#monily

obviously this poll is formatted a little differently than the others since I have canon and noncanon options rather than the primary ones all being liar-ships, so maybe if you vote for a canon one also comment in tags which noncanon option you prefer and vice versa if your fav is noncanon you could leave which of her canon ships you like best in the tags

Why Startups Fail: Most Common Challenges Faced By Startups Nothing in this world comes without any problems or hurdles, like the saying goes, to get some you’ve got to give some. Businesses, in particular startups, face a great deal of challenges that’s why only those that succumb through the hardships actually grow out of the startup phase and grow to become fully functioning businesses.

Entrepreneurs often face the grueling realities of managing a business, from the moment that they initiate the business idea, the road to success is full of thorns. Here are some common challenges faced by startups and how entrepreneurs tackle such affairs.

Financing

A major problem faced by all businesses and startups alike are financial matters. Money brings money and small businesses for one need a lot of it. It all starts with seed capital, to get your business started. Getting the ball rolling, is one of the most difficult tasks a small business owner is entrusted to do. Most entrepreneurs rely on angle investors, though these investors only prefer investing in lucrative businesses.

Still, the largest chunk of financing depends on loans from friends and family members. Even if it is a loan, or an investment the money cycle still needs to be tracked, and projected in a way so that it is self-explanatory to you as well as your investors.

Being a business owner you probably do not have time to conduct bookkeeping, that is where financial services such as Monily come in handy.

Hiring

Hiring is another problem that small business owners regularly face that is the hiring process. The right people for the right job, is almost never met. When it comes to small businesses, they can barely afford to train and groom them only to have them fail at getting the job done.

Hiring at any category especially a financial consultant is something that requires great trust from the small business owners, as well as takes a larger chunk of company money. Even though they are essential for a business to run properly.

As a small business owner it is best if you outsource as many departments as you can, only till your business has grown big enough to afford in-house accommodation, as well as a regular salary structure. Outsourcing departments such as production and financial consultancy through online service providers such as Monily can certainly prove financially beneficial to small businesses and owners alike.

Bookkeeping and Taxation

Small business owners have a multitude of tasks aligned for them every day. They have to look over the production of the products or services being offered, maintain client relationship and also manage finances. Almost all business owners in the states find tax preparation and bookkeeping as the most excruciating part of the job. Having a CPA manage the accounts and books of your business as well as the day to day transactions, update your accounts regularly and also get you tax ready and pay them for you elevated productivity and reduces stress for small business owners.

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Why Startups Fail: Most Common Challenges Faced By Startups

How Much Do Bookkeeping Services for Small Businesses Cost? When you think of the next big idea, and start working on it. Like many others you probably don’t even consider keeping a bookkeeper or utilizing an accounting software. Usually because of the costs that come with having a bookkeeper and also because you feel that the business is way too new to keep a bookkeeper, given the limited number or files, slips and receipts that you would need.

Accountants just like all other consultants are an expensive ordeal to handle, the internet has made everything a lot more affordable. According to many leading researches, bookkeeping is the toughest part of the business for all small business owners. Yet they keep at it solely to save more money, and spend it on other business essentials. The costs of outsourcing a bookkeeper is much lower than keeping an in-house consultant. In order to understand the pricing system for bookkeepers it is first important to understand what they do, and what role they play in a business:

Understanding Bookkeepers

Bookkeepers in a nutshell are accountants that manage ledgers, maintain transaction history, update balance sheets, track cash-flows as well as create financial reports that illustrate your business’s standing at the end of every month.  Bookkeepers also manage documentations for taxation, ensuring a smooth filing process. Along with all of these tasks they also handle the following and many more:

Bill Payments

Maintain Customer record and spending history

Bank Settlements

Account Reconciliations

Identify discrepancies found in the accounts

Bookkeeping Software

If you’re more of the DIY kind of a person, than it is still manageable if you use accounting tools and software such as Monily, which is an automated bookkeepingand ledger maintaining application. It works by simply having bookkeeping information fed into it through pictures, or through manual entry. Such software reduce the hassle and brain-ache associated with bookkeeping.

A good bookkeeping software such as Monily has a minimum subscription, paid annually at $179/m, which includes you adding up to 5 accounts.

Full time Bookkeeping

If you hire a full time, in-house bookkeeper, your expenses are definitely going to increase exponentially, not to mention the added cost of their office space. On an average a full time bookkeeper will cost you roughly around $35,000-$55,000 yearly. However, a fulltime bookkeeper will handle all your business’s day to day transactions.

Out-sourced Bookkeeping

A business’s core function is to make money and to save money, the best option for Small to medium businesses is to outsource their bookkeeping and accounting functions entirely, to online bookkeeping firms. This is the most cost effective and resourceful way to get bookkeeping done.

