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One reason some small businesses fail is that new entrepreneurs can get so excited about the creative side of the enterprise that they neglect some of the basics of setting up and running a business. If you started your small business basically by the seat of your pants, it’s time to make it official. Here …
Continue reading 6 Steps to Run Your Small Business Like a Big Business
While there can be many different challenges when starting and managing a small business, money concerns top the list for most small business owners. There are many ways you can give your business a financial overhaul by modifying your operations processes, but there are also some easy things you can do in the day-to-day management …
Continue reading 5 Everyday Money Management Tips for Small Business Owners
Managing income and expenses accurately is an important aspect of running a business successfully. Unfortunately, many small businesses make mistakes in their books, without even realizing the impact those mistakes can have on their long-term viability. No system is foolproof, but whether you’re running your books through an accounting system like QuickBooks Online or Xero, …
Continue reading How to Avoid the 5 Most Common Small Business Accounting Mistakes
Business owners know that most of their expenses are deductible. But it might surprise you to learn how many leave money on the table by not claiming all allowable write-offs. Overlooked Business Deductions Here are the most commonly overlooked deductions. Carryovers Your tax activities in prior years sometimes yield deductions in the present. So check …
Continue reading Take Advantage of Overlooked Business Deductions
You may have a great CPA, but if you wait to talk to him until your tax year is over, there's little he can do to lower your tax bill. To reduce your taxes, take these steps before the end of the year. Pay All Outstanding Payables If you use the cash-basis accounting method and …
Continue reading 8 Tax Reduction Steps to Take Before the End of the Year
As small business owners, we’re resourceful and take pride in doing things ourselves. This resourcefulness is helpful when we start our business as we can minimize costs and run a tight ship. But as our business grows, so to do our responsibilities. With so many tasks and limited time in the day, A DIY approach …
Continue reading 9 Signs Your Business Needs Bookkeeping Services
Is your business leaking profit, but not sure how or where? Fix these four bad business habits or plug those costly leaks. Unbeknownst to even the savviest of small- and medium-sized business (SMB) owners and operators, some common and seemingly insignificant business habits can creep into day-to-day work. All told, these bad habits can seriously …
Continue reading 4 Bad Business Habits That Could Be Costing You Time and Money
The phrase "keeping the books" refers to maintaining the general ledger, the main accounting record for your business if you use double-entry bookkeeping. It's the primary tool that allows you to keep track of all transactions and sort them into subcategories so you—and your accountant—can find a comprehensive, interlocking record of your business finances all …
Continue reading Constructing the General Ledger for Your Small Business
Many small business owners make the mistake of relying solely on their business for their retirement, but there are better ways to secure a comfortable financial future while building a going concern. They include taking advantage of new tax laws, picking the right savings plans and even hiring your children. Keep reading for valuable information …
Continue reading 13 Personal Finance Tips for Any Small Business Owner
The difference between profit vs cash The difference between accrual basis vs cash basis How to recognizing the purchase of assets You didn’t get into business to be an accountant, so why do you need to know basic accounting concepts? For starters, understanding basic accounting concepts can help you make predictions about your company’s future …
Continue reading 3 Basic Accounting Concepts Every Small Business Owner Should Know
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