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by Sandra Larson from Insightful Accountant Most new small business advisors ask themselves, “How can I help businesses develop better financial strategies? What do I need to know?” Well, accountants are arguably the most reliable people when it comes to various business issues, from financial forecasting to taxes, to so much more. Aside from professional knowledge, one needs to […]
Accounting Best Practices Ignored: 10 Ways Entrepreneurs Waste Money on Accounting and Stifle Growth Entrepreneurs often view accounting like eating broccoli – they know it’s good for them but terribly unpleasant. The goal is to power through without gagging or thinking about it too much. That is unfortunate because effective accounting is a quiet ingredient […]
What’s the old adage about March? In like a lion, out like a lamb. Pshhh. Whoever said that had never dealt with tax season. For help taming this busy time, check out our latest QuickBooks® Online update. We only have one new feature this month, but it’s a biggie. Our new Project Profitability tool helps small business owners […]
So you’re starting a new project. Great! Business is booming! But how do you estimate how long this project will take to complete? Five hours? Five days? How much will it cost your business to perform this work? Are there any opportunity costs associated with taking on this new project or client? It can be […]
Very few small business owners have a background in accounting. But all small business owners need to learn how to manage their business’s finances correctly and efficiently in order to be successful in the long term. Most of the accounting mistakes made by business owners are easy to correct, but can cause major problems if […]
The end of the year isn’t just a time for family and holiday celebrations; it is also the end of the fiscal year for many businesses. Keeping accurate financial records is important all year long, but it is especially important as your fiscal year comes to a close. Your business can end up in some […]
Starting a new business is equal parts exhilarating and exhausting. With so much to worry about and put together it is easy to assume the IRS isn’t paying a lot of attention to a brand new small business. This is a dangerous assumption and couldn’t be farther from the truth. It is imperative that you […]
Keeping accurate financial records is essential for all small businesses no matter what industry you operate in. Disorganized or inaccurate financial records will not only make you unattractive to potential investors and lenders, but it can also make it difficult for you to file your taxes, and could lead to IRS tax penalties. Using QuickBooks […]
One of the biggest fears of all small business owners is that their business won’t grow and will ultimately fail. In fact, nearly 75 percent of all small businesses are run by one employee, the business owner, and it can feel nearly impossible to get past that point. Continued growth is necessary for any business […]
As a business owner it is your job to understand the true health of your business at all times. And if you can’t explain your cash flow using hard numbers, you don’t have the knowledge necessary to run your business effectively. The most profitable businesses have systems in place to ensure they understand how healthy […]
It is becoming more common for small business owners to look for options to run their companies without keeping a traditional office space. This has become more feasible thanks to technological advancements, such as smartphones, tablets and mobile apps. Choosing to forgo an office can save your business big money on overhead costs, plus it […]
In today’s digitally centered world many businesses use email marketing to reach out to potential new customers. What you might not realize is there are laws associated with promoting your business or products through electronic communication. And if you fail to adhere to the laws in place you could be hit with some major penalties. […]
In today’s cloud-based world most small businesses rely heavily on the Internet to conduct their day-to-day business. And when your Internet fails or you face an Internet outage it can mean big problems, including a large loss of revenue. The good news is you can protect your business from costly Internet outages by having the […]
The financial management side of running a business is often the most intimidating part of entrepreneurship. Many small business owners open their businesses despite having any kind of a background in financial accounting. The lack of knowledge related to business finances can make money management a difficult task. Here are seven important facts about money […]
Most new small business owners assume they are safe from facing an IRS audit before their business even begins turning a real profit. Unfortunately this assumption is completely false. In reality, the IRS has targeted numerous brand new small businesses for audits recently and you need to be prepared in case you become one of […]
It is nearly impossible to process payroll effectively without an understanding of what payroll really is. A basic definition of payroll is the total wage paid by a business to its workers. Typically your payroll is your largest and most complicated monthly expense. Payroll is complicated because it is more than just the wage your […]
