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26 06, 2020

Update: Economic Injury Disaster Loan (EIDL) Now Taking New Applications

By |2020-06-26T21:01:28+00:00June 26th, 2020|Business Tips, COVID-19, Small Business|0 Comments

It is uplifting to hear positive news in the midst of these concerning times. Two months after the SBA stopped accepting EIDL applications, they have opened them to the public once more. As of June 15, 2020 the SBA began accepting new EIDL applications which now include agriculture businesses.  Agriculture businesses are referred to as businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries.  You can access the application and specific information here. If you are not familiar with the Economic Injury Disaster Loan, it is an existing program administered through the U.S. Small Business Administration (SBA) offering emergency relief to businesses. Due to the impact of the COVID-19 pandemic, the program has expanded. Previously, only small businesses in presidentially-declared disaster locations were eligible to apply for the loan. However, as of March 13, 2020 these locations have expanded to include the entire United States, its territories, and Washington D.C..   The SBA allows qualified small business owners and agricultural businesses to apply for the Economic Injury Disaster Loan (EIDL). COVID-19 related loans [...]

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15 06, 2020

Reopening Your Business after Quarantine

By |2020-06-08T18:03:38+00:00June 15th, 2020|Business Tips, COVID-19, Small Business|0 Comments

Many of us have felt the negative impacts brought forth by the coronavirus. Although the continual effects of the coronavirus are still uncertain, some business owners are beginning to plan to reopen, or already have.  If you are in the planning process, what are the next steps to prepare for reopening.  What does that look like? Here are a few tips for business owners who are looking to reopen and resume business. Resume Social Distancing – As states and cities across America begin to lift quarantine, each region will have its own pace and restrictions. Make sure you are knowledgeable about the laws and restrictions that are relevant to your location, as well as your customers’ locations. If employees are returning to the office, make sure your business is in compliance with CDC standards to ensure the health and safety of your workers. Find more information from the CDC: https://www.cdc.gov/coronavirus/2019-ncov/community/organizations/businesses-employers.html Continue Regular Cleaning – Consider adding more sanitation stations, such as installing sanitizer dispensers at your building’s entryways and bathrooms. Increase sanitation of high-traffic areas, such as doorknobs, desks, printers, [...]

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7 06, 2020

Finance Tips for Small Business Owners

By |2020-05-04T22:14:50+00:00June 7th, 2020|Bookkeeping Basics, Finance Tips, Small Business, Technology|0 Comments

Finances will always be an important factor of any business, regardless of the type of business you are running. While your business will inevitably drive in income, there are other elements that can help you cut costs, save money, and set your company up in a position to maintain financial stability and profitability in the long run. Here are a few tips that will put your company in a good financial position. Know Your Sales Cycles – Depending on your industry, your business can experience seasonal cash flow. During certain times of the year, your business may experience higher financial periods. For example, retail shops may experience periods of high sales during the holidays when people are shopping for gifts, versus slower months such as the spring. Avoid Procrastination – Procrastination can build up. This is especially true when dealing with finances. There is a greater potential for forgetfulness and disorganization if you leave too much time in between invoices. Evaluate Expenses – Identify factors that are fixed expenses and keep them as low as possible. Although you want to [...]

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11 05, 2020

Business Success During COVID-19

By |2020-05-04T22:14:20+00:00May 11th, 2020|Business Tips, COVID-19, Finance Tips, Small Business, Technology|0 Comments

As we settle into routines and adjust to working from home, it is important to set strategies and maintain consistency to ensure your business is maximizing success during the quarantine. The presence of COVID-19 has brought unique challenges for business owners. While many things remain the same, some elements require extra attention to ensure business success. Here are a few tips to stay productive, stimulate team motivation, and ensure overall business success. Keep a close eye on deadlines. Although we are in a country-wide crisis, it is still important to mind your deadlines. Stay conscious of credit card bills, loan payments, tax payments, and utility bills. The last thing you want is to miss a deadline and build late penalties during the crisis. Commit to check-ins. Make a commitment to virtually check in regularly with your employees. Stay involved with their projects through video meetings and screen sharing through Google Hangouts or Zoom meetings. This helps your team stay focused and shows your employees that you are involved and interested in their work. Create multiple channels of communication to ensure [...]

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4 05, 2020

PPP Loan for Business Owners

By |2020-05-04T22:09:24+00:00May 4th, 2020|Business Tips, COVID-19, Finance Tips, Small Business|0 Comments

The onset of COVID-19 has brought challenges for the entire economy, effecting business owners and employees alike. Thankfully, the Paycheck Protection Program (PPP) Loan has been allocated to businesses and sole proprietors who need support during COVID-19. The PPP specifically helps businesses keep their workforce employed during the crisis. Although the first round of the PPP was exhausted in only 13 days, a second round from the SBA with an additional $310 billion of funding was issued on 4/27. If you haven’t yet applied, do so now. Here are a few things to know about the program: Qualifications: You can apply for a loan if you are a small business that meets SBA’s size standards, sole proprietor, independent contractor, self-employed person, or a non-profit organization. Where to Obtain: When the funds are available, apply for a PPP loan through any of the 1,800 participating SBA approved lenders or through any participating federally insured depository institution, federally insured credit union, and Farm Credit System institution. Loan Forgiveness: Loans will be fully forgiven if used for eligible uses, including payroll costs, interest [...]

