News & Updates

4 Things That Affect Your Business’s Cash Flow   1.Accounts receivable Consider your accounts receivable process. Look at it from all angles. Let’s define accounts receivable to start. These numbers or total numbers are what is owed to you by all your customers or clients. This is money that you need to collect. They are open invoices. In terms of cash flow, consider these questions about accounts receivable. When do you invoice your customers? Right away? Before the job? Or do you take a lot of time to send the invoice for your services? All this timing matters. Do you […]

Should I have a business savings account for my small business? Yes! Here are a few reasons why you should consider using a business savings account:   1.Save money for taxes. Instead of reacting to a tax bill, proactively save to pay your tax bill. There’s nothing worse than completing a full robust year of business to drain your bank account for the IRS or the state. It comes all at once and can feel like a blow to your gut! A better approach is to watch your numbers and reports. Specifically, after your bookkeeper is done reconciling the month […]

As tax season approaches, businesses using subcontractors need to ensure they are tracking payments and preparing 1099 forms correctly. With QuickBooks Online, small business owners have a powerful tool to make this process easy. In this post, we’ll share expert tips on collecting W9 forms, recording expenses, separating reimbursements, and reviewing reports to make tax time straightforward. By following this advice, you can avoid headaches and feel confident submitting accurate 1099 info to the IRS and your subcontractors.     A 5 Step Checklist   1. Collect a W9 Form Collect a W9 Form before paying your subcontractor for the […]

Cheers to the new year! As another year comes to a close, there’s hope on the horizon for what the new years has to bring. Regardless of your small business’s industry, services, or processes, it’s essential to create a plan for your business’s financial success. At the beginning of the new year, we recommend these five financial planning tips to help your small business grow!     Financial Planning Tips   1. Conduct a year-end review. To get started with the financial planning process you should first conduct a year-end review. Investigate your small business’s finances from the previous year […]