Month: March 2020

5 Prime Reasons Your Business in New Jersey Needs an Accounting Service

Accounting Service : As a business owner in New Jersey, you know how hard it is to start your brand. What’s even harder is to prevent it from falling. What’s more? 75-80% of start-ups in the States fail within the first year of their inauguration. This is not a joke; due to several factors, many start-ups and brands just fail to make an impact. 

One such reason is the lack of proper financial management. You see many times; new entrepreneurs do not take the initiative to hire a business startup services New Jersey. Rather, they take it upon themselves to handle the finances of their company and this isn’t always such a smart idea.

Now, we aren’t saying that brand owners aren’t capable of monitoring and handling finances. However, most of these people are new to managing businesses. Therefore, these entrepreneurs should focus on their business growth and leave the finance handling part to trusted accountants. 

A good accountant has years of experience, work ethics and insight on the right way to handle and monitor finances. As a result, these accountants can prevent a company from spending excess money and channel it towards profitable growth. Want to know other ways in which an accounting firm can help you out.

Let us tell you! We are Thomas Ross Financial Group, one of the best business startup services New Jersey that provide accounting and business valuation services. 

Today, we are here to highlight a few reasons why hiring accounting services can benefit a brand in many ways.

1. Taking the Burden off

Hiring reputed accounting services will mean entrepreneurs have to pay extra money to accountants. This is one of the prime reasons why businesses do not hire entrepreneurs. However, when the CEO’s take the burden of financial management on their plate, they fail to fully focus on their business. 

Therefore, even if the cost of hiring an accountant might seem big, it is better entrepreneurs do so. These accountants are experienced and smart; as a result, when it comes to saving money, these accountants can help the entrepreneur in an invaluable way. 

2. Perfect Future Planning

One of the best reasons to invest in an accounting service is that your accountant will help you with optimal future planning.  

As your accountant collects data and makes financial reports, you can go over these with him/her. These statements and reports will help you plan your future finances optimally and steer your company towards profitable growth. 

3. Get Tax Deductions Timely

Entrepreneurs are on their guard on tax-season. Most are trying their best to save up money during tax deductions. However, most end up waiting till the end of the year to save up, and this is where they mess.

Often when they wait till the end, the opportunity to save up money is gone. However, if these entrepreneurs hire trusted accounting services New Jersey they can solve this issue. Experienced accountants monitor finances all year long. As a result, they know exactly where to hit to save finances.

The reason being these accountants keep track of excessive expenses and depreciation that help them understand a company’s finances. Therefore, based on collected data these accountants help in availing tax deductions timely.

4. Prevent Succumbing to Fraud

One of the biggest threats faced by brands is becoming a victim of fraud. Many times when a brand owner is busy monitoring other aspects of business there can be unscrupulous people at work who secretly deplete the company finances.

This is something an accountant can prevent. How? Well, your accountant is continually monitoring your finances all year long. Therefore, if he witnesses any suspicious activities, he will instantly report it to you. After that, your accountant will make sure to take the steps necessary to protect your finances from unethical frauds.

5. Quick Decision Making

Often business entrepreneurs face a predicament that involves decision making. There are so many choices to pick from and taking a wrong decision means hampering the company finances. This is why entrepreneurs should opt for hiring accounting services New Jersey.  

Skilled accountants are very good at giving financial advice to clients. The reason being they monitor the company finances all year long. So, they know exactly how much a company can profit and what are its shortcomings.  

Therefore, the advice given by accountants is invaluable. Firstly, they will save you money, and secondly, these accountants will prevent you from investing too much in unnecessary things. 

On that note, now that you’re aware of the many perks of hiring reputed accounting services, why don’t you consult us at Thomas Ross Financial Group? We have some of the best accountants in New Jersey who can help your brand reach new heights. We also offer business start-up services and more. So, hurry! Contact us today and let us protect your finances the smart way.

Big or Small, Your Brand Needs Business Valuation

Business valuation service : Are you a company owner in New Jersey who has no idea how much your brand is worth? Well, sure you sell a few products over the year, and maybe even have an idea of how popular your brand is. But you have no clue how valuable your brand is in the retail market. 

Well, this can be problematic in so many levels! If you do not know the value of your brand you won’t know how much profit, you’ll make and so on. Not to mention, if you even think of selling your business, you cannot make a strategic exit planning without knowing your brand’s market value.  

Therefore, you must go for business valuation services New Jersey. Now, you might wonder what business valuation is and why is it so needful for your brand? Well, we at ThomasRoss Financial Group will tell you. We offer customized business valuation service to clients and today, we are here to answer all your questions. 

So, Let’s Begin

Explaining Business Valuation 

Business valuation is very important for any business succession planning or estate planning. Now, your business may be the most important asset for you. So, naturally, if you wish to see it grow, you need to have an insight on the taxable value of your brand. However, if you just assume and use an incorrect value, it can cause you to mess up tax-saving tips. For example, if you have an inflated value it can result in you investing time and money, and all for nought. 

Therefore, you must have the accurate market value of your brand, and this is where business valuation can aid you out. The business valuation takes into consideration several aspects before finding the accurate value of your brand. 

In short, opting for business valuation services New Jersey will ensure your brand optimal use of resources and finance. Moreover, there are plenty of other reasons to undergo business valuation. 

Let’s Review These

1 . Business Valuation Helps in Succession Planning 

Sometime in life, you might plan to hand down your business to someone else and retire. Now, this can be either a family member or a third-party buyer. When it is a family member, most of you might charge a negligible amount and hand down the brand with confidence. 

However, when you are planning to sell your brand to a third-party buyer you need to invest in business valuation services. This is because, unless and until you find the actual value of your brand you do not know if you’re charging the right market price for your brand.  

Additionally, your buyer might want to check the market value of your brand to determine the amount to be paid.

2 . Mergers, Sales and Acquisitions

Brands need a business valuation when they suddenly acquire another company and is a target for acquisition. This valuation helps in reorganizing the capital structure, filing for bankruptcy or splitting up the company as per its needs.

Now, for mergers, both the company in charge as well as the acquired company needs to go for valuation, while in acquisition any of the companies can opt for valuation. Anyhow, these valuations often pinpoint challenges that require the valuation expert to calculate cash needed for payments.

Therefore, in such cases, it is best that you opt for business valuation services New Jersey.

3 . Buy/Sell Agreements 

Let’s assume that your brand in New Jersey has an LLC or partnership; if it does it is important that you have a buy/sell partnership between participants to avoid future problems. Now, the starting point of this agreement is based on a value, which is agreed mutually. This is where your business valuation service can help you in determining the value. 

4 . Partnership and Shareholder Buyout/ Disputes

Often in businesses there can dispute that arises due to several circumstances. Some of these are disagreement with dissolution or merger or disputes within owners and more. Other times disputes arise when certain stats allow unanimous owners to change, restructure or dissolve businesses without consent.

At that time, if you have a business evaluation done, it can aid in resolving the dispute as part of the settlement. So, in case there is a chance of your brand facing such disputes opt for a business valuation services New Jersey. 

5 . Business Valuation for Funding 

Suppose you need good funding from banks and investors, at that time if you undergo business valuation, you can get a better value for funding. 

Why? Well, a business evaluation will show the investors the actual worth of your brand. Additionally, it will also predict how profitable your brand will be in future. Therefore, your investors or bank will feel motivated to invest in your brand. 

On that note, now that you’re aware of the many perks of business valuation ensure to get it done sooner. For best results, you can contact us at ThomasRoss Financial Group and let our analysts take care of your issue.