All business owners know that the end of the year is a very important period when it comes to finances and taxes. Not only will your company experience a growth in year-end sales, you will also find yourself busier attending to other aspects of the business. This is why it is necessary to ready the list of things you need to prepare for next year’s tax season.

Here is a basic guide to help you prepare your business for end of the year accounting:

• Compile all your business expenses.

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One of the things you should prioritize is your business expense. If you have been diligent with your transaction records, you should be able to easily pull up a table of your total expenses per month. If you were able to do this throughout the year, then, congratulations! You can consider the hardest part already done.

If you are not ready with your end of the year computation of total expenses, you will need to do a lot of paper work and computer work. You will need to look for order slips and match them with the appropriate invoices. After which, you will have to attach the corresponding receipt of the transaction. Once you have all these together, you can promptly submit them to your accountant.

To expedite your year-end accounting, be sure to implement a good filing process for your company. This could be a traditional paper filing system or a more convenient digital system through the use of accounting software or apps.

• Check if any of the tax laws in your state have changed.

Another way to stay ahead of the game is to check as early as now whether or not your tax policies for the next business year will remain the same. Remember that tax rules change periodically; if you wait until the last minute to read up on these changes then you’re going to have a hard time adjusting, and this could lead to delays that will affect your ability to meet the deadline.

One example of common changes is the type of requirements asked to be submitted. Keep your company’s permits, licenses and other records handy so you can easily file them together with your business expenses and other tax exemption requirements.

• Study what your tax exemptions really mean.

Believe it or not, there are still a lot of business owners that submit their tax requirements without really understanding what they mean. When asked about exemptions, many of them are unsure about just how much they will get deducted, and how much they should be expecting in return.

This discrepancy will create a problem in your books because you will not be able to project the proper amount for deductions and reimbursements. Tiny details like these will create holes in your business report, and this could affect the credibility of your business from the standpoint of financial integrity.

• Allot a budget for costs on tax liability.

Sometimes, business owners get shocked when they are charged certain penalties or fines. However, there is no way of knowing if you need to pay these fines until after you’ve submitted your tax report and it has been reviewed. It would be a wise financial move to safeguard an amount for these costs early on, so you won’t have to worry about creating an imbalance in your cash flow later in the year.

If you are a business owner in need of professional assistance for your year-end accounting, look no further than Hazzouri Accounting and Tax Service. We are fully capable of delivering your accounting and taxation needs, especially during these busy months of the holiday season. Call us at 734-844-1614 to know more about our services!

To stay connected please visit our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

Tax season is one of the most stressful times of the year for small business owners. Not only are there too many steps involved in the filing of your taxes; as the business owner, you’re probably going to be focused on a lot of things at once. If you find yourself deeply overwhelmed by the entire taxation process, it is highly recommended that you seek the professional services of a CPA or tax attorney. You could also benefit from the tips listed below so you can alleviate some of the pain points felt during tax season.

• Start absolutely now.

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One of the leading causes of delays in the tax filing process is that most business owners choose until the very last minute before they start the long and tedious process of filling up forms and counting receipts. To avoid this mess, you have to promise yourself that you are going to start preparing for tax season today. Do it right now. Print a copy of all the necessary forms. Store them in one place. File your receipts. Start today so you are not running around like a headless chicken tomorrow.

• Put everything on digital record.

It’s time to get rid of that box or drawer you use to keep all your receipts. The hoarding process simply does not work. If you keep postponing the process until the last minute, you’re never going to have enough time to meet the tax-filing deadline. Instead, have an online archive ready for all your receipts and transactions.

• Keep a digital backup of your electronic database.

In this digital era, it’s no longer acceptable not to have a backup of your most important files. Since you’ve already put all your receipts and transactions on digital record, do the extra but easy step of creating a backup for this database. You will thank yourself later when the unexpected happens and you might lose your files to a crash. Back up your files in Cloud storage so they remain accessible even when your hardware is damaged.

• Take advantage of online banking.

All banks will allow you to print out a history of your transactions when you access your account online. Here, you can already highlight or mark the transactions that are deductible by tax so it is easier for you to declare them when the next tax filing season comes. This will also ensure that you don’t miss out on a single transaction because you already noted it down almost as soon as the transaction was made.

It is recommended that you get in touch with a CPA or a tax attorney so you will have a seamless tax filing experience. Hazzouri Accounting can help you and your business submit the necessary documents and meet all the important deadlines. Don’t think twice about seeking professional tax advice. Get in touch with us by calling 734-844-1614 today.

