POSTS TAGGED : accounting

9 Ways to Manage Small Business Accounting

Accounting is one of those necessary business evils. It’s not the most glamorous task, but it is crucial to the success of your small business. Poorly managed finances can lead to cash flow problems, late payments, and bankruptcy.

Small business accounting

photo credit: Pixabay

The good news is that there are some easy ways to manage your accounting and keep on top of your finances. Here are nine tips:

1.   Use Accounting Software

In today’s business world, accounting software is a must-have for any company that wants to stay competitive. Not only does it save time and money, but it also provides a more accurate record of transactions.…

Continue reading →

Accounting Basics Every Business Owner Needs to Know

Small business owners work long hours — often as much as sixty a week. Ah, but isn’t the moment when they get home and relax a little bit sweet? Light a few candles. Find a comfortable chair. Reach for an accounting book…

Businesswoman doing accounting

Learning more about accounting and finance isn’t appealing at the surface level. Not for someone who barely has time to blink. And yet the benefits are considerable. You don’t need to become a CPA to use this knowledge to your advantage. You, however, need to be able to tackle some things on your own.

In this article, we look at accounting basics every business owner needs to know.…

Continue reading →

How Can Small Businesses Create Estimates for Free?

If you want to present yourself as a professional small business, you can not avoid estimates. Especially when you can create them for free. Creating estimates is no more an issue that cuts your business budget.

Creating estimates

There are multiple ways a small business owner like you can create estimates for free. The top three are: using pen and paper, using online tools, and using InvoiceOwl’s estimate templates.

But before getting started let’s come onto the same page. And then, will discuss the three in detail.

What Are Estimates?

Estimates, quotations, proposals, or bids, you must have heard one of these terms.…

Continue reading →

7 Notable Accounting Skills

Accountants are highly trained workers. They possess a vast array of skills. Check out this list of seven notable accounting skills.

Small business accountant

1. Administrating

Accountants can manage the personnel within a company. They can prepare payroll and keep track of time reports. Many will engage in benefits implementation, contract administration, and union negotiation services since all of them involve finances to some extent.

Some accountants will handle insurance records so that insurance processing and payment systems are accurate. Others will lead employee orientation programs to aid workers in becoming more financially literate.

2. Purchasing

Company workers have to purchase items from outside sources so that they can maintain operations.…

Continue reading →

Navigating These Trying Times: How Has COVID-19 Impacted the Accounting Profession?

When 2020 got started, people in the accounting profession had a lot to be happy about. Many CPAs were looking forward to a busy season, especially considering the Tax Cuts and Jobs Act, P.L. 115-97. The financial markets were off to a good start, and everything looked rosy.

Accounting services

Then, along came the coronavirus. Several vital industries tanked, virtually shutting down and disappearing overnight. Millions of Americans are doing what they can be working from home. There probably isn’t a single aspect of the CPA business that hasn’t been dramatically impacted, but new opportunities to help clients navigate these turbulent times have popped up overnight.…

Continue reading →

Accounting Advice: Top Ways to Save Time and Money With Bookkeeping

Are you one step ahead of your competition?

Every day, more people choose to start their own company. Research shows that small businesses make up 99.9% of United States businesses! That means everywhere you turn, there’s a small business competing with you for customers.

Bookkeeping tips

If you want your business to thrive, you have to know how to maximize your time and money. That’s why we’ve put together this short guide, with the best accounting advice, for small business owners, just like you. Stay ahead of your competition, by keeping your business finances in top shape.

Read on to learn the right way to do bookkeeping inhouse.…

Continue reading →

Know Your Numbers: 4 Critical Tips on Managing Accounting for Startups

If you’ve got a startup, you know there’s already several areas of business to cover. Marketing, sales, accounting are all areas you’ll handle, even if you’re not proficient in them.

Know your numbers by managing accounting better

But how can you manage accounting for startups when you have little to no experience in bookkeeping or financial management for a business? Can you ensure company growth regardless?

Research shows that 9 out of 10 startups fail within their first year. Careful bookkeeping practices can protect your company and ensure safety and prevent this statistic from happening to you.

Check out these tips and see how it’s possible to take your company from startup to success.…

Continue reading →

5 Things Your Accountant Should be Doing

Is your accountant giving you more than just tax advice? If not, it may be time to find a new one.

Happy accountant

Your accountant should be helping you with these five important things:

1. Helping You Prepare for Tax Season – Well in Advance

Most business owners hire an accountant purely for tax purposes, although they can offer assistance in other ways as well.

Ideally, your accountant should be helping you prepare for taxes well in advance, so there are no last-minute surprises. He or she should be helping you understand:

  • Which credits to claim
  • Which deductions to claim
  • Tax laws that can maximize your write-offs

Tax opportunities, like the R&D credit, can help reduce your tax burden, and your accountant should know if you qualify for such opportunities.…

Continue reading →

Future Finances: How Outdated Accountancy May Be Costing Your Business

Whether as individuals, families or businesses, how we manage our finances is one of the most important parts of our livelihood.

Small business finance

When we think of finances, we often relate it back to our personal experiences, such as managing our private savings, or evaluating whether our budget can accommodate the financial commitment of periodic mortgage payments when purchasing a home. However, when it comes to managing the financial side of a business, things become significantly more complicated.

As a business owner, your primary goal is to ensure that your income is greater than your expenses and that you have adequate cashflow to pay your liabilities.…

Continue reading →

5 Accounting Tips for Overwhelmed Small Business Owners

When you run a small business one area that many do not enjoy to do but is vital to the on-going operations is accounting. It can often be tedious, boring and isn’t what you imagined your time would be spent doing when you started your business.

Regardless, it still needs to be done, but there is help at hand!

Stressed out business owners doing accouting

The following list of hints and tips will hopefully help you reduce the stress and time it takes to do your accounting and make it much less of a chore.

Related: Accounting Tips for New Small Business Owners

1. Keep Records of Everything

It is extremely important to keep good records and be able to trace all aspects of the companies spending.…

Continue reading →