Seasonal businesses face unique financial challenges that require careful planning and consistent tracking. When income peaks for only part of the year, accurate bookkeeping becomes essential. You must record every transaction clearly to guide decisions during slow...
Bankruptcy can be a turning point for struggling businesses, but choosing the right chapter is critical—chapters 7 and 11 present different paths, each with unique compliance requirements that impact outcomes. Chapter 7 focuses on liquidation, while Chapter 11...
Employee fraud can quietly disrupt operations and damage a business's financial health. Many small businesses face this risk without being aware of it. Fraud schemes often remain undetected for extended periods, particularly in companies with limited oversight....
Every business owner wants more than survival. They want to see their company thrive, even when the market shifts or challenges arise. The difference often comes down to whether you’re simply managing your finances or taking a strategic approach to planning them....
Choosing the right financial professional can make a big difference in the success of your business, especially when it comes to taxes. For many small business owners, the choice often comes down to two roles: Enrolled Agent (EA) or Certified Public Accountant (CPA)....
Securing funding for a small business isn't always simple. Traditional bank loans have stringent requirements and limited flexibility. Many small business owners struggle to qualify, especially those just starting or experiencing inconsistent revenue. These challenges...
2021 was a huge year for multiple reasons. However, it was incredibly important for entrepreneurs and small businesses, primarily because of the passing of the American Rescue Plan Act. This act aimed to help small businesses survive the competitive commercial...
If you’re a small business owner or entrepreneur, you’ve probably heard of GAAP, the Generally Accepted Accounting Principles. This set of accounting principles provides standard rules and methods for businesses to collect and report financial information. In...
If you’re like most small business owners, you probably haven’t put much thought into accounting methods. You may or may not even be aware that you have options when deciding how to do your accounting and that your choices will impact how you produce your financial...
Making sales and bringing in money is among the most enjoyable parts of running a small business. Revenue is a proof of concept for your business idea. It shows that people are interested enough to pay you for what you’re selling! But running a sustainable small...
You may think there is nothing to fret about now that the tax season is over. Newsflash: Fraudsters are always plotting ways to trap taxpayers in tax scams. While it is true that their lucrative schemes are at their peak during filing season, that doesn't mean they...
Maintaining accurate financial records is crucial to the smooth operation of any small business. Bookkeeping entails maintaining precise and accurate records of all assets, liabilities, income, and expenditures through a solid chart of accounts. However, many small...
