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Accounting is a core part of running a business. It affects how performance is measured, how decisions are made, and how confidently a business can plan. As businesses have grown more complex, the way accounting is handled has evolved as well. Today, there are different models for managing accounting work. Traditional accounting and
The 2026 tax season is here, and that means it’s time for businesses and self-employed individuals to make sure they understand their 1099 filing obligations. Whether you hire independent contractors, pay rent, or make miscellaneous business-related payments, certain 1099 forms must be filed both with the IRS and with the recipients. Meet those
As eCommerce businesses scale, growth often outpaces visibility. Sales increase, channels expand, and payouts accelerate, yet many business owners still lack a clear view of what is actually driving profit. This gap was the focus of a recent A2X × Xendoo webinar, where A2X Head of Marketing Geoffrey Gualano shared the stage with
As 2025 comes to a close, the window to reduce your tax bill is still open, but only if the right moves are made before filing season begins. The most impactful deductions are found and applied before year-end, not after returns are submitted. Identifying opportunities now gives business owners time to take action,
Summary To get your eCommerce books ready for tax season, make sure your numbers are accurate. Check your COGS, update your inventory, record all marketplace and processing fees, review shipping and fulfillment costs, and confirm every return and refund is in your books. Make sure your payroll, contractor payments, sales tax, and all
Today’s eCommerce businesses run on data, automation, and speed. Whether selling on Shopify, Amazon, or multiple online channels, success requires an accounting and HR stack built for modern online selling, avoiding manual or disconnected systems that slow businesses down. Xero, Gusto, A2X, and Xendoo form the foundation for that system: A connected, technology-driven
The new partnership between Xendoo and Boundless AI bridges the gap between clean, up-to-date books and smart, accessible funding. Business owners gain accurate financials, real-time insights, and priority access to over 150 trusted lenders, all in one place. Together, Xendoo and Boundless AI help small businesses stay organized, secure capital faster, and make
Why Small Businesses Need Bookkeeping Services in a Changing Economy For many business owners, the economy feels uncertain. With unexpected market shifts, rising tariffs on outsourced goods, and steadily increasing costs, the path forward may feel uncertain. In moments like these, the pressure of every decision intensifies, yet the expectations remain. You are
Why Business Tax Planning Matters Welcome to the ultimate Business Owner’s Guide to Paying Less in Taxes. Many small business owners overpay in taxes simply because they miss out on deductions, tax credits, and strategic tax planning opportunities. Whether you’re a freelancer, eCommerce entrepreneur, or agency owner, this guide will help you understand
Key Takeaways from the Webinar Our CEO and founder recently joined the Better Business Bureau (BBB) of South Florida for a webinar packed with practical accounting, bookkeeping, and small business tax write-off tips for small business owners. Whether you’re a startup, an e-commerce entrepreneur, or scaling your professional services, this webinar offers valuable
Tax write-offs are one of the most effective tools small business owners can use to reduce taxable income and keep more money in their business. But tracking and maximizing these deductions requires a strategic, year-round approach. This guide will help you understand tax write-offs, common mistakes, and practical strategies to ensure you’re not
What Is a Fractional CFO, and Do I Need One? As your business grows, so do its financial complexities. You may find yourself needing more strategic financial guidance than a bookkeeper or accountant can provide but aren’t ready to hire a full-time Chief Financial Officer (CFO). This is where a fractional CFO can
Small Business Resolutions The beginning of a new year is a natural time for reflection and goal-setting, and this applies to businesses just as much as individuals. For small business owners, 2025 is full of opportunities to strengthen operations, build deeper customer connections, and achieve new milestones. To help you make the most
When it comes to taxes, small business owners often think about planning in January. But waiting until the new year to act could mean missing out on critical opportunities to save on 2025 taxes. According to Louis Goldenberg, Director of Tax at xendoo, effective tax planning begins in 2024. Taking action before the
Schedule Your Tax Planning Call Now | Maximize Year-End Savings As the year draws to a close, small business owners face countless priorities, from meeting financial goals to preparing for the new year. However, one task that shouldn’t be overlooked is tax planning. Schedule your tax planning call now to maximize year-end savings
Businesses can grow quickly, and when that happens, keeping your financials and data in order becomes crucial. Potential buyers want transparency and assurance that your business is running smoothly. That’s where exit planning comes in. By managing your business from day one as if you were going to sell it, you set yourself
Running an eCommerce store on Shopify is exciting, but with growth comes responsibility—especially when it comes to accounting. Whether you’re tracking inventory, managing payments, or keeping up with tax requirements, staying on top of your finances can quickly become overwhelming. But with the right approach, you can simplify your Shopify accounting process and
You’ve been in business for a while, and your next steps require you to obtain a small business loan. Your lender responds to your request favorably but asks to see your company’s recent balance sheet. With little experience in reading financial statements, this request makes you freeze in your tracks, uncertain of how
In the ever-evolving business landscape, small to medium-sized businesses (SMBs) are increasingly adopting innovative tools to streamline operations and enhance financial management. One crucial determinant of success for any SMB is how it handles its monthly finances. Good accounting practices not only conform a business to regulations but also create valuable information that
In the dynamic world of small and medium-sized businesses, flawless financial management is key to success. Effective accounting and bookkeeping can either bolster or undermine a company’s growth. For business owners looking to streamline their financial processes, securing the right support is crucial. This guide will walk you through the steps to find
As tax season approaches, getting your financial documents and records in order is crucial to ensure a smooth and accurate filing process. Here’s a step-by-step guide to help you prepare effectively: Obtain Your W-3 Form: Your W-3 form consolidates all individual W-2 forms, reporting employee wages and tax withholdings into one comprehensive
As the election cycle approaches, small business owners must take proactive steps to ensure their businesses remain resilient regardless of the outcome. While the election period can bring uncertainty, strategic planning and sound financial management can help you navigate it successfully. Here’s how small businesses can prepare for the upcoming election and thrive
Technological advancements have continuously reshaped the business landscape, pushing industries into new realms of efficiency and innovation. Understanding these waves—each marked by distinct technological breakthroughs—is crucial for small businesses aiming to thrive in today’s digital era. The Four Waves of Technological Change and Their Impact on Businesses The First Wave: The Industrial Revolution
The Value of KPIs for Small Businesses In the business landscape, It may be difficult to succeed in the ever-changing business world, particularly for small and medium-sized enterprises (SMEs). A well-defined strategy is crucial for these small enterprises, the backbone of our economy. However, these smaller companies often face significant challenges on the
