In Business? Got Insurance?

In Business? Got Insurance?

January 16, 2014 by donnahosfeld

As you can tell, being a business owner requires us to wear MANY hats.  Thanks for being adorable, Rita Guthrie of Open Door Public Relations!

As you start out, you’ll find that you’ll end up doing many things yourself.  In the 15 years of Hosfeld Insurance, I’ve found myself doing everything from shoveling snow to scrubbing a toilet.  But there are several things I left to the professionals.  I urge you to do the same.  When you begin, and as you grow, you will value having a team of folks to help guide you.  Make sure you find a great accountant, lawyer and insurance agent.  If your business requires, you may also depend greatly on a computer guru, realtor, and lender.

Don’t even consider opening your door, or beginning to hand out business cards until you have secured the right insurance.  When you begin to do business, you have opened yourself up for risk.  Depending on the business, for as little as $250/year, you may be able to cover that exposure.

General liability insurance will be important so that if you are found legally liable for something, you’ll be protected.  You would not want to handle it from your own pocket, would you?  Even if you don’t have an actual “storefront” where people visit, you may be exposed by the cupcakes you sell, the products you make, the list goes on.

If you have a vehicle used for business, you may wish to consider a commercial auto policy. No big price difference from a personal auto policy, but it may expand coverage for the new exposures you have.

Property coverage may be an option if you have a building to insure or simply your business personal property.  If a loss occurs (fire, theft, hurricane, etc.) would you be financially able to go out and buy all new computers, desks, equipment, and stock?  For very low premium, these things can be covered!

You’ve grown to the point that you need help?  Be careful and cautious and know the legal implications of having an “employee”.  Be especially cognizant of the governmental definitions that clarify when someone is a true employee. Penalties for failure to carry the proper workers compensation insurance can be steep.

Did you know that life insurance should be part of your plan?  If you have a partner, it can be especially important.  Your spouse may not be able to afford a buyout of your portion of the business.  By using life insurance in this way, you can insure that they will be able to do this, leaving your partner free to run the business.  Many times, the surviving spouse would have no desire to be in the business.  This is a way to insure that everyone is placed in the best possible position after you’re gone.

There are many variables.  Every business is different.  Insurance agents can guide you down the path in an objective way.  Find one with whom you are comfortable sharing your concerns, fears and ideas.  Together, you will protect the dream you’ve created.

For a complimentary assessment of your business, please call us at 610-530-0304.  We would love to hear about what makes your dream uniquely yours.

Photo includes local  Lehigh Valley business owners:

• Carlos Roman, Sting Operation Pest Control
• Christine Rothdeutsch, AsNeeded.Biz
• Rita Guthrie, Open Door Public Relations
• Donna Hosfeld, Hosfeld Insurance, LLC/InsuranceChix.com
• Ted Laskowski, 1st Patriot Realty/Inspired Home, LLC
• Rayne Reitnauer, Cold Nose Lodge

dcs utilizes SmartVault to provide clients with online portal

At dcs Accounting & Tax Services we are always looking for ways to improve our service to you and to ensure you get the information you need when you need it. As a result, we have identified and will be rolling out new technology that supports a streamlined, paperless office, secure file sharing and online document storage using a secure online client portal. With this secure online client portal, you will have real-time access to your documents and files any time, any where, when you need them.

To provide this secure online client portal, we have partnered with SmartVault (www.smartvault.com), an award-winning online document storage and secure file sharing solution. The technology allows us to easily store, view, and exchange files with you using a secure Web-based client portal—offering you any time, any where access to your documents and the assurance that you are always viewing the most current data.

The secure online SmartVault client portal provides the following benefits:

• Enjoy access to your files any time via the Internet or your Web-enabled mobile device (Blackberry, iPhone, iPad, etc.) Your data is at your fingertips 24/7.
• Relax knowing your data is always backed up. SmartVault offers offsite backup of all data and documents stored in the SmartVault Client Portal.
• Feel confident that you data is always secure. Exchanging files using a client portal is far more secure than email and more convenient than using a CD, USB device, or snail mail. More information about SmartVault’s secure platform is available at http://www.smartvault.com/company/security.php.

The benefits of using the secure SmartVault client portal are numerous, but the single biggest driver that led to our adoption of SmartVault is the solution’s ease of use, which eliminates any need for training.

We align our firm to have the most cutting edge tools to bring to our clients along with making security our top priority.  We know that is something in this day and age that is valued by so many.   