The benefit of having an outsourced bookkeeping firm such as Monily managing your accounts and books, is that you get the human capital of an entire business catering and safekeeping your financials.

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How Much Do Bookkeeping Services for Small Businesses Cost?

5 Simple Steps You Can Start Preparing For Tax Season Tax season, the most dreadful time of the year for nearly all Americans, especially for small business owners. However, it could be less of a drag if you and your business are prepared for it throughout the year. Being organized is vital to achieve peace of mind and ease of filling taxes, yet even the most organized people can get stressed out because of the grueling and demanding nature of tax payment, document preparation and filing them. Unless you don’t hire an accountant or tax specialist you will have to start preparing for tax season long before it actually arrives.

Within this article 5 simple steps have been discussed which if executed properly will aid you to get ready for tax season:

What to itemize and what not to

When filing taxes as an individual, you get a choice between itemizing your deductions or, opting for the standard deduction. By taking this decision early on in the tax year will help you track and safe keep all documentations as well as it will help you keep an eye out on what you should be spending and what you shouldn’t be as every dollar that you spend is deductible. Most common itemized tax deductions include, charitable contributions, health insurance if you’re a small business owner, including a few other deductibles.

Business Expenses

Small business owners, can claim certain expenses that they incur as business expenses during that tax year, they will though have to prove and justify those expenses as business expenses to the IRS. In order to justify it you will need documents and receipts proving your expenses and their justifications. A good way to do it is to get transactional statements or bills through email, or through bookkeeping applications. If you have the documents in a printed form, an application such as Monily will only need to have a snapshot taken of the document to be readily available digitally and reflected on you books.

If you choose not to use applications and aren’t so tech friendly, you should still keep a digital copy of the documents in the form of a PDF, just to be sure.

Maintain records of donations

If you make donations to different charitable organizations or have accounts to be paid for different services you have foretaken such as for your accountant, you can include a portion of the sum as a tax deduction. These organizations will also send you a document entitling your yearly donations and payments that are deductible from your taxes.

Being organized is key

Just as the suggestion in the introduction of this article, in order to have a smooth sailing tax season. You need to be organized throughout the year. But if you had a single platform that would manage your books as well as get you tax ready, now wouldn’t that be a breeze? Monily does just the same, it becomes your unified platform for all bookkeeping, keeping you stress-free with regards to collecting, gathering and managing all document needed for the tax season.

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5 Simple Steps You Can Start Preparing For Tax Season

Why Every Startup Needs an Online Accountant to Manage Accounts When it comes to startups, accountants are generally shunned away. Startup owners usually think of taking up accountants as an additional expenditure which they would rather incur when they are big enough and would have a greater requirement to use their services. Traditional accountants and modern online accountants differ extensively, especially when it comes to cost savings.

What many small business owners fail to sometimes see is that, an online accounting firm can actually reduce expenses and also help them in terms of tax preparation and managing the business’s revenue flows. Here are five reasons why your startup needs an online accountant today:

Cost Effective

Spending less making more, is the objective of every business. Just like any other consultant; accountants are not very light on a startup’s budget. They have their hourly rates, desk space cost, and additional reoccurring monthly expenses that you and your business are probably just not ready to handle at this stage. However, the internet has made everything a lot more accessible, from news, to television shows to even the largest retail store in the world (Amazon). Things have become more affordable and accessible with less transaction time through it.

The same is the case with online accountants, they are another blessing, courtesy of the internet. Instead of spending thousands of dollars every month on expert startup accountants you can hire a team of accountants at a fraction of the actual cost. Firms like Monily specializes in handling all sorts of bookkeeping, taxation and overall complete accounting needs that startups require from accountants.

Less Hassle

Having to manage your books on your own, every day or every other week is a hassle. New business owners and entrepreneurs are already juggling a bundle of tasks throughout the day which barely leaves them time to rest. Let alone spend additional hours figuring out expenses, managing payrolls, updating books and getting the business tax ready. An online accounting firm can handle the entire mess of your books, update your accounts, manage all your balance sheets, streamline financial expenditures and update you on your spending as well as business financials on a weekly or daily basis.

24/7 connectivity

When you work through online accounting firms such as Monily, you get added ease in connecting to your financial data at the touch of a fingertip. Graphs and sheets that are impeccably kept, replacing physical books, lets you read and understand time critical data. Your accountant is just a tap away, whether it is to schedule an out of routine financial consultation call or if it is to ask for clarifications with regards to all your business-centric data.

Unlike traditional accountants, an online accounting firm for startups will manage, update and upkeep all your information virtually.

