, now is the time to educate the whole family on tax planning strategies for the next four-plus years. Whether you need education-related tax credits or tips to maximize your students’ financial aid eligibility, Neely’s Accounting Services can help both students and families ace this financial test.

Getting Started: The FAFSA

You’ll hear a lot about the Free Application for Federal Student Aid — commonly called the FAFSA. This is what colleges and universities use to determine if a student qualifies for federal financial aid or any of the school’s scholarships and aid programs. Families must fill out the FAFSA each year, but it’s the first year that really sets the foundation for a student’s financial aid package.

Here are a few tips to maximize your eligibility for financial aid:

Even if you think your family won’t qualify, file a FAFSA. In reality, most families do qualify for some financial aid, and you’ll be eligible for school-specific, need- and merit-based scholarships and grants as well. Plus, you’ll be prepared in the event your financial situation unexpectedly changes before the start of the academic year.
Submit your FAFSA as soon as possible after it’s available Oct. 1 to give your student the best shot at federal aid and grant programs that are award funds on a first-come, first-served basis.
Keep your family’s taxable income as low as possible the first year you file without doing the family financial harm. Small, thoughtful tweaks can make a difference, such as delaying the sale of stocks or bonds, avoiding early withdrawals from retirement savings and asking employers to defer a bonus to another tax year.

Is Your Student Still a Dependent?

Families should figure out whether their student will be considered a dependent during college. Parents can claim a full-time college student as a dependent until age 24 if they are proving more than half of the student’s support. Most college students fall into this category. If a parent does claim a student as a dependent, the student likewise will need to answer “yes” when asked on tax documents if someone else can claim him or her as a dependent.

Take Advantage of Tax Credits

Several federal tax credits are available to help offset the cost of education. Pick the best one that fits your circumstances because they cannot be used in combination.

The American Opportunity Credit: Qualifying students or their parents may claim up to $2,500 of college expenses — including tuition, fees, books and other requirements — for the first four years of schooling while working toward a degree or certificate.
The Lifetime Learning Credit: Qualifying students or their parents may claim up $2,000 in education expenses for an unlimited number of years. This would be helpful to a non-degree-seeking student or a graduate student.
Tuition and Fees Deduction: Qualifying students or their parents can deduct up to $4,000 in education expenses paid directly to the student’s school. Expenses include tuition and related expenses required to be enrolled.
Student Loan Interest Deduction: After graduation, a student can deduct the interest paid on student loans in the past year. The lender will provide the required interest statement each January.

Military Students and Veterans

Military students or students using a military benefit to pay for schooling should understand that their tax planning will look a little different.

For students received ROTC stipends for education and living expenses, these payments are not taxable and do not need to be included on your federal tax return.
Cadets at the federal service academies, however, are considered on “active duty” while at school, so any payments made generally are taxable and should be reported as income on your federal return.
Funds received from the VA for education, training, or subsistence are not taxable.

Contact Neely’s Accounting for Expert Help

Neely’s Accounting Services can offer some time-tested lessons in tax planning. We’ve supported Roanoke-area individuals and business since 2007 with our big-city services and a hometown feel. Contact us today and let us set yourself up for tax success for your students’ college years.

Posted in Taxes

Harnessing Excellence in Financial Management: A CPA’s Guide to Developing and Improving Your Accounting Systems

At Neely’s Accounting, we understand the critical role an efficient accounting system plays in the success of your business. It’s the financial heartbeat, influencing decisions and strategy while ensuring precision and compliance. To help you navigate the maze of developing and improving your accounting system, we’ve compiled a step-by-step guide with an insider’s perspective.

1. Identify Your Needs: We’ve worked with a diverse range of businesses, and if there’s one thing we’ve learned, it’s that no two are the same. Your accounting system should reflect the unique nature of your operations. From simple expense tracking to full-fledged financial reporting, determine what you need from your system.

2. Selecting the Right Software: The advent of accounting software has streamlined financial management. In our experience, consider scalability, ease of use, integration capabilities, and security when selecting software. We often recommend solutions like QuickBooks, Sage, and Zoho Books to our clients.

