Let’s be real, many business owners dread tax time. It can be a time of reckoning for procrastination, with a fear of owing a substantial amount of moola to the tax agencies. While facing reality can be hard, the sooner you face it the better your outcome can be…

So let’s say you want to hire someone to help you out with some odds and ends with your business…Should you pay them as an Independent Contractor or as an Employee?

What is an accountant? Webster’s Dictionary describes it as: “one who is skilled in the practice of accounting or who is in charge of public or private accounts.” (1) The most recognized accountant is a CPA (Certified Public Accountant), but there are other professionals that fall within the broad “accountant” designation. Before hiring a new accounting professional, make sure you know what level of service you need. Here are a few common types of accountant roles, and a generalized description of each:

As we wrap up the third quarter, here are a couple of tasks you will want to start on to avoid crunch time at year-end.

In the last article, we reviewed some of the overlooked accounting tasks. These included: matching the books to the prior year tax return, payroll reconciliations, properly categorizing assets, and accruing depreciation/amortization. Please refer back to that article if you need assistance with those items.

Here’s a few more tasks to stay on top of:

Whether you are doing Full Cycle Accounting or just Monthly Accounting Reviews, having a standardized checklist is a must if you don’t want anything to fall through the cracks. Some tasks are obvious, such as making sure all transactions are recorded, bank account reconciliations, principal and interest postings, and providing financial reports. However, many accounting tasks get overlooked by disorganization, preparing books on a time-crunch, and sometimes simply, inexperience.

Here are some of the most overlooked accounting tasks:

"Does your company operate on a Cash or Accrual Basis?"... ::crickets:: Many successful business owners cannot answer this question about their own company, but it is an important thing to know. Understanding your company's reporting position can help owners interpret their financials better. So what is the difference anyway? Here's a short and sweet breakdown:

One of the main challenges for small business owners is keeping the business income and expenses separate from personal transactions. Here are a few tips to avoid piercing the corporate veil:

It’s not uncommon, especially for freelance bookkeepers or accountants, to get behind on updating or reviewing their clients books. There are several factors that can make it difficult for even the most professional accountants to stay on top of things:

If you are a business owner, you most likely have a bookkeeper or accounting department to take care of your record-keeping. They may be doing a stellar job at maintaining accounts receivable, payable, and the daily banking operations, but ask yourself one question:

When you think of an accountant, what type of persona do you think of? 👨‍💼 Here's a list of famous people who were planning to be accountants at one point. FUN!

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We've passed the half way mark for the year! Now is the perfect time to give your business or personal books some TLC. Here’s a few things to consider:

Hello Friends & Followers,

I've worked for over a decade doing bookkeeping and financial management for various companies. I've interacted with many small-medium sized businesses who have existing in-house or contracted bookkeepers who do not understand how to interpret financial statements, foresee tax implications, or even understand the nature of the corporate structures under which they work.