Business Financials Blog

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 […]
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 […]
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 […]
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 […]
What to do if you’ve received partial forgiveness of a PPP loan
In 2020, The Paycheck Protection Program quickly became a lifeline for many small businesses impacted by the pandemic. While the SBA was applauded for the program’s quick rollout, there have been many issues and roadblocks along the way for borrowers. The program has seen continuous eligibility and rule changes, leaving borrowers questioning their eligibility and […]
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 […]
How the right mix of financial services makes it easier to run your business
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 […]
Six Factors for Successful Mergers and Acquisitions
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 […]
Your PPP Loan was Forgiven—What’s next?
Your PPP loan was forgiven—what a relief! But now what? If you were one of the millions of business owners who secured a PPP loan to keep your business up and running through the pandemic, you may have ended up with a successful year in spite of it all. Below are a few steps to […]
Planning to use the Employee Retention Tax Credit (ERTC)? Act fast.
One of the programs the government put into place to aid businesses through the pandemic is the Employee Retention Tax Credit (ERTC), which has seen multiple amendments over time. The ERTC provides a refundable tax credit on qualified wages, including certain health insurance costs to small businesses who have seen a decline in gross receipts […]
Could your business benefit from an outsourced CFO?
It’s not uncommon for companies to outsource essential business functions, including IT, bookkeeping, marketing, and human resources. In the course of our work with small and medium-sized businesses, we often encounter those who could use the expertise of a CFO but lack the resources to bring one on as a full-time employee. Many business owners […]
Non-Financial Metrics Every Business Owner Should Track
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 […]
Does your business need a bookkeeper, CPA, or outsourced CFO?
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? […]
Accounting terms all business owners should know
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 […]
What information do you need when applying for a business loan?
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 […]
How to keep your business on track with a mid-year budget checkup
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 […]
Restaurants, Venues, and Pandemic Relief for the Smallest Businesses
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 […]
Spring Cleaning for your Business Books
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 […]
How the right advisor can help you grow your business
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 […]
Is tax season stressful? Start preparing now for next year
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 […]
New Small Business Support in the American Rescue Plan Act
The $1.9 trillion American Rescue Plan Act of 2021 that President Biden signed into law on March 11, 2021, included a number of provisions aimed at assisting small businesses that have suffered due to the pandemic. Additional funding targets those businesses hit hardest, including entertainment venues, restaurants, and bars. Economic Injury Disaster Loans (EIDL) The […]
New Department of Labor Rule clarifying Employees vs. Contractors
2/23/2021 UPDATE: President Biden’s administration has enacted a regulatory freeze that impacts the DOL’s ruling employment classifications. We do not expect the new employees vs. contractors rule described in this post to go into effect on March 8th and anticipate ongoing government action on this topic. Please continue to check back for futher updates. The […]
10 Bookkeeping Mistakes Costing Small Business Owners
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. These are the […]
5 Weeks to Better Bookkeeping: Free online bookkeeping course
Business year-end and the subsequent tax season can be tumultuous times for small business owners. If you haven’t kept up with your bookkeeping tasks throughout the year, you find yourself hit with a deluge of work trying to get caught up. We’ve seen many instances where these circumstances have snowballed, leaving the business with several […]
COVID-19 Relief Bill: Small Business Provisions
The latest COVID-19 stimulus bill is one of the largest pieces of legislation to be passed by Congress and signed into law by the President. The $900 billion bill will provide additional aid to those who have experienced economic hardships as a result of the pandemic. Additional funding for unemployment, individual households, vaccine distribution, and […]
1099 Requirements are Changing for Tax Year 2020
One of the biggest year-end tasks, for many businesses, is sending and filing 1099 forms by the January 31, 2021, deadline. For tax year 2020 and beyond, there is a new form that will change the way you report nonemployee compensation. Depending on how many contractors your business has used this year, and how organized […]
Depreciation Recapture 101
The vast majority of businesses have depreciable assets: company property, buildings, equipment, vehicles, etc. Because they are used for business purposes, claiming depreciation of these assets helps to reduce the taxable income of the business. As is the case any time you wade into the murky waters of tax, the IRS is always on the […]
How to use and document PPP funds for loan forgiveness
Updated January 14, 2021 In June of 2020, the ABA Banking Journal reported that 7 out of 10 businesses nationally have received PPP funds. These businesses are focused on ensuring they can use their funds properly and document that use for maximum PPP loan forgiveness. We’ve written several posts to help borrowers understand the program […]
Ways to apply for PPP loan forgiveness
Updated January 14, 2021 With the passage of the Paycheck Protection Program Flexibility Act (PPPFA), the SBA has released two new loan forgiveness applications. These are designed to make the process a little easier for borrowers who’ve met the PPP requirements and are eligible for loan forgiveness. In either case, you may apply for PPP […]
Fixing the Retail Glitch: Good news for brick-and-mortar businesses
Shops, restaurants, studios, and other storefront-based businesses have some good news coming their way at tax time. One of the provisions in the CARES Act has fixed the so-called retail glitch that came out of the 2018 Tax Cuts and Jobs Act (TCJA). If you’re a business owner who made qualified improvements to real property […]
COVID-19 Relief and Changes: What small businesses need to know
The past couple of months have brought an explosion of changes for businesses. Tax deadline extensions, paid leave requirements, and relief in the form of loans have all affected small businesses to varying degrees. Even if your cash flow is unaffected by the pandemic, there are still changes that will affect your company. Here’s a […]
Are you Prepared for Paycheck Protection Program Loan Forgiveness?
