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5 02, 2021

How to Prepare Your Business for Tax Season

By |2021-02-03T21:49:58+00:00February 5th, 2021|Finance Tips, Small Business, Tax Deadlines|0 Comments

Tax season can be a stressful time for any business owner. Without assistance or prior  knowledge, it can be difficult to navigate. Additionally, tax regulations change and keeping track of what’s owed, and deadlines, is essential.    Here are tips to prepare for the upcoming season:   Get records in order  Gather all necessary documentation/records in order to ensure you have everything you need and aren’t missing anything important. These can include: prior tax returns, bills, receipts, budgets, expenses, vendor tax forms, and payroll expenses, etc.  Complete your tax returns as soon as possible   You don’t want to be scrambling to find all documentation when the deadline for your tax returns is upon you. Additionally, the earlier you file your taxes the better your understanding of any financial obligations coming.    Seek accounting support   Accountants can ensure taxes are done correctly and on time. Be sure to hire an accountant with experience, great references, and good client reviews.   Accuracy is great preparation  Accurate records helps prepare you for any inquiries. Audits happen and can happen to any business. The more accurate your accounting, the less sstresful a potential audit can be.   Pay attention to the dates  Each year, [...]

3 02, 2021

Why Bookkeeping Services Are Necessary for a Successful Business

By |2021-02-03T21:39:52+00:00February 3rd, 2021|Bookkeeping Basics, Business Tips, Small Business|0 Comments

The necessity of Bookkeeping is very often overlooked. Sure, it plays an important role in ensuring your taxes are done correctly and gives business owners an idea of where their money is going, but bookkeeping can also offer more than just that. If done correctly, it can save you precious time and be a great way to maximize how far your money is spent.   If you are still on the fence about whether or not to hire a professional to handle your business’ finances, here are a few significant reasons for maintaining a separate checkbook and set of books for your business.   Tax Savings and Audit Protection  Separate banking boasts a number of advantages. Having your payment records accounted for and recorded will make it easier come tax time. These records and financial reports will also decrease the chance of repercussions should you ever be audited.   Reduce Stress  Running a business is stressful enough without having your finances complicate it further. Having disorganized books can lead to feeling constant worry and stress, both of which can cloud your head when [...]

30 12, 2020

Three Points to Consider When Passing on Your Family Business to the Next Generation

By |2020-12-23T19:54:17+00:00December 30th, 2020|Business Tips, Finance Tips, Small Business|0 Comments

Starting and running a business is no easy task. It takes time, energy, and dedication to making sure that it runs smoothly. So, what happens when the time comes to move on from your business?  To ensure that your hard work does not go to waste, you might consider transferring your business into the hands of a trusted family member to carry on the legacy. Here are three points you should consider when passing your business on to the next generation. Start the Conversation Early. To ensure a seamless transition, make sure to plan. Discuss the future of the business with your family members and other important people, such as attorneys or accountants. Having a well thought out succession plan, organized finances and a defined legal strategy can minimize the chances of business-related family squabbles. Be Open to Change. Chances are, your successor will want to implement new ideas when they adopt the family business. Trust the process. Change can be positive and may even prove to be more beneficial for your business. Respect the Business’ Reputation. If you are [...]

23 12, 2020

What You Need to Know About the New Amazon Business and QuickBooks Integration

By |2020-12-23T19:36:11+00:00December 23rd, 2020|Bookkeeping Basics, Business Tips, Finance Tips, Small Business|0 Comments

Technology is consistently improving and creating opportunities for more efficient business processes. The new Amazon Business and QuickBooks integration provide busy business owners with services that will help save them time and seamlessly manage their company purchases. Small business owners who make purchases with Amazon Business will now be able to: Automate purchase reconciliation and categorization Automatically import purchases into QuickBooks. Data is updated multiple times per day. Automatically import purchase details, descriptions, costs, and fee breakdowns for each transaction Identify items bought through Amazon Business, categorize items separately and match them with bank transactions in QuickBooks What are the Benefits? Convenience. The automatic import feature will help to reduce the time you spend tediously entering data and eliminate the inconvenience of going back and forth between QuickBooks and Amazon Business accounts, giving you more time to work on what is most important-- your business. Better Insight. Understanding data is important for the growth of your company.  It will allow you to create a big picture view of your purchases and identify key information - like where your expenses are [...]

7 12, 2020

The Families First Coronavirus Response Act 

By |2020-12-04T22:36:25+00:00December 7th, 2020|COVID-19, Small Business|0 Comments

In response to COVID-19 the federal government set up the Families First Coronavirus Response Act (FFCRA) in March 2020. This Act is effective through December 31, 2020 and provides, among other things, paid sick leave to employees. The Act maintains certain requirements to qualify:  Businesses are granted funds as long as they have less than 500 employees.   Workers will not have to pick between paychecks and public health measures.  Workers can receive up to 80 hours of paid sick leave as well as an additional 10 weeks of paid family leave to care for a child.   Provides business with refundable tax credits.   Consult your Chamber of Commerce or attorney for more details but, in general, FFCRA requires that employers offer the following:  Up to 80 hours of paid sick leave if an employee is unable to work because of coronavirus - pay rates differ based on if the employee is sick or quarantined or if the employee needs to care for someone (family member, dependent, etc.)    For more details, visit the Department of Labor website (https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave)  The complexities of this Act [...]