3. Customization is Key: A one-size-fits-all approach seldom works for accounting systems. Tailor your system to match your operations. Our friendly, Roanoke CPAs can assist you in customizing your system, from setting up automated invoice reminders to report generation.

4. Invest in Training: As CPAs, we know the difference comprehensive training can make. Ensure your team knows how to use your system effectively, from its basic functionality to troubleshooting.

5. Implement Regular Auditing: An essential step often overlooked is regular auditing. Internal audits ensure data accuracy and system efficiency, preventing minor issues from escalating. Neely’s offers comprehensive auditing services to provide peace of mind.

6. Updates and Upgrades: Just as tax laws and financial regulations evolve, so do accounting systems. Staying updated with the latest features and upgrades will ensure you’re utilizing the most efficient tools.

7. Consult with Professionals: A professional perspective can prove invaluable. As Roanoke’s trusted CPA firm, we can provide expert advice to ensure your system aligns with financial regulations and mitigates potential risks.

Streamline Your Accounting System with Neely’s

Developing and refining an accounting system is not a one-and-done process. It’s a journey that involves continuous learning and adaptation. By following these steps, you’ll not only create a system that caters to your current needs, but also one that’s ready to grow with you. Reach out to us today, and let’s pave the path to financial excellence together.

Posted in Business Finances

Is Outsourced Accounting a Good Idea (and How to Decide If it’s Right for You)

If you’re a small business owner, it’s likely you feel there aren’t enough hours in the day. Running a small business is demanding. It requires all your expertise, creativity, energy and then some! As you grow, the demands increase and tasks become more complicated, especially your accounting.

That’s why many small business owners opt for outsourced accounting services for their bookkeeping and accounting needs. Engaging an expert CPA company can feel daunting at first, which is why we’ve put together this guide to outsourced accounting. Keep reading to think through the pros and cons of outsourced accounting and feel ready to make the best decision for you.

Pros of Outsourced Accounting

There are many advantages to outsourced accounting, especially if you choose a trusted partner. Not only will you take a time-consuming task off your plate, but you’ll also gain peace of mind knowing that a critical part of your business is handled with professionalism and care.

Gain time: No more burning the midnight oil trying to reconcile your books before payday. With outsourced accounting, you’ll have more time to work on your business, not in your business.
Save money: This may seem counterintuitive, but outsourced accounting will save you money. Instead of hiring a full-time employee, you only pay for what you need, when you need it.
Increase accuracy: Speaking of full-time, when you work with a professional CPA, they’ll bring years of full-time experience to the job so they can easily keep your records pristine and your financial processes smooth.
Improve cash flow: With the right partner, you’ll always have financial data at your fingertips so you can understand your cash flow and make informed decisions.
Smooth tax season: Tax-time stress will be a thing of the past with outsourced accounting. Your CPA will handle it down to the last detail.

Cons of Outsourced Accounting

Most businesses that opt for outsourced accounting experience more growth and less stress. However, it all comes down to choosing the right partner. Here are a few things to watch out for as you consider hiring a CPA firm to handle your accounting needs.

Security concerns: You’ll share sensitive information with a third party so it’s essential to choose a trustworthy partner for your outsourced accounting needs. A firm with integrity will address your security concerns and share the measures they take to keep your data safe.
Less Control: Whenever you delegate tasks, you hand over some control in getting the task accomplished. This can be a challenge for some entrepreneurs who are used to having a hand in every aspect of their business. However, frequent, and clear communication usually resolves these issues.
Not Local: Choosing a CPA firm in a different area code or time zone from you can add communication obstacles create delays. Choosing a local CPA firm mostly closely resembles having an in-house expert where communication is timely and easy.

How to Decide if Outsourced Accounting is Right for You

Are you an entrepreneur who is ready to gain time, increase peace of mind, and grow your business? Those are all good indicators that outsourced accounting is a good choice for you! But if you’re like us, you’ll want to be thorough. Here are a few specific items to help you decide if outsourced accounting will help you reach your goals.

