Category: Investment

  • 10 Reasons Why Flutter Will Rule The Future Of Mobile Development Market

    10 Reasons Why Flutter Will Rule The Future Of Mobile Development Market

    A robust mobile app can help your business succeed, and to do so, you need to create a mobile app that is rich in customer-centric features and capable of engaging all users significantly. This blog focuses on Google’s Flutter, one such fantastic mobile app technology.

    Flutter was released in 2017, it is a relative newbie in the cross-platform app development sector. However, it has achieved success in mobile app development due to its solid features and special perks. Let’s see what flutter is and why flutter mobile development is the future.

    What Exactly Is Flutter?

    Flutter is a Google open-source UI software development kit that allows you to create applications for a variety of platforms. You can create apps for iOS, Android, Windows, Mac, Linux, web, and Google Fuchsia using a single codebase. The UI toolkit, written in C, C++, and Dart, assists you in creating natively-compiled applications.

    What Makes Flutter So Special?

    One key feature that distinguishes Flutter is its ability to construct apps for many platforms from a single codebase. You don’t have to reinvent the wheel by developing new code for each platform.

    Furthermore, the user interface is identical on Android and iOS. As a result, when you employ Flutter developers, they won’t have to deal with platform-specific stylistic concerns. The Flutter framework ensures that everything looks the same.

    Flutter also has additional advantages, such as editor integration, live to reload, and a faster time to market.

    Many developers believe that Flutter is the future of mobile app development. This article explains why developers feel this way.

    10 Reasons Why Flutter Will Rule The Future Of Mobile Development Market

    1. A Single Codebase For Any Platform Application.

    Flutter is a platform with a single codebase. Any application created using Flutter is compatible with the Android and iOS platforms. This saves entrepreneurs time by allowing them to get their businesses into the market more quickly. You only need to code once, and the program will operate on any platform.

    2. App Debugging Using Hot Reload.

    The Flutter’s defining characteristic is hot reload. The changes you make to the source code will be reflected instantly in the current program without the need to recompile the source code or restart. This reduces the developers’ development time.

    3.Fully Customizable Widgets.

    Flutter includes a lot of widgets for creating user interfaces. The widgets are reusable and customizable, making them helpful for future development. Flutter also includes two widget sets: Material Design and Cupertino.

    Material Design is Google’s design, while Cupertino is Apple’s iOS Human Interface standards. This provides developers with a myriad of creative alternatives for creating visually appealing apps.

    4.Best For Cross-platform Applications Development.

    A cross-platform application is a software program that can be easily implemented across numerous platforms and devices.

    Flutter has been a popular tool for cross-platform application development since its initial release. Once the code has been turned into a fully functional program, it can be used on any platform, including iOS, Android, Windows, and Mac OS.

    5. Testing Is Significantly Simpler.

    The QA team would find it easy to test the application because mobile apps are produced from a single codebase using Flutter technology. Thus, they can start testing on a single platform for functionality, user interface, usability, and logical formation, rather than wasting time testing many platforms.

    6. More Rapid App Development.

    As previously said, the primary benefit of Flutter is the single codebase and hot reload functionality, which allows developers to create a functioning app in a short time.

    Entrepreneurs looking to develop a minimum viable product for their company idea can use Flutter technology to produce a functional prototype to market or present to investors.

    7. Low Development Costs.

    In today’s mobile app development industry, the cost of producing a native mobile app is around $30,000. This is because it would be costly to develop an app for several platforms. In addition, there are additional expenses to consider, such as marketing, team building, server fees, and so on. Flutter lowers development costs since you just pay for one source code. And the source code is also cross-platform compatible.

    8.Best For MVP.

    The minimum viable product (MVP) is a product that requires the minimum of functionality and features to understand the needs of the target audience while also obtaining sufficient validation for future product iteration. The MVP prototype reflects the essence of the company concept and is intended to achieve the primary business goal.

    When you want to get your firm into the market quickly or show your investors a functional prototype, an MVP is ideal. On the other hand, flutter mobile development is perfect for creating a minimum viable product for your company since it speeds up the development process and offers an appealing UI design style.

