cpas in reno

September – A Time for Looking Back

We’re closing in on fall maybe faster than you’d like, but it’s coming nonetheless. The kids are back in school, sweater weather is coming, pumpkin spice everything is on its way and shorter days are here prime for reflecting on your year so far. At VAST, we like to make September a time for mid-year tax planning moves.

I know you aren’t thinking about the 2018 tax season yet nor do you probably want to, but I promise with a little looking back now — you can save yourself and your pocketbook unnecessary headaches come April 15th next year.

What exactly should you be looking for?

1.       Estimated taxes! I can’t stress this enough.

Have you made your estimated tax payments for 2017? If the answer is no, then it’s time to start (like yesterday). If the answer is yes, give yourself a big pat on the back- seriously! But there’s still some work to be done. We need to make sure those tax payments still make sense in relation to your income. Are you making more money this year? Do you expect to have a record breaking fourth quarter? Let’s make adjustments to those payments now, so you don’t get hit with a huge tax bill later.

2.       What type of business entity are you? It might make sense to convert.

Believe it or not, the type of business entity you are has a big effect on how you are taxed. Are you a Sole Proprietorship, LLC, S-Corp or C-Corp? Different entity structures mean two primary things: legal responsibility and tax structure. At VAST, we can pop the hood to evaluate whether converting to a new entity classification will have tax benefits for your company.

3.       Are you a shareholder in an S-Corp? Let’s look at your salary.

As the shareholder of an S-Corporation, you are required to take a salary that is “reasonable” in relation to your businesses’ income. It’s very important we make sure your salary and distributions stand up in the eyes of the IRS so we may avoid any unnecessary penalties.

4.       Profitable an understatement? Now is the time to strategize.

We’ve had clients in the past who (without our guidance) decide to buy up loads of inventory before year end to help reduce their tax liability. Please don’t do this, at least for that purpose, because that’s not how it works. You can only write off the cost of goods sold (keyword = sold). If you don’t sell it, your tax preparer cannot write it off as an expense on your tax return. However, we can strategize smart moves like buying equipment or setting up a new retirement plan for your business that will actually save you on taxes!

September is for looking back, and we would love to look back with you for some mid-year tax planning. You can avoid the stress of big tax bills and tax season surprises with just an hour of time with your CPA. Call us to book an appointment with our tax team today! We’re here to help.

Stay tuned for our next blog post on the joys of strategic budgeting and how we recommend planning for your next big steps! Because October is for looking forward.

New Year’s #1 Resolution Fulfilled: Easy Accounting

With 2014 now settled in, many businesses are looking for opportunities to improve upon their 2013 systems and processes. Successes can be expanded, failures reduced, and efficiencies increased. Business owners all over the world are using the new year as an opportunity to implement new processes that will help them meet their ambitious goals in 2014. As a way to compliment these efforts by business owners, VAST has introduced a selection of new accounting services--services that are geared specifically toward key groups such as new businesses, small businesses and experienced business in need of virtual assistance.

Our revamped website can now easily be navigated depending on the services you are looking for. The following three main areas help guide you depending on which category you currently fall in:

VAST for Help Getting Started: This area has information and help for entrepreneurs who are kick-starting a new venture. VAST has created three products specifically designed for the startup entrepreneur: Guide to Startup Success, VAST:Map and VAST:Launch. The Guide to Startup Success is for the business owner who is hands-on and prefers to do it all themselves. This guide gives clear guidelines and recommendations for handling the numerous tasks that must be completed when opening a new businesses. VAST:Map, also know as our Master Accounting Plan, is for the startup business owner who wants expert direction on their specific business. Our professionals will analyze your business and your industry to provide a detailed MAP to help you complete required tasks competently, without second guessing. The final new product for the startup business owner is VAST:Launch, which is for the entrepreneur who prefers to have a professional complete required tasks quickly and correctly. With VAST:Launch, an expert will complete a series of responsibilities, including setting up a Nevada entity (LLC, S Corp, etc.), acquiring an EIN, creating a cashflow forecast and much, much more.