Consider your business needs: If your business has complex accounting needs, outsourcing is a great, cost-effective choice. Keep in mind that a good partner offers more than just task fulfillment, they also offer expert advice and business consulting.
Evaluate the costs: Compare the costs of outsourcing accounting functions to the costs of hiring in-house staff and investigate billing practices of the firm you’re considering. Do they charge per service or offer a flat-rate monthly billing system?
Research outsourcing firms: Look for outsourcing firms with a track record of success, industry experience, and strong security measures. Be sure to check references and read reviews to ensure that the firm is trustworthy and reliable.

Contact Neely’s Accounting for Expert Roanoke Accounting

If you’re ready to take the leap into outsourced accounting, consider Neely’s Accounting Services. We’ve been helping Roanoke area individuals and business since 2007 with our big-city services and a hometown feel. Thanks to our cutting-edge, secure online platform, you can collaborate with our Roanoke CPAs instantly and always have up-to-date views of your data. Plus, we’ll never surprise you with unexpected fees. Our services are bundled at a fixed monthly rate to give you an efficient, well-maintained accounting system at a fair price.

Let us help you find the best accounting solution for you. Contact us today to get started.

Posted in Bookkeeping, Business Finances

What Documents Should I Bring to a Tax Appointment?

When it’s time to file your taxes, it can be overwhelming to figure out what documents and information you need to bring to your tax appointment. Neely’s Accounting Services has been providing businesses and individuals in the Roanoke area with trusted accounting services since 2007. We’re here to take the overwhelm out of tax season.

To help you get organized, we’ve compiled a list of the essential items to bring with you when you meet with your Roanoke CPA to file taxes.

Personal Information

Before you get into the specific tax-related documents, make sure to bring some basic personal information to your appointment. This includes your social security number, your spouse’s social security number (if filing jointly), and the social security numbers of any dependents you’re claiming. Additionally, you should bring a valid photo ID and your previous year’s tax return.

Income Documents

The most critical documents you’ll need when you file your taxes are those that show how much money you made during the most recent tax year. The type of documents you’ll need depends on what and how many income streams you have and the list can look different for everyone. Take a look at the different types of income documents and see which ones apply to you:

W-2s: This form shows your annual earnings from an employer.
1099s: These forms show income from sources other than an employer, such as freelance work or investment income. These are common for self-employed people or freelancers.
Schedule K-1: If you own a business or partnership, you’ll need to bring this document.
Rental income: If you own rental property, bring a summary of your rental income and expenses.
Social Security benefits: If you received Social Security benefits, you’ll need to bring Form SSA-1099.

Deduction Documents

If you plan on itemizing your deductions, it’s important to bring documentation to support your claims. The list below outlines some of the most common deduction documents you’ll need to gather before your tax appointment:

Mortgage interest statement: This document shows how much interest you paid on your mortgage.
Property tax statements: If you own property, you’ll need to bring statements that show how much you paid in property taxes.
Charitable donations: Bring receipts or other proof of donations you made to charities throughout the year.
Medical expenses: Bring documentation of medical expenses that you paid out of pocket, including receipts and bills.
Student loan interest: If you paid interest on a student loan, be sure to bring Form 1098-E.

Additional Information

In addition to personal, income, and deduction documents, there are a few additional items you may need to bring to your tax appointment:

Bank account information: If you’re expecting a refund, bring your bank account information so it can be deposited directly into your account.
Estimated tax payments: If you made estimated tax payments throughout the year, bring documentation that shows how much you paid.
Business expenses: If you own a business, bring documentation of your business expenses.
Capital gains and losses: If you sold stocks or other investments, bring documentation of your capital gains and losses.
Alimony payments: If you paid or received alimony, bring documentation that shows how much you paid or received.

Contact Neely’s Accounting to Schedule Your Tax Appointment

Everyone has a unique financial story. At Neely’s Accounting, our friendly Roanoke CPAs get to know you and your finances to make sure you don’t overpay. We’ll help you get the credits you’re entitled to through the individual attention you deserve. Give us a call or visit us today.

Posted in Individual Finances, Taxes

Don’t Sweat Tax Season: Here’s Every Tax Deadline You Need to Know

What comes to mind when you think about tax season? Maybe you’re one of those people who gets excited about doing taxes. On the other hand, you might feel a sense of dread or confusion when you think about filing your taxes. If you’re the latter, you’re not alone. A recent study showed that one-third of taxpayers wait until the filing deadline to do their taxes and 56% don’t even know when the deadline is!