In today’s fast-paced business world, small to medium-sized businesses (SMBs) use innovative tools to streamline operations and improve financial management. Cloud-based accounting solutions are leading this shift, offering SMBs a way to simplify their processes and gain better financial insights. Why Switch to Cloud Accounting? Cloud accounting uses web-based software to manage your
In today’s business landscape, small business owners face the challenge of navigating through financial uncertainties to secure a prosperous future for their enterprises. At the heart of this challenge lies the need for adequate financial forecasting. This tool goes beyond mere prediction as a strategic compass guiding businesses toward stability and growth. Recognizing
It is exciting to start a business, but beyond having a great idea, one needs to work out many things as well. Small and medium-sized enterprises (SMEs) frequently need help shaping their brand in a constantly changing environment where invention, market comprehension, and efficient management are key factors. One crucial thing that may
Managing an eCommerce business extends beyond the simple transaction of goods online. Unlike traditional businesses, eCommerce accounting involves unique challenges, like managing inventory costs, tracking marketing spending across multiple channels, and dealing with complex tax regulations. These complexities can leave you needing help to make sense of your finances and unsure of your
In today’s rapidly evolving business environment, more than merely relying on innovation and agility is required to maintain a competitive edge; it necessitates real-time insights and data-driven decisions. Efficient bookkeeping and accounting are not mere administrative tasks for growing businesses but are strategic pillars for success. Real-time financial management empowers businesses to make
Net income is one key metric that you can use to assess your business’s financial health. It is the bottom line on your income statement, also called a Profit & Loss Statement (P&L), and it tells you how much money you have remaining after deducting your costs and operating expenses from your total
Being a business owner comes with dozens of decisions, one of which is your accounting method. Although there are a handful of accounting methods, most business owners choose between two primary types: cash and accrual. In this article, we’ll explore the main differences between cash and accrual basis accounting, helping you determine which
Undoubtedly, part of owning a business is understanding that you may face high competition and crowded industries. Knowing how to make your business stand out and what sets it apart from the competition is vital to keep it from fading into the background. In other words, you need to know how to differentiate
Getting funding for your startup business is one of the most important decisions you’ll make as a business owner. The type of startup funding you choose will have long-lasting impacts including: Startup funding can cover the initial costs of setting up and running a company. It can also help you continue to grow
The biggest rule of thumb when running a company is to keep your personal and business finances separate. To do that, you need to choose the best business bank for you, which may not be the same one you use for your personal finances. Business bank accounts have different terms and benefits than
One of the most important decisions for business owners is which type of business entity to form. Your business structure impacts your tax savings, accounting practices, and how you pay yourself. Examples of business structures include: Businesses often weigh the pros and cons of forming an LLC vs. S corp. xendoo does online
The end of the year is a hectic time for small business owners. Between catching your breath after tax season and managing holiday sales, year-end bookkeeping and accounting tasks understandably fall to the bottom of the to-do list. xendoo is here to help you avoid the year-end scramble. Check out our year-end bookkeeping
As a business owner, you may have heard the term deferred revenue before. But, what is deferred revenue and what does it mean for your business accounting? Deferred revenue is money that you receive from clients or customers for products or services that you haven’t delivered yet. In accounting, deferred revenue can affect
This article was updated on October 19, 2022 with new links, resources, and templates. Bank reconciliation may sound like a daunting task for a business owner, especially those without an accounting background. As a business owner who already has too many tasks and not enough time, you may overlook or put off this
At some point, you may need to buy equipment, tools, and other assets for your business. Those assets tend to wear out after several years and lose their value. Luckily, businesses can write off those expenses if they know about depreciation and how to calculate it. The straight-line depreciation formula is the simplest
If you’re a small business owner, you know that keeping track of all the moving parts can be challenging. Most small business owners keep track of their profit and loss statement, but the owner’s equity is equally important (and often overlooked). In this guide, we will explain what owner’s equity is and how
In accounting, there are two primary methods—accrual and cash basis. The main difference between accrual vs. cash accounting is in how and when you record income and expenses in your books. Each accounting method has advantages and disadvantages. If you’re not familiar with accrual vs. cash basis accounting, we’ll help you understand what
Receipts play a surprisingly important role in running a business. Whether you track receipts to reimburse employee expenses or to prepare for a possible audit, you should keep track of them with one of these best receipt apps. What is a receipt scanner app? A receipt scanner app takes a photo of your
The process of 3-way matching in accounts payable protects your business against incorrect or fraudulent invoices. It mitigates risks in your company’s spending by making sure you don’t overpay for services or fall for counterfeit invoices. It may sound like no one would fall for invoice fraud—when a scammer pretends to be a
Retained earnings are a key indicator of a company’s financial performance. Read on to learn about what they are, how to calculate them, prepare a retained earnings statement, and more. What is the difference between retained earnings, revenue, net income, and shareholders’ equity? Retained earnings represent the portion of a company’s net income
If you’re managing a business—and your books—you’ve probably had to learn what is accounts payable vs. accounts receivable. Accounts payable and accounts receivable are two different sides of the same coin. In this case, the coin is your business. One tracks money that is going out. The other tracks money coming in. Both
When a small business makes sales on credit, there’s a chance of having bad debt expenses. Most businesses use the bad debt expense formula to account for them. Even the customers with the highest credit record can go bankrupt and fail to pay their debts. Tracking and recording these debts gives you an
Balance sheets and income statements are indispensable financial tools for all business owners. What should businesses know about the balance sheet vs. income statement? The two complement each other in tracking vital financial metrics such as net income, expenses, profitability, and more. However, there are differences between the two documents. Understanding these statements
If you run a business, you’ve likely wondered–how much does it cost to hire a tax accountant? Do I need accounting services, and will they save me more money than they cost? While doing accounting and business taxes, you may worry about making mistakes or missing opportunities that a pro would spot right
If you are reading this, then it probably means you’ve just launched or intend to start a new business in the near future. As you try to figure out which need to prioritize in your new venture, it is crucial that you first learn how to set up accounting for a new business.
