5 Useful Accounting Tips for Small Businesses

Unless an individual is an accountant or really enjoys working with numbers, then accounting is not a favorite task. Nonetheless, adopting certain good habits in the early stages of your small business can assist in averting major ones later on. After completing incorporation of your new small business, it is essential to have processes and…

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Don’t Ignore This 12-Step Program to Good Credit Management

Cash flow is the life blood of all businesses and having too much working capital tied up in late and non-paying customers can spell disaster for a new small business.  According to a U.S. bank survey, the majority of small businesses fail within the first five years, and roughly 82% fail because of poor cash…

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What to Do if You Missed the Tax Deadline

So you missed your federal tax filing deadline. Maybe you had a good reason, a personal or family emergency for example. Or maybe you just plain forgot. Whatever the reason for failing to meet the deadline, you now have to deal with the consequences. Here’s what to do next and why there may be hope…

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Top 6 Mobile Accounting Apps for Small Business

If you’re a small business owner these days, chances are you’re always on the go. There’s no use waiting until you get back the office to manage your finances. Why not take your business with you? Even a few years ago, this would have been impossible, but thanks to the hundreds of mobile apps currently…

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3 Ways to Maximize Your Return

Let’s face it: business tax returns can be tricky. Whether you file a corporate return or you report pass-through business income on your personal return, you need to stay on top of a host of federal, state and local tax deadlines and statutes, all of which can change from year to year. With a little…

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5 Tax-Time Resources for Small Business Owners

When you own a company, you gain more insight into the tax process than you probably ever cared to. Not only are you responsible for paying taxes on your own income, depending on your business structure, you will be on the line for other forms of taxes as well. For example, self-employed sole proprietors will pay self-employment taxes,…

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Accounting: What Kind of Bean Counter Do You Need?

Accountants are trained, certified and usually quite experienced in financial analysis, both creating and reviewing data. Bookkeepers are often trained on the job although sometimes more formally and handle the physical work of accounting for the transactions. To expect a bookkeeper to provide analytical planning is to ask for something they often cannot provide, except…

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How to Prepare for Tax Season in the Current Climate

The new Tax Cuts and Jobs Act has substantially reformed the tax code moving forward. Because it was made effective immediately, the new law has businesses and individual taxpayers scrambling to understand all the law’s implications. The IRS has now provided guidance that should resolve most of the questions taxpayers have and give businesses the information they need to…

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Getting Ahead of the Curve: Technology and Accounting/Bookkeeping

According to the nonprofit organization SCORE, a full 40% of small business owners feel that bookkeeping and taxes are the worst part of owning a business. Small business owners spend, on the average, 41 hours or more on tax preparation each year. Many small businesses hire CPAs to keep their books or prepare their taxes. With current…

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Petty Cash Management: A Good Practice System

Petty cash is a float that gets replenished monthly and is a convenient way to reimburse staff for company purchases or to cover minor expenses. Petty cash is considered a current asset on the balance sheet. Having a system to manage petty cash is crucial so that it reconciles each month. Some systems to put…

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