Whether you relish taxes or feel a bit nervous, having a trustworthy expert on your side can makes all the difference between complicated and stress-free. As Roanoke’s trusted tax experts, Neely’s wants you to have all the info you need. To help, we’ve compiled all the season’s tax deadlines so you can face the 2023 tax season with confidence.

Personal Income Tax & Self-Employed Deadlines

January 31, 2023 – Due date for employers to send W-2 forms. To ensure you’re able to complete your tax return on time, the IRS requires all employers to send you a W-2 no later than January 31 following the close of the tax year. Generally, this means W-2s get sent by January 31, but you won’t necessarily receive your form by this date.
January 31, 2023 – Certain 1099 forms are sent. Various 1099 forms, and forms 1099-NEC,1099-MISC, and 1099-K are used to report payments that typically don’t come from an employer, such as if you work as an independent contractor, gig worker, or self-employed person or if you receive income such as interest, dividends, prize winnings, rents, royalties, or brokerage account transactions. If January 31 falls on a weekend or holiday, these forms are due to be sent the following business day.
April 18, 2023 – Tax day (unless extended due to local state holiday). The tax deadline typically falls on April 15 each year, but can be delayed if it falls on a weekend or holiday. Missing the tax deadline can have consequences like penalties and interest.
April 18, 2023 – Deadline to File Form 4868 and request an extension. The tax day deadline is also the last day to file Form 4868 requesting an extension to file your individual income tax return. If you won’t be ready to file your tax return by tax day, make sure you instead complete an extension request, granting you the ability to delay filing a completed return until October 16, 2023. But remember, even if you choose to file an extension, you are still required to pay any taxes you may owe by the April deadline.
April 18, 2023 – Deadline to make IRA and HSA contributions for 2022 tax year. For individual income tax return filers, this also marks the final day to make contributions to your IRA or HSA for the 2022 tax year. After this date, you generally can’t make contributions for the previous tax year.
April 18, 2023 – First quarter 2023 estimated tax payment due. Making estimated tax payments means that you need to estimate how much income you’re likely to make for the year and determine how much you will owe to the IRS for income taxes. You can use IRS Form 1040-ES to calculate how much tax liability you’ll have for the year. IRS Publication 505 contains all the rules and details you might need to know about how to calculate this amount. If you overestimated how much tax liability you’d owe for a year and are due a refund, you can choose to receive that money now or apply the overage to the following year’s quarterly tax payments.
June 15, 2023 – Second quarter 2023 estimated tax payment due. Despite the IRS referring to these payments as quarterly estimated taxes, the due dates don’t necessarily fall within “quarters” nor do they each represent three months of tax payments. They represent an equal quarterly share of your estimated income tax liability paid at uneven intervals. The first payment occurs 3 and a half months into the year. The second payment is five and a half months; the third payment is eight and a half months, and the fourth payment is due 12 and a half months after the year starts.
September 15, 2023 – Third quarter 2023 estimated tax payment due.
October 16, 2023 – Deadline to file your extended 2022 tax return. If you chose to file an extension request on your tax return, this is the due date for filing your tax return.
January 15, 2024 – Fourth quarter 2023 estimated tax payment due. This represents the final quarterly estimated tax payment due for 2023. If you choose the option to pay 100% of your previous year’s tax liability, any unpaid taxes will be due when you file your 2023 individual tax return by the April 2024 deadline.

Businesses – Partnerships (including LLCs), C Corps (Form 1120), and S Corps (Form 1120S)

January 31, 2023 – Employers send W-2s forms to employees
January 31, 2023 – Send certain 1099 forms
March 15, 2023 – Taxes are due for some business types (partnerships, multi-member LLCs, and S-Corporations). Businesses organized as partnerships, including multi-member LLCs, and S-Corporations need to file Form 1065, or 1120S by March 15, 2023, if they are a calendar year business. If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 – March 31 tax year, your business tax return would be due June 15 instead of March 15.
April 18, 2023 – Taxes for C-Corporations are due. Businesses organized as C-Corporations need to file form 1120 by April 18, 2023, if they are a calendar year business. If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 – March 31 tax year, your business tax return would be due June 15 instead of in April.
September 15, 2023 – Deadline for extended partnership and S-corporation returns
October 16, 2023 – Deadline for extended C-corporation returns
January 15, 2024 – Fourth quarter 2023 estimated tax payment due

Contact Neely’s Accounting Services for Expert Tax Support in Roanoke.