As tax season looms, you may be wondering whether you should have an accountant prepare your taxes. In addition to considering how much an accountant costs, you’ll also want to consider how long an accountant will take to do taxes compared to trying to do it yourself. How do you know when to
Author’s Note: This blog post was updated on February 22, 2022, to include new information, resources, and links. Accounting for startups means more than just keeping up-to-date financial statements and records. Startup founders wear many hats, from sales to accounting. Accounting may not be on the top of the list, but it is
This year, make things easier on yourself by planning ahead. You’ll thank yourself for filing business taxes according to the prescribed deadlines. Not only will this save you from sweating over a shoebox full of receipts, but making on-time tax payments will save you from any late fees or interest payments. To help
Tax season can be stressful, especially if your books are behind, inaccurate, or both. We estimate that roughly 25% of small businesses seek information on how to catch up on business taxes and get their financial records in order. The benefits of clean, accurate books extend far beyond tax season. When your books
Whether they coach chess players or sell organic puppy food online, every small business owner shares a common driving force: a passion for growing their business. Increasing sales and gaining new customers is one part of the equation. Consistent bookkeeping provides the financial insight needed to strategize for long-term success. With so many
When businesses are first created, every responsibility falls on the business owner. As they juggle increasing sales, customer service, marketing, and even bookkeeping and accounting, two questions come to mind – how do I pay myself? How do I pay my business’s taxes? Self-payment for small business owners is far from simple. There
Every partnership owner faces the unique challenges of self-payment, tax filing, and maximizing their tax savings. Although they would rather focus on growing their business, taxes and payroll often take up too much of their valuable time. If the self-payment struggle is all too familiar to you, xendoo is here to help. We
When businesses are born, business owners are likely not daydreaming about taxes and payroll. Yet, they still face the unique challenge of figuring out how to pay themselves, file their taxes, and maximize their tax savings. As their business grows, many business owners opt for S-corporation Election due to the tax advantages it
Business owners have a ton of demands on their plate, from bringing on the right staff members to marketing their products and working to improve the customer experience. But as your business starts to take off, it can leave you with a difficult choice. Should you focus on growing your core business or
Running an eCommerce business can sometimes feel like a juggling routine. You’ll have to stay on top of your transactions, inventory, administrative fees, and more. Chances are that your accounting and bookkeeping needs are low on your list of priorities, but that can come back to bite you. Managing your own books may
When it comes to sheer exposure for your business, it’s hard to beat Amazon. If you’ve been using an Amazon FBA (Fulfilled by Amazon) account, then you might already be familiar with the administrative fees associated with warehousing, packing, shipping, and customer service. But there’s another need you’ll have to consider: accounting and
National Women’s Small Business Month celebrates women’s achievements in business, and highlights what they bring to their communities as small business owners. We took a moment to interview xendoo founder and CEO Lil Roberts, to get insight into what it takes to be a successful entrepreneur, and the importance of women leading in
How Much Money Can I Make? As franchisors work to sell franchises, one question they will always be asked is, “how much money can I make?”. The answer to this question can be found within one section of the Franchise Disclosure Document: Item 19. In order to create a compelling Item 19, franchisors
Every small business owner should have access to an accountant. A small business accountant can provide guidance at every stage of your company’s development, and they can be invaluable when it comes to tax preparation, succession planning, and more. An online accountant can also deliver these services at a price that fits the
Bookkeeping is Holding You Back Business owners know their companies like the back of their hands. They are the head of every department and perform the work of multiple people. Of all the roles they play, our customers express that the bookkeeper role is their least favorite. DIY bookkeeping holds business owners back
Bookkeeping is critical to the financial health of every business, but business owners rarely have the time (or desire) to manage it themselves. To take their time back, many business owners choose to outsource their bookkeeping and accounting. There are many options available, from traditional CPAs to tech-savvy online companies. So, how do
Where to Begin? Businesses are created because business owners have a passion that needs to be pursued. They may be changing the world and even their own lives. Payroll, however, is most likely not their passion. Yet, every business owner faces the unique challenge of figuring out how to pay themselves. Paying yourself
Owning a small business requires you to make a constant stream of decisions, one after the next, day after day. While you might have little trouble making decisions on the things that are core to your business – like what products to stock or what services to offer – other choices are outside
Author’s Note: This post was updated on February 23, 2022, with new information, links, and resources. Bookkeeping is vital to the success of every business, but business owners rarely have the time (or desire) to manage it themselves. Many small businesses save time by partnering with an online bookkeeping and accounting team. However,
There are a lot of things people don’t tell you about being a small business owner before you get started. Between serving customers, managing employees, keeping your books up to date, and struggling to build the reputation of your brand, it’s a constant process of learning on the job. Also, you probably didn’t
Everyone was affected in one way or another by the COVID-19 pandemic. Whether it was by contracting the disease, dealing with illness in your family, or just the extended effects of the shutdowns and restrictions, this global event didn’t leave anyone untouched. For business owners, the challenge of keeping the doors open and
