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
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.
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
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.
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
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
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
For accountants, the concept of cash vs. accrual is straight forward. But small business owners often don’t understand it or how it affects their business. Business owners will typically leave the decision to their accountants on whether their business should be on a cash basis or accrual. Still, owners need to understand the difference, so
Cash flow is often misunderstood yet is critical to the success of any business. Cash flow issues are one of the most significant challenges small business owners face. 4 out of 5 businesses are likely to fail due to poor cash management. What is cash flow? Understanding your small business’s cash flow is one
It is a new year, and 2021 is an opportunity to clean up from 2020 and set our sights on an organized accounting system for the new year. Small business owners are looking to choose a bookkeeping software for their business. Great idea, but let’s take this a step at a time. Is there a