    9. Firebase Integration.

    Firebase is a platform for developing Backend-as-a-Service (BaaS) apps. It helps developers focus on consumers by utilizing analytics, databases, messaging, and crash reporting. Firebase is quick and straightforward to include in the Flutter platform.

    10. A Diverse Set Of Open Source Programmes.

    Flutter includes free open source packages to help you create your project quicker. Loading Animations, Youtube player, Frideos flutter, Flutter eCommerce are some of the notable open-source packages. Since Flutter is an open-source platform, developers are contributing to the library.

    Wrapping Up.

    Experts believe Flutter will be the undisputed ruler of mobile apps soon for various reasons. First, flutter mobile development has significant business benefits. Companies can bring their products to market faster, save money, and target different platforms, and therefore more people, all at once.

    Flutter is simple to use for developers and enables speedier app development. In addition, the increasing community assures that any issues are handled as soon as possible.

  • 6 Simple Steps Required to Set Up a Business in Singapore

    6 Simple Steps Required to Set Up a Business in Singapore

    There’s nothing quite like growing a business from the ground up. It takes time, patience, perseverance, and a little bit of luck. Even after all the foundation is laid, the work isn’t done. Keeping a business running takes just as much, if not more, gumption. So kudos to you for getting the ball rolling and trying to figure out how to manage your soon-to-be company. The following will explore the initial steps required to get your business up and running. In particular, we’re going to focus on starting up a business in Singapore.

    Why Singapore?

    There are dozens of countries in the world with legal and tax systems designed to support business owners and encourage flourishing. Singapore had consistently been at the top of this list for the last several years. The country offers a stellar, central location in the southern hemisphere that is positively connected to many other hotspots with high-quality infrastructure. The position is particularly stellar for businesses hoping to tap into the Asian and Middle Eastern markets.

    More than this, according to www.pilotoasia.com/, Singapore is well known by entrepreneurs for how easy it is to set up and conduct business within. Intellectual property rights are strictly protected in the country, and there are very few legal requirements to set up your business there. As well, the tax schemes and existing trade deals keep the majority of your profits in your pocket. A Singaporean location can help reduce the taxes you owe and can limit the number of times you’re paying double tariffs (or sometimes, even single tariffs as Singapore has a fair few free trade deals).

    Given all these business-encouraging benefits, many are predicting that Singapore will continue to be one of the world’s leading business hubs. Even during the pandemic, businesses were making the switch to a Singapore home base.

    Step One: Business Plan

    Of course, no matter where you’re starting your business, you’ll need to have some sort of plan or strategy in place. Many entrepreneurs cite the business plan as one of the most important aspects of a business’s success. Your plan should include well-outlined long-term objectives detailing the products and services you’d like to present to the public, as well as a clear picture of who your audience or customer base is. You’ll also want to indicate what markets you’re planning on serving and what intermediary steps need to be taken to meet these objectives. Take some time to identify the best time to open up your business, your pricing model, and how you’re going to readjust any parts of your plan that need to be reconciled with new information or unanticipated results. Part of your plan will include where you’re going to base your company. Be sure to read up thoroughly on the laws and regulations for the type of work you plan on doing in the area that you want to work in.

    Step Two: A Shareholder And A Dollar

    The next step is to figure out what you need to get your business legally existing. Depending on your industry, you might want to include capital, products, employees able to offer your service, and licenses. When it comes to registering your business in Singapore, there are a few additional criteria you need to meet. First and foremost, you need at least one shareholder and at least one dollar in capital.

    The single shareholder can be yourself. If you’re starting the business with partners, they can also be included (multiple shareholders are, of course, allowed). If this is the case, be sure to agree on the percentage of the company each shareholder owns early on. This will keep things from bottlenecking and slowing later on. Negotiations can take a long time if they’re needed, so best get those out of the way now.