Greater Quality Assurance

Instead of being dependent on a single accountant and his/her abilities to work your numbers right, when you get an online accounting company, to take care of your number crunching needs. That means, that there is an entire service business, giving you the best service available within the marker. This entitles your accounts and books to always be up to date, thoroughly inspected, completely eliminating all human error that might occur when there is just one person looking at your books.

This also eliminates the risk of your business’s crucial information spilling out, since you have an entire accounting firm at your back with stringent security protocols in operations, data communication and data storage.

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Why Every Startup Needs an Online Accountant to Manage Accounts

How to Choose Right Bookkeeper for Your Business The dimensions of your business are of no importance when it comes to the importance of having an accountant. Whether your business comprises of just you, or you’re partnered up with a friend you still need a good bookkeeper that can improve your business processes and financial flows. Streamline your cash flows, clarify and maintain transparency in your books. A bookkeeper can help you in more ways than just simply recording your transactions (which is not a simple task either) but he/she can help you understand vital financial information that could be crucial to your business’s success. Here are some ways, how you can pick out the best bookkeeper for your small business’s bookkeeping?

Why does your business need a Bookkeeper?

Let’s first understand what bookkeeping is, and what it means for you and your business to have a bookkeeper. As an entrepreneur, managing your business’s day to day transactions is already a pretty time and mentally exhaustive task. Having a bookkeeper is like having person that can record and keep track of your daily (financial) activities. Here are a few reasons why you need a bookkeeper for your business’s sake.

Maintains your books

Being the busy small business owner that you’re, your day is probably already pre-scheduled with thousands of tasks that you need to cross out before calling it a day. Adding additional work to your already stuffed platter is probably not the smartest thing to do. Especially when it comes to writing out all that you have spent and done throughout your day.

Gets you tax ready

The best part of having an accountant or a virtual accounting system in place, is that your business is tax ready all year round. That means you don’t have to panic nor get anxiety attacks anymore, when hearing the word taxations. Your accountant or virtual accountants will take of getting all your documentations ready and in order.

Delivers promising results

You know another great advantage of having an accountant or hiring a virtual accountant system such as Monily is that you get detailed presentations and graphic imagery of where your finances are at any given time. Your bookkeeper also serves as your financial advisor, which means he/she can give you instant information with regards to the current market trends relevant to your business and the industry you are in.

A professional bookkeeper will also help you identify inconsistencies in your balance sheets. They also help in figuring out where you’re losing money and how to reduce expenses in a way that your business spends more productively for its self-growth.

Read Complete Article 

How to Choose Right Bookkeeper for Your Business

How to Choose Right Bookkeeper for Your Business The dimensions of your business are of no importance when it comes to the importance of having an accountant. Whether your business comprises of just you, or you’re partnered up with a friend you still need a good bookkeeper that can improve your business processes and financial flows. Streamline your cash flows, clarify and maintain transparency in your books. A bookkeeper can help you in more ways than just simply recording your transactions (which is not a simple task either) but he/she can help you understand vital financial information that could be crucial to your business’s success. Here are some ways, how you can pick out the best bookkeeper for your small business’s bookkeeping?

Why does your business need a Bookkeeper?

Let’s first understand what bookkeeping is, and what it means for you and your business to have a bookkeeper. As an entrepreneur, managing your business’s day to day transactions is already a pretty time and mentally exhaustive task. Having a bookkeeper is like having person that can record and keep track of your daily (financial) activities. Here are a few reasons why you need a bookkeeper for your business’s sake.

Maintains your books

Being the busy small business owner that you’re, your day is probably already pre-scheduled with thousands of tasks that you need to cross out before calling it a day. Adding additional work to your already stuffed platter is probably not the smartest thing to do. Especially when it comes to writing out all that you have spent and done throughout your day.

Gets you tax ready

The best part of having an accountant or a virtual accounting system in place, is that your business is tax ready all year round. That means you don’t have to panic nor get anxiety attacks anymore, when hearing the word taxations. Your accountant or virtual accountants will take of getting all your documentations ready and in order.

Delivers promising results

You know another great advantage of having an accountant or hiring a virtual accountant system such as Monily is that you get detailed presentations and graphic imagery of where your finances are at any given time. Your bookkeeper also serves as your financial advisor, which means he/she can give you instant information with regards to the current market trends relevant to your business and the industry you are in.

A professional bookkeeper will also help you identify inconsistencies in your balance sheets. They also help in figuring out where you’re losing money and how to reduce expenses in a way that your business spends more productively for its self-growth.

Read Complete Article 

How to Choose Right Bookkeeper for Your Business