Consider Outsourcing a Key Role
Owning your own business doesn’t mean you have to manage every aspect of the business by yourself.
You may feel that doing your own bookkeeping and/or accounting will save money and increase profits for your business. But the opposite could very well be true.
Tax laws are constantly changing and keeping up with all the details can be difficult and confusing. If you don’t know all the new rules and laws, you could be in trouble come tax time. Also, keeping track of all your business expenses and income can be a timely process. Wouldn’t you rather spend your time on your business instead?
Handing off the bookkeeping and/or accounting to experts in their field has many advantages:
- It frees up your time to grow your business
- Your business expenses and income will be accurately kept up to date
- An accountant keeps up on current tax laws to keep you compliant
- Helps reduce your legal liability
- You will be better prepared for any audits by the IRS
- You will have accurate statements available for banks, surety companies, etc., including financial statements such as an income statement, balance sheet, and any relevant notes that may be necessary to support the account.
No matter what type of business you run, when it comes to managing your financials, it’s important that you don’t mix business with pleasure. Holding separate bank accounts for your personal life and for your business matters helps keep your records organized and accurate.
Surety bonds are required for many types of business licenses and can also be required before bidding on contracts.
Your personal and business financials have a direct impact on your ability to secure a surety bond. For almost every bond amount over $50,000, a surety company will require this information as a part of the application process. They want to make sure that you know how to handle your money responsibly. If you can’t show responsible accounting, you may not get bonded, which could affect your chances of obtaining a license or winning a contract bid.
The larger the bond amount, the more important your financial information becomes. Being able to demonstrate that you are a lower risk not only increases the possibility of getting bonded, but can also help you save money on your surety bond premium rate.
Where Do I Get a Surety Bond?
SuretyGroup.com writes all surety bonds in all 50 States. Contact us and we’ll get you started right away. Call our Surety Bond Specialists at 844-432-6637, email firstname.lastname@example.org, or simply apply online. We are here to help answer all your questions and issue your surety bond quickly.
What Will a Surety Bond Cost Me?
The premium you pay is based on factors such as the bond type, bond amount, and your credit. Our rates start at $100 for bonds $10,000 and under. Our Surety Bond Specialists can give you a free quote that fits your specific situation, with no obligation to buy.
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