Small business owners like to think they can do it all, but even the most organized business owners sometimes need some help running their businesses.

To get that help, many business owners have turned to outsourcing.  While the word may evoke images of sending work overseas, small business owners can actually use outsourcing to their advantage by sending work-related functions to companies that have the professional expertise to handle them. Business owners have turned to outsourcing to handle bookkeeping, accounting, logistics and marketing, among other areas of operation.

Outsourcing these functions allows business owners to hand over the reins to experts who are familiar with those areas of business. This gives entrepreneurs a chance to focus on what they do best.

“Time is the biggest advantage (of outsourcing),” said Greg Jones, CEO of BookKeeping Express, a company that will take over and manage bookkeeping responsibilities. “That allows you to focus on running your business while also gaining a partner, if they choose the right organization, to assist with covering possible weaknesses that the owner has. In essence, the business will have a check and balance with outside eyes to aid in running the business.”

In addition to extra time, many businesses can also gain professional guidance from people who are dialed into the best practices of each industry.

“(Outsourcing offers you) a real business partner who will give you knowledge,” said Bobby Harris, CEO of BlueGrace Logistics, whose firm handles outsourced logistics projects. “This is value you won’t find anywhere else. You’ll be able to do things you once couldn’t do at a speed you never thought possible.”

And it’s not just that these firms have experienced personnel to handle outsourced functions, they also have the most up-to-date technologies in their respective fields.

“Outsourcing enables small businesses to benefit from the professional capabilities without the equipment, know-how, software or personnel to complete their work,” said Steve Greenbaum, CEO of PostNet, whose firm handles mailing and shipping for it’s clients.

However, finding the right business partner to outsource to can be a challenge and a process which requires some research on the part of business owners.

“First, figure out what your needs are,” Jones said. “Interview two or three organizations and do not focus on price at the beginning. Look for those firms that are ahead of the curve with technology, reporting, partner mentality, and complete value-add to your firm.”

Additionally, Jones suggests business owners research several places, including social media such as LinkedIn and networking groups, to get reviews of companies to which they may outsource. Experts also suggest that companies look to work with businesses in their own community.

After that initial research, businesses should make it a point to set up meetings with companies before they ever start working with them, experts suggest.

“It’s important to meet the key players all the way up through the executive team and make sure you get a reference,” Harris said. “From simple Internet research to referrals, it can be quite easy to find a good, credible company that can be trusted.”

While there are a number of benefits to outsourcing work to other companies, experts point to one drawback that may scare independent-minded business owners away from outsourcing.

“The only drawback I can see is the risk of loss of quality or control,” Greenbaum said.

While losing control can be a scary proposition for business owners who are used to controlling every aspect of their business, experts say the loss of control can also help businesses a great deal.

“Some people feel they are letting go of control within their own organization, however, they are truly strengthening the ability of their company,” said Harris.

Email David Mielach or follow him @D_M89. Follow us @bndarticles, Facebook or Google+.

As most small-business owners are on their own when it comes to filing taxes, it’s understandable why it may be difficult to tackle before the pressure of the looming deadline sets in. But, with less than two weeks before tax day, it’s time to kick it into high gear – no more time to procrastinate. The good news is that there’s still time to work the tax code to your advantage.

Organize and Maintain Records

Hopefully the 1099 reporting requirements implemented last year helped you maintain ongoing bookkeeping, the number one piece of advice to ease stress. Though it may seem obvious, adequate record keeping can help substantiate income, expenses and deductions. Find a way that works best for you and is easily sustainable throughout the year.

E-file for Free

Taxpayers making $57,000 or less may be eligible to use free tax preparation software and electronic filling. The software completes the forms from a series of questions that allow you to input your information. Those making in excess of $57,000 can e-file for free using free fillable file forms, which provide the forms, but do not include the tax preparation software

Claim Deductions

Take note of business expenditures that qualify as deductions:

Start-ups: The costs of launching a business are considered capital expenses, and you may deduct $5,000 in the first year in business.

Business-related education: Deduct educational expenses that maintain or improve skills required in your present employment, i.e. seminars, classes, convention fees.

Driving: Commuters may have missed the news that the fiscal cliff legislation signed by President Obama contains a provision that allows employers to offer up to $240 a month in tax-free benefits to employees who use public transportation or a van pool to get to work. That’s an increase from $125 a month under old IRS rules. Employers can get a tax deduction by providing the Commuter Choice benefit or can save on payroll taxes by allowing employees to use pre-tax dollars to buy transit passes or pay van pool costs. Employees save on federal income taxes.

Working from home: Not only does a home-office allow you to work in pajamas, it also makes you eligible for home-office deductions. As long as the designated “office” space within your home is used exclusively for business purposes, you might be able to deduct a handful of things ranging from a portion of your rent and utilities to internet costs and repairs.

Self-employed health insurance deductions: Self-employed health insurance deduction is one of the most significant deductions you can take as a small-business owner. You maybe qualified to deduct premiums paid on qualified long-term-care insurance, medical and dental insurance not only for yourself, but for your spouse and dependents that are under the age of 27.

