Accounting Resources

The demands on accounting departments are challenging and there has been an increase in businesses seeking to streamline processes and drive efficiencies. Smith Schafer offers customizable accounting, bookkeeping, and payroll solutions to meet your business needs.

CONTENTS

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Common Accounting Challenges

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Is your business ready to outsource your accounting department?

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Ways outsourced accounting can benefit your business

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Reasons to use QuickBooks

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Tips for recordkeeping

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Cost Accounting Basics

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What's new for 1099 reporting?

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Revenue recognition case studies

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Year-end Payroll Guide

Common challenges for Accounting Departments

Books take too long to close

Difficulty hiring, training, and retaining employees with the necessary skillset

Applying new changes in tax laws

Cybersecurity

Accurate financial forecasting

Process changes and automation

Is Your Business Ready to Outsource Your Accounting Department?

Approximately 40% of small businesses use outsourcing to handle at least one of their business process. And accounting makes up 37% of all outsourced jobs.

Download this Infographic to help determine if you are ready to outsource your accounting department.

bus driver steering

Ways Outsourced Accounting can Benefit Your Business

If your business has never outsourced accounting before, you may have some questions. What exactly is outsourced accounting? What are the benefits of outsourcing? How much does outsourcing typically cost? We will discuss the answers to these questions in this article.

    3 Reasons to Use Quickbooks

    Do You Use Quickbooks In your Business?

    QuickBooks is an accounting software program businesses use to manage expenses, sales and daily transactions. It can be used to invoice customers, pay bills, generate reports for planning, tax filing and much more.

    Watch our short 4-minute video to learn the benefits of using QuickBooks for your business.

    recordkeeping

    Tips for business recordkeeping

    Recordkeeping is one of your most important responsibilities as a business owner, and success depends on creating and maintaining an effective system. Recordkeeping systems range from simple folder filing to complex online electronic software. Whether simple or complex, a recordkeeping system must be easy to use and suited to your particular business needs. The type, size, and complexity of your business, as well as available resources, will help to determine the recordkeeping system best suited to your business.

    Read: 4 Tips for Business Recordkeeping

    Cost Accounting Basics

    Cost accounting aims to capture a company’s total production cost by assessing the variable costs of each step of production. It is a process of gathering, examining, summarizing, and evaluating various alternative courses of action. The goal is to provide management with improvements based on efficiency and capability.

    This article lays out four things you should know about cost accounting to help make better management decisions.

    What’s new for 1099 reporting?

    FORMS 1099-MISC AND 1099-NEC

    • Electronic Filing of Returns
    • Deadlines
    • Access to Forms
    • NEC Form Layout
    • Specific Clarification for NEC vs. MISC
    • Corrections
    • Continuous-use Form & Instructions

    Click here to read the article.

    Man working on financial statement reporting

    Revenue Recognition Case Studies

    HERE ARE THREE THINGS COMPANY’S SHOULD BE DOING WHEN ASSESSING THEIR REVENUE RECOGNITION

    • Identify all revenue streams. Create a list of how and why money is coming into the company.
    • Identify all types of contracts within those revenue streams. Many companies have a standard contract that is used across all customers, others allow for differences in payment terms, discounts, price, and concessions. Company’s need to accumulate all deviations of contracts to fully understand the effect ASC 606 will have on their financial statements.
    • Evaluate the contract through the five-step approach and determine if a change in recognition will occur.

    Our experts have created the case studies below to assist in understanding these changes. Below are industry-specific examples of how revenue recognition is treated under ASC 606:

    Read the full article: Revenue Recognition Case Studies

    payroll guide

    Year-End Payroll Guide

    ALL YOU NEED TO KNOW ABOUT MANAGING PAYROLL & WHAT’S DIFFERENT THIS YEAR

    Year-end is the time to finish out one year while planning for the next. As the end of 2021 approaches, we want to remind you of various payroll and Form 1099 related changes, as well as other items to consider when processing your year-end forms.

    Read: Year-end Payroll Guide blog post

    DOWNLOAD THE YEAR-END PAYROLL CHECKLIST

    Meet the accounting services Team

    Managing your business accounting needs can be time-consuming, stressful, and costly. Smith Schafer can help with your accounting functions so you can focus your time and energy on growing your business. We have provided scalable accounting services to businesses throughout Minnesota since 1971.

    This Meet the Team piece is our chance to introduce you to the talented, experienced, and fun people who work at Smith Schafer.

    MEET THE ACCOUNTING SERVICES TEAM
    meet the accounting services team

    Outsourced Accounting to Support Your Business Needs

    Smith Schafer offers comprehensive outsourced accounting services that support your business needs and goals. We offer flexible, customized plans to ensure you receive the support you need.

    REQUEST A CONSULTATION

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    Why Clients Choose Us

    “We have worked with Smith Schafer for over 45 years. They have been great to work with, from wonderful administrative support, tax staff, and CPAs. They have supported us for years with our financials and mergers/acquisitions. Always there to help!”

     - Washburn McReavy Funeral Chapels

    “Our service is always exceptional and never have to second guess the answers.”

     - EnergyPrint, Inc.

    “Smith Schafer has provided second to none service and value to my business and personal accounts for over 30 years. Their expertise and knowledge are unmatched by any other accounting firm I have encountered over all these years.”

    “The relationship we have built over the years with the staff at Smith Schafer & Associates is one that can never be replaced. They are quick with helping us figure anything out, always willing to pick up the phone and walk us through any problem we are having. Also they are just all so friendly and kind!”

    I have worked with Jason Boynton for several years. He has consistently provided exceptional service and advice always delivered in a timely, pleasant manner.

    “Smith Schafer always makes everything go smoothly. They were recommended to us by our community bank. We have been using their services for many years for our small business and personal taxes. We always feel well taken care of and that we are receiving the best advice, direction, information and tax preparation."

    - The Dog Perk Corporation

    “Smith Schafer always provides great information for our business. They are thorough with our accounting and financial planning. We have leaned heavily on them with an interpretation of the PPP Loan and COVID-19 planning. They have been instrumental in our success and are always very knowledgeable and quick to respond to any of our questions."

    Smith Schafer has provided second to none service and value to my business and personal accounts for over 30 years. Their expertise and knowledge are unmatched by any other accounting firm I have encountered over all these years."

    “The relationship we have built over the years with the staff at Smith Schafer is one that can never be replaced. They are quick with helping us figure anything out, always willing to pick up the phone and walk us through any problem we are having. Also they are just all so friendly and kind!"

    “We love our CPA team at Smith Schafer. They have helped us navigate many personal and business decisions."

    “Smith Schafer is very dedicated to their clients and always has their best interests in mind. They are very knowledgeable and thinking ahead to what the clients may be needing in the future. We would highly recommend Smith Schafer to our family and friends."

    "Always fast, great service and questions answered. Love the people I work with at Smith Schafer. We've been there so long, it's like working with family."

    - MotoProz, Inc.

    "Smith Schafer is always responsive and in the know about what is important for me and my business. The team is responsive and professional with all my interactions. Very customer-focused."

    - Custom Communication

    "The people at Smith Schafer always take great care of me. They are so knowledgeable and provide great advice and support."

    - Sound and Media Solutions, Inc.

     

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