You Need to Ditch Your Full-Time Accounting Staff for an Accounting Firm

Published on: 05 November 2018 Last Updated on: 02 March 2020

You have a full-time accountant for your small business because you know you are incapable of managing every detail alone. Since you have a small business, you prioritise the tasks that are essential to keep your business running. Accounting is one of them. You need to submit tax reports to the government and be in compliance with the law. You also need to know your financial status. Having someone working on all these documents full-time would help take a burden off your shoulders.

An alternative to full-time employees doing it is hiring an accounting firm. They can perform the same services. Some signs will tell you that ditching your full-time employee for the services of an accounting firm is the right choice, for example:

Cutting expenses:

If your business did not take off as well as you would have hoped, you need to reduce expenses where you can. Letting go of staff that you are regularly paying each month is a practical idea. With accounting firms, you will pay them depending on the project. If you don’t need their services, you don’t need to pay them. You will save a lot with this strategy.

Your employee is no longer performing well:

The problem when you have a small business is that you also have a few employees, and you treat each other like a family. However, if one of them is not performing well, firing that person is a challenge. You need to evaluate your employees how other companies do it. If your accountant always commits mistakes or has issues when submitting the requirements on time, the best option at this point is to let go of that employee. You are better off with an accounting firm that also has experts in accounting.

You need more than accounting services:

Accountants working for you full-time can only provide accounting services. This person already has a lot on their plate; too much to offer other services beyond accounting. With an accounting firm, you can ask for other services like payroll, financial management, financial advice, and many others. The other option is for you to hire more accountants, but it would be impractical.

Your company is getting bigger:

You can assess the direction of your company. If you are growing, or you plan to expand soon, you can’t afford only to have one accountant dealing with several accounts. It will take too much time to finish everything. There might also be lots of mistakes. You can either form an accounting department. Between these options, outsourcing would be the more practical choice.

If you can’t let go of your employee, you can still outsource the accounting tasks. You can transfer the said employee to a different job where you think you can still make the most of their skills. Set up a meeting with an accounting firm and work out the details of your partnership.

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What to Expect from Upcoming IPOs in the Next Quarter

