The holidays have past and we are all settling back into our routines. Tradition dictates that we make a new years resolution. As we go through the month of January, we are busy preparing 1099’s for our client’s subcontractors. This is a frustrating process for us because client’s never get the W-9’s up front and then need to chase people down to get them well after the fact. This is… Read more
You’re out doing a little Christmas shopping on your way home and realize you left your personal credit card at home. So you whip out your business credit card to pay for your kid’s new toy. What’s the harm right? Well according to the IRS this is a big no no. What is Commingling? Simply put, it’s paying for personal expenses through your business. One of the keys to operating… Read more
Receipts are vital to successfully running a business. You need receipts to track your purchases and expenses. Your clients need receipts for their tax purposes and to manage their finances. Paper receipts have been around a long time, so many people are used to them and may even be resistant to moving away from them. Thanks to technology, paper receipts are becoming more a thing of the past. There… Read more
The COVID-19 pandemic may have an economic impact far beyond last year and the two or three. A recent report by the World Bank projects global economic growth to slow to 1.9% per year from 2020-2029. Prior to the pandemic, growth was projected to be 2.1%, down from 2.5% over the previous decade. Investments in infrastructure, diversifying economies and supporting the employment of women may help to mitigate or reverse… Read more
This week’s COVID-19 updates Many of us are adjusting to a new normal of staying home as much as possible, and finding ways to work remotely, if that’s an option. Federal and state governments are putting together financial resources to support small business, and many other organizations are doing what they can to help business owners keep the lights on and maintain sanity during these strange days. Here are some… Read more
On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three… Read more
Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering… Read more
Want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records? New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return. Organization is key when preparing for tax time. As is taking advantage of the many tools and resources out there to support… Read more