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How does a business line of credit work?
A business line of credit can be very effective in funding the growth of your small business or in riding through uneven cash flow periods. However, a business line of credit (LOC) is not for everyone and should not be entered lightly. What is a business line of credit? A business line of credit is […]
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When does a contractor need to become an employee?
At Expex, we see a variety of businesses that work in many different vertical markets. Some of our clients hire independent contractors to perform work for them, others hire employees, and some have employees and contractors. We have also seen businesses paying employees as contractors when they should be hiring them as employees. The ramifications […]
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Tax Planning for Small Businesses
Effective tax planning is something most business owners avoid primarily because they do not understand it. However, working with your bookkeeper, CPA, or tax professional could minimize the company’s tax liability. The process can help ensure you pay the lowest tax possible and ensure you have the capital to pay the taxes you owe. What […]
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What is full-cycle bookkeeping?
Full cycle bookkeeping goes beyond the duties of a traditional bookkeeper. A full-cycle bookkeeper can complete the entire process of the bookkeeping cycle. As such, the full cycle bookkeeper can perform all of the bookkeeping requirements of a small business. That said, there must still be controls in place to separate duties so that your […]
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Understanding Small Business Bookkeeping
Bookkeeping for a small business requires skill and understanding of the bookkeeping functions it takes to run a business financially. Many small business owners are easily overwhelmed when it comes to bookkeeping, yet numerous resources and tools can make small business bookkeeping easy and manageable. What is bookkeeping? Simply stated, bookkeeping is the system of recording […]
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Options for small business lending
Lending options for small businesses come in a variety of shapes and sizes. Lending sources are used to fund an expanding business or provide financial assistance to a struggling one. While gaining access to funds can help run and manage your business, challenges can arise when small businesses look to lenders and other sources for […]
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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 any bookkeeping?
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. […]