Category archives: Finance

Best tips when choosing an accountant

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Hiring an accountant for your firm is important as it will require someone who will take care of the general cash flow in and out of your business. The role of accountants has drastically changed over the years. There are new technologies on the same that accountants need to be regularly accustomed. Visit padgettcalgary.com for the best management accountants. Let us explore some of the best tips when it comes to the hiring of an accountant.

Best tips

Licensed candidates

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Other than the professional and academic credentials make sure that the person you hire for this job is licensed. He should be registered with the relevant body of accountants in your country. There are different professional accountancy groups with each one of them have different duties and educational requirements. If you get a candidate who is a member of all the three, then that is the right person for that particular job. The Chartered Accountants, for instance, have a worldwide recognition and offer services such as insolvency, trustees for receivership, and also offer counseling services to the startups.

Business needs

What aspects of finance do you need an accountant to handle for you? Other than the cash flow in and outside the business you may require other services like the filing of taxes and someone to offer consultancy as the business grows. Most business owners with little financial background usually want an accountant that will advise them on numerous things as the business grows. Accountants can help you when dealing with the leases and other the legal requirements that your business is supposed to meet. Your business needs are therefore vital when choosing an accountant.

Charges

It is always important to work under some budget in any business. The amount of money that you will spend on your account on salaries is, therefore, critical when hiring an accountant. Inquire about how much the accountant is willing to take for the services that he will render to you. Most accountants charge on an hourly basis depending on the duties assigned to them. Ensure you get an accountant who will work within your budget and also execute the work allocated to him professionally.

Referrals

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When of the best ways of getting an accountant is through the referrals. Talk to your business associates on some of the best accountants that they have worked with. You will get various names of which you can narrow down to the ideal candidates. You can also look at the employment background of the candidates before deciding who among the many candidates is perfect for your business. Watch the video below for other considerations on choosing the best accountants;

Uses Of Point Of Sale Systems

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The Point of Sale (POS) system enables a business to process its transactions that are essential to the enterprise operations. The POS systems are made of software programs and hardware that enable the user to track the financial transactions, inventory and employee conduct in business. Investing into a POS system assists a business owner to manage different functionalities of the business seamlessly while giving quality customer relationship management. The square merchant services also use the POS system. The following are some of the uses of the POS systems;

Financial management

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The POS system is used to register all payments made to the business resulting from service or buying transactions. It facilitates payment through varying payment methods most significantly credit or debit cards. The POS system is integrated into the accounting system and records the finances generated by the business. As a result, the POS system assists in recording revenue generated on daily, weekly, monthly or on an annual basis with accuracy on the financial information provided. The POS is also able to track tips awarded to employees and reward them accordingly. Additionally, the POS is useful in tracking tax payment and guarantees that the organization remains compliant at all times. Interestingly, using the POS the business can minimize cases of financial fraud that are likely to occur.

Customer relationship management

An effective POS system enables the business to improve its transactional and operational efficiencies which highly contribute towards giving quality services to their customers. This, as a result, attracts a high level of loyalty to customers who are likely to make repeat buys from the same retailer. Also, the POS system uses the information gathered to customize its services to enable better and quicker delivery.

Inventory management

Using the POS system, a business owner can track the initial stock compared to the closing stock. Therefore, one is in a position to identify the total sales made within a given period. This system also assists in tracking the amount of stock available and helps in making the best decisions on when to make a reorder for a particular product ensuring that the business runs smoothly without any shortages.

Sales management

The POS records all the sales made in the business with a clear precision. This greatly contributes towards evaluating the products that are more preferred and assists in meeting the customer’s demand.

Employee management

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Using the POS system, it is possible to clock in and clock out employees. This ensures that one can monitor how employees serve their shifts even with remote access.