June 10, 2022
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 […]
June 7, 2022
All too often, we see people missing out on great tax-saving opportunities because they simply don’t know about them. And with tax laws changing every year, it’s not always easy to keep up with the latest tax deductions, credits, and exemptions. Our list of frequently missed tax breaks may help you uncover money-saving opportunities this […]
June 2, 2022
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 […]
June 1, 2022
We are still dealing with COVID. We’ve seen empty shelves and inflation. We’ve watched Build Back Better drift from headlines to the dusty recesses of media memory. We’re staring down a bear market. As a result, our team has had many clients looking at their portfolios, watching the headlines, and raising questions about their investments. […]
May 26, 2022
If you find yourself struggling to focus on what propels your business forward, consider the following three accounting strategies.
May 24, 2022
While the family office concept has been around for decades, it has seen significant growth in the past 10 years. We attribute this to many of the factors driving other changes in the business world: greater home connectivity and access to information, as well as the tremendous amount of change and upheaval in the wealth […]
May 21, 2022
Key performance indicators (KPIs) are essential for business owners to track over time in order to make well-informed business decisions. This data will help business owners make decisions that directly impact the business today and in the future. KPIs should be monitored on a regular basis (monthly, weekly, etc.). The data being measured needs to […]
May 18, 2022
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 […]
May 10, 2022
“Join me in inviting @elonmusk to move @Twitter to the freest state in the nation! Florida would benefit the company as a whole—we have no state income tax and the perfect business climate. It’s time to book a one-way ticket,” said Florida CFO Jimmy Patronis in a tweet after it was announced that Elon Musk […]
May 6, 2022
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 […]
May 4, 2022
What would you do with a significantly lower tax bill, or even a refund this year? Thanks to special tax rules affecting rental property, you may be able to significantly improve your cash flow by commissioning an engineering firm to conduct a cost segregation study for your commercial, long-term, or short-term rental property. Thanks to […]
April 28, 2022
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, […]
April 26, 2022
Last week’s blog covered some of the 2022 tax changes that may cause your tax situation to be quite different than it was in 2021. Here are some additional changes that may impact your return for the next filing season. Standard Mileage Rates Mileage Type 2021 2022 Standard mileage rate for business driving/mile 56¢ 58.5¢ […]
April 21, 2022
Although filing your 2021 tax return may still be top of mind, there’s no better time to start planning for the tax changes coming in 2022. Every year brings with it a long list of tax law changes that can affect your bottom line, so it’s important to familiarize yourself with what’s new and what’s […]
April 21, 2022
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 […]
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
Tax season can be stressful, even when everything goes perfectly. As a CPA firm with decades of experience, we have seen individuals make many mistakes, resulting in costly errors and delays. Whether you’re preparing your tax return on your own or hiring an experienced CPA firm, the best advice we can give is to ensure […]
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
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 […]
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
The deadline for filing 2021 taxes looms around the corner, and once again the COVID-19 pandemic is causing some complications. In addition to the well-publicized IRS backlog, filers this year will need to account for economic stimulus payments and reconcile any advance payments of the Child Tax Credit. We’ve compiled a list of seven things […]
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 […]
February 15, 2022
Whether you’ve been investing in the markets for decades or are just getting started, it’s important to have a future-focused plan that enables you to make informed decisions when economic forces make headlines. News reports don’t always provide an accurate reflection of the economy and investments. Our first webinar of 2022 included a discussion of […]
February 10, 2022
If you’ve earned money through an online platform or other source of income outside of a traditional employment arrangement, you will most likely receive Form 1099 in January of the following year. The earnings could come from a wide variety of sources: selling products, subcontracting or freelance work, renting your home or other property, or […]
February 3, 2022
Saving for retirement is a top priority when it comes to financial planning. We all hope to reach financial freedom and enjoy our golden years, live comfortably, travel, and spend time with loved ones. Looking past our own needs, many of us also have family members we wish to provide for long after we are […]
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 20, 2022
If you’re starting a new business, one of the first things you will need to do is to choose a legal structure. The legal structure dictates the ways many aspects of your business run, as well as how you file and pay taxes. There are pros and cons to all structures, so it’s important to […]
January 13, 2022
The advance monthly payments of the Child Tax Credit ended in 2021, and the IRS has begun sending out letters to taxpayers who received monthly payments that indicate how much each individual received, as well as the number of children on which the credit amount was based. The expanded child tax credit will not continue […]
January 7, 2022
You may have envied the success of self-made millionaires. Have you ever stopped to think that could be you? For some, millionaire status is more than just a dream—it’s a goal that they will achieve. It will take hard work, planning, and commitment, but with the right financial advisor and motivation, you too can become […]
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 17, 2021
Your golden years should be spent doing the things you love, enjoying life to the fullest surrounded by those that you hold dear. Unfortunately, the majority of Americans have fallen short on retirement savings, leaving them in a bind financially. If your retirement years are looking less-than-relaxing based on your current savings, it’s not too […]
December 10, 2021
As 2021 comes to a close, it’s an ideal time to assess your finances and set goals for the new year. We recommend reviewing your current financial situation, identifying money moves to make before year-end, and determining any adjustments needed for 2022. For a comprehensive review, consider the following: Retirement accounts Since there is no […]
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 23, 2021
On November 15, 2021, president Biden signed into law the Infrastructure Investment and Jobs Act. This bill allocates over $550 billion to be invested in infrastructure projects to improve the nation’s roads and bridges, as well as community infrastructure. The Act is slated to create over two million jobs. A majority of the spending, or […]
November 17, 2021
With the 2021 tax season right around the corner, now is the time to act on your tax planning strategies. Don’t forget any last-minute contributions or purchases that will benefit either your personal or business return. Below are some of the items we’re reviewing with clients in our year-end tax strategy meetings. 1. Charitable contributions […]
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 […]