The Indian IPO market is expected to heat up again in the next quarter. With the economy steadying and market sentiments improving, many companies are lining up their initial public offerings (IPOs) in the coming months. As an investor, especially a retail investor, upcoming IPOs present an interesting opportunity to allocate a portion of the portfolio to high-growth businesses early. However, not all IPOs are created equal. With so many companies hitting the primary market, how do you separate the wheat from the chaff? Which IPOs should one apply for, and what factors should be considered before investing? This blog post discusses what investors can expect from IPOs in the next quarter and provides a framework for analyzing and shortlisting the best upcoming IPOs for your portfolio. Strong IPO Pipeline Investment bankers have a strong pipeline of companies planning to launch their IPOs soon. These include prominent startups from e-commerce, fintech, FMCG, and technology sectors. Some of the major upcoming IPOs to watch out for include the following: Ather Energy: Ather Energy has recently received approval from the capital markets regulator to float its initial public offer. The e-mobility unicorn plans to raise Rs 3,100 crore through its maiden share sale. Oswal Pumps: The IPO can supposedly have mixed fresh issues of equity shares that are worth 1000 crore INR. Also, the offer-for-sale (OFS) of close to 11.3 m equity shares will be made available by promoter Vivek Gupta. Schloss Bangalore: The parent company of Leela Hotel Chains, Schloss Bangalore, is also planning to offer a mix of the latest issue of equity shares (worth 3000 core INR) and the OFS of stocks, which cost around INR 2000 by Project Ballet Bangalore Holdings. iValue Infosolutions: iValue Infosolutions offers various digital services like security analytics and network security. It doesn't have any listed peers on the Indian stock exchanges. The IPO is expected to have only OFS components with 18.7 m equity shares but no fresh issue components with it. Factors to Consider Before Investing in Upcoming IPOs The fast-growing Indian startup ecosystem provides immense potential for wealth creation. It is, however, crucial to remember that IPO investments usually carry higher risks than investing in established entities. An investor must assess multiple aspects of the issue to make informed decisions. Here are some key factors to evaluate: Business Model and Market Opportunity Study the company's business model, target market, and future growth drivers to gauge the strength of the underlying business. Analyse if the company operates in a large addressable market and if tailwinds exist for long-term growth. For example, the rise of online spending presents a huge opportunity for e-commerce and fintech players. Financial Health Review key financial metrics like revenue growth, profitability, cash flows, operating leverage, and capital efficiency to assess the business's financial health. It is better to prefer companies with a proven track record of predictable and profitable growth. Valuations Valuations play a critical role in IPO investing. It is crucial to compare the company's earnings and price-to-sales multiples with listed industry peers to determine if the IPO is reasonably priced or overvalued. It is important to note that tech IPOs in the recent past have commanded higher valuations due to high growth potential. Competitive Advantage It is crucial to understand the company's competitive positioning and moats, such as network effects, branding, or superior technology, that make its business difficult to replicate. Durable competitive advantages suggest that the company can maintain growth and profitability. Risk Factors Carefully read the prospectus's list of risk factors, including operational, financial, compliance, and external risks. Evaluate whether the company has concrete plans to mitigate these risks. Purpose and Use of IPO Proceeds Analyse how the company plans to use the IPO funds. It can be beneficial to look for companies that utilize capital for productive purposes, such as expanding capacity, clearing debt, or gaining strategic capabilities via acquisitions, rather than just providing an exit route for investors. Promoter Credibility and Skin in the Game The credibility of the promoters or founders and their commitment to the business matter a lot. This is usually reflected in the portion of ownership they plan to retain post-IPO. Founders with enough skin tend to take a long-term view of steering the company. Tips for Retail Investors Applying in IPOs Here are some handy tips for retail investors to increase the probability of getting an IPO allotment: Open a demat account with a bank or broker that has a higher allocation in public issues. This can help increase one's chances of allotment. Ensure sufficient funds are in the bank account linked to the demat account 2-3 days before the IPO opens. These funds will be blocked once one applies for the IPO. Focus on IPOs with larger offer sizes and avoid oversubscribed issues. Leverage UPI to apply as it typically has a higher allocation reserved for retail investors. Fill in the bid details carefully, and do not submit duplicate requests from the same account. Conclusion The IPO frenzy is expected to continue in the next quarter. For investors willing to stomach the risk, upcoming IPOs offer an opportunity to allocate a small portion of capital to new-age businesses that could create substantial wealth over long periods. Doing the homework, thoroughly evaluating company fundamentals and valuations, and investing discipline usually helps. Frequently Asked Questions Following are some common questions investors and traders may have about the upcoming IPOs. Q1: What are the key factors one can expect to influence IPO performance in the next quarter? Ans: The performance of IPOs that hit the markets in the next quarter can be expected to depend on several interlinked factors. These include prevailing market conditions, industry trends, company fundamentals, geopolitical events, and overall investor sentiment. Strong economic performance and growth outlook have historically supported higher IPO activity and valuations. Q2: How can investors identify promising IPOs in the upcoming quarter? Ans: Choosing the right IPOs to invest in requires rigorous due diligence by investors. Critical aspects like the company's financial health, growth levers, business model, competition dynamics, industry outlook, and the strength of the management team must be evaluated. Reading the IPO prospectus and analyst reports can help provide valuable perspectives. Q3: Which industries will likely dominate the IPO market next quarter? Ans: Private enterprises from high-growth sectors like technology, healthcare, and green energy can expect to drive IPO volumes in the next quarter. Companies with strong innovation pipelines and a strategy to capitalize on current market conditions will likely draw significant interest. Q4: What risks should investors consider before investing in upcoming IPOs? Ans: While upcoming IPOs are expected to provide exciting investment opportunities, they also carry their share of uncertainty and risks that investors should be aware of. These include prevalent market volatility, chances of overvaluation, lock-in periods, and lack of historical performance data, in addition to the industry-specific and macroeconomic risks. Q5: Are there specific IPOs generating high interest for the next quarter? Ans: Among the upcoming IPOs, companies with strong brand recognition, unique and innovative offerings, established track records, or those operating in areas with massive growth runways can be expected to generate the most investor interest. Tracking financial media coverage and reports prepared by financial analysts can help highlight the important aspects of upcoming IPOs. Q6: How can retail investors participate in upcoming IPOs? Ans: Retail investors should open a Demat account with a leading bank or brokerage firm to access upcoming IPO allotments. They must thoroughly understand the IPO allocation process, categories, and minimum investment thresholds applicable to retail investors. Read Also: Diving Into The Shiny World Of Precious Metal Investments Top Three Investment Platforms For 2025

