September 2017 - AccountingX

5670 Wilshire Blvd. Suite 1800 Los Angeles, CA 90036

Fame! Fortune! Audit! Redefining Hollywood Accounting Services

Fame! Fortune! Audit! Redefining Hollywood Accounting Services

Say you run a food truck. What happens if you misplace a decimal in your books?

 

Maybe you scratch your head and say “I thought we sold thirty-two coffees yesterday, not thirty.” but it’s pretty unlikely that it’s going to sink your business.

 

Entertainment financial services

In the entertainment industry, it’s a whole ‘nother story. Misplace a decimal when you’re accounting someone’s royalties, and you’re going to hear about it. And so is your lawyer. And so is the public. And so is the judge.

 

A Hollywood Accounting Services accountant like AccountingX keeps the risks in mind every step of the way, plus, they value your privacy. They’re not just collecting dirt for a tell-all book.

 

In entertainment, there is a lot of money changing hands, and if you’re not used to managing money in high volume, this brings a lot of risks. Jimmy Carr, the British standup comic, was caught up in a major tax scandal “by accident.” His financial advisers told him that he wasn’t doing anything illegal hiding his money off-shore, but the government had another opinion on the matter, and he wound up getting hit with a £500,000 tax bill.

 

Martha Stewart similarly got into trouble just for not seeming to know the rules. Stewart got an inside tip on her ImClone System shares, and went ahead and sold her stock to avoid losing any money. The next day, it dropped by sixteen percent. She saved a few bucks but wound up in jail.

 

Here’s the problem: Too many accountants and financial advisors in Los Angeles are attracted to the big money, but they don’t know what they’re doing. Or they do, but they figure it’s worth the risk since the client takes most of the heat.

 

This means it’s important to put your money in the hands of someone who knows what they’re doing and has your best interests at heart. A Hollywood Accounting Services accountant is changing how accounting is handled in the entertainment industry. A push towards outsourced accounting means greater accountability and greater security, and outsourcing to a Hollywood Accounting Services accountant means trusting a group that knows what it means when money changes hands in Hollywood.

 

For more information on how you can acquire a trusted Hollywood accounting service contact us today!

Southern California Bookkeeping Solution

Has It Been Painful? Do you have the right Southern California Bookkeeping Solution?

As small business owner, it is only natural to want to save money by Southern California Bookkeeping Solution taking on as much responsibility as you are able to. Often, this means doing your own bookkeeping appears to be preferable to outsourcing this task to a Southern California Bookkeeping Solution accounting firm. However, a 2014 TD Bank survey of 500 U.S. small business owners found that bookkeeping is by far their most hated task. Despite its importance, bookkeeping is a repetitive, painful task that requires hours of your time and energy to be done properly, and as a small business owner, your time is already stretched thin.

 

Time

 

Bookkeeping takes time, both to build the knowledge needed for proper bookkeeping, and for the activity of bookkeeping itself. Your time is a finite resource that is already consumed by your business and personal life. Attempting to divide your time between the higher-level tasks required of you as a small business owner and bookkeeping is another source of stress in your life and a drain on your valuable work time.
Your time is money. Delegating your bookkeeping to a Southern California Bookkeeping Solution accounting firm will free up hours of your time, which can then be invested straight back into your business towards vital tasks that will ensure your business’s growth.

 

Consistency

More than anything, bookkeeping requires consistency. When life gets busy, you will often have to choose between essential higher-level tasks and keeping up with your bookkeeping, which leads to bookkeeping being neglected. When you don’t have time for it, the backlog of financial records will quickly pile up. At some point, you will have to dig through old financial records and attempt to get caught up; a long, repetitive, and mind-numbing task. This can take hours of time that would be better devoted to duties that will improve your business long-term.

 

Mistakes

After a long day at work, it can be difficult to devote your entire focus to a repetitive task like bookkeeping. Lack of focus leads to mistakes, which in turn leads to more headaches when tax season comes around. Anything as vital to your business as financial documents should not be given partial attention. Instead, having someone dedicated to accuracy and consistency of your financial records, like Southern California Bookkeeping Solution, will save you time and money. Allowing you to completely devote yourself to building your small business. For a free consultation on outsourcing your bookkeeping click here.

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