Common Accounting Challenges for Small Businesses  Post Thumbnail

Common Accounting Challenges for Small Businesses 

Accounting plays a vital role in the success of any small business, yet many don’t have the personnel or resources to properly address their accounting needs. Because of this, there are several common accounting challenges faced by small businesses in managing their financial processes. Accurate and efficient accounting can determine the success or failure of […]

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Why Outsourcing Bookkeeping Can Build a Better Business Post Thumbnail

Why Outsourcing Bookkeeping Can Build a Better Business

In today’s ever changing business landscape, effective financial management is more critical than ever—including bookkeeping. As companies strive for greater operational efficiency and cost-effectiveness, the traditional in-house bookkeeping approach is becoming increasingly more challenging. Outsourcing bookkeeping services is a strategic move that extends beyond delegation, offering a lifeline to businesses navigating the complexities of keeping […]

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Common Payroll Tax Audits and How to Prepare for Them Post Thumbnail

Common Payroll Tax Audits and How to Prepare for Them

When you are running a business, regardless of the size, you need to be prepared for any and all taxes that need to be paid. One of the most important taxes for businesses is payroll tax. These are the taxes that are paid by you as the business owner on behalf of the employee and […]

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Managing Payroll Taxes for Remote Employees and Multistate Operations Post Thumbnail

Managing Payroll Taxes for Remote Employees and Multistate Operations

Managing payroll taxes is an essential aspect of running a business, and with an increase in remote working and multistate operations, it has become even more challenging. Complying with each state’s regulations for payroll taxes can be a complex and time-consuming process. Employers not only have to understand the tax laws, rules, and reporting requirements […]

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Q4 Bookkeeping: A Timeline Checklist for Closing the Year Post Thumbnail

Q4 Bookkeeping: A Timeline Checklist for Closing the Year

With the end of the fiscal year near, it’s time to review your financial books and prepare to close out the year. Through a process of reviewing, reconciling, and verifying all financial transactions, you can then accurately calculate the current year’s expenses and profit. This will include gross and net income, operating expenses, overall profitability, […]

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A Step-By-Step Guide to Reading a Profit and Loss Statement Post Thumbnail

A Step-By-Step Guide to Reading a Profit and Loss Statement

How do you determine the health of your business? In the most basic sense, a healthy business is one that is making a profit. But a balance sheet doesn’t always give you the full picture. To truly determine the financial health of your business, you need to know how to accurately interpret a profit and […]

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Navigating Tax Compliance: A Guide to Use Tax and Sales Tax Differences Post Thumbnail

Navigating Tax Compliance: A Guide to Use Tax and Sales Tax Differences

Sales tax and use tax are sometimes referred to as “companion taxes”, as they are so similar. The notable difference is how and who pays the tax. States are very concerned with all tax revenue being both paid and reported, because state programs are funded by the taxes that are collected. Use tax is designed […]

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From Startups to Enterprises: How to Choose the Right QuickBooks Package for Your Business Post Thumbnail

From Startups to Enterprises: How to Choose the Right QuickBooks Package for Your Business

When you own a small business, efficient financial management leads to success. QuickBooks has become a popular choice as a business accounting solution, but simply deciding to use QuickBooks isn’t enough. There are several different products available, and choosing the right QuickBooks package is important. Each version has features that can make it easy for […]

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Drawing a Check: Deciding When to Put Yourself on the Payroll as a Business Owner Post Thumbnail

Drawing a Check: Deciding When to Put Yourself on the Payroll as a Business Owner

One of the biggest milestones as a small business owner is reaching the stage where you can afford to pay yourself. But this isn’t as simple as initiating a bank transfer. No matter what you decide to pay yourself, you’ll want to follow the guidelines of proper payroll management for business owners. Determining when it […]

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Structured vs. Self-Directed: How W2 Employees Differ from 1099 Contractors Post Thumbnail

Structured vs. Self-Directed: How W2 Employees Differ from 1099 Contractors

Managing your employees is a key piece of running a small business. When you are staffing your company, you will need to determine how to hire, which often involves determining whether to hire your employees as W2s or 1099s. Employees are referred to by their tax filing status, but the real difference for you as […]

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