Bookkeeping and Accounting Paperwork: Keeping Up is Crucial for Small Businesses

Bookkeeping and Accounting Paperwork: Keeping Up is Crucial for Small Businesses

By | Accounting Advice, Small Business Advice

You may have been able to keep up with everything when you first launched your small business, including bookkeeping and accounting paperwork. As your business grew, you just didn’t have the time to get to it quite as consistently. Now you have reached the point of considering outsourcing your accounting paperwork to a company like Doerhoff & Associates CPA. Regardless of what you ultimately decide regarding accounting functions for your business, it’s a good idea to have a basic understanding…

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Small Business Tips for IRS Form 1099 Reporting

Small Business Tips for IRS Form 1099 Reporting

By | Accounting Advice, Small Business Advice

If you pay $600 or more to an independent contractor in a year or $10 in royalties to an individual, the Internal Revenue Service (IRS) requires that you send a MISC-1099 form. The form must be postmarked by January 31 to cover any miscellaneous income or royalties from the previous calendar year. Businesses typically issue MISC-1099 statements to individuals and sometimes partnerships. Other Situations that Require IRS Form 1099 Reporting In addition to royalties and money paid to independent contractors,…

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Organize Your Chart of Accounts to Improve Financial Health

Organize Your Chart of Accounts to Improve Financial Health

By | Accounting Advice, Small Business Advice

A Chart of Accounts can help any business manage its finances, however, it’s only useful when organized properly. While it’s common for small business owners to tackle this organization project at the beginning of the year, the company can benefit from organized financial data regardless of what month it is. A review of what to include in a Chart of Accounts is helpful before we discuss organization tips. The Four Most Important Items to Include in a Chart of Accounts…

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Invest Your Tax Refund to Impact Your Long-Term Business Growth

10 Ways to Invest Your Tax Refund to Impact Your Long-Term Business Growth

By | Accounting Advice, Small Business Advice

An unexpected tax refund can make it possible to invest in your company in ways you might not have been able to otherwise. However, creating and prioritizing a list of options can be challenging. We would like to help by offering 10 possible suggestions for how to spend your tax refund well. Ranking your list in order of importance is entirely up to you. Options for Spending Your Tax Refund While you will probably think of several of your own…

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Keeping Personal and Business Finances Separate.

Is it Really That Important? Keeping Personal and Business Finances Separate.

By | Accounting Advice, Small Business Advice

When you first start a business, you may not think much of making a small purchase of office supplies and paying for them with your personal credit card. This could be a manageable system if you only make a few business purchases each year. However, that isn’t the reality for most business owners. Although it will take a bit of initial effort to separate personal and business finances, you can expect significant benefits for doing so. We discuss several of…

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Five Ways to Automate Accounting and Free Up Your Time

Five Ways to Automate Accounting and Free Up Your Time

By | Accounting Advice, Small Business Advice

A sure sign that you have evolved as a business owner is when you feel ready to take more of a broad overview approach rather than feeling as though you must handle every detail yourself. This includes accounting practices. While it can be difficult to let go and delegate or automate these tasks,  it’s necessary to free up your time to pursue business growth. Below we highlight five ways you can benefit when you automate accounting. Find a Better System…

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How an Accountant Can Help a Small Business Grow and Prosper

How an Accountant Can Help a Small Business Grow and Prosper

By | Accounting Advice, Small Business Advice

A knowledgeable small business accountant is one of the best tools a business can have as it grows.  If you don’t have one, your business may be missing out on a valuable resource. Many businesses, especially many small businesses, attempt to make their way without an intelligent and experienced accountant on hand. Very often these businesses sell themselves short, because they’re missing the guidance that a skilled accountant can bring. Accounting and bookkeeping In a recent survey of small businesses,…

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Avoid These 3 Cash Flow Problems to Keep Your Business Financially Healthy

Avoid These 3 Cash Flow Problems to Keep Your Business Financially Healthy

By | Accounting Advice, Small Business Advice

Looking good on paper financially while having poor cash flow is a common problem among business owners. This is especially true of startups and those operating on a limited budget. When determining the source of the cash flow problem, it often comes back to ongoing issues with accounts receivable management, debt management, and inventory control. Below are some tips for how to improve each of these areas. Accounts Receivable Management It doesn’t take long in business to learn that having…

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3 Critical Tax Issues To Consider When Starting a Business

3 Critical Tax Issues To Consider When Starting a Business

By | Accounting Advice, Small Business Advice

With everything else you need to do to start a small business, dealing with taxes can seem overwhelming. Even so, it’s important to make wise tax decisions from your first days starting a business as you might not be able to change them later. You also should educate yourself on what the Internal Revenue Service (IRS) expects from you in terms of self-employment and payroll tax, as well as sales tax requirements from your state government. Below are three tax…

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Create Meaningful Financial Reports to Improve Your Business Decisions

Create Meaningful Financial Reports to Improve Your Business Decisions

By | Accounting Advice, Small Business Advice

Creating and analyzing financial reports may not be the thing you enjoy the most about owning a business. Even so, these tasks are essential if you hope to enjoy long-term business success. Not only do these reports need to be error-free and easy to understand, but you need to work with them regularly to meet the financial goals of your business. Increase the Reliability of Your Financial Reports A financial report is only useful when it’s accurate. That means you…

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