April 14, 2022
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 […]
April 8, 2022
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 […]
April 4, 2022
Having outdated or nonexistent accounting processes can really take a toll on a business, eating up valuable time and exposing the business to risks.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 […]
March 25, 2022
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, […]
March 17, 2022
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 […]
March 11, 2022
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 […]
March 3, 2022
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 […]
February 23, 2022
Business owners often augment their teams or seek the expertise of freelancers and contract workers for specific functions. Too often, business owners forget to properly document their vendor’s information and earnings, which are needed to file with the IRS. One key form you will need to have a vendor complete is Form W-9. This will […]
February 18, 2022
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 […]
January 28, 2022
At some point in their careers, most savvy business owners come to learn that CPA services add value well beyond tax season. A CPA can help to support your small business with financial decision-making, tax planning, risk management, and a strategy for reaching your personal goals. Think of your CPA as your overall financial expert […]
January 26, 2022
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 […]
January 24, 2022
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 […]
January 4, 2022
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 […]
December 21, 2021
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 […]
December 21, 2021
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 […]
December 7, 2021
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 […]
December 2, 2021
If you’re just starting your business, in a period of growth, or need holiday help, hiring freelancers, or independent contractors, might be your best option. Freelance workers offer many great benefits to businesses and can be brought on when the business needs help the most. These are some of the most common reasons businesses hire […]
November 16, 2021
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 […]
November 9, 2021
Ecommerce businesses have been on the rise ever since their inception, and the pandemic offered online sellers an added boost. Small businesses have just begun to scratch the surface of possibilities open to them with ecommerce. With the world’s goods and services at our fingertips, just one click away, online purchases continue to soar. Some […]
November 5, 2021
With the holiday shopping season quickly approaching, ensuring your ecommerce business is prepared for the rush is top priority. Although we are slowly returning to pre-pandemic shopping norms, there is no doubt that vast numbers of consumers will be shopping online this year. There is pent-up demand, savings are high, and the stock market is […]
October 20, 2021
If your LLC adopted cloud-based solutions in an effort to digitize the business over the course of the past year or two, a change in scenery might be easier than you think. Moving an LLC to another state can be accomplished by simply filing a few forms. That said, there are a few potential pitfalls […]
October 19, 2021
While your products or services are the backbone of your business, you’ll struggle to succeed without a solid financial understanding and processes. But that doesn’t mean you’re doomed if you didn’t go to school for accounting or pursue an MBA. You simply need to build out the right combination of business financial services. That means […]
October 15, 2021
Running a medical practice can be demanding, pulling in every direction at once. From managing patient care and follow-ups to the back office and financial side of things, healthcare goes far beyond caring for the patients. We support medical practice managers in streamlining and automating their back-office processes, running everything through Xero as the central […]
October 6, 2021
Mergers and acquisitions have many moving parts. As a business owner, you not only have the responsibility to look out for your company’s best interests, but also the employees, business goals, reputation, and financials. Below are our top six items to consider for successful mergers and acquisitions. 1. Ensure you have the right advisor(s) on […]
September 29, 2021
Are the books in your medical practice looking a bit under the weather? Keeping up with accounting can be a struggle for many clinics, particularly when it comes to a single practice with multiple locations. Adopting cloud-based accounting apps can get your books back on the road to recovery. Whether you’re just opening your doors […]
September 28, 2021
Whether you have a side-hustle that’s starting to bring in significant income or are launching a brand new venture, you may be feeling concerned about the mounting costs of operating a business. Fortunately, we have good news for you and your bank account: these costs are actually tax deductions that will reduce your overall taxable […]
September 14, 2021
Digitizing your business serves to reduce risk, save valuable time, and enable you to meet your customers where they are while staying competitive in your niche. Digitization should be a top priority of any business owner, but like many changes that appear daunting, successful digitization projects often fall behind. Choosing the right software and properly […]
September 8, 2021
Once you’ve perfected your recipes, one of the best (and most commonly overlooked) projects you can take on to set up your craft brewery for success is to automate your accounting processes. Running a brewery with cloud accounting will enable you to focus on what you do best—keep customers coming back for more. Below are […]
August 31, 2021
E-commerce businesses have exploded in popularity, and the industry offers ample room for growth in nearly innumerable product lines. Getting your accounting processes set up properly from the beginning of an e-commerce business is vital for long-term success, and it’s a task to tackle even before you make your first sale. Consider the following to […]
August 11, 2021
Have you ever sat back to realize you just spent an absurd amount of time performing a mundane task, responding to emails, or sitting in yet another meeting that could have been an email? Increasing productivity as a business owner gives you the time to do what it takes to make the business a success. […]
