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Do You Know the Difference between Bookkeeping and Accounting?

When most small business owners think of the terms bookkeeping and accounting, they often use them interchangeably. While it’s true both bookkeeping and accounting are important in the management of your company’s finances, some key differences between the two functions do exist. Therefore, business owners need to understand the roles of each and how they work together to ensure your company’s success. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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3 Bookkeeping Solutions for Non-Tech Business Owners

Congrats! You’re a small business owner who has turned your passion into a profitable business. Every day, you get to work on something you love. That’s what most business owners strive for. But running a business also comes with a long list of to-do tasks that you may not love doing. However, these tasks must be done to keep your business successful and growing. Bookkeeping is often cited as one of these least favorite tasks by business owners. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Handling the Limitations of Payroll Software

If your small business employs workers, you must have a reliable payroll system. If your company only has a few employees, you may be able to get by with a manual payroll process. However, once your business starts to grow, you may decide to use payroll software to handle your payroll tasks. (more…)

Posted in: Operating a Small Business, Payroll

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Take Advantage of Seasonal Downtime – Review Your Business Budget

While many businesses can heat up during the summer, a lot of businesses experience a major slow-down. With the kids out of school, people are often busy taking vacations or participating in warmer weather activities. If your business goes through seasonal doldrums, why not take advantage of the downtime to review your business budget? You can review how your year has gone so far and plan for what you want the rest of your year to look like. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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3 Reasons Why an Emergency Fund Is a Necessity for Your Business

Most financial advisors tell people they need to have an emergency fund to cover unforeseen financial issues; job loss, medical expenses, or home repairs, that may occur in their lives. The same can be said for businesses, too. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Is It Time Your Business Hired a Bookkeeper?

As a small business owner, are you handling your production, marketing, administration, and bookkeeping on your own? Doing it all yourself is one of the biggest mistakes that many entrepreneurs make when running a business. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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4 Issues to Consider Before You Hire Employees

Is your small business finally taking off to the point where you need to hire employees? While this can be an exciting next step for any entrepreneur, it can also be a nerve-wracking change. After all, you’ll be delegating some business tasks you normally do. Plus, you’ll now being taking on the role of employer. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Do You Know the Difference Between Payroll Expense and Cost of Labor?

Did you know that the cost of labor can be one of the largest expenses a small business can have? It’s second only to the cost of real estate, according to the U.S. Department of Labor. Depending upon the industry you’re in, labor costs can range from 10% to 30% – or more. For your small business, your labor costs can quickly eat up your earnings if they’re not monitored and adjusted accordingly.

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Posted in: Bookkeeping and Accounting, Operating a Small Business

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New Pass-Through Deduction: How It Will Affect Your Business

You’ve probably heard about the new tax law – the Tax Cuts and Jobs Act (TCJA)– signed in late December 2017. If you’re a business owner, you’re likely wondering how the new law will affect your business taxes. One of the most significant and complex changes to the law deals with pass-through businesses and the pass-through deduction. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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3 New Payroll Regulation Changes You Need to Know

Payroll regulation changes are happening all the time. As a small business owner, you must stay up-to-date with these changes, so you can remain legally compliant. Otherwise, you could face hefty fines and other penalties. (more…)

Posted in: Payroll, Rules, Regulations and Laws

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