Virtual Accounting for Small Businesses: This area has information for small business owners who are interested in having their own virtual accounting team fulfill their business’s accounting needs. VAST offers modern, innovative virtual accounting services that allow business owners to outsource their business’s accounting to a competent, professional accounting service, which frees the business owner to focus his/her energy elsewhere. Our services are designed to give you peace of mind, reduce overhead and explore opportunities based on the up-to-date financial information we’ll maintain. With VAST, you’ll have the opportunity to receive help with accounts receivable, accounts payable, payroll and tax preparation, just to name a few. VAST is proud to offer advanced virtual accounting services with limitless features to help your business run efficiently and meet its short- and long-term goals.

Outsourced CFO for Businesses: This area has information and help for businesses that require more sophisticated virtual CFO services. Our virtual CFO services allow your business to have a CFO without paying an exuberant salary to employee one in-house. With VAST’s virtual CFO services, you’ll have a professional, experienced and skilled team member who will offer recommendations and direction in terms of finance, risk management, and high-level consulting. You’ll have continual access to a senior financial executive who will be well versed in your company’s accounting and financial goals.

At VAST, we look forward to being part of your 2014 goals. The new products we have designed are meant to assist our clients in creating businesses that are more efficient, more capable and more knowledgeable when it comes to their accounting. Here’s to a prosperous 2014.

-VAST

VAST is a virtual accounting service in Reno, Nevada that works with ambitious businesses all over the world. We believe that financial information can empower business owners, allowing them to make wise decisions as they grow their business. Looking to make headache accounting easy accounting? Call VAST. 

A Step Up from Basic Bookkeeping Services with Accuracy You Can Trust

It's amazing how a single missed keystroke can cause so much havoc in the accounting process--clients could flip, business owners could explode their stress balls, and employees could be on the wrong end of some pointing fingers. Yep, handling your own accounting can be frustrating, to say the least. Hitting six instead of nine, or a $475 charge entered as $457, can cause splitting headaches down the road. While they may seem virtually impossible to avoid, VAST can help eliminate these mistakes from day one. We believe our bookkeeping services have helped to change the world of accounting forever.

We place a premium on accuracy, which starts by understanding that human error is unavoidable. In accepting this, we have implemented processes that call for checking and rechecking every keystroke that is entered into every log. If the numbers are wrong from the start, you can bet that the ensuing math will also be off, which is why we believe that no part of the process can exist effectively without checks.

There's no doubt that constant rechecking sounds tedious, but it is one of the key ingredients that make our Reno bookkeeping services trustworthy. Another key ingredient is the mindset. We bring the same attention to detail to every project. It takes a very special kind of person to bring the same mindset to work every day. At VAST, we have searched long and hard to find our virtual bookkeepers and we know they are up to the task day in and day out.

When you become a VAST client, we offer the opportunity to pack up your calculators and rest easy, knowing that your ledger is in good hands. Our Reno bookkeeping services are the best in the biz. We say that boldly because we know that our process works. If you are finally ready to make the decision to outsource your bookkeeping services, we are the right people for you.

 

Call it Virtual Accounting, Call it Outsourced Accounting: Either Way, We’re Scary Good

Keri Pruitt

Whether you call it virtual accounting or outsourced accounting, there is no denying the convenience, accessibility and accuracy that having your accounting handled virtually can provide. As entrepreneurs ourselves here at VAST, we know what it is like to run a business. Through successes and failures, there is always a shortage of one commodity: time. Sometimes, we're guessing, it seems like you spend the entire day running your tail off and end up not getting a single task checked off your list. When you add accounting into the mix, the demands on your time are only increased.

This is where we can help. If you were to visit our office, and meet our staff, we are certain you would be impressed; we are the valedictorians of virtual. VAST has developed a system that keeps your information consistently up-to-date. As soon as we get information, your account is updated and done so in a manner that anyone can follow. Therefore, if your account representative is out of the office for a day, we know exactly how to pick up where they left off. This gives our outsourced accounting service the feel as if we were right in the office with you.

All of your accounts payable and receivable can be forwarded directly to us. We will handle all the work of digging through the complicated numbers and deliver easy to understand reports that can be accessed anywhere, any time. With outsourced accounting, your information is always at your fingertips, which allows you to make those important decisions and focus your time on building your business. VAST is your partner in success; we are dedicated to giving you all the tools you need to succeed and we are scary good at what we do.