    Step Three: Company Secretary

    To legally start a business in Singapore, you’re also going to need a company secretary. This position needs to be filled within six months of incorporating and must be fulfilled by a local resident in Singapore. You can go about hiring your own secretary or use a service designed to help foreigners start up Singaporean businesses that pairs you with a secretary. You can expect this to cost around $300 per year. This being said, if you have additional skill sets required of your administrative team, it might end up costing you more.

    Step Four: Find A Local Resident Director

    You are welcome to have multiple directors for your company. Legally, they must be people (we shouldn’t have to say that, but you’d be surprised what people have tried) who are at least 18 years old. One of these directors (or the only one if you want to keep things simple) must be a local Singaporean resident. This means someone who is a citizen of Singapore, a permanent resident of Singapore, or a holder of an entrepreneur pass or employment pass. Again, you can go about hiring your own director or use a service designed to pair businesses up with a Singaporean director. You can expect this to cost somewhere around $1500 per year, but as with any position, the cost can increase if you require highly specialized skills or unusual experience.

    Step Five: Secure A Singaporean Address

    Depending on the scale of your business, this might be as simple as a mailbox or as complex as a multi-story building. Read through your strategy as you seek out the right address to host your business. Like with the above points, there are services available that can help find you a Singaporean address to help facilitate business growth. Of course, you’re welcome to take your time and shop around until you find the right site for your company’s needs.

    Step Six: Apply For Business Registration

    Once you’ve sorted out the above things, you’re ready to apply for incorporation. This can be an incredibly quick process in Singapore, sometimes taking only a day. Of course, certain industries need approval from government agencies, in which case the process could take longer.

    The above tips should have given you an outline that can take you from having a business idea to having a Singaporean legal corporate entity from which you can operate your business. Be sure to consistently reevaluate your business strategy to ensure that you’re staying flexible and adjusting to new information and trends.

  • The Different Financial Institutions That Serve as Alternative to Banks

    The Different Financial Institutions That Serve as Alternative to Banks

    So What Are the Different Financial Institutions That Serve as Alternative to Banks

    Like it or not, money is an important and essential part of our lives and always will be. We need it to eat, live, travel and so many more things. Sometimes in the past, it has been deemed past to be obsessed with money, but the fact of the matter is we all need to be a little obsessed with money throughout our lives. 

    Money management is something which definitely should be taught more at school when we are growing up and more open to learning, but it is something we have to find out for ourselves as we delve into the world. Correct money management and understanding the different financial institutions available to us is key. It helps us decide who to trust with our hard-earned money and allows us to build for the future from an early age. Hopefully, the financial institutions you use will educate you along the way best in terms of the best ways to manage your cash and be responsible.

    Back in the day there were a handful of banks that people used to securely hold their money, but as things have developed around the world and technology has advanced, the amount of options available to us with regards to storing or generating money has increased hugely.

    It’s important we all understand the difference between what a bank is and the other financial institutions are, so we can make the right decisions based on our own preferences, requirements, and personal situations.

    Credit Cards

    This won’t be a new term to you but it is definitely worth mentioning as it’s one of the most common alternatives to banks that people use to leverage money. You can apply with an array of different companies and actually, a lot of the main banks offer their own credit cards. As they are a short-term lending option, credit cards come with higher interest rates than most banks or traditional ways of holding or borrowing money.

    There is a reason that credit cards are so popular these days and uses among the masses. They provide a backup for millions of people who might be on smaller salaries or can’t get through the month on what they earn, but can also act as a way to build up rewards and gifts for others.

    If you are new to credit cards or unfamiliar with how they work, the wide range of benefits include:

    • Instant access to funds from a lender and your own credit card which can be used for online purchases and in shops or other areas you might need to spend money like restaurants or bars
    • Suitable repayment plans based on your own earnings and a support team there to help you if you find yourself in a position that you can’t pay it back
    • Loyalty schemes and the opportunity to build up rewards if you use your credit card on a consistent basis. Depending on the supplier you use, building up points by using your credit card can mean being able to claim back financial points at different outlets like food, retail, and travel which is super appealing to users who spend on their credit card regularly

    Credit cards are here to stay but need to be used carefully and if you think you have an issue with the amount of debt being racked up on your account then speak to your credit card supplier and try to work out a more ideal repayment plan.