Since 2007, Neely’s Accounting Services has provided expert tax preparation and accounting in Roanoke, VA. We help small and service-based businesses, restaurants, nonprofits & churches, and families and individuals. We pride ourselves on delivering big-city service with hometown values. Our friendly, dedicated advisors are always ready to help you with personalized solutions that meet your needs.

Let us take the stress out of running your business and filing income taxes. Contact us or visit today.

Posted in Taxes

How to Identify and Protect Your Company from Occupational Fraud

Hiring a new employee takes a lot of thought and effort, and for good reason. Your new employee may have access to sensitive company information or finances so it’s essential to quickly establish trust. In most cases, that trust results in a positive, productive working relationship. However, sometimes the worst can happen, and your business becomes a victim of occupational fraud.

Although it is unlikely, preparedness is one of the best ways to identify and prevent someone stealing from your company. Having solid accounting services can help protect you if you become the victim of occupational fraud.

What is Occupational Fraud?

The Association of Certified Fraud Examiners (ACFE) defines occupational fraud as “the use of a person’s occupation for self-enrichment through deliberate misappropriation and misuse of the employing organization’s asset and resources.” In other words, if an employee steals from their company, they are committing occupational fraud. While this can happen in a variety of ways, there are three common types of fraud to look out for.

Asset misappropriation is the most common form of occupational fraud, occurring in about 89% of cases. This happens when employees steal equipment or cash, or present inflated expense reports and bills to pocket the excess.
Corruption occurs when an employee uses their influence inappropriately for personal gain. It often takes the form of bribery or extortion and is most frequently undertaken by senior employees.
Financial statement fraud happens rarely but is the costliest. Perpetrators inflate revenues and minimize losses to present an image of success to gain performance raises or new investors.

Who is at Risk for Occupational Fraud?

Any business can fall prey to occupational fraud, but those without strong accounting services and regular audits are particularly at risk. While it can happen anywhere, certain conditions make it more likely that occupational fraud will occur.

Pressure either on the job or at home can contribute to an employee’s decision to commit fraud. If an employee feels pressure to perform or to make payments for a lifestyle beyond their means, it may drive them to commit fraud.
Access to sensitive information and lack of accountability creates opportunity. If your business has lax accounting, then it becomes easier for an employee to take advantage.
Frustration on the job can lead to an employee that rationalizes theft. Maybe the employee feels they deserve a raise, or they don’t agree with certain business practices and “compensate” themselves by stealing from the business.

How Can I Protect My Protect My Business from Occupational Fraud?

The best way to protect your business from occupational fraud is through a culture of accountability and reliable accounting services. Developing effective internal financial controls like accounting audits ensures you have the information you need to identify or even prevent fraud.

Proper employee management goes a long way to preventing fraud. Creating a culture of transparency and accountability as well as ensuring that your employees are satisfied isn’t easy but often leads to greater trust and productivity.
Clear boundaries and accountability are critical tools for safeguarding against fraud. Assigning clear ownership and oversight of financial tasks makes it difficult for fraud to happen and protects against event accidental missteps.
Strong accounting services and regular audits give you a clear overview of your financial situation, making it easy to spot discrepancies and issues.

Contact Neely’s Accounting to Learn More

You don’t have to go it alone when it comes to developing a fraud protection plan. Since 2007, we’ve been helping Roanoke businesses stay financially healthy and secure. Contact us today to learn more about how we can provide accounting services that make sense for your business.

Posted in Business Finances

Everything You Need to Know for A Successful Tax Day

During the autumn season, taxes may be the furthest thing from your mind. October is a great time to enjoy the changing leaves, cozy sweaters, and all things pumpkin. But it’s also a great time to begin taking stock of your financial health to prepare for tax season.

Einstein once famously said, “the hardest thing in the world to understand is the income tax.” While that might not be exactly true (theory of relativity, anyone?) taxes can be complicated. Here are some things you can do in advance that will make tax season feel as easy as learning your ABCs.

