Running a business is an overwhelming job! If the money is limited it becomes more difficult. Cash flow problems can convert into a big fiasco if not dealt with timely. If the problems prevail this may lead a small business to have trouble with clients, supplies, and products. If the problems are prevalent, a smart…
If you are an owner of an LLC, then you can be taxed as a corporation, a sole proprietorship, or even a partnership. There is a great possibility that you are taxed additionally for state and federal income tax as well. Before it gets too complicated, we need to address the main question, how to…
When a company is venturing out into the market, many thought processes go behind closed doors. It is up to the company to consider an accounting system that is best suitable according to the business model. The company can go for a traditional accounting method or a cloud-based method. The traditional accounting system is still…
“The enterprise that does not innovate ages and declines, and in a period of rapid change such as the present, the decline will be fast” – Peter Drucker Nobody can deny the importance of technology in today’s fast pace world. The business world is no exception. Accounting back office functions are the key…
With great success comes greater responsibilities. This is precisely the case scenario when it comes to business. When a business surpasses the initial stages of experimentation and develops into a full-fledged enterprise, it becomes time-consuming for the company to curate the day-to-day operations on its own. The company might consider outsourcing its back office operations…
Though the charm of saving money by not hiring a small business CPA is high, the consequences are highly horrid too. A smooth business is by no means necessarily a healthy business. Your sales and profits may be high, but until you have an authoritative command over your finances you don’t get to enter the…
Ideally, growth should top the to-do list for entrepreneurs and business owners, not bookkeeping. However, that is rarely the case. A big slice of startup owners’ time is spent managing finances and fixing cash flow problems. As a result, growth and progression become an afterthought. In reality, it is not the right way to run…
Every buck count, especially for business owners taking a new venture off the ground. At such times, entrepreneurs turn into a one-man army, attempting to do as much as they can on their own. Among the responsibilities they embrace as their own is bookkeeping, which ultimately transforms into DIY bookkeeping. Typically, the DIY approach works…
Subchapter S Corporations, also known as S Corps, are called ‘pass-through’ entities. All their profits and losses get passed to the members. Many small and medium businesses opt for S corporation status as it is more beneficial than partnerships and help business owner protect their liabilities. In this article, we’ll explore S Corp bookkeeping and…
Running a business is tough, and it feels tougher when only one person is at the helm. Thus, it is essential for business owners, especially sole proprietors, to keep their finances structured and balanced. Bookkeeping lies at the core of small business finances. Not an arduous task to do, but it takes up a lot…
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