    Credit Unions

    As opposed to banks and other large financial institutions, credit unions are typically owned by their members and don’t exist to serve the shareholders for profit. Its members’ purpose is to be helping credit unions as this gives the whole organization, its members, and also their partners much wider flexibility in terms of options and the way they operate with borrowing and lending money. 

    Operating in this differing way means they can:

    • Offer better savings rates
    • Provide lower loan rates
    • Give their members overall lower fees on transactions 

    If you want to buy into a smaller, potentially fairer system then researching and looking into a credit union might be a good move for you personally.

    Personal Loan Options

    Some smaller, less-well-known institutions exist to provide people with personal, short-term loans to help in their personal lives. These often come with much higher interest rates than your typical bank or credit card supplier but this means they are able to offer much higher loans than other institutions. This is attractive for people who might need to borrow large amounts for shorter periods of time. 

    Business Loan Options

    Most businesses need money to start, whether that be to employ salespeople, invest in products, or maybe infrastructure. The good thing about securing a business loan is that often it doesn’t go against your personal name, but against the company. This isn’t always the case but can definitely help when you are just starting out, giving you some confidence as a new business owner that if everything goes under then you are not personally liable. 

    Securing a business loan when starting a new company could:

    • Help you invest in your first order of stock, allowing you to get your business off the ground and start generating revenue
    • Allow you to secure a trademark or patent which gives your business some initial value in the market and an edge against your competitor
    • Secure you and your new business a big first deal that gives it the momentum it needs and referrals from happy clients
    • Provide you with the kickstart you need to follow your dreams and chase the vision in your head that you know you are able to execute

    There are many different financial institutions that serve as alternatives to banks and each one plays a different role in supporting the various groups of people or professionals within our society. Real money management and understanding come from knowing what the options are out there before making any rash decisions. Do your research, understand what’s what and see what you think.

  • Introduction to API Gateways and How to Choose the Right One

    Introduction to API Gateways and How to Choose the Right One

    An Applications Programming Interface (API) is a computing interface that allows applications to communicate and share information. In an API architecture, one of the most important yet less talked about pieces is the API gateway. It plays a very crucial role that contributes a lot to the successful survival of an API.

    Over the past few years, we have experienced a growing number of clients accessing data. They do this from different IoT devices, mobile applications, websites, and other web applications. Businesses are also coming up with solutions using APIs, transforming how they operate. For instance, AI and ML have completely transformed marketing today. This would not have been possible without APIs. Such things have led to a tremendous increase in the number of businesses relying on APIs for their day-to-day operations. 

    Due to this demand, the use of API gateways has also been on the rise. There are different types of gateways available with each coming with different types of features. It is not easy to get an API gateway that offers a solution to everything, but the right choice of an API gateway depends on the different needs of different organizations.

    What is an API Gateway?

    An API gateway can be defined as a platform that provides developers with a single point of entry to an organization’s backend services. The gateway is mandated with getting all the incoming requests and making sure that they end up at the right service. This setup makes sure that the backend services are protected by an abstractive layer and that all clients interact with a single interface. It also makes sure that the clients do not interact with any of the backend services individually.

    Furthermore, an API gateway comes with more features that enhance the efficiency, monitoring, and security of APIs. Some organizations use multiple API gateways depending on their requirements. This is largely attributed to the fact that they have different teams working on different APIs in silos. Managing multiple API gateways has made sure that they are able to handle their increasing and changing requirements without any issues.

    Choosing the Right API Gateway

    As discussed above, it is not easy to get an API gateway that works as a one-stop solution for all of an organization’s needs. However, the right gateway depends on the needs of an organization. That notwithstanding, there are a number of things that one needs to look at when choosing an API gateway. They include;

    Authentication

    You need to know how an API gateway handles authentication before settling on it. A gateway is supposed to authenticate all incoming traffic to ensure that authentication on different services is eliminated. This will, in return, improve the performance of your API.

