Quality Bookkeeping: Your First Line of Defense Against Fraud
Fraud is a constant concern for businesses, whether internal or external. It can have various detrimental impacts, including undermining a business’s financial position, exposing it to lawsuits, incurring penalties from tax and regulatory authorities, and damaging its reputation.
The Benefits of Bookkeeping for Budgeting and Financial Planning
Bookkeeping is the systematic process of recording, organizing, and maintaining a business’s financial transactions, and that process’s quality determines its value to the business. Business owners often see bookkeeping’s value as simply ensuring payments are made and received on time and that taxes can be calculated and paid correctly. A truly quality bookkeeping process offers […]
Managing payroll: Tips for Accurate and Timely Reporting
Payroll management can be complex and time-consuming, but accurate and timely reporting is critical for ensuring employee satisfaction and maintaining compliance with the relevant authorities. If a business is unable to reliably keep an accurate running total of employee hours, withholding obligations, sick days, vacation days, health benefits, retirement plans, bonuses, and any other details […]
The Role of Bookkeeping in Preparing for an Audit
For many business owners, the mere mention of an audit can evoke feelings of stress and anxiety. But the fact is that just about any financial documentation an auditor wants to examine is also something that would directly benefit the business’s owners and managers themselves.
Bookkeeping Tips for Franchise Owners: How to Stay on Top of Your Finances
As a franchise owner, you have bought into a proven business model that provides assets such as branding and marketing to help you start and maintain a successful business. With your purchase, however, you’ve also taken on specific commitments and have to abide by particular rules. Let’s look at key steps you can take to implement a bookkeeping process that fulfills both requirements.
Haven’t Started Your Taxes Yet? It’s Ok, Here’s What to do Now
April 17th, the big day for many businesses, is less than a month away, but we know that many small business owners have yet to start – really start – to prepare their taxes, and the pressure is building.
Maximizing Your Business’s Potential: How to Use Tax Returns to Your Advantage
If you just see your tax return as a calculation of what you owe the tax man, you are missing out on a lot of valuable insights. Your tax return is a potential goldmine of insights about your business that can guide your decision-making going forward and open the door for more profits.
Answers to Frequently Asked Questions About Tax Deadlines for 2023
Tax season is here, and that means it’s time to not only gather your documents and file your annual returns but also to plan for the coming tax year. If your only income sources are W-2 based, the annual deadline will be your main focus, but if you are self-employed or own a business, you face several other deadlines over the coming months.
Busting a Few Common Tax Myths
As a business owner, you’re likely always looking for ways to reduce your tax burden and maximize your bottom line. But with all the rules and information to keep track of, it can be easy to accept some of the “tax myths” floating around. Let’s ensure you know some of the more common false beliefs, so you don’t run into problems.
How to Prepare an Effective Franchise Loan Package
So you’ve decided you’d like to be a franchise owner. Now, you’ll need to apply for financing, and that means assembling a loan package to present to potential lenders.