Happy Halloween from all of us at VAST.

Traditional Vs. Virtual Accounting

Melanie Jubenville - Staff Accountant

We get a lot of questions about the difference between traditional vs. virtual accounting methods. At their core, there are many similarities. For instance, both have accounts receivable, accounts payable, payroll and reporting. These are at the heart of every effective accounting system. Every business needs to know how much money they have coming in and how much they have going out. This is the purpose of accounts receivable and accounts payable. Once this information is figured out, then there is paying employees and generating reports that illustrate the money flow for any given period.

What makes traditional accounting so different from virtual accounting is the general approach. Traditional accountants still have to make visits to your office and take up valuable time to hash out numbers. They are reliant upon the business owner to give them every single piece of information they need. This can be done by hiring an in-house accounting department or by having an accountant stop by on a monthly or weekly basis to go through the numbers. Virtual accounting is a game changer that makes the old methods--such as paying accountants to come to you physically--simply obsolete.

Many Virtual Accounting firms take care of your account on a daily basis ... virtually. They consistently pay your vendors and accept payment from your clients. The biggest difference is that virtual accounting can handle all of this work from virtual offices (makes sense, right?). This eliminates the need to take up your valuable space and time, freeing you up to do what you do best, run your business.

If you are considering traditional vs. virtual accounting for your business, our account representatives at VAST are here to answer any questions you may have. We are certain that we can free up your schedule and offer an easier process for all of your accounting needs.

Virtual Accounting Firm

Contact us today to find out how to break free from the chains of traditional accounting; we're anxious to help you get started.

Virtual Accounting: Our Core Beliefs

At VAST, we didn’t create a business and then build values into it. Instead, we clearly defined our core beliefs and then built a business around them. Without those core beliefs we fail to function--we wouldn't know who we are; we would lack an identity. Below are the beliefs that establish the foundation on which our entire company stands.

We believe our clients have the right to access their up-to-date financials whenever they choose, regardless of whether or not our offices are open. This is where our virtual accounting services really shine. As our client, you are never more than a click away from all of your valuable financial information.

We believe our clients are entitled to accounting help and recommendations, even if a member of their team is sick, on a ski vacation or getting their tonsils removed. VAST is there for you regardless of who is in the office on the particular day you need assistance. We keep our records tightly organized so that our trusted representatives can answer any of your questions and resolve any issues.

We believe financial knowledge can empower a business. When you know where you stand you are better prepared to make decisions about where you are going. Sounds like something your grandma used to preach to you before school, but around here we firmly believe it.

We believe we never stop earning our clients’ trust. Yes, we offer virtual accounting services and design them to never let our clients down, but there's so much more to our philosophy. We believe we continue to build our reputation every day; it's everything to us and we never risk damaging it.

We believe we can simultaneously be numbers-people and people-people. Sure, we have dedicated our careers to crunching numbers, but our staff loves working with people. When we can make our clients day, we know we are doing our job.

We believe in building relationships based on doing the right thing. Often times this means taking those extra steps in order to ensure accuracy and accountability. However, it is worth the effort to know that our clients can trust their accounting information is safe with us.

Virtual Accounting

We're here to offer you the highest-notch virtual accounting services offered anywhere on the planet. Whether your business is in need of anything from payroll services to a full-blown outsourced CFO, VAST is happy to work with you and start building your trust in us today. Get in touch; we're excited to hear from you.

Less Time at the Desk, More Time in Front of Potential Clients

Many business owners find themselves trapped behind a desk for the entirety of their work day, their work week, their work year. Some probably get out about as much as the office plant next to their desk. There always seems to be so much work to finish that it is practically impossible to get out of the office and in front of potential clients.

Your customers want to see your smiling face, but instead you're stuck in the back office staring at recent accounting figures--trying to make sense of the scattered reports. When you partner with VAST, we offer freedom. Our accounting service will take care of the numbers so you can get out there to meet with the clients that can take your business to the next level.

Stirring new business is the lifeblood of most companies. Once this becomes stagnant, so do the numbers. We want to see your numbers climbing to simply unbelievable heights. However, getting those big clients to meet with you often takes time and networking.  Outsourcing your accounting to an ambitious, accuracy driven virtual service can make a huge difference.

