Traditional Bookkeeping

Many Small Business Owners Hate Bookkeping and Tax Duties.

IRSNotice of Payment Demand

According to , 40 percent of small business owners say bookkeeping and taxes are the worst part of owning a business. How do you avoid this? Hire an in-house bookkeeper, which can be extremely advantageous for a company. Having a daily meeting with a bookkeeper allows you to visualize the state of your company’s finances and can influence the decisions you make on a day-to-day basis. This can help with setting sales goals, analyzing how many clients you have and identifying financial trends. Although it may prove costly, many business owners pay the cost since they understand how much value a bookkeeper can bring to a company.

Here's How the Numbers Break Down:

According to data presented visually in the infographic, the majority of small business owners spend more than 41 hours on tax preparation each year. The breakdown of responses reveals that of the small business owners surveyed,

  • 40% spend 80+ hours/year
  • 18% spend 41-80 hours/year
  • 15% spend 21-40 hours/year
  • 28% Spend <21 hours/year

The annual monetary costs of the administration of taxes, internal costs, legal fees, etc. can be substantial as well, with the majority spending at least $1,000. Of the small business owners surveyed,

  • 23% spend $1,000 or less
  • 31% spend $1,000 to $5,000
  • 18% spend $5,000 to $10,000
  • 12% spend $10,000 to $20,000
  • 16% spend $20,000 or more

The Worst Part of Business Ownership

Perhaps unsurprisingly, 40% of small business owners say bookkeeping and taxes are the worst part of owning a business. Specifically:

  • 47% dislike the financial cost
  • 13% dislike administrative headaches and time
  • 13% dislike the complexity of compliance
  • 10% dislike changing regulations and confusion
  • 8% dislike all the paperwork
  • 8% dislike inequity of the tax code

Costs of Maintaining Payroll

Many small businesses choose to perform payroll duties in-house in order to keep costs down. Of those small business owners that do,

  • 21% spend no time at all
  • 26% spend 1-2 hours/month
  • 26% spend 3-5 hours/month
  • 17% spend 6-10 hours/month
  • 11% spend 10+ hours/month

And payroll costs vary greatly from 8% paying less than $50/month to 5% paying $5,000+/month.

How Nugent & Associates' Bookkeeping Service Benefits Your Business

There is a subtext here that we haven’t yet discussed and it’s important that we do. Because while every task the bookkeeping service completes is vital to the financial health of your business, it’s the underlying structure they apply that really makes a difference. You see, bookkeeping services implement—and maintain—a consistent financial process that strengthens the health of your company and helps to create and encourage uniformity in tracking, paying and reporting. The value of this is immeasurable as it insulates your business from many costly and dangerous risks.

Part of the benefit of the process comes into play when the full-charge bookkeeper coordinates with members of management from other departments in order to approve purchases and gather expense reports. Not only does activity this require extreme organizational, management and math skills, but a bookkeeper must also have people skills in order to make this work.

The team also works to reduce your overall expenses. Not only do they ensure that books are maintained properly to avoid costly mistakes, fees, and penalties, but they can also help alert you to waste and mismanagement of supplies and inventory. All while saving you time since you will no longer need to try and perform these tasks yourself.

There’s no question that a bookkeeping service saves your business both time and money, but the processes and consistency introduced by one can increase the longevity and efficiency of your business, making you more profitable for decades to come.

We Can Do It All for You!

Nugent & Associates' experienced staff of bookkeepers, accountants and CPAs are more than able to asist your business with whatever aspect of your company's bookkeeping needs that you prefer not to do ourself. We fill the void so you can spend more time growing your business and spending time with your family.

Contact us tooday to set up a free and no obligation meeting to discuss how we can lighten that dreaded load of bookkeeping duties from your daily schedule.

What Is Virtual Bookkeeping?

Virtual bookkeeping allows Nugent & Associates to provide accounting services for our client remotely. Telecommuting positions are becoming more common as businesses seek creative ways to find a balance between staffing arrangements and workloads. A virtual bookkeeping arrangement can be beneficial to both the business and the bookkeeper in terms of flexibility and cost.

Virtual Bookkeeping

Virtual Bookkeeping Defined

Virtual bookkeeping allows a Nugent & Associates' bookkeepers to telecommute instead of physically working at a client’s office. Aside from the work location, there is not much difference between regular bookkeeping services and a virtual arrangement. Nugent & Associates uses computerized bookkeeping software to post financial transactions, review and update statements and reconcile accounts.

How It Works

To enable virtual bookkeeping, the business grants the Nugent & Associates remote access to its server, software and financial documents. Our bookkeepers sign onto the company’s secure network remotely and  accesses the documents just as we would if logged onto an on-site company computer and installs the company’s bookkeeping software onto our computers.

If a traditional bookkeeper is employed in your company, he/she will be paid according to the employer’s payroll policies and cycle in additional to you being required to pay employer payroll taxes, and quite possibly health insurance and pension contributions if your company has such plans. But as Nugent & Associates would be working for you as an independent contractor, you do not have to pay for our staff's healht insurane or any type of retirement plan.

Employer Benefits

A virtual bookkeeper may be appealing to a company because of the cost savings and flexibility associated with this arrangement. Virtual bookkeepers do not require office space or supplies, and those working as contractors require no insurance, benefits or employment taxes -- a huge savings for the employer. Virtual bookkeepers offer flexible availability and can work as little or as much as the business needs; this can be especially beneficial for small businesses that may not need a full-time on-site bookkeeper or whose financial services needs fluctuate.

At Nugent & Associates, we're not just number crunchers. We bring over 3 decades of invaluable certified public accounting and tax expertise to your company – serving as business and financial strategists who can offer such services as tax and financial planning, investment advice, diligent financial records, and help with estate planning.

Even better, we will give you time to focus on what you do best: running the day-to-day operations that drive your business toward success.

Take advantage of our FREE and no obligation business checkup.

We will visit you at your business at a time and day convenient for you, analyze your numbers, discuss your goals and concerns and report back with a complimentary detailed written analysis to help your business succeed!

At Nugent & Associates, we're not just number crunchers. Our people bring decades of invaluable certified public accounting and financial and tax expertise to you – offering tax and financial strategies to individuals such as yourself. If you have any questions or concerns about your own tax, financial or investment matters, please do not hesitate to contact us.

Experienced tax and financial experts are not just for the super rich. At a reasonable fee you too can maximize your wealth and receive professional guidance for retirement, and/or any tax issues you may be facing, no matter your situation, with a tax and financial expert as your consultant.

Contact Nugent & Associates today. We don't charge for phone calls. You may just find you found an ally in your quest to have a great financial future.

After all, at Nugent & Associates, we succeed when you succeed!



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Tax Planning & Preparation

We assist our clients in individual and business tax planning throughout the year.

Nugent & Associates provides:
  • Year-Round analysis to ensure a smooth and predictable year-end close.
  • Assist in establishing retirement planning.
  • Performs in-depth review of all deductions available.

Financial Statements

Nugent & Associates offers outstanding accounting services and acts as a quasi-controller for companies who do not employ their own full-time accountants.

This allows our clients with more time to focus on new services, new customers and other core business issues.

Business Planning, Budgeting
& Growth Strategies

Nugent & Associates assists it clients with:
  • Starting a new venture, product or service
  • Expanding a current organization, product or service
  • Buying a new business, product or service
  • Turning around a declining business

QuickBooks Training
& Support Services

As Certified QuickBooks Professional Advisors, we can be of assistance with QuickBooks accounting or payroll and help increase your productivity and efficiency.