Editor’s Note: This post was originally published in November 2019 and has been revamped and updated for accuracy and comprehensiveness. As the owner of a new real estate business, you’re probably aware of the unique characteristics of your industry. You take a personal interest in the real estate market, and you are excited
Editor’s Note: This post was originally published in June 2018 and has been revamped and updated for accuracy and comprehensiveness. Let’s face it, bookkeeping for a business in the real estate industry is complicated. That holds true whether your niche is sales, management, construction, or tax and legal services. Unlike some other types
Becoming a third-party seller on Amazon is an exciting opportunity for many small businesses. After evaluating the pros and cons of selling on Amazon, you may decide to go with an Amazon FBA (Fulfilled by Amazon) account. You’ll pay a fee to use Amazon’s warehouses, packaging and shipping, and customer service. One thing
Is getting people to pay their invoice balance a challenging part of running your own business? You are not alone. According to a report in Entrepreneur, on average, small businesses had $84,000 in unpaid invoices. Waiting weeks and sometimes months for the checks to arrive and managing cash flow in the meantime can
As a small business owner, you want to keep your head in the game. After all, you started your business because you’re passionate about the work you do, and you want to connect your products and services to customers. So why are you trying to juggle your own books? We understand the pressures
You’ve set up your online store set, and orders are starting to come in. But in your rush to pack, ship, and sell, there’s a good chance you haven’t made time to integrate accounting software with your eCommerce software. By downloading a third-party app plug-in, you are just a few clicks away from
As a new business owner, you have a lot to manage on your eCommerce site. From making sure that customers can easily find what they need to creating an easy path to purchasing your goods, it may leave less time to tidy up the little things in your accounting processes. However, these mistakes
Small business owners are notoriously short on time. They manage everything from sales and marketing to employee scheduling and benefits, not to mention being an expert in whatever good or service it is that their business offers. And there are hurdles every step of the way as you try to grow your business.
Bookkeeper? Accountant? CPA? Which one does your business need, or does it need all three of them? Actually, it depends. Staying on top of your business’s finances is key for a small business owner, but you may need more than day-to-day bookkeeping. When you have more questions than a bookkeeper can answer, you’ll
A skilled accountant will keep you tax compliant and ensure that you’re always in-the-know and focused on the big picture when it comes to your financials. Yes, you could try to do it all yourself, but do you have the time or expertise? (Or the interest!?) And cost can definitely feel like a
Cover sheet Form W-3 is a federal form that Gusto files with paper copies of the Form W-2 to the Social Security Administration (SSA). This form is not required for electronically filed W-2s. W3 Tax Form Since Gusto files most federal W-2s electronically, if there are changes or corrections to W-2s, you won’t
As a professional consultant, you spend plenty of time determining how other businesses work. But, how much time have you put into determining the shape of your own business? Choosing the best legal entity for your enterprise will help minimize your risks and maximize your profits. That way, you can concentrate on consulting.
Looking to cut your business income tax rate by up to 90%? Locating in Puerto Rico might be your answer — if you’re willing to play by their rules. What Is Act 20? It’s no secret that Puerto Rico needs to boost its economy. And because it enjoys a special status within the
When you’re starting as an independent contractor, accounting practices may not be top of mind. But now is the perfect time to develop those good habits that will save you a ton of hassles and heartaches later. 1. Save Receipts As a business owner, you’re entitled to many tax deductions on expenses, from
Every month you receive a P&L statement from xendoo. In a nutshell, it tells you whether your business made a profit or a loss — for the month as well as the year to date. It can do more than that, though, if you know what the numbers mean. Here’s a quick guide. Revenue
A state resale certificate exempts you from paying sales tax on items or services you buy in that state for the purpose of reselling, renting, or leasing them out. Here’s an overview of the regulations you’ll need to follow in the state of New Jersey. Sales Tax Exemption for Buyers Purchases that qualify
If your business sells, resells, or makes new products from purchased stock, then your inventory is probably your biggest asset. The right accounting tools can help you make sure that inventory maintains its value, as well as guide business decisions for maximum success. Types of Inventory First, determine what type of inventory you
It’s all too easy to dip into the company’s bank account as and when you need to. But there are many good reasons to put yourself on a fixed salary, including simplifying your tax return, protecting yourself from the company’s debt liability…
Putting your accounting in the cloud offers huge advantages, including speed, accessibility from anywhere, and reduced on-site storage needs. But first, make very sure that your provider meets your standards and requirements. What a Cloud Provider Provides You’re probably familiar with cloud storage for files; it simply means that this data is stored
No matter how much they hate it, small business owners tend to do their own accounting. They’ll tell you they’d love to hire a bookkeeper, but they just can’t justify the expense. What they don’t take into consideration is all the ways a professional CPA can cut business expenses, take advantage of savings
Inevitably, somewhere between the manufacturer and the cash register, some of your merchandise disappears. Every retailer has this problem; in fact, it adds up to more than $42 billion in annual losses nationwide. The three biggest causes of shrinkage are administrative errors, employee theft, and customer theft. Here’s how to counteract them. 1.