    This means that you need to evaluate the authentication methods supported by a gateway. Some types of authentication supported include OAuth, basic authentication, LDAP, and API keys among others while other gateways might come with limited authentication options.

    Authorization

    An API gateway comes with policies set up in its configuration to make sure that a request has some restrictions on the services that it can access. This means that once a request has been authenticated, it is not just left to access any service that it feels like accessing.

    When choosing an API gateway, it is important to make sure that you understand the levels of access that your API offers. If you, for example, have subscription plans that offer different access levels to people under different plans, and you need to limit access depending on those plans, you should choose an API gateway that allows you to do that.

    Analytics and Logging

    There are API gateways that allow one to add functionalities such as analytics and logging. This is important in limiting duplication in different services. Other gateways allow one to integrate them with other applications that perform these functionalities. This allows one to monitor their APIs from the gateway.

    Make sure that you know the kinds of monitoring that you need for your API and choose the gateway that offers what you need. Also, you need to decide if you want to get gateway logs for integration with service logs or just rely on the service logs.

    SaaS or Self-Hosted

    Finally, you need to decide whether you will host your API gateway for yourself or you will use a cloud-hosted one. Even though there might not be many differences between the two options, a self-hosted API gateway provides more control and allows one to configure it the way they want. The only downside with it (though not quite an issue with experienced developers) is that you will need to configure it correctly and take full responsibility for maintaining it.

    Conclusion

    An API gateway is very important for any organization or developer that builds and depends on APIs for their activities. Apart from providing a gateway through which all requests go through and are directed, it also acts as a security layer and provides API owners with monitoring functionalities for their APIs.

  • 10 Things You Didn’t Know About Bitcoin (Fun Facts)

    10 Things You Didn’t Know About Bitcoin (Fun Facts)

    Bitcoin and other cryptocurrencies are becoming more popular by the day. However, there is still a lot of confusion about what they are and how they work. In this blog post, we will discuss 10 things that you might not have known about cryptocurrency including its history, security features, and future potential.

    1. The Mysterious Creator

    A person or group of people, known as Satoshi Nakamoto, introduced Bitcoin to the world in 2009. He (or they) vanished from the Internet in late 2010 and has not been heard from since. Nobody is sure if he’s even alive or dead, which leaves his identity shrouded in mystery. The only communication with him was through emails and forums.

    2. The Satoshi

    The smallest unit of bitcoin is called a “satoshi”. One satoshi has an approximate value of $.0005 U.S., which is a very low value. To make one bitcoin, you need nearly 100 million satoshis. According to current bitcoin values (which are fluctuating), close to 15,800 satoshis would create one bitcoin.

    3. Losing Bitcoins

    Losing your Bitcoin address means you can’t find it. And when you lose your Bitcoin address, then all the bitcoins in that wallet are lost too. Research says that 60% of the people who use Bitcoins have lost their addresses and can’t get back into their wallets.

    One of the examples is many people lost a lot of Bitcoin when the Mt. Gox exchange closed in 2014 and it was found that they had been defrauding their customers for years by using transactions to alter balances on individual accounts. To date, nobody knows where those coins went. Its possible people who know about this might be hoarding them as an investment or speculating on future values of cryptocurrencies.

    I advise you to save your Bitcoin address in a secure place like:

    • Write it down and store the piece of paper somewhere safe, but not too secret (you might want to know where it is)
    • Keep it as an image file saved on your computer’s hard drive or USB drive
    • Using an online crypto wallet such as CoinBase or Luno (if you are residing in Asia)
    • Use a physical crypto wallet such as Trezor or Ledger Nano

    4. Liberland

    A small country (mini-nation) was born in April 2015. The country is called Liberland. It is between Croatia and Serbia. Some people think that it was founded by Vít Jedlička, a politician, publicist, activist and president of Liberland. He wanted to have a country he could govern himself without being told what to do.

    The country is situated on the banks of the Danube River, which forms a natural border with Croatia. The population is not more than 100 people according to Mr Jedlička- and I have never seen any mention anywhere that it’s anything other than “illegal”.

