Small Business Bookkeeping to help business owners create accounting processes and reporting to understand the financial health of their business.
According to a LinkedIn survey, 70% of SMBs have hired freelancers in the past, and 81% plan to do so again in the future. These numbers should not be surprising considering the many benefits of bringing on independent contractors rather than full-time employees. Hiring freelancers can be a great way to access talent from…
According to the Small Business Administration, only about 50 percent of small businesses survive for a five year period. And, just one third are able to make it to the 10-year mark. While these statistics may not seem particularly encouraging, by identifying some of the common root causes of financial distress, you can take steps…
With another new year fast approaching, one of your small business goals may be to catch up on your bookkeeping. Indeed, one of the most common mistakes that small business owners make in this regard is mixing personal and business expenses also known as piercing the corporate veil. Even if you’ve been comingling your…
If you’re like most businesses, then there’s a good chance that you offer credit terms to some of your customers. This is known as your accounts receivable or AR as it represents the balance of money owed to a firm for goods delivered or services rendered but not yet paid for by customers. In…
While we don’t recommend doing the books on your own (unless you’ve got an accounting background), it’s still important to have a good grasp on the drivers of your business finances. That being said, let’s take a look at the 23 bookkeeping terms every small business owner should know. Accounts receivable – many businesses…
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 reconciliation of your accounts. As you may already be aware,…
“Doing the books” is not something that comes naturally to most small business owners. However, it is one of those critical tasks that can make or break your business in the long run. If you don’t already have a robust system in place for tracking your everyday financials, then keep reading to learn the basics…
Calculating withholding taxes is arguably the most challenging aspect of administering payroll. One wrong move could result in costly errors, penalties or worse case scenario, an IRS audit. So how do you failsafe your business in an environment with ever-changing tax laws, especially in light of the newest major tax reform — the Tax Cuts…