How To Make Your Online Business More Humble By Managing Your Reputation?

You heard it here first! Online businesses must manage their reputation so that people are less likely to suspect and attack them. The more you manage your online reputation, the happier everyone will be about recommending your business to others. There are many ways to do this, including creating a website, blogs, social media posts, etc. Here is how: A high-quality online presence is an essential part of being a successful online business owner. Having a good online presence is important because people will only go after reliable and credible sources for tips and advice on a project or product. It also serves as one of your main marketing channels, making it even more important to manage your reputation well. Here Are A Few Ways You Can Improve Your Online Business Presence: 1. Create A Blog Blogging allows you to share your products or services with the world. Blogging can last for a couple of hours or even weeks, depending on your niche and audience. Blogs can be visual, written, and even have sound effects, videos, and images to support the information. You can even create an entirely text-driven blog to give your posts a more specific focus. Blogging can either be your primary source of income or your only source. You’ll want to post your products or services on your blog in many cases. Besides that, blogging can also be a great way to get your foot in the door to growing your business. When you have a blog, it’s easy to create interesting and helpful content for your customers. You can easily link to and reference your blog from your website content. Related Resource: A Complete Online Guide to Boosting Your Website Traffic in 2020 2. Create An Engaging Social Media Presence Whether you’re on Instagram, Pinterest, LinkedIn, or other platforms, interacting with your audience is essential to success. It allows you to interact with them in a personal and interesting way. And if you’re a fitness or beauty products startup, you can create an engaging social media presence to distinguish yourself from your competitors. The greatest way to get your foot in the door into engaging and growing your social media presence is to create a blog. Blogging can be visual, written, and even have sound effects, videos, and images to support the information. You can even create an entirely text-driven blog to give your posts a more specific focus. You can also create a series of shorter posts that are more focused and easily recognizable as your brand. This can help you create a more consistent and trusted brand. Apart from that, you can also start using social media marketing tools to make creating content and attracting followers simpler, regardless of where you are in life. All you need to do is create a series of posts related to your niche and target audience. This can help you create a more consistent and trusted brand. Related Resource: Why A Business Should Use Facebook Remarketing 3. Grow Your Business Presence You can also improve your online reputation and increase sales by growing your business presence. This is especially true if your business is located in an unpredictable location. For example, if you’re from India and your products or services are sold to customers in China, you can’t just open an office and ship those products somewhere else. You’ll need a new warehouse, warehouse maps, a new distribution plan, and a new way of marketing. Instead, it would be best to create a strategy for growing your business. This can be done by dreaming up new business strategies and designing a business plan. This will help you plan out the whole thing in a better way. You can also start taking pre-sales customer feedback, which is extremely important if you want to grow your business. In this case, you’ll have a much better chance of getting your customers to order and pay their money back. 4. Communicate With Your Customers By Writing And Selling Consumer Or Product Tips And Tricks Apart from sharing great content, you can also take the extra step of selling consumer or product tips and tricks. It’s an excellent way to get your foot in the door to growing your customer base. You can create product downloads and gift products, sell online courses or offer gift certificates. This can help you to build your brand even more. Apart from all these, you can also create informative blog posts regularly, which can be read and shared by your customers. 5. Maintain Good Credit Rating Another way to make your online presence more credible is to maintain a good credit rating. You can fix your account history and credit score, make payment history public, and require photo identification. You can also consider security and privacy concerns when creating a business account, renting a laptop, or sharing sensitive information such as your address or photo. Make sure that you consider security and privacy concerns when making a business purchase or creating a product. This way, you will avoid any problems or issues that may arise. 6. Be Transparent With Your Financial Data As an online business owner, you need to be transparent with your financial data. This includes your income, expenses, net Worth, and investments. It’s important to have accurate financial data to make informed decisions. You can achieve this by maintaining a public financial database and posting your financial transactions on a website or a blog. This way, the public can see what you’re earning, how much you paid for products, and how much you spent. Another great way to make your financial data more transparent is an online banking plan. This will make it easier for you to keep track of your financial accounts and payments. Conclusion Online businesses are entering a new phase with the rise of Internet-based media. New media such as social media, websites, and blogs are created just for this new market. This poses new challenges for online businesses, including maintaining a high online presence. The good news is that any company that wants to remain competitive in this competitive landscape should be able to keep an increased online presence. It’s crucial to ensure that your online presence is high-quality, consistent, and reliable. This will help you to build a long-term brand and increase sales. Read Also: Things You Need To Know About Online Statistics Studies What To Think About When Making A Name For Your Business How You Can Grow Your Small Business By Taking Help From Crypto

