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...Read More
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...Read More
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...Read More
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...Read More
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...Read More
Nulla vitae elit libero, a pharetra augue. Nulla vitae elit libero, a pharetra augue. Nulla vitae elit libero, a pharetra augue. Donec sed odio dui. Etiam porta sem malesuada.