*UPDATE: The passage of the Paycheck Protection Program Flexibility Act on June 5th has materially changed the requirements for PPP loan forgiveness. We have updated this blog to indicate where the requirements have changed. View the current forgiveness applications. Perhaps the most attractive feature of the Paycheck Protection Program (PPP) loan is the promise of […]
Small Business Loans and Tax Relief Information
In the flurry of government relief that has been announced in the past couple of weeks, there are a variety of options available to help businesses cover their expenses and support their workers during this time. Last week, we summarized the Families First Coronavirus Response Act, which established paid sick leave and expanded FMLA for […]
Families First Coronavirus Response Act: What businesses need to know
President Trump signed the Families First Coronavirus Response Act, the first national legislation to offer Americans relief from the coronavirus’ impact on the economy, on March 18th. Its provisions will go into effect within 15 days of passage. While this situation continues to evolve and we expect more to come, there are some key provisions […]
Coronavirus and the Economy: Proactive tips for businesses
Wash your hands. Work from home. Use hand sanitizer. Self-quarantine if you’re sick. Wash your hands again. News about the global coronavirus pandemic and corresponding economic activity has many business owners feeling concerned. While no one knows what’s going to happen when all is said and done, we come at this crisis from a unique […]
Reduce your business tax liability with year-end tax planning
Although tax year 2019 is our second year filing under the Tax Cuts and Jobs Act (TCJA), provisions of the law are still confusing to taxpayers, particularly as they impact small businesses. The fourth quarter is the right time for tax planning to reduce or defer your tax liability. Here are some highlighted changes that […]
Five Steps To A Better Business Budget
As the end of the year approaches, many business owners are turning their thoughts to strategy and goals for next year. Along with those discussions comes a deep dive into the budget. In some companies, budgeting means copying and pasting from the prior year’s budget, adding a 4% increase across the board, and then adjusting the […]
Small Business Audit Risks
It’s a well-known truth that running a small business is considered an audit risk for taxpayers. Auditors have found that self-employed people often claim too many deductions and write-off expenses that aren’t strictly related to business purposes. Even if you’re keeping everything on the up and up, you’re lumped in with all the other sole […]
What To Do With Uncleared Bank Checks At Year End
If your business is involved in transferring money in some way (so, virtually every business out there), chances are you’ve written a check that the payee never cashed. Did you know that you’re responsible for reporting and submitting those outstanding checks to your state? That’s right—even though your recipient never cashed the check, those funds […]
How do I choose a legal structure for my business?
If you find yourself running a business, you should really put a ring on it—that is, make it official by choosing the right legal structure. Your designation is only about 2% less of a major, long-term commitment than a marriage. So choose wisely. 1. Learn about your options. When it comes to legal structure, you […]
Couple partnership the bakehouse with e-busness online
If you’re like most entrepreneurs, you want to start a business because you’re passionate about something. Maybe you’ve found a new way to solve an age-old problem, or you have an incredibly creative and unique product. Maybe you’ve identified a gap in a market you’re dealing with every day and know the best possible way […]
Does your business have SMART goals?
If you’ve decided to start a business, you’re going to find yourself focusing on your creative idea—the thing you’re so passionate about doing that you’ve decided to make it your livelihood. That’s where you’re the expert. There are, however, a whole mess of other things you should do if you’re really serious about running a […]
Preparing for Year End
Preparing for Year End As the end of the year approaches, it can be confusing to decide what information you need to get together and send to your accountant. We all know that January 1st will be here before we know it, so we have put somethings together to help your business out. To Prepare […]
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