Accounting and Tax Preparation Services for Certified Minority Owned Businesses

Minimizing the gap between funds and opportunities imparted to minority owned businesses as compared to others is quite crucial. Besides this, a lot of programs have been launched to let minority owned companies grow. The certificate bearing minority owned businesses get an access over special government programs. These programs include government contracts which will give a push to an otherwise deprived business..

What are the requirements to get qualified as a Certified Minority Owned Business?

The small-sized firms who seek to acquire minority Business Certificate are required to get in touch with the National Minority Supplier Development Council (NMSDC). NMSDC is an organization that is focused towards enhancing the prospects of business for certified minority businesses and connects them to the members of the corporate industry. For Certification, an application can be submitted online and the requirements are:

  • Business should be at least 51 percent minority-owned i.e. it should involve the one who is 25 percent- African-American, American Indian, Asian American, Alaskan Native, Hispanic or Native American.
  • This is confirmed through – screening tests and interviews along with the physical visit.
  • The Minority owner member or members must be performing management and daily operations of the firm.
  • It should be a profit making organization which is situated in U.S. or its trust territories.

What are the benefits of being a Certified Minority Owned Business?

Access to Corporate and Government Contracts:

As per the law, many government organizations are mandated to perform business with the Minority Owned Businesses. Thus, purchasing a minimum specified percentage of the goods from them is mandatory. Contrary to this, a significant number of organizations are themselves eager to initiate business with them even if these firms are not mandated to do so. These firms are well acknowledged about the advantages of buying the goods and services from the certified Minority Owned Businesses. This certificate imparts a way of differentiating a specific firm from other suppliers in competition. Besides this, these firms are also provided with the information of the businesses and government organizations who want to buy the supply needs from the certified businesses. This list thus initiates their focused approach towards the interested customers.

Funding Imparted:

As per the research if the access to debt and equity capital is measured between the Minority Owned Businesses and otherwise, Minority is the one deprived. A lot of programs are thus launched to minimize this gap in funding. To get the advantage of these programs requires one to hold the certification. If not required by the programs, this certificate elevates and legitimates the status of a business.

An exclusive pool of Equity Financing provided can structure the equity investment of a business. The firms are mandated to obtain certification to get the advantage of the same. Many equity investors are nowadays keeping a percentage of capital for investing in Certified Businesses considering the benefits to do so.

A high amount of Debt Financing is also enabled to these firms. To access these loans the firm is required to hold certification like Equity Financing. These loans thus offer the terms of lower interest rates as compared to the general interest rate imposed and more relaxed guarantee requirements. Many organizations also impart grants to provide support towards these businesses.

Training and Network Opportunities Fostered:

Through the Certification, a Minority Business is empowered via training and networking programs. These programs will prove useful for them while expanding their reach to new customers and while imparting best practices required for a successful endeavour. Along with the online courses, many conferences and events are organized which impart enhancement to the business processes and profits earned.

Cloud Accounting Systems: Best Solution for Small Businesses

Over the past few years, how small businesses manage their invoicing, accounting & Bookkeeping, have gone through radical changes. Today, an increasing number of businesses are opting for cloud-based accounting systems to streamline their core processes. If you own a small business, you may be on the lookout of a way to make business record keeping a bit easier so you can build your brand and grow your business.

In fact, you have many reasons to choose a cloud-based accounting software like Xero. Quick Books Online (QBO), MYOB for your small business. Let’s take a look at some of the main reasons.

1. Easy Access

With a cloud-based invoicing app, for instance, you can access your figures no matter where you are. Since all the info is hosted on a remote server that is always up, you don’t need to download and upload anything.

You can use your mobile/smart phone to view your files from anywhere. There is no need to sit in your office. Accessing your accounts will be a piece of cake even when you are on the move. You just need a smart mobile device with internet access.

2. Up-to-date Files

All your business data is hosted on the cloud. So, you can always get an up-to-date view of your business financial status. This can help you make informed decisions to make your business stronger in terms of finance.

On the other hand, in case of the traditional accounting system, you have to scroll through tons of pages to view the reports. With a cloud accounting system, you can check your finances in real time.

3. Simultaneous Access to files

Business owners need to keep in touch with their accountant for updated financial records, especially when it comes to filing tax returns at the end of the year. You know that this process takes a lot of time, and costs a good deal of money. Small businesses can’t afford to spend that much.

A cloud-based accounting, on the other hand, you and your accountant can view the same records in real-time, which means you can enjoy a more valuable experience. There won’t be any need to exchange files through email. The same files can be accessed by several people simultaneously.

4. Cost effective / Less Costs

With the development of cloud based accounting solutions, small business accounting system had been reduced drastically, i.e. individual business do not need to have their own computer equipments, networking, software and IT professionals to maintain their system. They pay small nominal monthly payment for these services, and rest is handled by cloud based accounting solution.

5. Reduced Clutter

It can be a challenge for you to keep your paperwork in order. Over time, invoices, receipts, and expense mount up. A cloud-based accounting app helps you import your paperwork and check all the figures at a glance. As a result, there is almost no chance of manual error. Plus, you can manage your records without the need to handle a lot of papers. So, if you want to get rid of all the clutter from your office, using cloud accounting software is a great idea.

Long story short, this is the right time to switch to cloud accounting software. We are not in the era of desktop-based software anymore. So, if you are an ambitious small business owner, we suggest that you give a go to cloud accounting in order to keep on top of your finances.

6. Security

Above all security is the most prominent for these types of services. Provider of CBAS has got Iron Clad type security equivalent to internet banking security.

7. Being Topical

This is the latest technology and the business owner and their staff will be happy to handle this technology and enjoy the benefits on the go/on the fly.

Why Small Businesses Need Accounting Firms?

One of the most essential parts of every industry is bookkeeping service. That is why a lot of companies have held on to accounting firms to keep all their financial records and transactions organized and categorized well. These professional services help in facilitating systematic handling of files, items and reports so bookkeeping, auditing and analysis would be done in the most efficient way possible. All businesses need bookkeeping service. It doesn’t matter how large or small your company is, you need to choose one of the best and most reliable accounting firms to take over the role of handling your finances.

A perfect business model is unachievable but you can always improve your structure if you know what you’re dealing with. The financial status of your organization can only be determined accurately when you have knowledgeable people working on it. People who specialize in doing the audit and reports for small businesses have the edge as they already have the skills and experience in dealing with such kinds of businesses. Purchases, income, disbursements and payments made by individuals in the organization or the company itself must be kept in file so you must choose one of the most systematic accounting firms there is in your locality.

Proper bookkeeping and auditing is necessary to run your small business smoothly. The most important factors determine the business success in the methods where the financial transactions of the businesses are well thought of for greater productivity and efficiency. You must hire accounting firms with professional background, who can make things easier for you. Find the one that can formulate a system that would work best for a small enterprise like yours.

Initially, bookkeeping needs for small businesses can appear simple but such tasks are never easy. Doing all these requires thorough computation and analysis. That is the reason why you need to hand it over to a professional company that offers good packages and excellent solutions to your financial reporting needs.

Be observant in the key financial procedures concerned in the management of your business. Cash flow and profit statements, as well as balance sheets and ledgers must be audited well with credibility. All results must have undergone necessary steps and standardized tests in order to verify their accuracy. When done with high level of confidence, you’re off to a great start. Your small business can go for the extra mile and reap higher profits in the future.