As a new small business owner, your life is probably pretty hectic. However, one area that you will want to ensure that you keep on top of is your books. You can choose to do these yourself or hire a professional certified public accountant to do them for you. If you decide to go the route of doing them yourself, it doesn't have to be as hard as you may think.
15 January 2021
As you approach retirement, you know that many things about your life and finances will change. But what exactly those changes will or won't look like is often still a mystery. One of these often-confusing areas is income taxes. What will change about your tax obligation? And what can you expect to stay the same? Here are a few key things to know. How Taxes Stay the Same for Retirees
6 October 2020
If you are a small business owner, chances are you've performed a lot of your own bookkeeping and business accounting services. A whopping 60% of small business owners feel they do not have enough financial knowledge. This can lead to stress and making unnecessary mistakes. Here are some of the most expensive accounting mistakes SBOs make and how you can avoid them. Procrastination The first mistake small business owners make is procrastination. Entrepreneurs wear many hats.
30 June 2020
Financial issues can break a small business. Whether the financial issue is the result of poor funds management or tax mistakes, money issues are never a good thing. For this reason, every small business should take their finances seriously—the best way to go about doing so is to hire a certified public accountant or CPA. Audits If you're a new owner of a small business, it's a good idea to start planning for audits.
10 December 2019
When it comes to bookkeeping needs for your small business, few things are as complicated as your tax accounting and record keeping. There are so many details associated with small business taxes and the records that the IRS requires. If you haven't yet retained a business bookkeeping service to help you with these matters, you need to understand how to keep the records that support the tax filings. Here are a few things that you should keep in mind.
30 September 2019
If you're not utilizing accounting software for your small business, you're missing out on the opportunity to run your business more efficiently. Many small business owners forego the accounting software because they feel it will be too cost prohibitive. However, that's simply not the case, especially when the right software is chosen. If you want to reap the benefits of accounting software, it's time to sign up for online accounting software training.
5 June 2019
Medicare insurance is a valuable tool that is designed to help individuals pay for their medical costs. Unfortunately, there are a number of gaps in Medicare insurance—and being unprepared for these gaps can lead to significant financial problems. Accountants often advise clients to use a few different methods to potentially avoid these gaps. Here's what you need to know. What Is a Medicare Gap? "Medicare gap" refers to any type of lapse in Medicare coverage.
27 February 2019
Every business must deal with noncollectable debts during the course of their operations. While you understand that debts which aren't being paid back affect your bottom line, you should also understand how, and when, they affect your taxes and financial reports. Here's a short guide to bad debts for the layperson. When Is It a Bad Debt? A bad debt is basically a noncollectable debt that has basically no real chance of ever being paid.
20 November 2018
With the success of grocery and food delivery apps such as Seamless, Grubhub, UberEats, Shipt, and Instacart, there are more opportunities than ever to do delivery work as an independent contractor. As an independent contractor, you can run and structure your own delivery business, where you work with multiple different companies. If you are running your own delivery business as an independent contractor through the wide array of delivery apps that are available today, you are going to want to make sure that you know how to do some basic accounting and record keeping in order to accurately complete your taxes come tax time.
5 September 2018
According to studies, 80% of businesses fail after the first year which means that if you are starting a new business, statistics are unfortunately stacked against you. If you are anxious about starting your business because you're so worried about failure, then there are a few things that you can do to set up your business' finances successfully. Read on to learn more. Hire a Business Advisory Firm A business advisory firm may be your most worthwhile investment when you start a business and is an investment that you should continue using for the entirety of your ownership.
30 July 2018
