Biggest Bookkeeping Mistake I’ve spoken to many owner operators and quite frankly the biggest mistake I have seen is pretending bookkeeping doesn’t exist. Better yet, “doing the books” once a year for taxes only! Next Most Common Bookkeeping Mistake Tied closely for second is keeping incomplete or outdated books, but at least you tried for …
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This is one of the most frequently asked questions we get as bookkeeping and tax professionals. The answer is “It Depends”. There are many items we need take into consideration when answering this question, but the first is how is your business structured? Please note, this is a very high-level overview of a complex subject …
In a previous article we talked about loans versus leases, now we will talk about the cost to factoring your invoices. I am including a calculator to help you determine what your Annual Percentage Rate (APR) is on the transaction. Because factor financing is short term (usually 30-45 days), you will not see an annualized …
Everyone has a contact sphere, but not everyone develops those into a power team. According to Ivan Miser who coined the term, “a contact sphere is a group of symbiotic professions who have a good opportunity to provide referrals to each other.” A power team takes this a step further. A power team is a …
Recordkeeping for your business is primarily driven by tax requirements, but your industry may have specific requirements for records as well. The information of this blog is not considered tax advice and you should always consult your tax preparer when making decisions which could affect your tax situation. The article is based on the IRS …
The Ferry Ride This summer, we were out and about in Hampton Roads exploring the area. My fiancée decided to surprise me with a short day trip to the Jamestown-Scotland Ferry. This was my first time taking a car onto a ferry! We took the trip across on the ferry named Pocahontas. Pocahontas, the newest of …
Important dates for taxes are found below. Making timely estimates based on accurate data is important to your cash flow and business. By having accurate, up-to-date information, you can make a better estimate for your taxes. If you notice, the Quarterly Tax Estimate to the IRS is cumulative of the entire year’s data. If you …
What is your most valuable asset? Great question, but the answer can go in many directions. Do you think it is your physical assets or intangible assets? What’s the one thing you can’t replace in your business? That is your most important asset. I think you would agree that human resources (you) are the business’ …
I am bit of a Scrabble Freak. There, I admitted it. If you have been following my posts and watching the pictures, you may have noticed that I like to use the Scrabble tiles. My first job at McDonald’s while in high school gave us each a gift during the holidays. It was a …
Many have written about co-mingling finances, however many business owners continue to do it. Therefore, you get my version of the lecture. Stop mixing your personal and business finances. Some business structures REQUIRE you to keep business and personal separate, and while this may seem obvious, it is practiced less often than you’d expect. Today, I want …
When looking to purchase equipment, the lower monthly cost of a lease may be enticing, but what is that lease truly costing you and your business when compared to a loan? Below you have a calculator which can help you determine just that. EQUIPMENT INFORMATION: Purchase Price is the amount you are paying for the …
