You wouldn’t hire an orthopedic to insert a heart stent nor would you hire a heart surgeon to fix your torn meniscus. In an emergency, sure, an orthopedic could try to work on your heart but your life expectancy would not be as long and sure, the heart surgeon could try to fix your knee, but …
Can I just hire one person to help me with my small business? Read More »
The most skipped over statement is skipped for good reason, it is not understood. The Profit and Loss Statement, aka P&L or Income Statement, shows your income and expenses. When you look at this statement, you see your gross income, all the money you brought in, and then it lists the expenses that are subtracted from the …
Why Reconciling Liability Accounts Matters When people think about reconciliations, they often jump straight to bank accounts. But liability accounts deserve just as much attention. These accounts represent what your business owes, and if they’re wrong, your financials aren’t just off, they’re misleading. What Are Liability Accounts? Liability accounts include things like payroll taxes payable, sales …
If you’ve ever felt tempted to push liability account reconciliation to the back burner, you’re not alone. It can feel like a tedious task, especially when business is moving fast. But neglecting it can quietly undermine your financial health in ways that don’t show up until it’s too late. Here’s why reconciling your liability accounts …
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When your books are accurate and up to date, they don’t just satisfy a compliance requirement. They become a tool. Here’s what they actually unlock: 1. Knowing whether you’re truly profitable. Cash in the bank is not profit. Revenue is not profit. Plenty of businesses generate significant revenue while quietly losing money on every job once …
Filing a Tax Extension Tax season can be stressful—especially if you’re not quite ready to file your return by the deadline. Fortunately, filing a tax extension is a simple and completely legitimate way to give yourself more time. A tax extension allows you to extend your filing deadline by up to six months, typically moving …
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Many small business owners wait until tax season to deal with their bookkeeping. While catching up your books once a year might seem easier, it often creates unnecessary stress, confusion, and missed financial insights. Monthly bookkeeping, on the other hand, keeps your finances organized and gives you the information you need to run your business …
An S corporation, often called an S corp, is a type of business tax election that allows a company to combine the legal structure of a corporation with the tax benefits of a pass through entity. An S corp is not a separate type of business formed with the state. Instead, it is a tax …
Collecting accounts receivable is one of the most important yet often overlooked parts of running a successful business. Making a sale is only the first step. Getting paid in a timely manner is what keeps your business operating smoothly. Many small businesses appear profitable on paper but struggle financially because too much money is tied …
If you work from home and use a specific space regularly and exclusively for business, you may qualify for the home office deduction. There are two ways to calculate it. The simplified method allows you to deduct $5 per square foot, up to 300 square feet (maximum $1,500), and requires no tracking of detailed expenses. The actual expense method lets you …