Software and subscriptions: The recently increased Section 179 provides another tax break in this area of business expenses. Previously, a company had to depreciate the cost of computer software over three years. Now, off-the-shelf software a business buys can be fully expensed in the year purchased.

Hotels and meals: You might as well stay in a nice hotel, because the entire cost is tax deductible. Likewise, the cost of travel — air, rail or auto — is 100 percent deductible, as are costs associated with life on the road (dry cleaning, rental cars and tipping the bellboy). The only exception is eating out. You can deduct only 50 percent of your meals while traveling. So stay at the Ritz and eat at Wendy’s.

Greg Jones is CEO of BookKeeping Express, a national franchise that helps entrepreneurs manage bookkeeping.

Source: http://www.cnbc.com/id/100613275

5. Utilize Small Business Jobs Act Tax provisions
This was signed into law in 2010 by President Obama, and it has nearly 20 initiatives aimed at decreasing the tax burden and providing savings for small businesses.
Did you enjoy this article? If so, subscribe to YFS Magazine and never miss an update. Don’t forget to
make our friendship official and join Young, Fabulous, and Self-Employed entrepreneurs on Facebook.
Greg Jones, CEO of BookKeeping Express, the first US franchise focused solely on bookkeeping services,
and owner of a handful of Five Guys Burgers and Fries restaurants. In an interview, Jones can share
critical information and tips (including specific processes and procedures) on how to save small
business owners money, time and pain.

Source: http://yfsentrepreneur.com/2013/03/07/business-taxes-ease-tax-prep-burden-avoid-audit-traps-and-claim-more-deductions/

It’s that time of year again. Small business owners are juggling the demands of their day job while moonlighting as their own accountants facing hundreds of new or complex regulations. Unbeknownst to many are money-saving tax deductions, and consequently, hard-earned money is left on the table.

To help shed light on these commonly-overlooked tax deductions for small business owners is Greg Jones, CEO of BookKeeping Express, the nation’s only franchise model for outsourced bookkeeping and financial intelligence consulting.

Here are eight ways you can deduct to your advantage.

Save on start-ups
The costs of launching a business are considered capital expenses, and you may deduct $5,000 your first year in business.

Business-related education
You can deduct educational expenses that maintain or improve skills required in your present employment, this includes seminars, classes, convention fees, etc.

Deduct on driving
Commuters may have missed the news that the fiscal cliff legislation signed by President Obama contains a provision that allows employers to offer up to $240 a month in tax-free benefits to employees who use public transportation or a vanpool to get to work. That’s an increase from $125 a month under old IRS rules. Employers can get a tax deduction by providing the Commuter Choice benefit or can save on payroll taxes by allowing employees to use pre-tax dollars to buy transit passes or pay vanpool costs. Employees save on federal income taxes.

Perks of working from home
Not only does a home-office allow you to work in last night’s pajamas, it also makes you eligible for home-office deductions. As long as the designated “office” space within your home is used exclusively for business purposes, you might be able to deduct a handful of things ranging from a portion of your rent and utilities to internet costs and repairs.

Self-employed health insurance deductions
Self-employed health insurance deduction is one of the most significant deductions you can take as a small business owner. You may be qualified to deduct premiums paid on qualified long-term-care insurance, medical and dental insurance not only for yourself, but for your spouse and dependents that are under the age of 27.

Software and subscriptions
The recently increased Section 179 provides another tax break in this area of business expenses. Previously, a company had to depreciate the cost of computer software over three years. Now, off-the-shelf software a business buys can be fully expensed in the year purchased.

Hotels and meals
You might as well stay in a nice hotel, because the entire cost is tax deductible. Likewise, the cost of travel — air, rail or auto — is 100 percent deductible, as are costs associated with life on the road (dry cleaning, rental cars and tipping the bellboy). The only exception is eating out. You can deduct only 50 percent of your meals while traveling. So stay at the Ritz and eat at Arby’s.

Telephone charges
You can deduct the cost of the business calls that you make for business from home. When your bill comes in, circle the business-related calls, total them up and keep a copy. At the end of the year, tally your 12 bills and deduct 100 percent.

http://www.businessnewsdaily.com/4124-deduction-tips-small-businesses.html

BookKeeping Express has awarded Territory Development rights in

Cincinnati, Ohio

to

Chris Lee

 Congratulations on another BookKeeping Express franchise!

BookKeeping Express has awarded Territory Development rights in

Minneapolis, Minnesota

to

Christine Maloney

 Congratulations on another BookKeeping Express franchise!

http://www.entrepreneur.com/franchises/rankings/topnew-115520/2013,-1.html

Maintaining clean books throughout the year will help many business owners save face in the case of an IRS audit.  In the past many owners took an out of sight out of mind approach to their bookkeeping practices and often scrambled when an audit came up.

BookKeeping Express works as your back office to help you become a better Business Owner!  We work with our clients throughout the year and not just tax season.  BKE documents all errors, voids, or restated transactions and can clearly explain each. With BKE there is a clear bookkeeping process in place, should you be audited you have a team of well-trained bookkeepers to explain all records and processes to the auditing agent.

For more information on how BookKeeping Express can help you and your small business, contact your local office today.