An Accountant Supply List

Not many years ago, accountant supply lists involved items such as ledgers, stamps with inkpads, and a very large cup of sharp pencils. Today, accountant supply lists are much different.

Computer

First and foremost, the most important accountant supply to purchase is a computer. This is a given in nearly every existing business in the United States today, and choosing a computer can be complicated and confusing due to the many options that are available. If you don’t have a computer that you can use for your accounting business, visit your local accountant supply store, office supply store, or computer dealer.

Shop around at a minimum of three places, and ask a sales representative to demonstrate the different features, as well as review features on memory. Bring a note book to write down the different types of computers you’ve seen, as well as the pros and cons of each different computer. If you have a relative or close friend who knows computers, share your findings in order to make the most educated purchase that is best for your business.

Accounting Software

After purchasing a computer, or if you already have a computer suitable for your accounting office, the obvious next accountant supply that will be needed is a good accounting software package. Rather than choosing accounting software by brand, though, choose software that is right for your particular business.

Out-of-the-box accounting software is most suitable for small and medium-sized businesses that have standard accountant supply needs. If your business needs unique data reports, make sure the accounting software you choose offers customizable reports. If you run a service-related business, check to be sure the accounting software includes features such as a time and billing module. When choosing your software, ask a few pertinent questions to make sure the package is right for your accounting business.

– Does the accounting software allow you to print or electronically send cheques, purchase orders, and invoices?

– Does it have internet connectivity so you can bank online?

– Is it integrated with other software that you often use, such as Microsoft Office?

– Is it able to convert data from other accounting programs or databases? In other words, will the accounting software be able to meet all of your needs, now and in the future?

– Does it work easily with tax forms and configurations?

If you anticipate your business to grow and include other staff accountants, consider these additional questions as well.

– Is the accounting software networkable?

– How easy or expensive is it to move from one user to multi-users?

– With some accounting software, adding new users is just a matter of buying the appropriate number of user licenses; with others, you have to purchase multiple copies of the accounting software program, which is much more expensive.

Some software accountant supply packages, such as Peachtree by Sage, offer areas of accounting software specialty as well, such as accounting for construction, accounting for distribution, accounting for manufacturing, and accounting for nonprofit organizations. Therefore, as with a computer purchase, get several opinions from various sources in order to make the most educated purchase for your accounting businesss.

Other Supplies

Once a computer system and software package is installed, filling an accountant supply cabinet is the next item a self employed accountant should choose to complete. Before spending your hard earned dollars, though, carefully research the items that you will need the most and those items that you will need immediately in your particular accounting specialty.

A few basic items for your effectively equipping your office, which are available at most any accountant supply or office supply store, are as follows:

– Client tax guide organizers

– Presentation materials and client folders

– Accounting forms

– Filing cabinet with file folders

– Accounting reference materials

– Telephone with headset

– Desk top calculator and adding machine

Some items that will be needed in your accountant supply cabinet can be purchased at an accountant supply or office supply store, but could also be obtained at no charge through the Internal Revenue Service (IRS) or ordered at irs.gov.

– W2 and 1099 tax forms

– Federal and State envelopes

– Federal and State income tax forms for the current tax year

Basic office supplies that should be included on your accountant supply list are:

– Pens

– Pencils and an electric pencil sharpener

– Paper clips

– Stapler

– Rubber bands

– Desk organizers and baskets for organizing paperwork to be kept on your desk

– Envelopes of various sizes

– Postage meter if you do or plan on doing a lot of daily mailings on a very regular basis

– Self inking stamps – one with your business mailing address and one for stamping bank deposits

– Letterhead and envelopes with your business name printed on them

– Business cards

Additionally, consider a unique accountant supply that could be of great benefit to you and your clients — a subscription to a tax update newsletter, or another resource that will keep you regularly informed of tax updates, and can help you remain updated on the latest changes in taxes and tax laws.

Is It Easy to Change From My Current Accountant to Another Small Business Accountant?

When you run a small to medium business, your accountant plays an important role. As well as helping you stay on top of your BAS and tax obligations, your accountant should be able to help you create a plan to grow your profits and secure the future of your business.

If you do not feel as though your accountant is giving you the right guidance to optimise your financial performance and financial position, you may want to consider changing accountants. You can change accountants at any stage during the financial year.

Why change to another small business accountant?

