Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
Determining the type of company structure best for your small business can be a confusing exercise. Is an S Corporation advantageous for your small business? A little insight into the pros and cons of becoming an S Corporation may help in your decision-making process. S Corporation An S Corporation (Small Business Corporation) is a business …
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As a small business owner, you know that January signals you’re about to get knee-deep in your tax year: that means diving into 1099s, W2s, payroll taxes, sales taxes, reconciliations, and business taxes. You also schedule frequent visits to see your accountant. You may even dread “year-end wrap-up” conversations that make you want to run …
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Bookkeeping is one of the main accounting services. It ensures your taxes are done properly and your finances are in order in the event you’re audited. But maintaining your books isn’t something you should do solely as a tax-savings strategy. If done right, it can also prevent you from losing your sanity and help you …
If you are a small business owner, you may think your accountant or bookkeeper is responsible for all book and financial related services. While their responsibility is to handle this, it doesn’t mean you are resolved from all responsibility. As a business owner, if you don’t understand your books, how can you grow your business? …
Continue reading 5 Accounting Tasks All Small Business Owners Should Do
You’re probably at least generally familiar with the concept of leasing versus buying from car shopping. But on top of considering whether you want to rent or buy, you also need to think about which one is best for your accounting. Here’s what you need to know. Upfront Cash Flow You generally need more cash …
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An accounting system is how a business plans its operating budget and tracks its expenditures and receivables, or income. An accounting system also may handle payroll, taxes and other business accounts, including workers' compensation, health-care coverage and other benefits. Functions of accounting can be handled in house or contracted out to a certified public accountant. …
Continue reading How Does a Small Business Fail With Lack of a Proper Accounting System?
Accounting is an important component of business operations, regardless of the size of the company. However, smaller businesses often face unique accounting challenges that larger businesses may not encounter. Below are some of the most common accounting challenges small businesses can face. 1. Payroll. Payroll is a big job for businesses of all sizes. Every …
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There's no one set formula for determining a business's value. Speaking with a professional business appraiser or investment banker is the best way to get an accurate valuation. A calculated valuation doesn't mean much unless an investor or buyer agrees with your assessment. You should perform at least a basic valuation calculation on an annual …
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No one plans to lose their job. However, when a small business owner closes their doors because of retirement, relocation or poor sales, employees quickly become former employees. Unemployment insurance gives your employees some financial security while they look for a new job. There is a lot of confusion surrounding unemployment insurance, such as who …
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You’re humming along in your business, and suddenly — out of the blue — the unexpected happens. It could be in the form of a natural disaster that destroys your physical office or warehouse location, such as forest fires in California or hurricanes in the southern United States. In such an instance, you could lose …
Continue reading How to create a contingency plan for your small business in 5 steps
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