Make tax-deductible donations before your financial year ends

If you’re planning to do any charitable giving and haven’t yet, then make your donations before the year ends. Not only will it boost the finances of an organization or cause that you care about, but it will also count toward your total deductions for the year. Win-win!

Max out your tax-advantage accounts

If you have the extra cash, make the maximum amount of contributions to your retirement accounts or health savings accounts. For traditional IRAs, you can contribute up to $6,000. If you have an HSA, you can save $3,600 for single coverage or $7,200 for family. These contributions reduce your taxable income and sets aside income for the future.

Schedule regular tax planning all-year round

You don’t have to wait until April 15^th to deal with taxes. It’s possible to set up quarterly payments so you can review your cash flow more regularly and avoid big, unpleasant surprises. This strategy is especially effective for freelancers and small businesses who often face large fluctuations in income and expenses.

Maintain sufficient records

Keep a file of important financial information, records, receipts, and payments to the IRS. That way, you have everything you need in one place. Having easy access to your records will allow you prove your expenses, income, and most importantly that you’ve paid everything you owe.

Get your paperwork organized

If you’ve paid taxes before, then you know it involves extensive paperwork. When it comes to tax preparation, it’s important to have all your critical documents ready before you file so you can avoid mistakes and find all eligible deductions.

Make a tax payment plan

If you think you might owe money to the IRS, prepping for tax season early gives you time to plan and save. Putting away money to pay your tax bill is the best option, but if your bill drains your savings, you can also set up a payment plan with the IRS, use a credit card, or take out a loan.

Consider how you’ll use your refund

If you’re looking forward to a tax refund, be smart about your extra windfall. Consider using your refund to further your financial goals like boosting emergency savings, paying down debt, or growing your nest egg.

Hire a good financial professional

If you feel confused about your taxes, you’re in good company. Almost 90% of Americans hire a professional or use software to help them file. The American tax system is notoriously complex, so if you want to feel confident about your tax preparation, then work with a trusted professional for expert tax services.

Neely’s can help with your tax preparation

Neely’s is Roanoke’s trusted source for tax services and tax preparation. For over 30 years, we’ve helped individuals, freelancers, and small businesses in Roanoke face tax season with confidence. Contact us today to learn more about how we can make this tax season your smoothest yet.

Posted in Taxes

Why Hire an Accountant for Your Small Business?

Owning a small business isn’t for the faint of heart. Being an entrepreneur takes courage, vision, and a strong work ethic. One of your primary goals is likely to make money and grow your company. But as your company grows, so do the demands on your time, attention, and energy. You might find yourself barely able to keep up with the day-to-day requirements much less have time for strategic planning and growth.

If this sounds like you, it’s time to hire an accountant. Many small business owners avoid hiring help, because they’re worried that they might not be able to afford the expense. But hiring an accountant is an investment toward the financial health of your business. Plus, you’ll add time back into your schedule so you can work on your business, not just in it.

Here are a few ways an accountant can help you reach business goals:

Provide Virtual CFO Services

You can rely on your accountant year-round, not just at tax time. Hiring an accountant means having access valuable professional advice and support. Essentially, your accountant can function as a CFO for your company, without the potentially prohibitive expense of a salary and benefits.

Depending on your needs, an accountant can track your financials and meet with you regularly to provide insight into the financial health of your business. Having expert guidance can help you prepare for tax season and make strategic decisions.

Improve Budget and Cashflow

Outsourcing the effort of tracking your income and expenditures can make a big impact on your business. Understanding trends in your cashflow can help you make informed predictions about the future financial health of your business. Having this information at your fingertips can help you make solid decisions about big purchases while saving you time.

Prepare And File Taxes

Of course, hiring an accountant can help you prepare and file your tax returns. Never worry about filing incorrectly or missing important deductions. With a professional accountant, you can have peace of mind that your taxes will be done right.

Neely’s Accounting Services provides expert tax preparation and accounting in Roanoke, VA. Our clients have trusted us with their business management, personal income tax, and outsourced accounting needs since 2007. We’re proud to offer a full range of professional products at a fair price without sacrificing the individual attention you deserve. Our friendly, dedicated advisors are always ready to help you with personalized solutions that meet your needs.