At VAST, we love sitting around crunching numbers; no really, we do. It’s kind of our thing. We’ve dedicated our careers to numbers, and somehow none of us have come out like Milton from Office Space. We put the swag in accounting. We have solutions that can make your accounting easier than you have ever imagined. Our accounting service offers the highest level of expertise with industry leading CFOs on staff. You will have instant access to all your information whenever you want it. Get out from behind that desk; our virtual accounting service will take care of numbers so that you can get in front people and drive your business forward.

Online Accounting Service Helps Launch New Businesses

VAST Launch

Starting a new business is a hectic process. There is so much to do and all you want is to open your doors for business. If it’s your first time on the entrepreneur merry-go-round, the process can seem overwhelmingly complicated. Besides, who really knows the difference between a Limited Liability Corporation, a C Corporation and an S Corporation? Well, honestly, we do and we would love to help you figure out exactly which entity would work best for your company. VAST is a comprehensive resource that can help you make and then implement these decisions.

However, figuring out what kind of entity best fits your company is only the tip of the daunting iceberg. There are also the tasks of setting up a bank account, applying for an Employer Identification Number (EIN), creating budget and cash flow templates, and setting up a QuickBooks file. With so much to do on the accounting side alone, it is easy to understand why a business owner can become overwhelmed even before they cut the ribbon.

If getting your system together is proving challenging, our virtual service is here for support. We know that you want to build the right foundation, but you want it to be an elastic foundation that can grow and expand to meet your company's needs as it grows. This seems like no easy task, but since our inception, VAST has aimed to make life easier for busy business owners. Now, how would we be living up to this if we didn’t help startup companies get their feet firmly underneath them? This is why we are revealing our new package, VAST:Launch.

Sure, we could keep our secrets locked up in a shed or basement somewhere, but we want you to succeed. So we are dropping the curtain and sharing our knowledge with ambitious business owners everywhere. If you want someone else to magically make all your accounting needs just appear … you got it. Contact us to learn more and sign up for VAST:Launch today Our online accounting service will build the foundation so you can put your laser focus on your company's success.

Online Accounting Service

VAST (sounds life fast, feels like trust)

Clear Up Your Schedule With Virtual Accounting

The world seems like it is spinning faster each day. For business owners, the pace is nearing hyper speed. With so much to do, it may be difficult to get to everything on your daily list. While there are many priorities, your accounting is definitely worth every bit of attention you can give it. The problem is that it never goes away. Every minute you miss today is doubled tomorrow. Before you know it, your inbox has taken over your entire desk.

Now the solution for this may be to come into work extra days, throw on you green visor (the signature accessory of every accountant) and get to work, plugging away on your calculator until the sunsets, or you could go virtual. Everything else is giving way to technology, might as well let your accounting do it as well. We are the Virtual Accounting Services Team, aka V.A.S.T. We think this name is pretty slick because we offer a vast array of virtual accounting services that are all specifically designed to make the busy entrepreneur’s life a little bit easier.

We don’t need to group a bunch of kids around a table and ask them which is better: easy or hard? Our point is simple enough. When you decide to go with virtual accounting for your business, you get the ease and accessibility of an in house accountant at a fraction of the cost. This simply translates to an affordable option to clear up your schedule for the tasks that can only be done by you.

Not only does our virtual accounting clear your plate, it is handled by some of the best accountants imaginable. We have credible CFOs on staff that can step in and help your business grown in any number of ways. Don't limit the dreams you have for your company because of time constraints; clear up your schedule to dream VAST.

Virtual Accounts Payable: How it Works

Virtual Accounts Payable

It is everyone’s favorite chore: paying the bills. With VAST, you get to take that old calculator and throw it in file 13 (that special file in every office that we only put items in but never remove). In fact, our virtual accounts payable is so efficient that you may actually be able to clear just enough space for the varnished wood of the desktop to finally see sunlight in a few places. Now we know this is a big claim, but we intend on living up to it.

VAST provides outsourced accounting that can honestly live up to all of your companies accounting needs. Imagine never having to deal with a bill from a vendor ever again. We can have them mail their invoices directly to us. Once approved, a check will be in the mail faster than you can say pneumonoultramicroscopicsilicovolcanoconiosis. Hey, it may be the longest word in the English language, and could take a few minutes to figure out how to say, but you get the point.

