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The 10 most common bookkeeping mistakes we fix for our clients
For small business owners, bookkeeping can be a struggle. Many aren’t in a position to add accounting staff, or they see bookkeeping as an area to cut costs by doing it themselves. Almost inevitably, whether it’s because the business grows or there’s just too much else to do, the books fall behind.  Below are the […]
The top 4 benefits of using a payroll app
Behind every successful business is a talented team of individuals working together to accomplish the business mission. Supporting a staff, big or small, adds layers of complexity to a business—but running payroll shouldn’t be one of them. If your payroll process is stuck in a spreadsheet or spread across multiple systems, it’s time for a […]
The best accounting software for a small business in 2024
SPOILER ALERT! We’ll let you in on a secret from the very beginning of this blog: Xero offers the best accounting software for a small business. Xero’s user-friendly interface, comprehensive features, and extensive integrations make it a standout choice for small businesses. With Xero, you can reclaim valuable time, streamline processes, and gain invaluable insights […]
How to finance a small business purchase the smart way
You’ve always dreamt of being your own boss. You’ve spent nights crafting business plans and plotting your success. But, let’s get real—the thought of starting from ground zero is nothing short of terrifying! What if you could step into an existing business, one with a proven track record and a loyal customer base? Buying an […]
QuickBooks Desktop Discontinued: Here’s what you need to know
QuickBooks Desktop 2021 will have its services discontinued by Intuit on May 31, 2024. While ongoing support for the later versions will continue, the discontinuation of support for QuickBooks Desktop 2021 and earlier versions echoes the typical yearly pattern for older versions. The company has also announced that it will stop selling several QuickBooks Desktop […]
Game-changing FP&A strategies for medical professionals and nonprofits
Medical professionals and nonprofits face unique challenges when it comes to managing their resources effectively, from unprecedented cost pressures, regulatory challenges, and diverse revenue sources. A robust Financial Planning and Analysis (FP&A) strategy is crucial to navigating these complexities and making data-driven decisions that lead to long-term growth and sustainability. What is Financial Planning and […]
Essential small business expense categories to maximize tax deductions 
Running a small business comes with its fair share of financial responsibilities. One crucial aspect of managing your business finances is understanding and maximizing tax deductions. By identifying and properly categorizing your expenses, you can significantly reduce your taxable income. We can also help you tackle those tasks now—our expertise includes implementing frameworks into your […]
A quick guide to financial statements for small businesses
In the world of small business finance, staying on top of your numbers is non-negotiable. But it’s not just about crunching numbers; it’s about understanding the story they tell. That’s where your financial statements come in to help you make informed decisions. The three major types of financial statements every small business owner should know […]
10 Tips for Managing Your Small Business Finances
Your small business might offer the best product or service the market has ever seen, but if your finances aren’t in shape, you’re dead in the water. We know that not everyone’s a number nerd! Regardless of your feelings about your high school math classes, managing finances is one of the most critical aspects of […]
A guide to small business income statements
An income statement isn’t just a spreadsheet full of numbers designed to make your eyes cross—with the right understanding, the small business income statement tells the financial story of your business. Think of it as a backstage pass to your financial performance, revealing how much money you’re making, where it’s coming from, and where it’s […]
What is cloud accounting? Here’s a quick 101
There are certain, frequent accounting functions that just about every business needs, so why not simplify and automate where possible? Fifty-plus years ago, everyone was keeping their business books in a paper ledger. Over time, desktop accounting software and the use of networked servers did away with these paper records. Cloud accounting software is the […]
5 essential tips for a smooth month-end close process
In accounting, the job is never done. We know all too well that, with process after process to deadline and cut-off, there’s barely a gap to breathe. But closing your books every month is time well-spent in the long run, helping you keep accurate records and a close eye on your finances throughout the year. […]
Sales Tax 101: A crash course for business owners
Sales tax for business owners is undoubtedly one of the most complex and specialized aspects of running a small business. With each state and locality having its own set of laws, tax rates, timetables, and exemptions, dealing with sales tax can be overwhelming and frustrating. And as online sales continue to surge, the complexities have […]
New Department of Labor Rule clarifying employees vs. contractors
2023 UPDATE: New developments in independent contractor classification On June 13, 2023, the National Labor Relations Board (NLRB) made a significant decision in The Atlanta Opera, Inc. case, which impacts the classification of workers as employees or independent contractors under the National Labor Relations Act (NLRA). The NLRB overturned the 2019 standard for classifying workers […]
27 essential internal financial controls for small businesses
Owning a small business comes with myriad challenges. Don’t let fraud become one of them. It’s a common misconception that fraud can only happen to big corporations. But, according to an Association of Certified Fraud Examiners (ACFE) report, small businesses (those with fewer than 100 employees) are hit by fraud more frequently than large organizations […]
How to deduct expenses for business vehicle use
Many businesses need the use of a vehicle as part of their daily operations—meeting clients, delivering products, buying supplies, etc. If you use a car for business purposes, you’ll be able to deduct all of its related business expenses. Here’s how to go about it.  How to calculate deductible car expenses  If you use your […]
A quick guide to the basics of small business accounting
As a small business owner, it’s important to have a strong grasp of your finances—the ins and outs (literally) of your cash flow, budget, assets, and liabilities. To do so, you’ll need to follow some basics of small business accounting by keeping a complete record of all business income and expenses and accurately extracting financial […]
Small business tax tips for a stress-free tax season
It’s officially tax season, and that means many small business owners are scrambling to clean up their books from the previous year in order to hand information over to their tax preparers. While some small business owners dread this time of the year, others have taken control of their books and are prepared. But what […]
Is a move to cloud accounting part of your new year’s resolution?