Let us take the stress out of running your business and filing income taxes. Contact us or visit today.

Posted in Business Finances

How to Conquer Payroll Procrastination

If you’re a small business owner, perhaps you know the feeling: the creeping sense of dread that grows as you inch closer and closer to payroll processing time each month. Processing your payroll involves tracking and re-tracking details, keeping up with evolving compliance, and ensuring accurate payroll tax filings. You know that mistakes can be costly, as even inadvertent errors can lead to steep fines at tax time. Maybe you delay starting the task which leads to frantic late-night accounting work as you race to pay your employees on time. Talk about stressful!

Plus, each minute you’re handling payroll means a minute not spent with employees, customers, or creative work. Payroll is by nature time-consuming. As a business owner your time is precious, and it can feel like there’s not enough of it to go around. It’s no wonder that small business owners struggle with payroll procrastination and dread. If this sounds like you, consider these tips to conquer payroll procrastination once and for all.

Identify Your Primary Pain Points

Take 10 minutes to brainstorm the top three obstacles you face with payroll and write them down. Maybe it’s your manual payroll process, or perhaps it’s the endless salary calculations. Maybe you’re dreaming of having some time back in your schedule or you’d just like a professional advisor to call with questions. Getting clear about your payroll needs is the first step to making payroll more efficient.

Define Your Budget

If you’re managing payroll by yourself, it’s likely because of budget constraints. It’s a tension many small business owners manage, but don’t forget that your time is money too. Hiring a professional can seem like an extravagant expense but consider the ways your business could grow if you had more hours free in the month. Determining a workable budget will help you choose the right level of support for your needs.

Determine What Level of Support You Need

Now you have all the information you need to make a confident decision about hiring professional support. Maybe you’re not ready to hand over the reins of your payroll, but you’re interested in phone and email support from a trusted expert. Perhaps having your payroll workflow analyzed and streamlined could save you hours each month. Lastly, many accounting firms offer fully outsourced payroll services, giving you the ultimate freedom and peace of mind. Call your local accounting service to find out what’s best for you.

Let Us Help!

Need help with your payroll? Neely’s Accounting has been supporting Roanoke, VA small business with their payroll needs since 2007. Our clients love us because we offer big-city services with hometown values. Contact us or visit today.

Posted in Business Finances

6 Tips to Streamline Your Business Expense Management

Tracking business expenses is time-consuming and sometimes downright painful. But it doesn’t have to be. You can fold expense tracking into your daily business processes by implementing the right tools and systems. Use our tips to streamline your expense tracking and effortlessly stay on top of your finances.

Establish a clear expense policy

The first step in managing expenses is to have a clear understanding of what your business will pay for and what it will not. Make a list of approved expenses. Then clearly and consistently communicate that information to your team.

Cultivate company-wide transparency

The best way to make sure your team is on the same page is to communicate about your expense policies often and with transparency. You’ll create an open environment that’s conducive to sharing ideas and providing constructive feedback.

Simplify expense tracking

Invest in a software program that allows employees to take pictures of their receipts, propose requests, and submit reports online. Digitizing your expense tracking makes sharing and storing information simple and stress-free.

Audit your processes consistently

Set aside time each month to audit your expenses so you’ll always have a good idea of your finances. It’s a reliable way to prevent small problems from becoming big complications. Consider using a quality accounting software to make the process even simpler and less time-consuming.

Use company credit cards

Company credit cards are a great way to track of spending, maximize cash flow, and simplify record keeping and reporting. There are many options to choose from including permanent, single-use or set dollar amount cards.

Train Best Practices

Part of clear communication is adequate training. Invest the time to properly train your employees on best accounting practices so you stay up to date on your liquidity.

Need Professional Support?

Neely’s Accounting Services is your dependable, local resource for bookkeeping. Our team of Roanoke CPAs are available in convenient locations around the Roanoke Valley and are ready to provide a full menu of services. Contact or visit us today to learn more about how you can gain time, money and peace of mind with our expert local bookkeeping services.

Posted in Bookkeeping, Business Finances