Cloud Accounting Blog

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 […]
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 […]
It’s 1099 Time For Businesses
While January 31 may seem far away, now is the time to start organizing your information for 1099s. As a business, you’re required to send a Form 1099 to all contractors and vendors to whom you paid more than $600 in the calendar year. We can help you determine who needs a 1099 and offer […]
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 […]
Does your business have employees or contractors?
If you have people (employees or contractors) working for your business, it’s important to classify them appropriately. Why? Because if you pay someone on a 1099 as a contractor, and it turns out they should’ve been paid on a W-2, your business can find itself in hot water. What’s the difference between employees and contractors? […]
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 […]
The power of accounting app integrations
Xero is a powerful cloud-based accounting app that provides a central hub for the business’s back office. On its own, Xero can be an incredibly helpful tool for running a business and keeping the finances organized, up-to-date, and accessible on the go. Paired with other industry and task-specific cloud-based apps, businesses find themselves increasing capabilities, […]
Are gifts to clients and employees tax-deductible?
Many business owners like to show their appreciation by giving thoughtful gifts to valued clients and employees. It is a wonderful way to build relationships and show your team just how much you appreciate all that they do. Whether it’s a way to say thank you or happy holidays, there are important considerations to be […]
Outsourced accounting for real estate investors
A real estate portfolio can be a wonderful way to grow your investments and provide a business opportunity for future generations. Whether it be commercial or residential real estate, it is important to keep detailed books for each property. As your portfolio grows, bookkeeping can become time-consuming and overwhelming, leaving you at risk of missing […]
A paperless back office benefits the environment and the business
Going green is about even more than the environment—migrating to a paperless back office has many benefits that will move your business in the right direction and increase your bottom line. If you’ve considered digitizing your back-office but aren’t sure how it would benefit your business, read on to learn how other companies with paperless […]
Nonprofit Accounting in the Cloud: 5 things every nonprofit org deserves
Nonprofits come in all shapes and sizes but with common characteristics, principles, and needs. While for-profit organizations focus on profitability, nonprofits focus on providing for the community around them and managing incoming funds. Nonprofit organizations are held to certain standards in order to maintain their tax-exempt status, which requires full financial transparency and reporting. Cloud-based […]
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 […]
Starting points to modernizing a generational company
Many business owners who have been running the same company for the better part of their lives see the business as their legacy—a future for their children, grandchildren, and generations to come. It’s not uncommon for them to hold close the things that brought success in the past, which can also lead to resistance when […]
How to track rental property tax deductions
If you’re in the business of short-term rentals, you won’t want to miss out on the many tax deductions available to help offset your rental income. But in order to take advantage of the money-saving deductions, it is crucial to keep a detailed record of all transactions. No matter how big or small, every expense […]
Four concerns owners face during rapid business growth
Most business owners dream of experiencing exponential growth, whether it be through a product going viral, an unexpected celebrity endorsement, or an offering that is suddenly in high demand (think plexiglass during COVID). While growth is exciting, it can also be a challenging time to navigate. As you see those orders rolling in, don’t lose […]
Tax Basics for Real Estate Agents
If the hot real estate markets led you into a career as a real estate agent this year, filing taxes may look a bit different than what you’ve done in the past. Below are a few things you should know about reporting your earnings, as well as deductions that could reduce your taxable income. If […]
Fixing the most common business accounting problems
What if we told you that the majority of your accounting problems could be solved with one simple answer? Adopting cloud-based accounting apps and processes can be the solution to many of your biggest pain points. Done right, the solution goes far beyond accounting, positively impacting many aspects of your business. But that’s the key—you […]
How to support employee adoption of new tech
Have you ever invested in new technology just for it to fall flat? Organizations today are increasingly migrating their business to the cloud, but too often poor technology adoption rates result in an unfavorable ROI. Or, stated plainly, leadership excitedly rolls out a new platform, but no one ends up using it. Before you ditch […]
How can an outsourced CFO support a new business?
An outsourced CFO provides the financial expertise of an experienced CFO, without the financial commitment of hiring a full-time employee. Outsourced CFOs can be leveraged through a variety of agreements, including part-time, interim, or long-term basis. Seeking the guidance of an experienced CFO from day one can help to set your business up for long-term […]
GCT Technology & Accounting
are now
Financial Solution Advisors, PLLC Logo