20 11, 2020

Top 3 Analytics Every New Business Owner Should Know To Keep Your Business Running

By |2020-11-18T22:59:39+00:00November 20th, 2020|Bookkeeping Basics, Business Tips, Finance Tips, Small Business|0 Comments

Cash Flow Your cash flow statement shows you the amount of money your business receives and spends during a period of time. Keeping track of your income and expenses is necessary to make sure that you have enough money to keep your business running, during the good times and the bad. This data shows you how much money you have on hand, excluding any credit that is owed but hasn’t been paid to you yet. Long term, you can use this information to predict potential decreases in your cash flow and plan accordingly so that it doesn’t affect your business on a large scale. Cash Flow Runaway Starting your own business can be financially straining and there will be some months that are more cash dependent than others. Especially when starting out, there may be times when you are spending more than you are making. In order to properly plan for the future, it is important to know how long you can keep doing this before your finances are in trouble. Revenue Growth Rate Revenue is the amount of money [...]

31 10, 2020

What is the Difference Between Bookkeeping and Accounting

By |2020-10-21T21:58:26+00:00October 31st, 2020|Bookkeeping Basics, Business Tips, Finance Tips, Small Business|0 Comments

The first thing you should know is that bookkeeping and accounting are not the same. Bookkeeping is the process of identifying, tracking, and measuring a business’s financial transactions. Accounting occurs later on in the process. It deals more with taking that information that was gathered in the bookkeeping stage and using that to summarize, interpret, and analyze for reporting purposes. Bookkeeping The main objective is to keep records of financial transactions and organize them in a systematic manner. The complexity of bookkeeping varies depending on the size of the business but will most likely always include the creation and management of the following accounts: cash, accounts receivable, inventory, accounts payable, loans payable, sales, payroll expenses, and purchases. Properly maintaining those records requires bookkeepers to be accurate and to have an acute attention to detail. Accounting An accountant takes the data provided by the bookkeeper and uses it to interpret financial insights for the business owner. They are usually responsible for performing audits, reporting tax returns, income statements, and balance sheets. These reports are important to the success of the business [...]

21 10, 2020

Ready to Reopen? How to Ensure a Successful Re-Opening for Your Small Business.

By |2020-10-21T21:51:57+00:00October 21st, 2020|Business Tips, COVID-19, Small Business|0 Comments

If there is one thing we have learned from this year, it is that we should expect the unexpected. The COVID-19 pandemic shook business owners and consumers alike when it forced businesses to temporarily close their doors until the unforeseeable future. Now, as we see some of our favorite shops begin to open again, business owners can start to think about how they can ensure that their reopening is successful. Assess your Business’ Needs Consider your operational needs. To do this, ask yourself the following questions: What will my staffing requirements be when I open? What customer/employee questions or concerns will I need to address? What is possible for my business?  Most businesses will find themselves in a situation where they cannot pick up where they left off. By addressing these questions, you can start to think about the realistic changes you will need to make before you reopen. Learn from Others Businesses around you are probably going through the same challenges. Take a moment to connect with your neighboring shops and learn how they have adapted their businesses during [...]

29 09, 2020

The Anatomy Of An Invoice 

By |2020-09-09T22:43:29+00:00September 29th, 2020|Bookkeeping Basics, Business Tips, Finance Tips, Small Business|0 Comments

Chances are if you are working with clients or need to keep track of inventory and sales, you will likely be using invoices. Invoices give you information about the buyer and the seller, and if done correctly, it will minimize misunderstandings with your clients so that you get paid on time. If you are not familiar with this tool and hope to use it for your business, it's important that you understand the different components that make it up.  Contact Information  A simple step that you do not want to overlook is including up-to-date buyer and seller contact information.  Invoice Number  Using an invoice number is helpful for when you or your client need to reference the transaction.  Payment Terms and Due Date  Always include a clear due date and terms. You should be stating specific payment terms (due on receipt, net 15, etc.) to reduce ambiguity. While it is possible to agree on a later payment date, customers should pay you within 30 days. When setting your payment terms, it is important to be mindful of any holidays or other disruptions that may [...]

11 09, 2020

New Business Financial Checklist: Essential Tasks to Maintain Daily, Monthly, and Annually.

By |2020-09-09T22:14:50+00:00September 11th, 2020|Bookkeeping Basics, Business Tips, Finance Tips, Small Business|0 Comments

Starting your new business can be exciting and stressful at the same time. There is a lot that goes into business finances, so maintaining those items for the first time can quickly become overwhelming. We’ve highlighted a few essential tasks to keep you on track and ensure your company’s success throughout its first year and every year after.  Daily   Check Cash Position  Start your day by routinely checking the amount of cash you have on hand. We recommend you repeat this task weekly and monthly to estimate how much money you will need in the future.    Weekly   Organize and File Receipts  Organizing your receipts, invoices, and cash payments every week will help you find information easily come tax time. While Excel can be an excellent option to keep track of all expenses, it can time consuming and confusing. Instead, you can find a bookkeeping team to help manage that information for you.  Review Unpaid Bills From Vendors  Start by identifying any unpaid vendors. If you don’t already have an “unpaid vendor” folder, this would be a good time to do so. [...]

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