The method by which you get money out of your business depends on the type of entity you are registered as with the IRS. Here, we’ll go over the different types of businesses and what sets them apart from each other when it comes to paying yourself. Four Types of Business Entity That Determine How […]
As a Business Owner, How Do I Pay Myself? Read More »
KPIs to Increase Profits & Cash Flow Part 1 Below is an illustration of the ABC Company whose Cost of Goods Sold rose from $6 a unit to $8 a unit as it expanded its production from 1 Unit to 2 Units. A 33% increase (2/6) took its COGS from 60% of sales to
Key Performance Indicators to Increase Profits & Cash Flow Read More »
When it’s time to bring a new accountant onto your team, follow these three guidelines to foster a smooth onboarding process. 1. Monthly Cash Flow Reporting Checklist – What, When, Where, and How – This will be the first step to providing you with a checklist of what information you need to report each month.
3 Tips to Successful Onboarding With Your Accountant Read More »
When we review a tax return, several factors can be considered to consider potential tax strategies you may be able to utilize and possible strategies for future years. Below is a blueprint to help understand the overall tax planning process. In conjunction with your conversation with your accountant, it can help you plan for cash
7 Tax Strategies Blueprint Read More »
For your business’ accounting needs, knowing what services you need and how to set up your operational systems is the foundation of receiving accurate and timely financial information. Having the right people on your team to ensure cash is accounted for means having an audit trail in place, your taxes minimized, and the financial information
Building Your Accounting Team Read More »
Estimated Tax Payments; Do I Need to Make Them, When and How? The Perfect Storm Business owners that are not aware of the estimated tax payment requirements can find themselves in a deep hole at tax time. Here’s a “the perfect storm” scenario: April 15th is the due date for the balance of the prior
Estimated Tax Payments; Do I Need to Make Them, When and How? Read More »
Recently in one of our workshops, an internal bookkeeper asked us: “How do I communicate to the owner the importance of these financial numbers? How do I effectively share this information with them?” She also shared how difficult it was to get the owner to understand them when it came to revising financial statements. This
Communicating the Numbers to the Owner Read More »
This question often arises for new business owners who either know their business is going to be more profitable this year than last or will owe more than $1000 at the end of the year. Most could use a friendly reminder on how to pay their estimates online, when to make them, and how it
Do I Need to Make Quarterly Estimated Tax Payments? Read More »
Recently, a client of ours hired a new internal bookkeeper. This new employee asked us during onboarding what they needed to do each day, as well as how and when they should be sending information over to us. Below, we have listed a few duties that will help streamline the process and prepare bookkeepers to
What Are My Responsibilities as an Internal Bookkeeper? Read More »
In a previous article, we discussed creating a fundamentally sound reporting system. In this article, we’ll expand on that by focusing on having a proper vehicle for your reporting system so information can flow to your accountant seamlessly and in a timely manner. Let’s explore a few methods for reporting information to us: 1. A
Ensuring a Solid Reporting System Read More »
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