Accounting Advice

Business clearly isn’t only about numbers. But numbers do matter significantly. If cash flow and profit numbers don’t work, there is just no business. Thus, as it has frequently been said, “Know your numbers.” Gathering and recording the business’ numbers are key duties of your bookkeeper, so to get the data you need to make good decisions, it is critical not to do business bookkeeping wrong.  What is Bookkeeping  Every business should have current, organized, and reliable data. That data is the…

Small businesses pay taxes by defined due dates each year, but tax season shouldn’t be considered as only a short run-up to the due dates. Rather, tax season should be considered a year-round “season.” Taxes are complicated and the penalties for mistakes, delayed payments, or missed payments can be severe, so it is wise to get professional assistance to take care of your small business tax obligations properly and proactively. Waiting until the last minute will limit money-saving options and complicate the preparation needed. …

Everything we do is focused on the core belief that we succeed in life by helping others succeed. This letter is one complimentary piece of our intense planning and research effort throughout the year to help in your success. Feel free to share it with anyone you know who could benefit. Update on the latest at IRS The latest bill out of congress gives IRS $80 billion in new funding and the authorization to hire 80,000 more employees. When you…

Once perhaps thought of simply as drudgery and relegated to the “back office” of most businesses, accounting has strongly stepped onto “center stage,” due in part to the increasing role of data analytics. Accounting is more than keeping records and providing a “scorecard” to measure how a business is doing.  Why Accounting is Important  Accounting plays a crucial role in running every business. Accounting provides vital information to the stakeholders of a business by measuring and summarizing its financial activities. Business managers…

Taxes are a fact of life for small businesses. Fortunately, there are many possible small business tax write-offs, also called tax deductions, that can lower the tax burden and save money for owners to use in other ways to grow their businesses.   How do Small Business Tax Write-offs Work?  Small business tax write-offs are those deductions that are considered by the IRS to be legitimate and claimable expenses that will lower the business’s taxable income. A key role of a professional tax…

Business accounting is not something that a company’s leaders can shuffle off to the “bean counters” in the back office. No, it’s a critical business function that is key to every company’s successful business strategy and operating results.  Why Accounting is Important  The accounting function is important, even crucial because it helps keep a business and its financial records organized to share with stakeholders including investors, lenders, and employees. It provides the tools to evaluate a business’s performance, including information regarding expenses, revenues, debt,…

Business owners know how valuable their time is and they don’t want to make mistakes regarding any of the important aspects of human resources management including payroll and taxes. A major choice is either doing payroll and all its related aspects in-house or choosing to outsource payroll.  9 Reasons to Outsource Payroll  Payroll outsourcing means engaging a specialist third-party organization to handle payroll and related activities including tax reporting, regulatory compliance, unemployment claims, and data security. Frankly, payroll takes a lot of time, and…

I believe we all have a duty to leave this world a better place than we found it and therefore we have an obligation to help those less fortunate than us.  However, my experience has been that the more we donate to those great causes, the more solicitations and phone calls we get.  Some are great causes, some are not, but the reality is that many charities sell or share their donor list with other charities.  Unfortunately, the end result…