For many entrepreneurs and small business owners managing their business’s finances is their least favorite task. Keeping track of all of your financial data coupled with pulling reports and analyzing your cash flow can be daunting, especially for those who don’t excel in math. The good news is you don’t have to be a financial […]
Revenue projections are critical to the success of any business. Accurate projections not only help you plan for the future and secure investor funding, but they can also be used to keep track of your success. However, bad revenue projections can be detrimental to your business and your future success. Here are 7 revenue projection […]
For many small businesses an Excel spreadsheet is their go-to for business accounting. They use the sample business budgets and other pre-made formulas to keep track of their business finances. This might seem like a great option because Excel is typically free to use, but it is actually a dangerous decision for the future of […]
The vast majority of small business owners waste hundreds of hours a year attempting to manage their business finances, which can be incredibly frustrating. You will be doing yourself a big favor by hiring a small business accountant to be a part of your team. Here are 7 reasons all small businesses should hire an […]
States across the United States are passing legislation to increase the minimum wage. The federal minimum wage hasn’t budged from $7.25 per hour since 2009, but states from Washington to South Dakota, California and Alaska are raising their own standards. Many states are now paying their lowest paid employees at least $15 per hour. With […]
Nearly 75 percent of small businesses are structured as sole proprietorships. This is because, in general, sole proprietorships are easy and inexpensive to form and maintain, and you won’t be required to separate your business and individual tax returns. But despite these great benefits, a sole proprietorship can actually hold you back as your business […]
Running a small business is both filled with joy and worry. As your business enjoys success you might start to consider opening additional locations or broadening your products or services. Before you make the jump to expand lets take a look at some of the pros and cons of scaling your business. First, lets start […]
Working for a client without using a contract is a quick way to get into big financial trouble. Having a contract in place is not only essential to ensure you get paid for all of your hard work, but it can also help you get paid more quickly. That’s why this article will go over […]
As the weather outside gets nicer your thoughts might drift to your summer travel plans, but there are 5 items to add to your to-do list before busy season begins for your business. This is especially important as the National Retail Federation predicts that retail sales will pick up dramatically later this year. Here are […]
Whether you have been in business for years or you are just getting started, money can be hard to come by. Here are 10 tips to help you cut down on business expenses and maximize your profit margin: Skip The Snail Mail Save on the high cost of snail mail by communicating electronically with your […]
If you have customers that perpetually miss the payment deadline you might be wondering if you should include finance charges on your customer invoices. Many business owners opt out of this policy due to fear that a customer might become angry and refuse to do business in the future. However, the reality is that customers […]
Whether you drive your personal car frequently for business or only occasionally, you might be wondering if you should be tracking your mileage. Claiming a deduction for mileage can be a simple way to get a break on your taxes. However, the IRS is known to flag mileage deductions for audits because there are rigid […]
Being your own boss has some big benefits, but it also comes with some difficulties – especially when it comes to your taxes. This article will focus on how to easily prepare taxes when you work for yourself. The first thing you need to know is what forms you need to file. Here is a […]
For most entrepreneurs securing financing for their business is at the top of their list of concerns. Here are 3 steps to getting financing for your small business: Prepare The first step you need to take in order to get financing for your business is to begin separating your business finances from your personal finances. […]
Tax season is coming up fast and now is the time to begin preparing 1099 forms for your independent contractors. Any contactor that has received $600 or more in payments from you will need to be issued IRS Form 1099-MISC for their taxes. While this process might seem complicated, you will find that it is […]
One of the keys to running a successful business is the ability to invoice in a way that gets you paid more quickly. Cash is king and without consistent cash flow, your company will almost certainly go out of business. The bottom line is you can’t pay the overhead costs that keep your business running […]
All small business owners are cash strapped and looking for ways to cut costs wherever possible. But one of the areas you should never skimp on is your bookkeeping. Most small business owners spend an abhorrent amount of hours each week trying to manage their business’s books. This problem can be easily remedied by hiring […]
No matter how great your business idea is you won’t be able to stay in business if you can’t bring in income over the long-term. You can use these 5 ways to determine your income potential to help you discover whether or not your new business idea can thrive over the next five, ten or […]
