Keeping track of your accounts, proper accounts reconciliation, and bank records is extremely important to filing tax returns. If you do not keep track of your expenses and payroll, you are setting up your business for an audit and bigger problems. 

As a small business owner, the difference between net and gross income can make a humongous difference. The total money you make after deducting production costs is your gross income, but if you deduct regular expenses from it, that is your net income. You need to keep track of these while filing your taxes.  

There are multiple categories of businesses, and all of them have different tax regulations. You need to register your company in the correct category like LLC, Sole Proprietor, Partnership, Corporation; there can be many options. You need expert advice from your legal attorney and accountant before you classify your business.  

A proper budgeting and forecasting plan can help a business map its future much better. You can understand how much you can put into employee pension funds, how much money you have in hand, how much bonus you can offer, etc. A good accountant is sure to help you with all of it and help you understand the scope of growth for your business in the immediate future. 

Do not keep document accumulation and tax filing work for the last date. The IRS’s late tax filing and late payment penalties are huge and will drain you of funds. The basic penalty is 5% of the unpaid taxes, and it adds up every month, starting from the last tax due date. This percentage can go up to 25%, depending on how late you are in filing it.  

No matter what the size of your business, it is never enough to keep track of your business transactions on excel sheets. They can be jumbled up and extremely confusing. You need a proper ERP software integration for your business to automate your daily functioning and tracking of finances. These systems are auto-updated, and reporting and documentation are done with ease and will leave you enough time to focus on other important matters.  

When the IRS comes down for an audit of your business and gets any hint of your personal transactions and business transactions overlapping, they will charge you. Even if you filed your taxes correctly, mixing accounts and credit cards will raise a lot of red flags with the government and get you under their radar.  

The IRS checks up on business on a quarterly basis to ensure payroll taxes are all filed on time. But managing payroll is a very detailed task. Hiring an external firm to manage the payroll for you can be a great start to making the process seamless. It will release all payments on time and also help keep up with all the tax filing rules and keep a clean track record for your business.  

All the relevant data and information accumulated from the lease forms the basic structure for an authentic property portfolio. Crisp and consolidated information like termination clause, contractual obligation, maintenance, liabilities etc are put together in simple terms by any lease abstraction partner. This will help better assess risks, expose to liabilities and also help plan further action. Especially when a CRE has to manage multiple clients under their portfolio. 

The KriyaGo team has the right set of experts to help you streamline your lease abstraction work. We are here to better this complex work with the best of software and custom features for your specific business needs.  

If you get an internal team to do the lease abstraction work, especially when the volume of work is high in a CRE, the overhead cost is high. You must hire a team of experts, and pay them huge salaries, train them and constantly keep at it to get the work done. When you get back office outsourcing services for your lease abstraction you only pay for the services you take. You do not need to keep paying a team of experts as full-time employees even when there is no work. Outsourcing also becomes highly time effective when you skip out on the basics like hiring and training new staff. 

An outsourced lease abstraction service has to provide you with all monthly reports and disclosures that you need for the Financial Accounting Standards Board (FASB). They will also help you dive deep into the fine prints of these reports and analyse the data to get better results. This helps you mitigate all risks of non-compliance and penalties and fines. Having access to such expert lease accountants will also help you better the other financial services based on the data findings.  

Again, long term clients and word of mouth can be a thing in your business. But if you are taking informal invoices and not rechecking through them based on trust, then that is bad health for your accounts. Not only can invoices have gross errors but you can also be scammed and with fake bills. No matter who the client, you need to keep formal records of invoices, preferably digital. In the best interest of your business you must also send invoices very promptly. Right after a service is provided, send out the invoice. Give your clients, vendors time to do their due diligence process to start rolling out the money. 

When you ensure these run smoothly, you also reduce the chances of bad debt and improve the cash collection system for your company. As an added advantage an AR audit also becomes seamless when you have proper records of invoices. 

More than 87% of SMB in the USA have automated their Accounts Receivable to help fasten the process. Especially when the pandemic has hampered cash flow, no one wants to spend more money doing the work manually. Manual accounts work is slow, costly and also filled with errors. Getting comprehensible data from your AR from a manual accounts system is nearly impossible. That is exactly why you need outsourced accounting services. 

From automating your system to leveraging the best of technology to analyse data, the KriyaGo team does it all. We will seamlessly integrate the latest software solutions into your accounting system to help optimize your Accounts Receivable and stabilize the cash flow. Partnering with us will help you cut costs and save time from heavy office work.  

Figure out who your long trusted clients and vendors are, consider giving them early payment incentives and discounts. This will push them in the right direction to release payments for your company before time and improve your cash flow. This will also help you mitigate bad credit risks and insensitive clients to save money and build trust in your business. 