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22 04, 2020

Business Finance Tips During Times of Crisis

By |2020-04-01T23:01:13+00:00April 22nd, 2020|Finance Tips, Small Business|0 Comments

As we have recently experienced, crises can come suddenly without warning or predictability. This can include natural disasters, widespread disease, or other sudden, economic downturns. Such circumstances can disrupt normal routines and certainly impact small businesses. Because the onset of these crises can occur suddenly and unpredictably, it is important to prepare your business financially while also looking out for your employees and team members. Take action in times of crisis with the following financial tips: Assess High Areas of Value – Take a step back and determine the areas of your business that drive the most value. Prioritizing these elements can help you assess what areas you want to keep your financial resources invested in versus areas where you can cut spending. Monitor Expenses – Cut your spending where you can and tighten your budget if possible. Separate your discretionary expenses from your fixed expenses. In other words, separate your needs from your wants and only spend where necessary. Proceed with Compassion – Naturally, we make budget cuts in times of financial crisis. Still, it is very important that [...]

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30 03, 2020

CARES Act Impact on Small Businesses

By |2020-03-30T20:59:13+00:00March 30th, 2020|Bookkeeping Basics, Business Tips, Finance Tips, Small Business|0 Comments

The CARES Act passed late Friday in response to COVID-19 and its impact on the current business environment and the economy. We will continue to gather information and share resources to help all businesses weather the effects from this pandemic. The CARES Act is a $2.2 trillion bill that provides, among other things, funding to small businesses, helps secure payroll and jobs, and offers needed benefits.  This not only includes benefits to business owners but also to independent contractors. Important things to understand about CARES Act and small businesses: $349 million of the $2.2 trillion is allocated to the Small Business Administration to guarantee loans to small businesses Businesses with 500 employees or fewer are eligible for these funds Self-employed and independent contractors are also eligible There is no personal guarantee required The maximum amount you can take is equal to 2.5 times your average payroll costs For clients, contact us if you need specific information about your payroll costs for the past year. Apply through banks and credit unions. Working with your business banker may be a good place [...]

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7 03, 2020

Reasons to Hire a Bookkeeper

By |2020-02-28T19:40:25+00:00March 7th, 2020|Bookkeeping Basics, Small Business|0 Comments

Launching a business requires a lot of initial set up – not to mention money. Many motivated entrepreneurs have the ambition to take on the majority of business tasks. Although handling the bulk of business tasks can help you cut corners and save money in the beginning, it’s not a sustainable way to run a business in the long haul. Here are a few reasons why you should consider hiring a bookkeeper to handle your finances. Focus on the big-picture needs of your business As the founder of your business, you know the core needs of your business better than anyone else. This means you have a bigger-picture understanding of your business, giving you the advantage to position your business in a way that will grow. Outsourcing your bookkeeping means you have more time to spend on big picture tasks, including brainstorming strategies, prospecting areas of potential growth, and developing a foresight for future trends. Create a work-life balance Don’t expend your time on tasks that can be done by your bookkeeper. As your business progresses, you will come to [...]

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1 03, 2020

Tax Season Has Arrived, Are You Ready?

By |2020-02-28T19:33:23+00:00March 1st, 2020|Bookkeeping Basics, Small Business, Tax Deadlines|0 Comments

Filing your taxes doesn’t have to be a stressful affair. Here are a few ways you can keep organized throughout the year before presenting your documents to your tax preparer (plus, they’ll thank you for it). Keep all Your Receipts Take a picture of your receipts with your smartphone or scan them – just make sure that you are saving your receipts! The IRS can audit you up to six years back so it’s important that you save a history of purchases just in case. Chances are, you likely won’t remember why you bought that printer from five years ago, so we recommend you write notes on each receipt explaining the business nature of the purchase. Sort and Categorize Financial Documents You’ll also need to provide other documents like income, records of bank statements, canceled checks and paid bills. Once you have all the documents gathered, divide them into separate categories, such as home-office expenses, utilities, office supplies, and charitable contributions. Having these items organized beforehand will make it much easier for your tax preparer to calculate totals. Find a [...]

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12 02, 2020

Business Licenses and Permits

By |2020-02-03T21:17:14+00:00February 12th, 2020|Bookkeeping Basics, Small Business|0 Comments

From naming your business to brainstorming your branding, starting a new business is an exciting venture. But before you get swept away in the entrepreneurial novelty, it is important to consider the logistical elements to your business, such as business licenses and permits. Addressing your licenses and permits earlier in the beginning stages of development will help you get started strong. Here are a few different permits to consider what starting up your business. Environmental permit: In order to control for air and water pollution, many cities require this permit. If you produce anything that involves producing gases, requires burning materials, or may dispose waste through sewers and waterways, check to see what regulation may apply to your business. Health department permits: Restaurants or other food related business selling to customers or retailers will need to be in compliance with health department permits. Sign permit: As exciting as it is to get a new sign for your business, check to see if there are any size or material regulations for store signs before you install one. Make sure to get [...]

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Bakersmith Bookkeeping

Expert accounting and bookkeeping services for businesses in the Denver Metro and South Denver Metro Area. We specialize in QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise, QuickBooks Online, QuickBooks for Mac, LexisNexis Time Matters, PCLaw accounting and software.

Phone: 303-792-0655
Email: [email protected]