    5. Processing Power for Bitcoin mining

    Bitcoin mining is challenging. You need computational processing power which requires servers and electricity, not to mention time. The faster you are able to process the data, the faster your block will be added to the blockchain and you’ll be rewarded bitcoins.

    6. Power Consumption for Bitcoin mining

    Ireland consumes an estimated 5,000 kilowatt-hours of electricity each year. The bitcoin mining farms together consume around 60 terawatt hours of electricity, which is about 6 trillion kilowatt hours—a substantial amount of power. The entire country of Ireland, which has 84,421 square kilometers of area and a population second to only Germany, would consume less energy than bitcoin mining.

    7. Bitcoin Ban

    Bitcoin has been accepted as a form of currency in many countries around the world, but others have banned using it. Places including Bolivia, Iceland, Bangladesh and Ecuador completely prohibit its use while other countries such as India said they will explore Bitcoin but are not accepting it as legal tender.

    8. Limited Number of Bitcoins

    One of the most interesting aspects of bitcoins is their finite line. There will never be more than 21 million bitcoins in circulation, and that number is continually decreasing as people mine for it.

    The bitcoin mining process starts by a miner solving complex math puzzles to earn new coins. Every four years, the prize size halves to maintain an equilibrium between supply and demand.

    For bitcoin miners, this is an incredibly lucrative process because the cryptocurrency has been moving from being worth pennies to thousands of dollars. For example, in 2010 a person could mine 100 bitcoins in just five days with their computer’s CPU and GPU; now it would take years or even decades to find that many coins.

    At the end of 2020, there will be about 18.74 million bitcoins in circulation with a maximum total of 21 million coins.

    Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the blockchain. This block then makes up part of an overall “blockchain” that records all bitcoin transactions ever made on its way to the “consensus” blockchain, which is a public record of all transactions that have ever been made.

    Bitcoin mining requires miners to verify each transaction and add it an overall block. This process can take upwards of ten minutes on a laptop or up to hours using specialized equipment known as bitcoin rigs.

    The first cryptocurrency was introduced in 2009, making it one of the oldest forms of cryptocurrency. The first crypto coins were bitcoin and its derivative, Litecoin.

    Bitcoin has been a source of speculation ever since its introduction to markets in 2009. Investors have speculated that if they invest now, then at some point in the future their investment will be worth more than what they put into it.

    Bitcoin’s value fluctuates and the cryptocurrency has been introduced to markets during periods of high or low demand. When bitcoin is in higher demand, its price tends to go up. The opposite happens when it goes down.

    The so-called “blockchain technology” which underpins cryptocurrencies such as bitcoin was first conceptualized in 2008.

    9. The Power of “B”

    Bitcoin is actually the name of two different things. The first one (Bitcoin) is the cryptocurrency that allows for transfer of information, while the latter (bitcoin) refers to the computer system used to manage information about transactions on this Bitcoin network.

    10. Faster Than Supercomputers

    The world’s fastest supercomputer, the Summit, can work at 122.3 petaflops which is a quadrillion floating-point operations per second. The processing power of the Bitcoin network is about 80,704,290 petaflops but there are limits to what it can do. It only processes blocks in the blockchain and calculates the SHA256 hash which is a relatively simple computer operation.

    The processing power of one Bitcoin miner today can be equivalent to that of five supercomputers combined in terms of their computing abilities but it’s also important to know that there are limits on what mining operations can do with this level of computing power: they’re only able to process blocks in the blockchain and calculate SHA256 hashes.

  • Benefits of Hiring a Professional Accountant

    Benefits of Hiring a Professional Accountant

    Managing your business’s accounts yourself can be very tempting, especially if you want to save money. While there is a great benefit to be had in doing your own accounts, there is even more benefit in hiring a professional accountant to manage your business’s accounts for you. This article will tell you what those benefits are.

    If you do decide to hire an accountant, choose one carefully, because they may end up being your financial partner for many years to come.

