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Archive for Bookkeeping and Accounting

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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Advance and Arrears: Understanding the Differences Means Good Business Decisions

Something that comes along with all the conversation about the gig economy trend is the issue of billing and payment. There are basically two ways to get paid – in advance or in arrears. While just about everyone understands the idea of getting paid “in advance,” not everyone understands what “arrears” is and how billing in arrears works. There is the stigma that arrears is bad. There is a reason for that. But understanding the differences is important for the financial success of small businesses. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Bookkeeping: Difference Between Bids, Estimates, Proposals and Quotes

Small business owners often need to acquire the services of other businesses. When inquiring about the services a company provides, you may be presented with a bid, quote, proposal, or estimate. Many companies often use these terms interchangeably. However, the definition of these terms can mean different things to different people and in different industries. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Can You Write Off Those Uncollectible Invoices as Bad Debt?

As a small business owner you will, more than likely, encounter a customer who never pays his bill. It would be wonderful if that were not true, but if you talk with your small business owning peers, you will find everyone has a story to tell. But when it happens to you – at least for the first time – you might be a little baffled. NOW what do you do? (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Independent Contractors Are Becoming Mainstream in the Workforce

Way back in 2015, we wrote a blog about the Pros and Cons of Hiring Contractors vs. Employees. In this article we shared that experts predicted by 2020 contractor workers or freelancers would make up half of the full-time workforce. This trend, now commonly referred to as the “Gig Economy” is on track to meet that prediction by 2020 or before. Are you on board? (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Steps to Take When a Client Has Unpaid Invoices

While most clients understand the importance of paying their bills in full and on time, some clients inevitably will pay for goods and services late. Unpaid invoices and the effort to get them paid can be a huge challenge for a small business’ profitability – in time and money.

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Posted in: Bookkeeping and Accounting, Operating a Small Business

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In Small Business, A Little Savings Makes a Big Deal

You can get online and search for ways to manage your finances as a small business owner and find thousands of ideas. Most often, you will fall into a deep abyss immersed in lots of finance words like cash flow, bottom line, profits, tax credits, and reduction of expenses. There will be talk of investing in your business and keeping a close rein on accounts receivable and accounts payable. And that’s all great advise, however there is one aspect of small business finance that doesn’t get enough attention. In fact, I think that a recent article in Entrepreneur is the first time in a l-o-n-g time that I have heard it mentioned. Know what that is?

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Posted in: Bookkeeping and Accounting, Operating a Small Business, Payroll

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Do You Know Why Your Small Business Is Failing?

Did you know there are over 28 million small businesses in the United States, according to the Small Business Administration? If your business is succeeding, that’s great! Good job! Because, unfortunately, only about 50% of small businesses survive – and only one-third survive 10 years or more. Why do you think that happens in such numbers? (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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7 Tips for Being a Better Small Business Owner

It doesn’t matter what type of business you’re running—when you’re a small business owner, following a few tips can go a long way. The following pieces of advice are great for both solo-entrepreneurs, business owners who manage employees, and basically all of our clients here at The Payroll Company. Just because you’re running the company, it doesn’t mean you have to work yourself dry! (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business, Payroll

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