"The minute you think that you got it made, disaster is just around the corner"

By Guest dcs Accounting & Tax Services  Blogger

Scott Gingold

Computer Troubleshooters of Bethlehem

http://www.ctbethlehem.com

scott@ctbethlehem.com

610-866-2828

Talk to anyone who has owned a business for any period of time and this quote from the late Joe Paterno is a clear -cut reality.

As it relates to technology all too often we see businesses who fail to plan for disaster.  The reasons usually include a fear about costs involved to a belief that catastrophe will never happen to them.  As for the expense involved, there are a myriad of options available based on your needs and budget.  The key to success is the vendor asking the right questions (i.e.. how long can you live without access to your data and computers)  to the business owner fully grasping what the loss of its computer systems would mean to the business.

With regard to thinking disasters will never come to your door, please consider some examples of storms that profoundly impacted businesses in our area.

        - Little Lehigh Creek floods in 1993

        - The North American Blizzard of 1996

        - Delaware River Floods in 2004, 2005, and 2006

        - Valentines Day Storm of 2007

        - Halloween Nor'easter in 2011

        - Superstorm Sandy in 2012

Even if your business was not impacted by any of these storms, several times a year I encounter businesses who directly and severely hurt by a broken water pipe, fire, burglary or vandalism. 

Having the right backup and disaster recovery devices and plans is not a luxury but an absolute necessity.  Also please make certain that you have the right insurance coverage in place to cover any losses.

  At Computer Troubleshooters like dcs Accounting & Tax Services, we understand that our role is to be your trusted advisor, not salespeople or order clerks.

Please contact Computer Troubleshooters of Bethlehem for a free, no obligation review of your current systems and needs.  

About Scott Gingold: Scott is a graduate of Rutgers, in NJ business, Management and marketing.  Owner of Computer Troubleshooters of Bethlehem a full service IT company that serves both residential and business customers.
Also Scott is  radio talk show host of Business 101 on WGPA at 11AM on Saturdays from 8AM-9AM listen online at http://wgpasunny1100.com

Is cloud based accounting software for you?

When is it time to go to the cloud with your business bookkeeping?  This is a question that is being asked by business owners who are looking at accounting software and seeing offers come to them via mail, email on social media.  The big question is this for you?   

There are more and more options for cloud based accounting software.  They usually charge a monthly fee from $12.95 on up , it depends on what the needs are for your business.    The nice thing about cloud based accounting software, it can go where you go.    It can also be used on your tablet and phone  for those that are on the go.  Also your information is always backed up. If your computer would happen to crash you may  have some problems with retrieving your information if you did not do proper back up on site or in the cloud.   Cloud based software does this for you.  Whenever there are updates to be done they are done automatically no worrying about if you have the updated software or purchase the latest year of software.

Cloud Based Accounting Software is doing amazing things to expand the possibilities to meet the needs of your business and customize to the needs of your business by adding on Apps.  What would cost a business a lot of money for software customized to their needs can now be  done in a budget that  a business owner can appreciate.   

Business owners can appreciate that as long as they keep up  with their books they can look at their numbers  and see important information when it comes to making financial decisions for their business.   Many of these programs allow for connection with their bank or other financial institution for the latest in transactions. Communication is made easier with some cloud based accounting software companies,when you have your bookkeeping up to date and with cloud based accounting you and your CPA can look at your numbers at the same time right from your office.  They can help you with looking at the proper financial reports to help make financial decisions along with  the info they need at tax time.   

One  other nice feature about cloud based accounting software  is they work in different browsers and operating systems so those that may have a Mac Pro can now have an option that can work for them along with those that have traditional windows based computers. 

We provide services to clients looking at options to fit them into the right cloud option for their business. We are trained and certified  in  several cloud based accounting software programs along with several add on Applications.   Also if you do not keep up with your bookkeeping we can help because of our training in these different programs. We can help review to see if you are doing proper bookkeeping,  we can help clear up any confusion or questions.  

 Cloud Based Accounting may or may  not be for you,  that is why  talking to someone who knows the latest when it comes to this ever changing and emerging part of accounting is important because they can customize something to meet your needs and the needs of your business.    

When is it time to get a daily money manager?

