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What is working capital and how to calculate it

Many indicators represent the health of a business. Working capital joins the ranks of income statements and balance sheets to determine the company’s financial status. The absence or lack of working capital affects its ability to invest in itself, its employees, technology, and continued growth. What is working capital? Working capital, also known as net

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How COVID is affecting unemployment taxes

Small businesses were hit hard by COVID-19, and even as these businesses start to get back on their feet, there continue to be challenges that make running a small business difficult. One such issue is the increase in unemployment taxes. What taxes are being affected? While there hasn’t been a change in the FUTA (Federal

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How Does Outsourced Bookkeeping work?

Outsourced bookkeeping is high on the list of outsourced services most hired by small business owners. Today’s businesses are still heavily in remote working and often with a reduced staff. The business owner and key management team members are wearing multiple hats, making them a jack of all trades and truly a master of none.

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What happens to your business if you don’t do an...

The dangers of not doing bookkeeping stretch far beyond the financial impact on your business. If you don’t do any bookkeeping, or just for the sake of argument, you do some bookkeeping; you are running your business with blinders on. The absence of a clear understanding of your business’s financial health can seriously affect decision-making

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Understanding Income Statements vs. Balance Sheets

Understanding income statements and balance sheets are a necessary function of running a successful small business. Financial statements refer to your income statement (also referred to as your profit and loss or P&L), balance sheet, and cash flow statement. Financial statements provide you with the ability to understand a critical part of your business’s performance.

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How do I calculate payroll tax?

How do I calculate payroll tax implies that it is a single tax. Payroll tax is an umbrella term covering all the taxes paid on the wages of your employees. It doesn’t matter if you have 1 or 100 employees, payroll taxes are a part of your business expenses. What is Payroll Tax? Payroll taxes

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What is the SUTA tax?

What is the SUTA tax, and how does it impact my business? Well, when you started your business, you focused on sales and marketing. You know you need customers to grow. Soon after, the growth came, and your focus shifted to hiring employees to meet your expanding business’s demands. Employees can add significant challenges to

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What is IRS Form 1040, and do I need one?

Tax time is upon us, and with it comes some confusion and a whole lot of questions regarding IRS Form 1040. If you conduct business as an independent contractor, a freelancer, or a DBA, you will be filing this form. We will answer the most common questions and offer support and guidance to get you

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How to pay estimated tax payments

The thought of calculating estimated quarterly tax payments can be daunting. The key to successful estimated tax planning is in the process and understanding how to project for these quarterly payments. For this particular discussion, we are focusing on federal estimated tax payments. If you live or do business in a state with income tax,

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Preparing for tax season 2020

With tax season right around the corner, small businesses are preparing for tax season 2020 and getting their books ready to deliver to their tax professionals. Some companies simply hand over their books to their CPA and let them go to work. Others spend time trying to make sure their books are clean before handing

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