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Across invoicing and payment platforms, business owners are increasingly seeing a simple prompt: “Get paid now.” It appears helpful. Immediate cash. No application. No paperwork. Just a click. What many business owners don’t realize is that these offers are often a form of embedded invoice factoring, and the long-term cost is rarely obvious
Summary: As businesses become more profitable, choosing the right tax structure becomes an important planning decision. This blog explains when electing S Corporation status makes sense, how it works, and why timing matters. It breaks down the potential tax benefits, eligibility considerations, and steps involved in making the switch, while emphasizing the importance
Successful small-to-medium-sized business operations depend heavily on efficient financial management in a changing environment. These businesses need highly skilled financial expertise because, as they expand, their financial requirements often become increasingly complicated. This is when the role of a fractional CFO becomes relevant. Fractional CFOs are becoming increasingly popular among entrepreneurs because they
A common question that business owners ask is: How do you pay yourself? Depending on your business entity type, the question may be: How do you pay yourself from an LLC, sole proprietorship, S corps, or C corps? Typically, you pay yourself from an LLC through an owner’s draw. However, it depends on
Are you trying to figure out how to create an invoice? With about 61% of most payment delays being due to billing issues, you don’t want to fall in the same pit as the rest. In fact, you want to get paid as soon as possible for the goods or services you provide.
Tracking business expenses is one of the smartest things you can do to take control of your company’s finances. With better organization, you’ll find that your business is more streamlined and profitable, and you’ll be dealing with fewer headaches when tax season rolls around. If you ever find yourself facing an IRS audit,
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
In recent years, we’ve seen a reopening of the debate over minimum wage. Advocates are currently pushing for an increase to $15.00 per hour by 2026, with the door open to possible increases in the years after that. If you’re a worker, this is good news. A slight bump in the Florida minimum
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
Editor’s Note: This post was originally published in February 2017 and has been revamped and updated for accuracy and comprehensiveness. It’s no secret that the restaurant business is tough, even in the best of times. Really tough. Even before the COVID-19 shutdowns, industry analysts estimate the failure rate for new restaurants in the
Remember back when you had to decide on a name to register your new business, forming a limited liability company—LLC? Now your small business has grown up thanks to your hard work and dedication. You may have outgrown your current legal status and it’s time to change from an LLC to S Corp
Subscriptions are the most important revenue stream for software-as-a-service (SaaS) businesses. Yet many accountants don’t correctly record that revenue in the company’s books. This makes it difficult to see your true financial position and make informed decisions. What Is Deferred Revenue Say your customer pays you $6,000 for a 1-year subscription. Instead of
Imagine being able to erase what you thought was an unavoidable cost of living or doing business. That’s exactly what you can do if you reside or locate your business in one of the seven — soon to be eight — U.S. states that don’t have an income tax: • Alaska • Florida
Did you know that before the Women’s Business Ownership Act of 1988, many states required a woman to have a male guarantor for her business loan? Times have certainly changed since then. In fact, 40% of U.S. businesses are now owned by women. You’d think banks couldn’t afford to ignore such a large
You’ve probably read in some of our other blogs that you shouldn’t put personal expenses on your business credit card (and vice versa). But there are also some business-related expenses that shouldn’t really go on that card, either. Why Have a Business Credit Card? In the first place, it just makes life easier
You’re just a small business. Is it really necessary to go beyond an Excel spreadsheet to keep track of finances? Well, it may not be absolutely necessary, but it sure would save you a lot of time and hassles. Here are 4 ways spreadsheets let you down — and accounting software does it
When your balance sheet isn’t showing a healthy profit margin, there are two routes you can take: raise your prices or cut operating expenses. Which is the riskiest? Most business owners would say it’s raising prices, for a variety of reasons ranging from competitive pressures to possible loss of customers. So, if your
The vast majority of small businesses need a loan to get started or take advantage of a growth opportunity. That’s all perfectly normal. But what if the amount of debt — not to mention all that pesky interest you’re paying — is causing you sleepless nights? Then you’ll want to pay down that
All too often, new start-up businesses go with the accounting software that seems to be cheapest, or most popular, or as recommended by their father-in-law (even though his business is totally different). A couple of years down the road, it becomes clear that their choice is not really meeting their needs — costing
Did you know that you don’t have to register your limited liability company (LLC) in your home state? Instead, you can file in one of the states below, and save considerably on fees and state income taxes. There are also advantages to keeping all the paperwork close to home. Before you decide which
As a small business owner, you’re always the last one to get paid — after employees, suppliers, lenders, and everyone else who contributes to keeping your doors open. But that doesn’t mean you should never get paid! After all, you need money to live, too. Struggling with your personal finances will only add
For many businesses, equipment will be their biggest expense. Whether its computers, manufacturing machinery, or vehicles, what may seem like the easiest answer right now might end up costing you more in the long term. Here are some factors to consider when deciding what’s right for you. Cost Buying the equipment will require
We’ve all seen the news reports about companies collecting and sharing customers’ personal information without their knowledge or consent, not keeping sensitive information private, and not adequately protecting their systems from hackers. Now the European Union has done something about it, by enacting the GDPR (General Data Protection Regulation) in May 2018. But
Across invoicing and payment platforms, business owners are increasingly seeing a simple prompt: “Get paid now.” It appears helpful. Immediate cash. No application. No paperwork. Just a click. What many business owners don’t realize is that these offers are often a form of embedded invoice factoring, and the long-term cost is rarely obvious
Summary: As businesses become more profitable, choosing the right tax structure becomes an important planning decision. This blog explains when electing S Corporation status makes sense, how it works, and why timing matters. It breaks down the potential tax benefits, eligibility considerations, and steps involved in making the switch, while emphasizing the importance
Successful small-to-medium-sized business operations depend heavily on efficient financial management in a changing environment. These businesses need highly skilled financial expertise because, as they expand, their financial requirements often become increasingly complicated. This is when the role of a fractional CFO becomes relevant. Fractional CFOs are becoming increasingly popular among entrepreneurs because they
A common question that business owners ask is: How do you pay yourself? Depending on your business entity type, the question may be: How do you pay yourself from an LLC, sole proprietorship, S corps, or C corps? Typically, you pay yourself from an LLC through an owner’s draw. However, it depends on
Are you trying to figure out how to create an invoice? With about 61% of most payment delays being due to billing issues, you don’t want to fall in the same pit as the rest. In fact, you want to get paid as soon as possible for the goods or services you provide.