Accounting is a core part of running a business. It affects how performance is measured, how decisions are made, and how confidently a business can plan. As businesses have grown more complex, the way accounting is handled has evolved as well. Today, there are different models for managing accounting work. Traditional accounting and
The 2026 tax season is here, and that means it’s time for businesses and self-employed individuals to make sure they understand their 1099 filing obligations. Whether you hire independent contractors, pay rent, or make miscellaneous business-related payments, certain 1099 forms must be filed both with the IRS and with the recipients. Meet those
As eCommerce businesses scale, growth often outpaces visibility. Sales increase, channels expand, and payouts accelerate, yet many business owners still lack a clear view of what is actually driving profit. This gap was the focus of a recent A2X × Xendoo webinar, where A2X Head of Marketing Geoffrey Gualano shared the stage with
As 2025 comes to a close, the window to reduce your tax bill is still open, but only if the right moves are made before filing season begins. The most impactful deductions are found and applied before year-end, not after returns are submitted. Identifying opportunities now gives business owners time to take action,
Summary To get your eCommerce books ready for tax season, make sure your numbers are accurate. Check your COGS, update your inventory, record all marketplace and processing fees, review shipping and fulfillment costs, and confirm every return and refund is in your books. Make sure your payroll, contractor payments, sales tax, and all
Today’s eCommerce businesses run on data, automation, and speed. Whether selling on Shopify, Amazon, or multiple online channels, success requires an accounting and HR stack built for modern online selling, avoiding manual or disconnected systems that slow businesses down. Xero, Gusto, A2X, and Xendoo form the foundation for that system: A connected, technology-driven
The new partnership between Xendoo and Boundless AI bridges the gap between clean, up-to-date books and smart, accessible funding. Business owners gain accurate financials, real-time insights, and priority access to over 150 trusted lenders, all in one place. Together, Xendoo and Boundless AI help small businesses stay organized, secure capital faster, and make
Why Small Businesses Need Bookkeeping Services in a Changing Economy For many business owners, the economy feels uncertain. With unexpected market shifts, rising tariffs on outsourced goods, and steadily increasing costs, the path forward may feel uncertain. In moments like these, the pressure of every decision intensifies, yet the expectations remain. You are
Why Business Tax Planning Matters Welcome to the ultimate Business Owner’s Guide to Paying Less in Taxes. Many small business owners overpay in taxes simply because they miss out on deductions, tax credits, and strategic tax planning opportunities. Whether you’re a freelancer, eCommerce entrepreneur, or agency owner, this guide will help you understand
Key Takeaways from the Webinar Our CEO and founder recently joined the Better Business Bureau (BBB) of South Florida for a webinar packed with practical accounting, bookkeeping, and small business tax write-off tips for small business owners. Whether you’re a startup, an e-commerce entrepreneur, or scaling your professional services, this webinar offers valuable
Tax write-offs are one of the most effective tools small business owners can use to reduce taxable income and keep more money in their business. But tracking and maximizing these deductions requires a strategic, year-round approach. This guide will help you understand tax write-offs, common mistakes, and practical strategies to ensure you’re not
What Is a Fractional CFO, and Do I Need One? As your business grows, so do its financial complexities. You may find yourself needing more strategic financial guidance than a bookkeeper or accountant can provide but aren’t ready to hire a full-time Chief Financial Officer (CFO). This is where a fractional CFO can
Small Business Resolutions The beginning of a new year is a natural time for reflection and goal-setting, and this applies to businesses just as much as individuals. For small business owners, 2025 is full of opportunities to strengthen operations, build deeper customer connections, and achieve new milestones. To help you make the most
When it comes to taxes, small business owners often think about planning in January. But waiting until the new year to act could mean missing out on critical opportunities to save on 2025 taxes. According to Louis Goldenberg, Director of Tax at xendoo, effective tax planning begins in 2024. Taking action before the
Schedule Your Tax Planning Call Now | Maximize Year-End Savings As the year draws to a close, small business owners face countless priorities, from meeting financial goals to preparing for the new year. However, one task that shouldn’t be overlooked is tax planning. Schedule your tax planning call now to maximize year-end savings
Businesses can grow quickly, and when that happens, keeping your financials and data in order becomes crucial. Potential buyers want transparency and assurance that your business is running smoothly. That’s where exit planning comes in. By managing your business from day one as if you were going to sell it, you set yourself
Running an eCommerce store on Shopify is exciting, but with growth comes responsibility—especially when it comes to accounting. Whether you’re tracking inventory, managing payments, or keeping up with tax requirements, staying on top of your finances can quickly become overwhelming. But with the right approach, you can simplify your Shopify accounting process and
You’ve been in business for a while, and your next steps require you to obtain a small business loan. Your lender responds to your request favorably but asks to see your company’s recent balance sheet. With little experience in reading financial statements, this request makes you freeze in your tracks, uncertain of how
In the ever-evolving business landscape, small to medium-sized businesses (SMBs) are increasingly adopting innovative tools to streamline operations and enhance financial management. One crucial determinant of success for any SMB is how it handles its monthly finances. Good accounting practices not only conform a business to regulations but also create valuable information that
In the dynamic world of small and medium-sized businesses, flawless financial management is key to success. Effective accounting and bookkeeping can either bolster or undermine a company’s growth. For business owners looking to streamline their financial processes, securing the right support is crucial. This guide will walk you through the steps to find
As tax season approaches, getting your financial documents and records in order is crucial to ensure a smooth and accurate filing process. Here’s a step-by-step guide to help you prepare effectively: Obtain Your W-3 Form: Your W-3 form consolidates all individual W-2 forms, reporting employee wages and tax withholdings into one comprehensive
As the election cycle approaches, small business owners must take proactive steps to ensure their businesses remain resilient regardless of the outcome. While the election period can bring uncertainty, strategic planning and sound financial management can help you navigate it successfully. Here’s how small businesses can prepare for the upcoming election and thrive
Technological advancements have continuously reshaped the business landscape, pushing industries into new realms of efficiency and innovation. Understanding these waves—each marked by distinct technological breakthroughs—is crucial for small businesses aiming to thrive in today’s digital era. The Four Waves of Technological Change and Their Impact on Businesses The First Wave: The Industrial Revolution
The Value of KPIs for Small Businesses In the business landscape, It may be difficult to succeed in the ever-changing business world, particularly for small and medium-sized enterprises (SMEs). A well-defined strategy is crucial for these small enterprises, the backbone of our economy. However, these smaller companies often face significant challenges on the