This article will go over 5 common payroll mistakes you can’t afford to make. This is important because implementing solid payroll practices now will save you from costly IRS penalties, lawsuits and back taxes in the future. You have to ensure your company is following all state and federal regulations, even if you hire a […]
Whether your business is in its first year or you have been around for decades, you can use this guide for keeping track of your business’s financial health. Every business wants to generate more cash flow, and a solid understanding of your business’s financial health can help you get there faster. If mathematics isn’t your […]
The first year in business is incredibly challenging. Your schedule will be jam-packed and you will feel like you never have enough hours in the day. When your schedule is too busy not only will your business suffer, but so will you and your family. This article will focus on 10 ways to survive your […]
Nearly any business owner knows the basics of why inventory control is important, but you might not realize that true inventory control includes knowing a lot more than the amount of product you have. To have control over your inventory you need to know not only how much product you have in stock but where […]
There are far more than five reasons you should use QuickBooks for your business. But in order to keep this article short, we will focus on the five biggest ways QuickBooks can help you get a better handle of your daily accounting operations. QuickBooks can help you streamline your business accounting no matter what industry […]
If you own a small business or have ever thought of opening one, you have probably asked yourself how much a small business owner should be paid. While this might be a question that’s a bit uncomfortable to answer, the reality is that we all have bills to pay and an income is necessary to […]
There are countless reasons why your POS system and accounting software need to be integrated. Imagine you are in the midst of your busiest part of the day and your system goes down. Or imagine that you are at home one night when your shift manager calls panicking about a specific transaction. These are real […]
Intuit has developed QuickBooks Self-Employed, which helps freelancers get paid more easily and more quickly. This version of QuickBooks allows the self-employed to create invoices and input information either via the Internet or using Intuit’s mobile app. Intuit’s research shows that invoicing is the most requested feature for self-employed QuickBooks users. This is important because […]
Fraud has become a big problem for businesses today, so let’s take the next few minutes to look at 7 ways to prevent fraud in your business. Has your business been untouched by fraud so far? That probably won’t be true for long. In fact, a recent study shows that the average small business loses […]
Even though tax season isn’t upon us quite yet, you might be wondering what the consequences of missing the tax deadline are. Missing the deadline can lead to extra fees and penalties, so it is important to know what the tax deadline is and what the consequences are if you can’t meet it for whatever […]
Knowing the difference between forecasting and budgeting is an important part of running a business effectively. While these two terms are usually linked together, they are certainly not the same. Here is a guide to help you understand the difference between forecasting and budgeting and how both can help you grow your business. What Is […]
Many small businesses jump into choosing an accounting software system before taking the time to really consider their options. There are a lot of software systems available on the market today that each offers slightly different benefits and user capabilities. Before making the jump to either an upgraded version of your current software or moving […]
A good POS (Point-Of-Sale) system is a critical element to running a successful business; that’s why we are offering a guide on how to choose the best POS system for your business. You need to look at your POS system as more than just a computer system that processes your transactions. It is actually the […]
According to a recent study performed by Intuit, an increasingly large number of entrepreneurs are using apps to grow their businesses. In fact, the study showed that at least 64 percent of businesses now use cloud accounting systems (such as QuickBooks) and accompanying web-based apps. These business owners are also saying that they see how […]
One of the most common misconceptions about how to report internet-based sales tax is that online sellers aren’t required to collect and pay sales tax. In reality, 45 states (including D.C.) have all adopted a sales tax. Online retailers that have a sales tax nexus (e.g. a major presence) in that state are required to register with the state’s taxing authority and remit the appropriate sales tax from buyers located in that state. Of course this is true for today, but if an internet-based sales tax law is passed tomorrow, it could get much more complex.
Intuit has its own app center where you can explore the many options available to help you maximize your use of the world’s number one accounting program. The app center allows you to amplify your accounting program to a complete business management system. The app center is convenient, offering you the opportunity to add important […]