The Top Accounting Challenges Small Businesses Face

Small business owners face a number of challenges every day, and accounting is a big one. Here's how to stay on top of your finances as an entrepreneur. As a small business owner,you need to wear several hats. Your tasks will range from marketing your brand to hiring the right people to maintaining relationships with …

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Why should I keep records?

Everyone in business must keep records. Keeping good records is very important to your business. Good records will help you do the following: Monitor the progress of your business Prepare your financial statements Identify sources of your income Keep track of your deductible expenses Keep track of your basis in property Prepare your tax returns …

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Business Taxes

The form of business you operate determines what taxes you must pay and how you pay them. The following are the five general types of business taxes. Income Tax Estimated Taxes Self-Employment Tax Employment Taxes Excise Tax Income Tax All businesses except partnerships must file an annual income tax return. Partnerships file an information return. …

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11 Financial Health Strategies for Business Owners

The financial health of your company is more than making sales. Staying on top of money management and keeping your business on solid financial footing is one of the most challenging and important aspects of business ownership. Ultimately, half of all small businesses fail within their first five years. Why? Different businesses succeed for different …

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Strategic Management Tasks for the Small Business Owner

In order to successfully run a small business, you need to have a business plan in place and a business strategy to make sure your plan goes through. Getting past the difficult steps to get that strategy set up is what actually makes the real difference between your dream being just an ordinary dream and …

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8 Financial Planning Tips for Small Business Owners

Many Americans have the creativity and entrepreneurial spirit to start their own small business. These individuals often use their own resources as initial capital and may sacrifice personal finances in order to grow their companies. Financial experts applaud the drive and commitment of these small business owners, but warn that they must also consider their …

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11 Reasons to Hire a Professional for Your Small Business Bookkeeping Needs

Small business owners often fill multiple roles, but wearing too many hats can cause your business to suffer–especially when your bookkeeping does not get the attention it requires. Instead of trying to do everything yourself, it may be better and more cost effective to outsource your accounting needs to a professional. 11 Reasons to Hire …

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What Does a Bookkeeper Do, and How Can They Help My Business?

What Does a Bookkeeper Do? Bookkeepers ensure that all of a company’s expenses, income, and transactions are recorded in the company’s books and reconcile the company’s financial accounts, typically on a monthly basis. Bookkeepers might also help with financial statement and financial report preparation. Although bookkeeping can be in-house staff position, most businesses employ bookkeepers …

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What to Do When Employees Ask for a Raise…But Don’t Deserve One

Remember the days when you kept your head down, worked hard, and hoped for the financial best? With “best” being defined as a meager 2-4% annual raise, which wasn’t even guaranteed, and if you were lucky enough to receive a raise, the majority of it would be swallowed by taxes. If your employer didn’t come …

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