Spyware is a type of malicious software that is camouflaged in the system and becomes a threat when you try to extra sensitive information from your system. It always works in the background without your knowledge and can collect all information about your credentials and financial details. 

It is a very threatening virus which blocks your access to your data in no time, and it also stays hidden in the background like Spyware. Health IT Security reports say that 71% of Ransomware attacks primarily target small businesses, and you need to take that into account while setting up your cyber security system. This mostly happens because small businesses hardly spend any money to back up their information on cloud storage, and this ransomware attack can lead to permanent data loss.  

This is one of the most common yet most dangerous security threats. Proof Point market survey reports said that in 2019 more than 88% of all companies across the world faced phishing attacks. These primarily work with fake emails or messages to which fraudulent links and information are attached. Once any of your employees click on these links, they can lead to monetary loss, data loss, financial history tampering, etc. 

It is sometimes tough to catch these phishing attacks because these emails and messages are very close copies of the originals, and it takes a very detailed eye to catch them. Phishing scammers can also easily duplicate your financial documents and use them for later purchases and transactions in your names, becoming a long-term threat.  

There is a constant increase in the number of cyber security breach issues due to the advancement of technology; these can gravely affect your finances and accounting work. That is why you need to team up with the right IT outsourcing partner who provides the best cyber security and keeps all your data safe. 

At KriyaGo, we train our staff with the best security protocols and update our systems with the latest software to ensure the best cyber security in handling your back office accounting work. 

Want to find out more about our work? Call us soon! 

Businesses can experience a range of disruptions. We don’t have to look far to find an example for what we are saying. 

All of us have gone through the pandemic that strained supply chains around the world. As a result, several businesses downed their shutters and stopped operating. 

Those who survived were still dealing with inconsistent orders and increasing costs. The matter became so worse that many companies feared their existence. 

Outsourcing can be a great option to sail the troubled waters during difficult times. It can take the load off your shoulders and give you space to focus on what’s important.

Therefore, you can delegate your property management accounting and free up your resources. Maybe it’s the reason business continuity was central to outsourcing in 2021. 

If you ever had an employee resign, you know the costs and struggles that come with it. According to Forbes, the year 2021 will see a higher employee turnover rate. As a result, companies have to bear the consequences such as loss of talent and decreased productivity.  

Moreover, hiring new employees comes with its own challenges. Both, the lack of the right talent and the high cost of training someone new are distressing for the company. If your business also struggles with retaining staff or filling vacancies, then outsourcing is the best option for you. 

Outsourcing companies have pre-trained staff that can handle your business tasks. It also gives you access to industry expertise which assures better work quality. Additionally, the large number of employees also makes them reliable. You can outsource your work without worrying about leaves, vacations, or resignations. 

As we discussed earlier, the real estate business is all about time management. Most common real estate tasks include maintenance & repairs(80%), rent collection(80%), and advertising (77%). As a property manager, you need to focus on these core tasks for business growth.  

While non-core tasks such as accounting and financial reporting are important, they are better handled through outsourcing. Clearing out your schedule to accommodate important tasks can help you build better business strategies. Whether you want to market better or upgrade your maintenance, you will have enough time to improvise your business.  

For example, by outsourcing lease abstractions, you can focus on rent collection which is a direct revenue-generating task. You can pay attention to any missed payments or improve the way rent is collected from tenants. 

Businesses need a range of resources to manage IT requirements in-house. For example, you need qualified experts to manage your IT infrastructure and run maintenance. 

Additionally, you need the right hardware to manage your IT services yourself. 

However, not every organization has in-house expertise. Small businesses may not even have an IT team to manage their architectures. 

As a result, you are bound to experience a lot of bottlenecks on a daily basis. No wonder 24% of organizations choose to outsource to improve efficiency. 

In addition, 18% of businesses rely on outsourcing to access external expertise. Therefore, you can also outsource your IT requirements and boost your productivity. 

 As we discussed earlier, the real estate business is all about time management. Most common real estate tasks include maintenance & repairs(80%), rent collection(80%), and advertising(77%). As a property manager, you need to focus on these core tasks for business growth.  

While non-core tasks such as accounting and financial reporting are important, they are better handled through outsourcing. Clearing out your schedule to accommodate important tasks can help you build better business strategies. Whether you want to market better or upgrade your maintenance, you will have enough time to improvise your business.  

For example, by outsourcing lease abstractions, you can focus on rent collection which is a direct revenue-generating task. You can pay attention to any missed payments or improve the way rent is collected from tenants.