Having simple, straightforward tools is always a great way to stay organized and save time. But if you’re one of the many types of businesses that has more complicated processes, sometimes the simple tools don’t do the trick. When it comes to time tracking and payroll, you need to be able to accurately monitor and […]
Tax and Accounting
What Are the Different Types of Accounting?
If you ask small business owners to identify the different types of accounting, they’ll more than likely name the two methods of accounting they choose from in order to operate their business: cash or accrual accounting. What they may not realize is that these are just the primary accounting methods in one broader type of […]
Small Business Recordkeeping 101
Maintaining business records is a must for any small business. Keeping good records ensures that your business runs smoothly and efficiently, and that you’re prepared when tax time rolls around. Many businesses have experienced crippling issues that compromise business success when they ignore basic recordkeeping practices. Here’s a primer on small business recordkeeping and why […]
How the Recent Supreme Court Wayfair Decision Affects Small Business
The Wayfair Case In 1992, the Supreme Court, in a case referred to as “Quill,” ruled that the lack of substantial physical presence in a state is sufficient grounds to exempt a business from having to collect and remit sales or sellers use taxes to a state. This precedent protected small business from “burdensome” administrative […]
Exploring the Ethical Dilemmas of Corporate Gift Giving
During the last holiday season, The Ladders published an article citing research on the motivational benefits of gift giving in the workplace. A survey by the Advertising Specialty Institute showed that 42% of employers gave gifts to their employees. When you are looking for ways to motivate your staff, you should show appreciation and reward […]
Best Tax Practices to Start Now
With 2019 going by at breakneck speed, now might be a good time to consider some new tax practices that can benefit your business both in the near and long term. Here are some best tax practices to start practicing now that will allow you to grow your enterprise and add to your business success. […]
How to Prepare a Cash Flow Statement
We don’t need to tell you that cash is the lifeblood of any business—or that tracking the cash that flows in and out of your company is key to understanding your overall financial health. Consider the #1 reason why small businesses fail: poor cash flow. Many a profitable business has failed because it simply ran […]
How Timekeeping and Payroll Work Together and Why It Matters
Anyone running a business knows that hiring and paying employees—which we lump together into the category of labor costs—are some of the largest kinds of business expenses. From scheduling and tracking hours to approving and importing those hours into payroll, even the process of managing timekeeping can be unwieldy. Your ability to record and track […]
SMB Bookkeeping: What to Do and When
Managing finances is a top priority for small and midsized business owners. Bookkeeping is a large part of that. Some bookkeeping tasks need to be done only once per year. Others require your attention more often—daily, weekly, or monthly. Here’s a guide to what bookkeeping tasks you need to do and when to do them. […]
IRS Highlights Credits and Deductions for Small Businesses
During Small Business Week, the Internal Revenue Service reminds small business owners and self-employed individuals to take deductions and credits that will help their bottom line. This year, National Small Business Week is May 5-11. For more than 50 years, the week has recognized the important contributions of America’s entrepreneurs and small business owners. Reviewing […]