As businesses all over the world continue to see benefits from remote work arrangements, many are still scrambling to add the necessary technology their teams need to keep the business running. Cloud accounting offers ways to boost your bottom line and pave the way for future growth—and now it’s critical to ensure you can pay […]
R&D credit consultants
Ongoing research and development (R&D) is a cornerstone of a prosperous economy, which is why the IRS provides a federal R&D tax credit under Internal Revenue Code Section 41. But the scope of R&D isn’t limited to large-scale scientific development (such as large pharmaceutical companies working on a new drug); small businesses also can and […]
5 tips to protect your small business from cyberattacks and phishing scams
Individuals, small businesses, large businesses, and even governments are frequent targets of cyberattacks in the form of ransomware, phishing, stolen devices, malware, or insider theft. Typically, larger businesses have a department dedicated to maintaining a shield of protection from cyberattacks. Small businesses are perceived as an easier target by hackers because they tend to lack […]
Top 5 restaurant accounting challenges and solutions
Operating a restaurant is challenging, with the industry reporting one of the highest failure rates. Even in the best of times, restaurants experience high turnover rates, notoriously low margins, and strict operational regulations. Over the past few years, restaurant failure rates shot up due to the pandemic, and restaurantaurs continue to face challenges even with […]
How to cut business expenses– A guide for small businesses
It’s no secret that being a business owner can be an incredible opportunity, while also presenting significant challenges on a daily basis. Business owners are battling many different fronts, from keeping employees and customers happy to keeping up with rising demand and the costs associated with doing business. This is especially true when an economic […]
Data-driven decision-making: What does it mean for your small business?
Data-driven decision-making: it’s more than just a buzzword. Businesses, both large and small, make decisions every day that can either propel them forward or set them back. In today’s economy, it’s vital to be agile, ready to anticipate potential issues, and take action at any given moment. Business owners have tools at their fingertips to […]
Leveraging inventory management to improve profitability and performance
Do you have a clear picture of your business’s inventory? Oftentimes business owners will go far too long without reviewing inventory, only to find out it’s in desperate need of cleanup. While the year-end inventory count is a valuable internal control, only checking inventory once a year can lead to incorrect information accumulating over 12 […]
When Should You Conduct An Internal Audit In Your Business?
The word audit can send a business owner into a nervous panic. But an audit isn’t always a serious issue, especially when conducted internally. Yes, there are audits performed by the IRS if there is reason to believe that taxes have not been paid accurately. However, small business owners often don’t realize that they should […]
7 tips to manage your small business cash flow
While your product or service may be the heartbeat of the business, cash is the lifeline, and without adequate cash flow, your business health will decline quickly. There are many vital factors to monitor as a business owner, with cash flow topping the list. Unfortunately, lack of cash flow is the number one reason why […]
Business Accounting 101: Examples of assets and expenses 
Although the terms ‘expenses’ and ‘assets’ are often used interchangeably in everyday language, they have different meanings and implications in accounting. From a tax and accounting perspective, the terms asset and expense both refer to anything your company purchases in order to do business. However, the similarities end there. Assets and expenses are accounted for […]
Business financial advisors for tax season and beyond
We may be in the heat of summer, but that doesn’t mean taxes are off-topic. In fact, summer is an ideal time to check in on your tax planning strategy and regular bookkeeping efforts. Proactive tax planning and preparation are key to a smooth tax season, ensuring you can take advantage of deductions and credits. […]
Your guide to business budgets: What? Why? When?
