What would happen to your business if you never set-up a budget — ever If you’re like a lot of small business owners, you’ve probably wondered why setting up a yearly budget is that important. Maybe you’ve decided that cash flow monitoring and forecasting is something you would rather put off for now. You’d rather […]
Five reasons business owners fail at tax planning and how you can avoid being one of them Tax planning is a growing problem for small businesses. Fortunately, however, business owners don’t have to suffer from the stresses and strains of tax planning once they know how to prepare themselves in advance. That’s what you’ll learn […]
Last week focused on the key to being ready for unseen issues that arise; that is preparation and organization of your financial paperwork. Today, I would like to like to address what to do with that financial information and why it is vitally important to keep it organized. A financial program or app is a […]
This short article is however about a blind spot you may have found in your business as a result of the global pandemic we were thrust into.
As bookkeepers, we think this one is a huge mistake! According to the Small Business Administration, 28 percent of companies go bankrupt due to problems with the financial structure of the company. However, many of the problems could have been avoided by establishing good accounting practices. The biggest practice that can save your business is […]
Written by Fox Rothschild LLP New Jersey employers should expect to see a significant expansion of investigations into misclassification of employees as independent contractors. Such investigations have always presented risks and costs to employers, but recent portentous announcements by Gov. Phil Murphy’s administration indicate that the cost of misclassification could soon increase exponentially. By way […]
The first post in our 8 mistakes accountants make series is all about how profits dont always mean cash flow. First let us define three key terms: profits, revenue, and cash. Profits: Profits is an accounting concept that depends on a lot of imposed timing constraints for sales, costs, and expenses. Revenue: Revenue is money […]
The most dreaded 4 numbers in all of accounting would have to be 1-0-9-9. Most independent contractors and self-employed individuals are privy to these notorious IRS tax forms, however, small business owners may not be aware of their responsibilities for filing a 1099. The tax Form 1099-MISC is used by the IRS to track […]
Tis the season of giving! It is that time of year where you want to show your hard-working employees how much you appreciate them. However, what should you get them? The easiest and most common gift is money, but is it taxable? The answer is yes. What about the latest iPad? Still, yes. Almost […]