Bookkeeping & Accounting

We have the smartest and most clever accountant in the world. So we asked him to give us some accounting tips for small businesses just starting out. Here’s what he wrote. It’s solid advice from an accountant who saves us tons of money. If you want a referal to our personal accountant just let me know in the comments. Accounting Tips KISS. Keep it simple starting out. The simplest form of entity for running your

Let’s pretend we’re a donut shop. We started the business because we wanted to make money (and really like making donuts.) No matter the type of business chosen, we ask the same question as we go through setting up and starting: “When do I get to the point where I start bringing in more money than I spend”? We can answer this with the Breakeven Analysis. Start your Breakeven Analysis by asking yourself these questions

The home office tax deduction is real. You’ve probably never used it, but you’ve heard of it because your buddy said his former college roommate who started a web design studio in his basement uses it. But whether you work at home for someone else or for yourself, you may qualify for this deduction. However, the IRS does have rules, and two of their keywords are “exclusively” and “regularly.” In other words, the workspace you

As a self-employer or founder of a small business, it can be difficult to navigate the waters of the IRS annual exam (i.e. taxes). Though you can and should utilize the services of tax professionals and software, it is always good to have a basic knowledge of your own. Personal taxes can be complicated enough; filing as a business can be downright overwhelming. But if you’re willing to sift through the paperwork and read the

If you’re not billing your hours, then why are you even working? Until you know how many hours a week you work, you’ll never know how much you’re actually getting paid. It could be five dollars an hour or five hundred. To learn how much your time is worth, you absolutely need to track your time. Fortunately for you, it doesn’t have to be painful. Here are five downright easy ways you can keep track

Last week we featured a guest post by David Dunne in which he outlined “Easy Accounting Tips For Small Businesses.” If you haven’t read it yet, definitely check it out as it contains helpful tips that are easy to implement right now. In this article we’ll talk about how software can help with bookkeeping to save you time. Bookkeeping Each Week Let’s face it: Bookkeeping can seem scary and time consuming, but only if you leave it

As a business, a crucial part of success is managing your cash flow. All the amazing branding and wonderful customer service in the world won’t keep your doors open. We’ve talked before about how your invoices can be set up to be clear and concise so that you get paid quickly, and about how outstanding invoices “ones that are sent, but not yet late” can be difficult to collect. Today, we’re going to look into why your

Basically no one goes into business because they think to themselves, ”I’m a great business person,” or, “I can’t wait to debate the intricate differences between net 30 and net 90 with clients.” No, you go into business because everyone loves your photographs, or you’re an amazing writer, or because you love to cook and your town needs a food truck. This is great! Small businesses are a fantastic way for people to express their

Year after year it never fails that the age-old misconception about tax preparation rears its ugly head in the form of comments like “I want you to get me back as much as possible” or “Last year my tax guy let me deduct my dry cleaning expenses for my suits.” The misconception I’m talking about is that tax preparation is some sort of black magic whereby CPAs have conspired against the general public to keep

What are estimated taxes? Estimated taxes are taxes paid on income that is not subject to withholding. In other words, any income that hasn’t already had taxes automatically deducted. If you’re someone else’s employee and get regular checks, you’ll notice that a portion of your wages is taken out or withheld for taxes. That means your employer has done the work for you: Figured out your taxes and sent them along to the IRS in