In today’s fast-paced business world, small to medium-sized businesses (SMBs) use innovative tools to streamline operations and improve financial management. Cloud-based accounting solutions are leading this shift, offering SMBs a way to simplify their processes and gain better financial insights. Why Switch to Cloud Accounting? Cloud accounting uses web-based software to manage your
In today’s business landscape, small business owners face the challenge of navigating through financial uncertainties to secure a prosperous future for their enterprises. At the heart of this challenge lies the need for adequate financial forecasting. This tool goes beyond mere prediction as a strategic compass guiding businesses toward stability and growth. Recognizing
It is exciting to start a business, but beyond having a great idea, one needs to work out many things as well. Small and medium-sized enterprises (SMEs) frequently need help shaping their brand in a constantly changing environment where invention, market comprehension, and efficient management are key factors. One crucial thing that may
Managing an eCommerce business extends beyond the simple transaction of goods online. Unlike traditional businesses, eCommerce accounting involves unique challenges, like managing inventory costs, tracking marketing spending across multiple channels, and dealing with complex tax regulations. These complexities can leave you needing help to make sense of your finances and unsure of your
In today’s rapidly evolving business environment, more than merely relying on innovation and agility is required to maintain a competitive edge; it necessitates real-time insights and data-driven decisions. Efficient bookkeeping and accounting are not mere administrative tasks for growing businesses but are strategic pillars for success. Real-time financial management empowers businesses to make
Net income is one key metric that you can use to assess your business’s financial health. It is the bottom line on your income statement, also called a Profit & Loss Statement (P&L), and it tells you how much money you have remaining after deducting your costs and operating expenses from your total
Being a business owner comes with dozens of decisions, one of which is your accounting method. Although there are a handful of accounting methods, most business owners choose between two primary types: cash and accrual. In this article, we’ll explore the main differences between cash and accrual basis accounting, helping you determine which
Undoubtedly, part of owning a business is understanding that you may face high competition and crowded industries. Knowing how to make your business stand out and what sets it apart from the competition is vital to keep it from fading into the background. In other words, you need to know how to differentiate
Getting funding for your startup business is one of the most important decisions you’ll make as a business owner. The type of startup funding you choose will have long-lasting impacts including: Startup funding can cover the initial costs of setting up and running a company. It can also help you continue to grow
The biggest rule of thumb when running a company is to keep your personal and business finances separate. To do that, you need to choose the best business bank for you, which may not be the same one you use for your personal finances. Business bank accounts have different terms and benefits than
One of the most important decisions for business owners is which type of business entity to form. Your business structure impacts your tax savings, accounting practices, and how you pay yourself. Examples of business structures include: Businesses often weigh the pros and cons of forming an LLC vs. S corp. xendoo does online
The end of the year is a hectic time for small business owners. Between catching your breath after tax season and managing holiday sales, year-end bookkeeping and accounting tasks understandably fall to the bottom of the to-do list. xendoo is here to help you avoid the year-end scramble. Check out our year-end bookkeeping
As a business owner, you may have heard the term deferred revenue before. But, what is deferred revenue and what does it mean for your business accounting? Deferred revenue is money that you receive from clients or customers for products or services that you haven’t delivered yet. In accounting, deferred revenue can affect
This article was updated on October 19, 2022 with new links, resources, and templates. Bank reconciliation may sound like a daunting task for a business owner, especially those without an accounting background. As a business owner who already has too many tasks and not enough time, you may overlook or put off this
At some point, you may need to buy equipment, tools, and other assets for your business. Those assets tend to wear out after several years and lose their value. Luckily, businesses can write off those expenses if they know about depreciation and how to calculate it. The straight-line depreciation formula is the simplest
If you’re a small business owner, you know that keeping track of all the moving parts can be challenging. Most small business owners keep track of their profit and loss statement, but the owner’s equity is equally important (and often overlooked). In this guide, we will explain what owner’s equity is and how
In accounting, there are two primary methods—accrual and cash basis. The main difference between accrual vs. cash accounting is in how and when you record income and expenses in your books. Each accounting method has advantages and disadvantages. If you’re not familiar with accrual vs. cash basis accounting, we’ll help you understand what
Receipts play a surprisingly important role in running a business. Whether you track receipts to reimburse employee expenses or to prepare for a possible audit, you should keep track of them with one of these best receipt apps. What is a receipt scanner app? A receipt scanner app takes a photo of your
The process of 3-way matching in accounts payable protects your business against incorrect or fraudulent invoices. It mitigates risks in your company’s spending by making sure you don’t overpay for services or fall for counterfeit invoices. It may sound like no one would fall for invoice fraud—when a scammer pretends to be a
Retained earnings are a key indicator of a company’s financial performance. Read on to learn about what they are, how to calculate them, prepare a retained earnings statement, and more. What is the difference between retained earnings, revenue, net income, and shareholders’ equity? Retained earnings represent the portion of a company’s net income
If you’re managing a business—and your books—you’ve probably had to learn what is accounts payable vs. accounts receivable. Accounts payable and accounts receivable are two different sides of the same coin. In this case, the coin is your business. One tracks money that is going out. The other tracks money coming in. Both
When a small business makes sales on credit, there’s a chance of having bad debt expenses. Most businesses use the bad debt expense formula to account for them. Even the customers with the highest credit record can go bankrupt and fail to pay their debts. Tracking and recording these debts gives you an
Balance sheets and income statements are indispensable financial tools for all business owners. What should businesses know about the balance sheet vs. income statement? The two complement each other in tracking vital financial metrics such as net income, expenses, profitability, and more. However, there are differences between the two documents. Understanding these statements
If you run a business, you’ve likely wondered–how much does it cost to hire a tax accountant? Do I need accounting services, and will they save me more money than they cost? While doing accounting and business taxes, you may worry about making mistakes or missing opportunities that a pro would spot right
If you are reading this, then it probably means you’ve just launched or intend to start a new business in the near future. As you try to figure out which need to prioritize in your new venture, it is crucial that you first learn how to set up accounting for a new business.