Tracking business expenses is one of the smartest things you can do to take control of your company’s finances. With better organization, you’ll find that your business is more streamlined and profitable, and you’ll be dealing with fewer headaches when tax season rolls around. If you ever find yourself facing an IRS audit,
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
In recent years, we’ve seen a reopening of the debate over minimum wage. Advocates are currently pushing for an increase to $15.00 per hour by 2026, with the door open to possible increases in the years after that. If you’re a worker, this is good news. A slight bump in the Florida minimum
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
Editor’s Note: This post was originally published in February 2017 and has been revamped and updated for accuracy and comprehensiveness. It’s no secret that the restaurant business is tough, even in the best of times. Really tough. Even before the COVID-19 shutdowns, industry analysts estimate the failure rate for new restaurants in the
Remember back when you had to decide on a name to register your new business, forming a limited liability company—LLC? Now your small business has grown up thanks to your hard work and dedication. You may have outgrown your current legal status and it’s time to change from an LLC to S Corp
Subscriptions are the most important revenue stream for software-as-a-service (SaaS) businesses. Yet many accountants don’t correctly record that revenue in the company’s books. This makes it difficult to see your true financial position and make informed decisions. What Is Deferred Revenue Say your customer pays you $6,000 for a 1-year subscription. Instead of
Imagine being able to erase what you thought was an unavoidable cost of living or doing business. That’s exactly what you can do if you reside or locate your business in one of the seven — soon to be eight — U.S. states that don’t have an income tax: • Alaska • Florida
Did you know that before the Women’s Business Ownership Act of 1988, many states required a woman to have a male guarantor for her business loan? Times have certainly changed since then. In fact, 40% of U.S. businesses are now owned by women. You’d think banks couldn’t afford to ignore such a large
You’ve probably read in some of our other blogs that you shouldn’t put personal expenses on your business credit card (and vice versa). But there are also some business-related expenses that shouldn’t really go on that card, either. Why Have a Business Credit Card? In the first place, it just makes life easier
You’re just a small business. Is it really necessary to go beyond an Excel spreadsheet to keep track of finances? Well, it may not be absolutely necessary, but it sure would save you a lot of time and hassles. Here are 4 ways spreadsheets let you down — and accounting software does it
When your balance sheet isn’t showing a healthy profit margin, there are two routes you can take: raise your prices or cut operating expenses. Which is the riskiest? Most business owners would say it’s raising prices, for a variety of reasons ranging from competitive pressures to possible loss of customers. So, if your
The vast majority of small businesses need a loan to get started or take advantage of a growth opportunity. That’s all perfectly normal. But what if the amount of debt — not to mention all that pesky interest you’re paying — is causing you sleepless nights? Then you’ll want to pay down that
All too often, new start-up businesses go with the accounting software that seems to be cheapest, or most popular, or as recommended by their father-in-law (even though his business is totally different). A couple of years down the road, it becomes clear that their choice is not really meeting their needs — costing
Did you know that you don’t have to register your limited liability company (LLC) in your home state? Instead, you can file in one of the states below, and save considerably on fees and state income taxes. There are also advantages to keeping all the paperwork close to home. Before you decide which
As a small business owner, you’re always the last one to get paid — after employees, suppliers, lenders, and everyone else who contributes to keeping your doors open. But that doesn’t mean you should never get paid! After all, you need money to live, too. Struggling with your personal finances will only add
For many businesses, equipment will be their biggest expense. Whether its computers, manufacturing machinery, or vehicles, what may seem like the easiest answer right now might end up costing you more in the long term. Here are some factors to consider when deciding what’s right for you. Cost Buying the equipment will require
We’ve all seen the news reports about companies collecting and sharing customers’ personal information without their knowledge or consent, not keeping sensitive information private, and not adequately protecting their systems from hackers. Now the European Union has done something about it, by enacting the GDPR (General Data Protection Regulation) in May 2018. But