    Here are the benefits of hiring a professional accountant:

    Errors in Accounting Can Be Disastrous

    If you are a business owner and you are trying to manage every single aspect of your business, including accounting, it can be very easy to miss important details or to overlook things. As your business and profits begin to grow, managing your finances can become very difficult. Unless you are a qualified accountant, it is almost guaranteed that you will make mistakes.

    When you do make mistakes in your business’s accountants, the consequences can ruin you financially. The most common mistakes made by businesses managing their own accounts are tax-related, and the penalties for mistakes of this nature can be extraordinarily high.

    By hiring an account, you can ensure that every single tax return is completed to precision. You can also ensure that your business’s books are kept up to date.

    You Save Yourself Time

    Time is the thing that most business owners find themselves short of. You may manage your own accounts to save yourself money, but remember, as a business owner, you are paying yourself for the time that you spend working on your accounts, and time is money. When you hire an accountant, even if they charge a lot per hour, they will take a lot less time than you would to go through your accounts, which in the end saves you money.

    By allowing an accountant to manage your finances, you give yourself the time to focus on other areas of your business that may need attention. You might be surprised at how much time you actually save when you hire an accountant.

    Record Keeping

    Accountants will keep meticulous records of your business’s financial history. This can prove to be incredibly useful. Keeping records of every single purchase that your business has made will help you to save money in the future. In fact, accountants will be able to highlight areas in your business that you can save money.

    Meticulous financial records will also allow you to identify if employees have been behaving recklessly with your money, which does happen.

    You Can Outsource

    Accountants do not need to be paid members of staff. Hiring an accountant and paying them a salary, as well as offering them benefits, may be impossible for your business. Thankfully, you can outsource your accounting. Accounting agencies exist everywhere from Idaho to Florida, so you should have no problem finding one for your business. But whether you hire an Idaho CPA or Florida CPA, remember to research them thoroughly, and read their testimonials and reviews. When you outsource your accountancy, you pay them only for the time that you need, which could just be a few hours a week.

    When your business has grown in size, you can begin to think about employing full-time accountants. Until then, make do with outsourcing. It is a powerful asset and, employed properly, can save you a lot of money.

    Tax Audits

    A tax audit is when the Internal Revenue Service investigates your tax return to make sure that everything is as it has been reported. While tax audits are not common, it is always worth having an accountant on hand just in case. This goes back to the previous point we made about errors in managing your own financial records. If you do make a mistake and it is highlighted in an audit, you will have penalties to pay, and with the IRS, ignorance is never a defense.

    Annual Statements and Quarterly Financial Reports

    For anyone who holds shares in your business, you will be expected to produce annual statements and quarterly financial reports. If you do not handle these properly, you can lose precious investors. An accountant, ideally, will have a length of experience in this area of accounting, and thus, will be able to satisfy your investors with well-drawn-up financial statements and reports. Quarterly financial reports can also attract investors.

    Forming a Bigger Picture

    Your accounts are not a burden – they are a great asset. As we mentioned earlier, an accountant will be able to save you money by examining your accounts. They will also be able to identify areas of your business that need growth and will tell you how you can reach those areas effectively. Many people have a very two-dimensional idea of what an accountant is. They do not just ‘file tax returns’ – they are planners, organizers, and key to your business’s success.

    Assisting With Financial Decisions

    If you have an investment that you want to make in your business, or in another business, then an accountant will advise you as to whether or not it is sensible, and whether or not it will benefit your business. It can be very easy when an opportunity presents itself to rush into it headfirst, but when you are managing your business’s finances, you need to slow down and give it some thought. An accountant’s advice when it comes to making financial decisions for your business is invaluable and should always be sought.

    You Buy Experience

    You may be a first-time business owner and may also be a novice in matters of business. An accountant, however, will have experience, and that is exactly what you are paying for. When you are struggling to make a decision, confused, or just need some advice, then an accountant is the best person to ask. They likely deal with tens of clients at one time, so are well-versed in business.

    Accountancy is an unfortunate part of being a business owner. Rather than burdening yourself with stacks of paperwork, hire an accountant, and you will immediately begin to save yourself both time and money. Thank you for reading this article, and please visit us again soon.