July 30, 2021
Business owners are constantly tracking financial metrics of key performance indicators (KPIs), financial statements, and bank statements. While these financial metrics are key to monitor on a weekly, monthly, quarterly, and yearly basis, non-financial metrics are just as important to track. Oftentimes these KPIs can be incredibly insightful to the financial team, CFO, investors, and […]
July 19, 2021
In the early stages, new businesses have a lot of moving parts. Proper handling of the financials is crucial for every type of business; for some, keeping up with the day-to-day of bookkeeping, bill pay, payroll, and cash flow can be overwhelming, especially when business is expanding. But how do you know who to hire? […]
July 6, 2021
As an entrepreneur, it’s essential to know the ins and outs of your business and to be the expert on your product or service. But when you break it all down, do you really understand the business side of things? If you don’t understand the basics of your reports and what the numbers are really […]
June 28, 2021
2020 threw a curveball to many small businesses and their employees, but it wasn’t all bad. Those businesses that rolled with the punches and were open to change saw some great opportunities once they were up and running for remote work. Many companies that had previously shied away from offering flexible work arrangements ended up […]
June 24, 2021
As we enter the post-pandemic period, the financial world is experiencing pent-up demand from small businesses that are itching to expand. Banks and credit unions are seeing an increase from small business owners looking to take out loans for business expansion while interest rates are historically low. This is a great indicator of economic growth […]
June 22, 2021
Our recent blog addressed many of the tax issues inherent in renting your vacation home on Airbnb, VRBO, or another platform. Which form to file (Schedule C or Schedule E) with your tax return is a classic area of confusion for owners of short-term rentals, and the answer is often unclear for Airbnb hosts and […]
June 16, 2021
Renting your property as a short-term vacation home can be a great way to generate additional income, enabling you to own multiple homes or run a year-round business. Although platforms like Airbnb and VRBO have made the process of promoting your rental and collecting payment easier than it used to be, it’s important to remember […]
June 14, 2021
Once you’ve got a business idea and are energized to hit the ground running, there are some important early steps that you shouldn’t skip. Entrepreneurship is a mix of intelligence, tenacity, hard work, and dedication—and then there’s that need to know how to start a business. If you’re ready to take your passion and turn […]
June 9, 2021
Since the pandemic, vacation rental homes have gained a significant share of the market demand. Vacation rental homes give travelers the convenience and comfort of home-like accommodations, as well as a sense of the local culture. Many investors have seized the opportunity to expand and diversify their assets. Platforms like Airbnb and VRBO have made […]
June 3, 2021
We’re halfway through 2021! June is a great time to take a look at your company’s budget and forecast for the remainder of the year. Evaluating the budget and company goals now will make a big difference in your year-end close process. Here are a few things to consider when doing a budget checkup midway […]
May 27, 2021
As we head into summer, many small business owners are looking forward to making up for lost vacation time. Is your business set up to run efficiently while you’re away? Our cloud accounting division, GCT Technology & Accounting, can help you transition your books to the cloud and automate manual processes. Businesses on the cloud […]
May 20, 2021
We love cloud-based accounting systems, but we also know that every industry and every individual business has different needs when it comes to back-office functions. Accounting apps are far from a one-size-fits-all approach. A clothing boutique will have very different needs than a brewery, for example. product-based businesses may require an inventory system, built-in marketing, […]
May 17, 2021
Restaurants, event venues, and other small businesses impacted by shutdowns have the opportunity to tap into some powerful pandemic relief programs offered by the federal government. The first quarter of 2021 saw lots of changes to COVID-related economic stimulus programs. Below are some of the most significant changes including additional relief designed to help support […]
May 12, 2021
Spring cleaning isn’t just to remove the clutter and accumulated dust from your house. Have you ever considered that your books might benefit from decluttering and a bit of reorganization and review? The end of tax season is a great time to tackle a spring cleaning of your books, particularly if preparing your taxes led […]
May 5, 2021
There are certain accounting functions that just about every business requires, such as payroll, expense tracking, bill pay, and document management. Some of these functions require daily attention, so why not simplify and automate the process? Doing so can save you valuable time and money, and also helps to reduce the mistakes that are inevitable […]
April 23, 2021
Growth, whether it be personal or professional, holds a lot of exciting possibilities. It can also be intimidating and downright painful at times. The fear of the unknown, drastic changes that will have to take place, and the steps outside of your comfort zone to grow your business often hold people and businesses back from […]
April 13, 2021
We may be wrapping up the 2020 tax season, but in the blink of an eye January will be here. Will you be left scrambling to get your books together again? Too many business owners wait until the last minute to prepare for tax season, which means they inevitably miss out on many strategic tax […]
April 12, 2021
There’s no time like the present to be on the cloud—the Xero cloud, that is. With the shift to hybrid work environments, migrating to a cloud-based solution has become essential to making businesses run smoothly. Virtual collaborations ensure easy, secure data transfer, as well as the critical ability to run your business from anywhere. So […]