For more information visit our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

Have you ever wondered why some very good products or services fall off the market? Many people think that having a solid business concept is enough for any new business to thrive. However, it takes more than just an awesome product or idea to survive past the launch stage. The real reason behind early entrepreneurial failure is the lack of internal structure, from bookkeeping to payroll. After all, data and numbers are the real lifeblood of any company.

Hiring the services of a CPA will not only ensure that the proper taxes are filed on time, but will also set up the foundation needed for you to grow your business. Here are some of the benefits your business could have if you hire a CPA:

A CPA can save you money.

It might be difficult to believe that paying for another person will result in savings. After all, you can learn to file your taxes yourself and you can even download accounting software to help make the job easier.

However, CPAs are trained to be fully aware of all tax laws and they can help you file your taxes in the way that will save you the most money. This is not common knowledge; and this will require a thorough knowledge of tax laws and the agencies behind them—which is what CPAs are trained to do.

Moreover, tax laws change without your knowledge. CPAs stay updated with all the changes in tax policies, exemptions, deadlines and requirements, so you will never have to worry about paying more taxes than you should actually be.

A CPA will save you time.

As a business owner, you are constantly meeting new clients, going to meetings, attending conferences and important events to ensure your place in the market. This is just the tip of the iceberg—you may also find yourself visiting different suppliers, going to the bank, and juggling your own personal life.

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Hiring a CPA will save you time because you don’t have to worry about sending out the wrong information or submitting beyond the deadline. These instances will stack on penalties and fees, which will be more costly for your business. Sending out wrong or incomplete information may also prompt an inspector to pay you a visit and manually scan through your paper trail—which you further derail you from your already tight schedule.

A CPA provides the guidance needed to grow your business.

When you want to take your business to the next level, you are first going to need to look at historical data. A CPA can handle all bookkeeping of company sales and purchases, while also overseeing your cash flow. If you need to know how much you have in the bank, or if you need to know how much you spent last month, your CPA will be able to tell you.

Before you take your business further, you are going to need a solid housekeeping system. This means that all the bills (e.g. store rent, utilities, cable, phone and Internet) are paid and all the employees are given their due wages. This also entails keeping an eye on attendance, tardiness and leaves. A CPA can develop a streamlined payments system for all bills and the disbursement of payroll according to approved records.

Moreover, a CPA can provide astute advice and sound recommendations when it comes to strategic planning, brand positioning, and managing business finance. It is their job to draw out business insights based on the data they see on a regular basis.

If this sounds like something that your business needs, you can get in touch with Hazzouri Accounting. We provide professional tax and accounting services to businesses looking for leverage in order to grow. Call us at 734-844-1614 to know more about how we can help you today.

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Medicare beneficiaries who don’t get to file their cost reports on time blame the long list of required documents and the technical process of filling each one up. Aware they may be of their cost report deadlines, they still fail to provide all the necessary paperwork because they lack the know-how, resources and time.

This is one of the main reasons why hiring a professional CPA is more beneficial than struggling to complete the challenging process alone. After all, you can only attain the full benefits of your Medicare insurance after you’ve submitted the required documents. Failure to comply with this policy will only mean that your earlier efforts to record all hospital and medical bills will be wasted, if not void.

This article aims to outline what needs to be done to file a complete cost report, as well as explain what disadvantages you could face if you cannot meet the requirements within the given timeframe.

What does a Medicare cost report contain?

Your Medicare cost report should contain official forms or valid copies of every cost, charge or transaction that you exchanged with a healthcare partner. The coverage for these transactions includes all nursing, home health, hospital and hospice services. This may also include billing for prescribed medicine and specialized treatments.

What is the objective of the Medicare cost report?

The objective of the Medicare cost report is to review all the billing records incurred from hospital services, and determine whether or not Medicare has been able to provide the full amount promised in the coverage agreement.

Why is it important to hire a professional to file my Medicare cost report?

• Leave the technicalities to the experts.

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It is highly beneficial to hire the services of a professional when filing your Medicare cost report because the task itself can be too technical and time-consuming to do alone. Unless you are confident with your background in costing, there is a possibility that you could overlook tiny details.

Among the terms you need to be familiar with include:

• gross and net revenue
• expenses incurred
• qualified payer mix
• wage indices
• total patient visits
• total insurance amount (sole/collective)

• Guarantee the complete submission of all required forms.