As tax season looms, you may be wondering whether you should have an accountant prepare your taxes. In addition to considering how much an accountant costs, you’ll also want to consider how long an accountant will take to do taxes compared to trying to do it yourself. How do you know when to
Author’s Note: This blog post was updated on February 22, 2022, to include new information, resources, and links. Accounting for startups means more than just keeping up-to-date financial statements and records. Startup founders wear many hats, from sales to accounting. Accounting may not be on the top of the list, but it is
This year, make things easier on yourself by planning ahead. You’ll thank yourself for filing business taxes according to the prescribed deadlines. Not only will this save you from sweating over a shoebox full of receipts, but making on-time tax payments will save you from any late fees or interest payments. To help
Tax season can be stressful, especially if your books are behind, inaccurate, or both. We estimate that roughly 25% of small businesses seek information on how to catch up on business taxes and get their financial records in order. The benefits of clean, accurate books extend far beyond tax season. When your books
Whether they coach chess players or sell organic puppy food online, every small business owner shares a common driving force: a passion for growing their business. Increasing sales and gaining new customers is one part of the equation. Consistent bookkeeping provides the financial insight needed to strategize for long-term success. With so many
When businesses are first created, every responsibility falls on the business owner. As they juggle increasing sales, customer service, marketing, and even bookkeeping and accounting, two questions come to mind – how do I pay myself? How do I pay my business’s taxes? Self-payment for small business owners is far from simple. There
Every partnership owner faces the unique challenges of self-payment, tax filing, and maximizing their tax savings. Although they would rather focus on growing their business, taxes and payroll often take up too much of their valuable time. If the self-payment struggle is all too familiar to you, xendoo is here to help. We
When businesses are born, business owners are likely not daydreaming about taxes and payroll. Yet, they still face the unique challenge of figuring out how to pay themselves, file their taxes, and maximize their tax savings. As their business grows, many business owners opt for S-corporation Election due to the tax advantages it
Business owners have a ton of demands on their plate, from bringing on the right staff members to marketing their products and working to improve the customer experience. But as your business starts to take off, it can leave you with a difficult choice. Should you focus on growing your core business or
Running an eCommerce business can sometimes feel like a juggling routine. You’ll have to stay on top of your transactions, inventory, administrative fees, and more. Chances are that your accounting and bookkeeping needs are low on your list of priorities, but that can come back to bite you. Managing your own books may
When it comes to sheer exposure for your business, it’s hard to beat Amazon. If you’ve been using an Amazon FBA (Fulfilled by Amazon) account, then you might already be familiar with the administrative fees associated with warehousing, packing, shipping, and customer service. But there’s another need you’ll have to consider: accounting and
National Women’s Small Business Month celebrates women’s achievements in business, and highlights what they bring to their communities as small business owners. We took a moment to interview xendoo founder and CEO Lil Roberts, to get insight into what it takes to be a successful entrepreneur, and the importance of women leading in
How Much Money Can I Make? As franchisors work to sell franchises, one question they will always be asked is, “how much money can I make?”. The answer to this question can be found within one section of the Franchise Disclosure Document: Item 19. In order to create a compelling Item 19, franchisors
Every small business owner should have access to an accountant. A small business accountant can provide guidance at every stage of your company’s development, and they can be invaluable when it comes to tax preparation, succession planning, and more. An online accountant can also deliver these services at a price that fits the
Bookkeeping is Holding You Back Business owners know their companies like the back of their hands. They are the head of every department and perform the work of multiple people. Of all the roles they play, our customers express that the bookkeeper role is their least favorite. DIY bookkeeping holds business owners back
Bookkeeping is critical to the financial health of every business, but business owners rarely have the time (or desire) to manage it themselves. To take their time back, many business owners choose to outsource their bookkeeping and accounting. There are many options available, from traditional CPAs to tech-savvy online companies. So, how do
Where to Begin? Businesses are created because business owners have a passion that needs to be pursued. They may be changing the world and even their own lives. Payroll, however, is most likely not their passion. Yet, every business owner faces the unique challenge of figuring out how to pay themselves. Paying yourself
Owning a small business requires you to make a constant stream of decisions, one after the next, day after day. While you might have little trouble making decisions on the things that are core to your business – like what products to stock or what services to offer – other choices are outside
Author’s Note: This post was updated on February 23, 2022, with new information, links, and resources. Bookkeeping is vital to the success of every business, but business owners rarely have the time (or desire) to manage it themselves. Many small businesses save time by partnering with an online bookkeeping and accounting team. However,
There are a lot of things people don’t tell you about being a small business owner before you get started. Between serving customers, managing employees, keeping your books up to date, and struggling to build the reputation of your brand, it’s a constant process of learning on the job. Also, you probably didn’t
Everyone was affected in one way or another by the COVID-19 pandemic. Whether it was by contracting the disease, dealing with illness in your family, or just the extended effects of the shutdowns and restrictions, this global event didn’t leave anyone untouched. For business owners, the challenge of keeping the doors open and