Corporate Hackathon: Benefits To The Employees

Hackathons are becoming a growing hit in the business world as a tool to encourage employee innovation and collaboration. A hackathon is an event where employees from different departments come together to work on specific projects. It is usually a time-bound event, ranging from a few hours to several days. The objective is to come up with creative solutions that businesses may use and leverage. Hackathon events offer various advantages to workers. In this post, we'll talk about a few of these benefits and how they might raise an organization's general productivity and efficacy. Virtual Hackathon Platform An online platform that allows businesses to hold hackathons remotely. Regardless of their geographical location, it offers a digital environment for participants to interact, share ideas, and work on projects together. Benefits of Virtual Hackathons Flexibility: Virtual hackathons can draw a more excellent range of participants from different locations. Businesses hosting a Corporate Hackathon where employees are globally located benefit from Virtual hackathon platforms. As it involves multinational teams, participants can work from anywhere with an internet connection. Scalability: Compared to physical events, virtual hackathons are not limited by venue capacity or logistical problems. Supports collaboration: This includes video conferencing, chat rooms, project management tools, and real-time feedback mechanisms. Exciting and engaging experience: It makes sharing ideas, working together, and building innovative solutions easier. In general, virtual hackathons offer a practical and effective approach to organizing hackathons. One of which is corporate hackathons. With a virtual hackathon platform, businesses can use the power of cooperation and creativity to advance their operations. How to Host a Hackathon at Your Organization? Set specific goals and objectives for your hackathon. Decide on a theme or problem statement to focus on. Invite participants from across your organization. Think about opening up participation to outside parties as well. Choose the right hackathon software to facilitate the event. Consider from idea submission and team formation to project management and presentation. Provide appropriate resources and support, such as access to technology, mentors, and refreshments. Encourage teamwork and communication amongst participants. Set realistic deadlines for the hackathon. Ensure that teams have enough time to develop their ideas. Plan for a post-hackathon review and feedback. Determine future steps to be taken. Benefits of Corporate Hackathons to Employees Advancement in the Workplace Corporate hackathons are an essential tool for the professional development of employees. Through hackathons, employees can acquire new skills and approaches that can help them advance in their careers. Here are some of the ways that corporate hackathons can promote professional growth: Exposure to new technologies: Participants can learn about new technologies and hackathon software, which can broaden their skillset and improve their problem-solving abilities. Project management: Hackathons often have tight deadlines, which can help employees learn to deal with pressure and improve their resilience and adaptability. Leadership development: Leading a project during a hackathon allows participants to develop their leadership abilities and hone their decision-making skills. Encourages Creativity and Innovation In today's fast-paced corporate world, it's easy for employees to get bogged down with daily tasks and lose sight of their creative potential. However, hosting a hackathon can provide a platform for employees to unleash their creativity and come up with innovative ideas. By using hackathon software, employees can collaborate and build on each other's ideas. Together, they can generate unique and novel approaches. This kind of environment creates a space where employees can think beyond their comfort zones. It allows them to push the boundaries of traditional problem-solving methods. Additionally, a hackathon can help identify the creative members of your team and encourage professional development in those areas. Example: A company wants to improve its customer service experience. Employees from several departments collaborate to enhance customer support's efficiency and engagement. One employee introduces gamification components to make the experience more interactive. Another employee suggests utilizing chatbots to respond to frequent consumer inquiries. Then the