Project accounting can be difficult to manage, especially if it includes tracking billable expenses on the go. When employees travel to a client's location to install software or equipment, transportation and living expenses are billed to the client. While the client may not require documentation for every cup of coffee, the IRS does. Getting employees to [...]
When you first started your business, bookkeeping was 15 minutes at the end of the day. Maybe you updated a spreadsheet and tossed a few receipts in a drawer. When tax time came around, you sent the drawer of receipts and the spreadsheet to your accountant. As the business grew, you had less time for [...]
Financial advisors are continually recommending retirement plans to business owners. They often make that recommendation every tax year and wonder why the owners never do. When asked, about 40% of small business owners do not believe they have enough money to invest in a retirement plan for themselves or for their employees. Almost 75% believe that retirement [...]
It's been a long day. You were up at 6:00 and at the construction site by 7:00. It's 10:00 pm, and you're trying to pull together a proposal for a huge construction project that is due tomorrow. Somehow, the numbers aren't coming together, plus you aren't sure what is the best revenue recognition approach to [...]
How are you managing your 1099s these days? Every business owner knows the importance of strong financials. Without a solid balance sheet, it's difficult to receive loans or attract investors. Yet, many companies fail to realize how accurate tax reporting contributes to a financially sound organization. For example, failure to file non-employee compensation on form [...]
At the end of a year-long project, the CEO of a construction company joked that he loved it when a plan came together. Although the CEO was pleased that the project went as planned, he felt that the success was due as much to luck as to planning. After all, only 28% of construction projects come [...]
At first glance, it may seem like all accounting professionals fit in the same box and offer the same skillset. In reality, it’s not that simple. So, how do you know who you should work with and what your company really needs? Let’s talk about four major roles and the differences between them. Bookkeeper The [...]
When it comes to paperwork, most business owners fall into one of two extremes. There are those who have huge boxes full of every receipt, invoice, carbon copy, and cocktail napkin they’ve ever come across (“just in case”), and those who hold onto almost nothing. So, what do you REALLY need to keep for taxes, [...]
When you own a business, it’s easy to think of the assets of the business as your assets. And while this is true to a point, it can cause a lot of problems if you start treating the business’ money as your own, using business accounts for personal purchases and vice versa. This is called [...]
For many small business owners, bookkeeping and accounting can be summed up in one word… Compliance. You may have had another word in mind that I can’t share in this blog post. Either way, it comes down to your books being a necessary evil that you deal with as quickly and infrequently as possible. You [...]
