Profit sharing plans, also known as employer discretionary contributions, are commonly confused with a variety of other employer-provided benefits, such as 401k plans. However, they are significantly different! As a small to mid-sized business seeking to create a...
Business owners consistently fight for increased efficiency and profitability when delegating business tasks. At times, personally taking on a task is the most effective option. Other times, outsourcing is the answer. Choosing between both paths is always a cause for...
While owning, operating, and overseeing a small business can be challenging in many aspects, financial management is often uniquely complex. Despite how a basic understanding of financial management and bookkeeping may bring an entrepreneur through the first stages of...
When managing your business, navigating the financials and federal compliance can feel inundating without proper knowledge or training. When considering partnership with an outsourced financial professional, are you having a hard time distinguishing a CPA from an...
Owning and operating a business is just as rewarding as it can be taxing. With juggling day-to-day operations with building business strategies, it can feel inundating to remember to keep up to date with bookkeeping tasks. Are you considering the value of hiring an...
Should I do my own business bookkeeping? The question is common among small and mid-sized businessowners intent on maximizing profitability and optimizing resource allocation. However, at some point during business growth and development, the decision and opportunity...
Small business owners who recently opened their doors may feel inexperienced with the operational tasks involving bookkeeping. Quickly, they understand that running a company involves more than selling products or services, growing your client base, and increasing...
Most people can work through filing an individual tax return. However, when responsible for submitting your small business taxes, a lot more is at stake. Though 93% of small businesses confidently believe in their ability to accurately file taxes, almost one-third...
Operating a small business is demanding. Financial management, customer service, excellent communication, negotiation, project management, networking, and leadership are few of the many business skills required to be more profitable. Amidst daily demands, nagging...
In our most recent blog post, we shared tips for optimizing your accounts receivable in order to boost cash inflows. But when it comes to money leaving the business, you also need to have a solid plan in place especially in regards to accounts payable. What is...
For small business owners beginning to grow their enterprise, sometimes background work like bookkeeping may seem daunting at first with its many terms and facets. Even if you decide to hire a bookkeeper to help with accounting needs, it is still imperative that you...
Whether you use accounting software like Quickbooks, an Excel spreadsheet or your an old school ledger book, the ultimate goal of bookkeeping is to reconcile a trial balance. Said another way, the final total of debits and credits must match in order to complete the...