Editor’s Note: This post was originally published in November 2019 and has been revamped and updated for accuracy and comprehensiveness. As the owner of a new real estate business, you’re probably aware of the unique characteristics of your industry. You take a personal interest in the real estate market, and you are excited
Editor’s Note: This post was originally published in June 2018 and has been revamped and updated for accuracy and comprehensiveness. Let’s face it, bookkeeping for a business in the real estate industry is complicated. That holds true whether your niche is sales, management, construction, or tax and legal services. Unlike some other types
Becoming a third-party seller on Amazon is an exciting opportunity for many small businesses. After evaluating the pros and cons of selling on Amazon, you may decide to go with an Amazon FBA (Fulfilled by Amazon) account. You’ll pay a fee to use Amazon’s warehouses, packaging and shipping, and customer service. One thing
Is getting people to pay their invoice balance a challenging part of running your own business? You are not alone. According to a report in Entrepreneur, on average, small businesses had $84,000 in unpaid invoices. Waiting weeks and sometimes months for the checks to arrive and managing cash flow in the meantime can
As a small business owner, you want to keep your head in the game. After all, you started your business because you’re passionate about the work you do, and you want to connect your products and services to customers. So why are you trying to juggle your own books? We understand the pressures
You’ve set up your online store set, and orders are starting to come in. But in your rush to pack, ship, and sell, there’s a good chance you haven’t made time to integrate accounting software with your eCommerce software. By downloading a third-party app plug-in, you are just a few clicks away from
As a new business owner, you have a lot to manage on your eCommerce site. From making sure that customers can easily find what they need to creating an easy path to purchasing your goods, it may leave less time to tidy up the little things in your accounting processes. However, these mistakes
Small business owners are notoriously short on time. They manage everything from sales and marketing to employee scheduling and benefits, not to mention being an expert in whatever good or service it is that their business offers. And there are hurdles every step of the way as you try to grow your business.
Bookkeeper? Accountant? CPA? Which one does your business need, or does it need all three of them? Actually, it depends. Staying on top of your business’s finances is key for a small business owner, but you may need more than day-to-day bookkeeping. When you have more questions than a bookkeeper can answer, you’ll
A skilled accountant will keep you tax compliant and ensure that you’re always in-the-know and focused on the big picture when it comes to your financials. Yes, you could try to do it all yourself, but do you have the time or expertise? (Or the interest!?) And cost can definitely feel like a
Cover sheet Form W-3 is a federal form that Gusto files with paper copies of the Form W-2 to the Social Security Administration (SSA). This form is not required for electronically filed W-2s. W3 Tax Form Since Gusto files most federal W-2s electronically, if there are changes or corrections to W-2s, you won’t
As a professional consultant, you spend plenty of time determining how other businesses work. But, how much time have you put into determining the shape of your own business? Choosing the best legal entity for your enterprise will help minimize your risks and maximize your profits. That way, you can concentrate on consulting.
Looking to cut your business income tax rate by up to 90%? Locating in Puerto Rico might be your answer — if you’re willing to play by their rules. What Is Act 20? It’s no secret that Puerto Rico needs to boost its economy. And because it enjoys a special status within the
When you’re starting as an independent contractor, accounting practices may not be top of mind. But now is the perfect time to develop those good habits that will save you a ton of hassles and heartaches later. 1. Save Receipts As a business owner, you’re entitled to many tax deductions on expenses, from
Every month you receive a P&L statement from xendoo. In a nutshell, it tells you whether your business made a profit or a loss — for the month as well as the year to date. It can do more than that, though, if you know what the numbers mean. Here’s a quick guide. Revenue
A state resale certificate exempts you from paying sales tax on items or services you buy in that state for the purpose of reselling, renting, or leasing them out. Here’s an overview of the regulations you’ll need to follow in the state of New Jersey. Sales Tax Exemption for Buyers Purchases that qualify
If your business sells, resells, or makes new products from purchased stock, then your inventory is probably your biggest asset. The right accounting tools can help you make sure that inventory maintains its value, as well as guide business decisions for maximum success. Types of Inventory First, determine what type of inventory you
It’s all too easy to dip into the company’s bank account as and when you need to. But there are many good reasons to put yourself on a fixed salary, including simplifying your tax return, protecting yourself from the company’s debt liability…
Putting your accounting in the cloud offers huge advantages, including speed, accessibility from anywhere, and reduced on-site storage needs. But first, make very sure that your provider meets your standards and requirements. What a Cloud Provider Provides You’re probably familiar with cloud storage for files; it simply means that this data is stored
No matter how much they hate it, small business owners tend to do their own accounting. They’ll tell you they’d love to hire a bookkeeper, but they just can’t justify the expense. What they don’t take into consideration is all the ways a professional CPA can cut business expenses, take advantage of savings
Inevitably, somewhere between the manufacturer and the cash register, some of your merchandise disappears. Every retailer has this problem; in fact, it adds up to more than $42 billion in annual losses nationwide. The three biggest causes of shrinkage are administrative errors, employee theft, and customer theft. Here’s how to counteract them. 1.