With all the paperwork you need to gather and accomplish, it’s likely that you could miss out on a file or two. Here is a partial list of all the required forms you need to submit in your cost report:

• Adjustments, or WS A-8
• Census Data, or WS S-3 (Part 1)
• Patient Treatment Revenues, or WS C
• Provider Questionnaire, or WS S-2
• Reclassifications, or WS A-6
• Settlement Charges and Data
• Statistical Allocation of Overhead Expenses, or WS B-1
• Summary Trial Balance of Expenses, or WS A
• Uncompensated Care, or WS S-10
• Wage Index, or WS S-3 (Part 2)

This is just a partial list of the required documents. There may be additional forms depending on your particular case.

• Ensure on-time submission and avoid penalties.

Hiring a professional will also help you submit all of the requirements on time. This is crucial because it is only through a timely submission that you can determine the amount to be reimbursed by Medicare. Without your complete documents, health agencies will have no basis for summing up how much they can charge and collect from the government.

On-time submission is the key to getting your money early, as well as avoiding unwanted expenses through penalties.

• Have the time to focus on other tasks.

Enlisting the services of a professional will also ensure that you don’t lose time for your other tasks, whether at home or at work. This way, you can enjoy the peace of mind that comes with getting quality and complete work done, without you having to worry about a thing.

If you are interested in talking to a professional about cost report preparation services, you can talk to us. At Hazzouri Accounting, we are dedicated to simplifying tedious preparation processes, whether it’s your taxes or your insurance. Call us at 734-844-1614 today to know more.

To stay connected with Hazzouri Accounting visit our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

Being a brand new business owner typically means you are working on a tight budget. We seek to cut expenses by handling most of the tasks on our own, from construction to marketing, or sales to customer service. However, there is one aspect of launching a startup that direly requires the employment of a professional; and that is accounting.

Not all business owners have a robust background in business finance and accounting. For most of us, this can be the most tedious part of starting up. If you are not fully confident with your accounting skills, seek the services of a CPA or professional accountant. This will prevent your business from suffering from unwanted errors that could affect not only present-day operations but also long-term plans.

Here are among the key things that a CPA will do for you and your new business:

• Set the appropriate business structure for you, whether it is a sole proprietorship, a partnership or joint venture, a limited liability company (LLC) or a corporation. Each type of business structure has its own advantages and disadvantages and your CPA should be able to help you determine which one you are qualified for, and which one is most suitable for you.

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• Build a financial analysis for your business as part of the final submission of your business plan.

• Ensure that proper taxation measures are in place.

• Confirm that all aspects of the business are in compliance with government ordinances. Beyond taxes, your CPA will help you accomplish all the requirements needed for a permit and license to operate a business.

• Establish a straightforward tracker for the flow of cash in and out of your bank account. This will make it easier for you to keep an eye on daily business activities and how much they are costing you. This is an important figure for your profit and loss statement.

• Help keep your personal expenses segregated from your business transactions. No matter how simple this may seem, delineating between personal and company expenses will have to be strictly mandated to avoid messy calculations that lead to inaccurate answers.

As your business takes off, your accountant will help you maintain the accounting processes that they put in place for you. This includes the following crucial tasks:

• Separate independent contractors from actual employees or staff. This way, you will not get into trouble with the IRS.

• Coordinate meetings with you so you can discuss financial statements at length. This will provide you with the leverage and insight needed to come up with sound business strategies for both the short-term and the long-term.

• Assist in the disbursement of the company payroll. Do not run the risk of delayed payroll as you and your company could be sued under the labor code.

• Prepare you for annual tax payments so you can already set up a revenue stream that will directly take care of this yearly expense.

• Help you acquire and accomplish W2 and 1099 forms, as well as other forms necessary.

• File your taxes and collect all necessary requirements way before the April deadline. If you let a CPA do this for you, you can enjoy the peace of mind that comes with not having to deal with the nitty gritty details of income tax filing. Moreover, you can concentrate on other aspects of the business so you can optimize all avenues and opportunities for growth.

Even as a tenured business owner, you can still gain a lot of benefits from hiring an accountant. You will automatically have someone to assist you with overall inventory management, and at the same time, you get to hear the opinion of an experienced business adviser who is also exposed to the cash flow patterns and sales trends of your business. Together, you and a CPA can take your business to the next level—an achievement that could take twice as long, or could never even be reached, if you had to do everything yourself.

Interested in hiring a licensed accountant? Look no further than Hazzouri Accounting and Tax Service. We are fully capable of carrying out all the accounting services mentioned in this article. Call us at 734-844-1614 today!

To stay connected with Hazzouri Accounting visit our social media accounts: Facebook fan page / Twitter Feed / Google+ Account