On top of being fast, this also makes for easy accounting on your part. Your only obligation is to give us your approval. As an added bonus, our bookkeepers will also take care of the ever-tedious task of reconciling your credit card statements. Every team member is overseen by experienced certified public accountants and chief financial officers, so these guys and gals know what they are doing. With us on your side, your virtual accounting will always be running like a well-oiled machine.

If you are tired of handling all the numbers, then our online bookkeeping services are ideal for you. Whether you want us just to handle your virtual accounts payable or your entire accounting operation we have to tools to get it done. Let us be your outsourced accountants.

3 Big Tax Tips for the Busy Entrepreneur

No need to burden you with every little tax code in the book on this one. While there are dozens of tips that could potentially help your business, there is no need to overcomplicate the issue. The last hassle a business owner needs is a cumbersome list of tax tips to try and keep in mind throughout the year or to waste their day digging through complicated tax lingo. Here are three big tax tips that will help you drive through each tax year safely.

1.     Personal and business expenses are friendly but not intimate. Too many entrepreneurs allow their expenses to comingle in their accounting. While it may seem like they are hitting it off, in reality they are making your tax preparation far more complicated. Just like in a relationship, when things get complicated someone always ends up getting hurt. In this case, the only person who can get hurt is you, so keep those hands above the waist and visible distance between your business and personal expenses.

2.     Procrastinators, check your bags at the door. Don’t wait for the last minute, keep up to date on your estimated quarterly payments. Procrastination gets the best of us all at times. While it may be warranted to put off a trip to the DMV, and those ever-so-cheerful clerks, taking your time about getting around to your taxes is no bueno. Get those quarterly payments in on time, every time. When January rolls around and you are going through your reporting, you will be glad you did.

3.     Tax preparation is a team sport. Don’t wade off into the deep end alone. By hiring a knowledgeable and dedicated virtual accounting service your information will always be accurate and well organized. Come tax season you can call on your team to be there for the assist. Plus, we will maximize your potential for deductions, ensuring that you don’t pay more than you owe.

The IRS may be big and bad, but you don’t have to be the one who gets caught alone in the woods unprepared. These three tips can help you get safely through tax season without any surprises laying in wait at the end of the journey.

Virtual Accounting Service

VAST is a Reno-based virtual accounting service offering Virtual Bookkeeping, Outsourced Accounts Payable and Receivable and much more.

Is Virtual Accounting is Right for You?

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Because VAST is a flexible virtual accounting firm that can provide solutions for businesses of almost any size or shape, we don't have parameters that limit with whom we partner; our clients come in all flavors. However, there are some clear signs that you can look for that may indicate that it is time to make the switch to VAST.file0002120440786

1. Too Little Time in the Day

VAST can free your time up substantially. When you hire us, we can comprehensively handle all of your online bookkeeping, leaving you free to handle the task of managing your business. With VAST, we can do as much or as little as you like. From taking over all of your accounting to only handling a portion, we have the capabilities to provide the services that make sense for you and your business.

2. Errors or Hard-to-Find Information

VAST has streamlined its processes to be both accurate and efficient. When you are looking to make a decision about your business, you want the information to be easily accessible and correct. These decisions can dictate the future of your company. With VAST, you can rely on up-to-date information at your fingertips.

3. Processes are Becoming Too Complicated

There is no process too complicated for VAST to handle. Our experienced staff gives you the power of a fortune 500 accounting department for the cost of a bookkeeper. We provide your company with the tools to make your accounting easy. Stop sifting through piles of paperwork, trying to make heads or tails of complicated information. When you work with VAST, we can relieve all of these headaches.

Virtual Accounting

At VAST, quite simply, we provide virtual accounting solutions for busy business owners. We can take all of your information and turn it into a streamlined, accurate virtual accounting system that will relieve stress and free up your day for focusing on other tasks. To top it off, our experienced staff ensures that your online accounting is always right on target with your needs. There is no company too big or too small for VAST. Our flexibility makes us optimal for companies of every shape and size. Stop dealing with the hassle of managing your company’s accounting/virtual accounting. Give it to VAST and relax.