A budget is an essential part of any business. While developing the budget may sound daunting, it should really empower you as a business owner to make educated and informed decisions. Business budgets will help you prepare financially, relieve the stress of the unknown, and provide support in reaching your business goals. What exactly is […]
How to account for your business research and development
In the infancy stages, or as your business expands, research and development is a common business activity. Research and development can be an exciting time for a business, whether it’s creating the first product or improving your core business offering. For new business owners, research and development can be a bit confusing when it comes […]
The foundation of ecommerce accounting
If you have a product, ecommerce is a must. Whether your main focus is ecommerce or you’re using it as an extension of your core business, selling products online can be an incredible way to reach customers virtually anywhere. Before you launch an online store, you may want to take a minute to get acquainted […]
Employee onboarding checklist
Hiring employees can be a big step for a small business owner. Bringing on employees can help your business increase capacity and allows you to focus on your passions and expertise in the business. You may be hiring employees to focus on specific aspects of your business, such as sales, marketing, or product development—or simply […]
How your business can survive—and even thrive—during inflation
It’s in the headlines and in the minds of every individual and business owner. Inflation. Rapidly rising costs and dwindling profit margins can leave small business owners in a difficult position. While inflation can take a toll on a small business, there are steps you can take to mitigate risks now and long term. What […]
Five bookkeeping rules for small business owners
Bookkeeping can be a love-hate word. For us, it’s a love, but for many small business owners, it’s the latter. Keeping up with the books is a necessary component of running any business, but the task can become overwhelming for a small business owner due to time constraints or lack of knowledge. Proper bookkeeping and […]
What a bookkeeper can do for you and your business
Entrepreneurship can be one of the most exciting and rewarding endeavors, but that’s not to say it doesn’t come with struggles. Business ownership comes with many ups and downs, learning curves, and balancing acts. From nailing down the services you offer or developing an innovative product, to marketing, sales, finances, and bookkeeping, there are many […]
The critical role of digital transformation
The vital role of digital transformation in businesses became very clear over the past two years. Those without a robustly digital back-office felt the wrath of pandemic-related disruption, sadly forcing many to close their doors. Propelled by the pandemic, digital transformation is a top priority of small business owners and executives aiming to future-proof their […]
Accounting best practices that all businesses should adhere to
A business’s success relies on its product or service excellence; the ability to stand above the competition; and most importantly, finances. This is especially true for small to mid-sized businesses as they operate on a tighter budget and lower margins while they grow. As a business owner, it is vital to know the ins and […]
The powerful features of Xero cloud accounting
It’s no secret that we love Xero cloud accounting for our clients’ back offices. In past blogs we have gone in-depth on the robust features that Xero offers, such as analytics, reporting, customized dashboards, and the ability to seamlessly integrate thousands of third-party apps. Below are some of the additional features of Xero cloud accounting, […]
Benefits of cloud accounting for start-ups and new businesses
For a new business owner or start-up introducing a new product, service, or concept, it’s vital to be equipped with tools that can support you and your business. From inception, finances are a key component to ensuring your business succeeds with accounting at the forefront. Cloud-based accounting apps are the key to getting your start-up […]
eInvoicing takes AP and AR to the next level
Many small businesses still rely on sending invoices as a PDF or on paper through the mail. Sending invoices in this way can be time-consuming at best. There are also greater risks of lost invoices, security breaches, delayed payments, and inaccurate cash flow representation. eInvoicing is a cloud-based solution to alleviate these pain points and […]
Is your e-commerce business automated for growth?
With e-commerce, the world is literally at our fingertips. With the click of a button, individuals can purchase just about anything, from anywhere in the world. As an e-commerce business, it’s vital to be set up to accept purchases and fulfill orders efficiently. Xero is the key to the business back office running smoothly, giving […]
Automated accounting processes could relieve your business’s biggest challenges
Having outdated or nonexistent accounting processes can really take a toll on a business, eating up valuable time and exposing the business to risks. As a cloud accounting firm, we see business owners regularly experience a common set of pain points. Cloud-based accounting apps provide business owners with solutions to their biggest accounting struggles while […]