team combines these ideas and creates a prototype for a chatbot. This chatbot uses gamification to make the customer service experience more enjoyable. Advocates Cooperation and Teamwork Teamwork and cooperation are vital for a successful and productive workplace. Corporate hackathons provide an opportunity to promote these values and foster a collaborative culture. Corporate hackathons provide a platform for networking ideas. This exposure to various viewpoints and skill sets can lead to new solutions. Thereby, directing to a better understanding of business operations. Employee skill development is possible through this cross-functional cooperation. It promotes a culture of collaboration and knowledge sharing. For example, a developer may learn about the user experience from a designer, whereas a marketing employee may work with a software engineer and learn to code. The team-building component of a hackathon enables staff members to train in resolution techniques, enhancing interpersonal competencies. Employees can leverage their individual strengths to achieve a common goal. This saves time, considering the pressure of time constraints and the need to produce a functional prototype. Employees feel good that their ideas and contributions are acknowledged. They will likely have a positive attitude toward their work and the company. Favors inclusion and diversity. By encouraging participation, hackathons can help break down barriers and promote a more inclusive work environment. Boosts Morale and Motivation Participating in a hackathon can be a great morale booster for employees. They feel satisfaction in their work and a sense of success. Staff members are motivated to put in more effort and advance the company. Hackathons also provide employees with a break from their routine work. Staff members get to work on something different and exciting. This is helpful in reducing boredom and burnout. Increased job fulfillment and employee retention may also follow from this. Hosting a corporate hackathon demonstrates the organization cares about its employees' growth and creative potential. Creating a fun and exciting work atmosphere can increase employee engagement. Safe Space: Hackathons give workers a place to try out novel ideas and take chances without worrying about failing. Employees from discriminated groups who might be reluctant to speak up in traditional workplaces may find this beneficial. Summing Up Corporate hackathons are a remarkable resource for professional development overall. Corporate hackathons are a fantastic method to promote innovation and creativity among employees. They offer a distinctive setting for workers to cooperate and devise original answers to challenging issues. Employees can gain new talents, improve their interpersonal skills, and network with coworkers from various departments. It is a powerful tool for promoting a culture of inclusivity in the workplace. The benefits of hosting a corporate hackathon include professional development, innovation, collaboration, employee morale, and diversity and inclusion. Hackathon software has made it more exciting and enjoyable for participants. Moreover, hackathon software allows companies to make these events more accessible and streamlined. Hosting a corporate hackathon has advantages for businesses trying to stay competitive in today's fast-paced business world. Read Also: 5 Intelligent Sources to Boost Business Strategies all Over the World Are There More Doors Or Wheels In The World? Business To Business [B2B] Content Guide

You Need to Ditch Your Full-Time Accounting Staff for an Accounting Firm

Cutting expenses:

Your employee is no longer performing well:

You need more than accounting services:

Your company is getting bigger:

Ship Packages Often? Why You Need A Courier Broker!

Reasons Why Some People are Sceptical of Franchises

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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What to Expect from Upcoming IPOs in the Next Quarter

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Corporate Hackathon: Benefits To The Employees

You Need to Ditch Your Full-Time Accounting Staff for an Accounting Firm

Cutting expenses:

Your employee is no longer performing well:

You need more than accounting services:

Your company is getting bigger:

Share this Article

Ship Packages Often? Why You Need A Courier Broker!

Reasons Why Some People are Sceptical of Franchises

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Popular

Follow Us

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