Reading financial reports can feel overwhelming, but it’s a vital skill for any business owner. Knowing how to interpret a balance sheet and profit & loss statement helps you make informed decisions about your business’s future. You’ll gain insights into your...
Let's Figure It Out If you’re making money from something you love, that's fantastic! But have you considered whether your passion is classified as a business or just a hobby by the IRS? Understanding this distinction is crucial for managing your taxes effectively and...
Don't Panic Receiving a notice from the IRS can be stressful and confusing, but it doesn’t have to be. Knowing how to respond can help you resolve the issue quickly and avoid further complications. By following the right steps, you can protect your business, avoid...
Scaling Your Small Business: Key Strategies for Growth Ready to grow your small business but unsure where to start? Here’s a quick guide to three essential strategies for successful scaling: Enhance Customer ExperienceHappy customers are your best asset. Gather...
Key red flags that have the potential to trigger an audit include reporting high income, forgetting to include income from W-2s and 1099s, excessive charitable donations, and the misuse of deductions like home office expenses and vehicle costs. There are also concerns...
How you pay yourself is crucial and depends on your business structure. If you run an S or C Corporation, you’re likely required to take a salary and for sole proprietors, you'll take an owner distribution. Regardless, it’s important to establish your compensation...
An employee handbook is more than just a collection of company policies; it is a crucial tool for setting the expectations of a positive workplace culture. However, crafting an effective handbook can be challenging and it is easy to make mistakes. Here are four common...
As a small business owner, choosing the right accounting services is crucial for managing your finances effectively. When doing so, you might consider whether monthly or annual accounting is the better fit for your business. Each approach has its own set of benefits,...
As a small business owner juggling daily tasks and dreaming of the day you can have someone else handle your accounting, you might be wondering how much you should budget for an accountant. So, let’s talk about the factors that influence accounting costs. We'll...
Let's get straight to the point: taxes can be a headache, especially if you're running a small business. But what if your CPA could turn that headache into a win for you? That's exactly what we did for one of our newest clients—a small business owner who switched over...
Running a successful business entails navigating various challenges, with financial management standing as a cornerstone of success or failure. Despite offering exceptional products or services, inadequate financial decisions can lead to business downfall. Here, we...
Let's be real, firing your accountant is never an easy decision. But sometimes, it's the only choice left when they drop the ball one too many times. Whether it's radio silence for months on end, a complete lack of tax-saving strategies, or last-minute scrambles to...