Your accountant plays such an important role in your business and should be working with you on the below:

  • Business forecasting – To help you plan ahead and create budgets and cash flow forecasts
  • Profit dissection – By examining your revenue streams, your accountant can identify where to focus on increased income
  • Expense analysis – Break down the costs of running your business to see where you can potentially save money
  • Asset advice – Which areas of the business should you spend money on and how can you make your assets work for you?
  • Liability analysis – What parts of your business are holding you back financially?
  • Regular financial health checks – A good accountant will keep in touch with you throughout the year, not only at tax time, to make sure you are on a budget and on track to achieve your goals
  • Education – To allow you to clearly understand what is going on with your numbers
  • Future planning – You and your accountant should work towards forming a strategy for the business in the long term, including selling the business or winding it down so you can retire

If your accountant is not covering the points in the above table, it is likely there are a number of areas where your business could be improved financially. In this case, it is a good idea to consider a new accountant.

Before you look for a new accountant, take the time to do some research. As well as meeting the above criteria in terms of the day to day management of your finances, there are some things to ask yourself about what you want from your accountant:

  • Communication requirements – Do you expect your accountant to respond to your calls quickly?
  • Expertise – are there areas of your business you need your accountant to focus on?
  • Reliability – will your new accountant meet deadlines for deliverables?
  • Technology – does your accountant use software which will integrate easily with your systems?
  • Values – what are the values of the accountant? Are they aligned to yours?

How to switch small business accountant

Before you move to a new provider, ideally you want to tie up all your loose ends with your current accountant.

Select your new accountant before you move on as they will need to communicate with your previous accountant.

From there, it is time to break the news. You may choose to give your current accountant a call and explain that you’re moving on. If they are professional they will part with you on good terms and wish you all the best.

It is the responsibility of your new accountant to get in touch with your previous accountant to request a transfer of your financial information. In Australia, it is ethical best practice for your old accountant to comply and hand over the information.

Once your new accountant has your figures and financial statements, make an appointment for the both of you to review your business. Now is the time to explain your trouble points. Talk about your business and personal goals so your accountant has a clear picture of what you are striving for.

Starting a relationship with a new small business accountant can feel daunting, particularly if you know your finances are not in the best shape. However, there’s no time like the present to get on the right track and set yourself up for financial success in the future.

Why Should I Hire an Accountant For My Business?

A lot of businesses go through bankruptcy and liquidation due to their improper accounting practices. An accountant plays an important role in an organization since money management is one of their key roles in addition to keeping proper accounting records for each and every activity. The reasons why a business needs an accountant are plenty and the following are some of them:

Accountants make sure that financial statements comply with the International Accepted Standards (IAS). Preparation and presentation of financial statements follows a number of accounting standards which are accepted worldwide. An accountant makes sure that these standards are adhered to while preparation and presentation of the financial statements is being done. This ensures that the figures that are presented in the financial statements give the accurate financial position of the business.

Controlling of funds usage is another task of the accountants in a business. Development of a system for internal control is the responsibility of the accountant. The system will prevent and control the embezzlement or misuse of money in a business. It gives the guidelines on how transactions are to be handled thereby locking out any avenue that might be used for funds misappropriation. Internal controls basically help businesses to achieve certain goals, objectives and tasks. Cash control systems are crucial controls that businesses need to develop. The accountant plays an important role in attainment of this undertaking.

The other important reason why a business needs an accountant is for taxation purposes. Tax planning permits the business to develop a plan for anticipated revenue in the years that follow. The plans may assist in the management of money in a way that maximizes the businesses tax benefits. The benefits of this include spending less time in taxation processes and using the spare time in concentrating on other income generating activities. Timely filing of tax returns also assists the business in avoidance of penalties on late payment which saves some money for the business. The business will also be able to avoid overpayment of tax which means that they will not have money that is tied in tax refunds.

Budgeting along with forecasting of business revenues is capable of being prepared properly by accountants. This is attributed to the actuality that the accountants have vast knowledge of operational costs as well as the flow of business revenues. The above processes of forecasting plus budgeting permit the businesses to formulate projections of revenues into the near future. These formulations can lend a hand to the business to institute its growth predictions in addition to planning for whichever anticipated disruptions that may occur in cash flows. This practice is usually founded on the concept of going concern which is part of the Generally Accepted Accounting Principles that each and every accountant is required to follow in the accounting profession.

The discussion above shows that an accountant is important in any business since they make sure that cash flow is monitored closely. It is believed that the individual who has control over the money normally controls the whole business. It makes sense since profit maximization is the major goal of most businesses and this might be difficult to achieve without an accountant to control the funds. Consequently, successful businesses are those that have an accountant.