Daily Money Management is a service that is still a new concept for many.  When is it time to hire a daily money manager?
Physical challenges brought on by the aging process arthritis, poor vision, inability to follow through on task, difficulty with writing
Newly married
Those that travel frequently
Those that keep a very busy social schedule.
Those that have a career that make it difficult for them to find time to keep up with their own paperwork
Those that need to get back on track with proper organization, budget planing and  financial systems
Those that just graduated from College
New parents

As you can see many different circumstances can lead  people to use a daily money manger.

Our firm offers different packages to help with some of these things so that it is easy for the individual to budget for these services.   Prices Range from $75 to $300 a  month.  Additional add on services not included in the packages are extra along with work that may require being brought up to date and that is by an hourly rate.

We offer :
I "Keep Me Balanced" package it includes (Good)
-Bank Account Reconciliation  1 bank account
-Cloud based personal software
-Quarterly meeting to review finances and budget
-email support

II "Keep Me Balanced and on time"  (Better)
All of the above
-Review Mail
-Pay bills
-Monthly meeting


 III "Keep me Balanced, on time, and organized (Best)
I & II
-Organize paperwork in a system to locate information when needed
-Meet 2x a month

Do you know your numbers?

Many times business owners are wearing many hats and their focus needs to be on developing revenue.  The time they spend in keeping their books is taking away from developing revenue.  Many times they just are not able to keep up with the  bookkeeping.  When this part of their business is not kept up it makes it hard to plan and see where their business is at.   Knowing your numbers at any given time  is really not an option if you want a growing healthy business.

Today many of the tasks can be streamlined and it can be very affordable to outsource this part of your business  to the appropriate professionals without having  to hire an in house bookkeeper .  It is amazing what the cloud is doing to help small business,  if the work is outsourced to a professional they are able to do what is needed , do it correctly and you are able to log in from your home computer or i-pad and see all you need to know at your fingertips.   It is an amazing thing and will only help you and your business move to new levels.  

Also other accounting  tasks can be outsourced   like Accounts payable and Accounts Receivable. Have you ever thought about outsourcing your bookkeeping?  Better yet have you thought about outsourcing  your bookkeeping to someone who can connect you with the latest in technology so you can see things in real time on a 24/7 basis.   dcs Accounting & Tax has these services available to small businesses and also to individuals who want to keep up with their personal finances.  We have done all the work in finding the best technology available to make this possible and along with our knowledge and experience can really help you see the numbers.

Taking Time

We all have things that we  need to take time each day to help keep us feeling optimal.  Taking time to exercise so your physical body feels healthy,  taking time for your spiritual well being, taking time to eat by putting the right foods in your body  and  taking time to keep up with your education and self learning so you have the latest in knowledge.

One other important part to take care of each and every day is your financial self. Financial well being is important from many angles. It answers the financial "what if'" questions. Like am I planning for today, am I planning for tomorrow am I planning for the future ,  what if this would happen am I feeling optimal when it comes to my financial well being.   It really starts with the basics of knowing and organizing the financial part of your life.  When this area is not in order  it tends to make us not feel optimal.  Basic things like are you able to pay bills on time, reconciling your  bank accounts, debt management , organizing your financial paper work, saving money,  setting up a budget, having all the proper insurance that you need in case something would happen , planning when it comes to taxes and legally do you have paperwork in order if something would happen.  These are just a few basic things that should be answered.   Spending time regularly keeping this part of your  life in order  is very  important to your well being.

There is good news when it comes to this part of your life there are professionals that can be hired to help for small businesses there are bookkeepers and CPA's.  When it comes to personal finance there are Daily Money Managers and also CPA's can be hired on a weekly or  monthly basis.   Time seems to be the thing that really can hold someone back from having a healthy regimen when it comes to finances.  Hiring these professionals many times not only save you time but  saves you  money in the long run.   Also helps with a better feeling of Well Being to live a more full life.

About the Author

Maria Smith, BS  is a Daily Money Manager at dcs Accounting & Tax in Hellertown PA.  She is a graduate of East Stroudsburg University with over  a decade of experience in Social work, was a Team Leader to  independent representatives throughout the USA  training and  sales  for a children's publisher for over 7 years  and currently has been in the daily money management field for 4 years ,  she continues to stay cutting edge with the latest in software and cloud based financial tools to help her clients in these ever changing times.  She helps busy professionals,  works with Elders, those going through life changes, and business owners  to mange their financial life by Bookkeeping w/ traditional methods and  in the Cloud, financial  Organization, budgeting and Bill paying.