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“Nuggets for 6 Figure Small Businesses and More”
Why Every Business Needs a Tax Resolution Plan
Tax problems can derail even the most successful businesses. From unfiled returns to unexpected audits, having a tax resolution plan is essential. Here’s what a strong tax resolution plan includes: Regular Compliance Reviews:Ensure all returns are filed and payments are made on time to avoid...
The Benefits of Year-Round Accounting Support
For many businesses, accounting is a task tackled only during tax season. But high-earning service-based businesses benefit greatly from year-round accounting support. Here’s why: Proactive Tax Planning:Ongoing support allows you to implement tax-saving strategies throughout the year. Real-Time...
Payroll: Are You Compliant and Efficient?
Payroll is one of the most critical yet challenging aspects of running a business. Errors or non-compliance can lead to fines, unhappy employees, and even legal trouble. Here’s how to ensure your payroll system is both compliant and efficient: Classify Employees Correctly:Misclassifying employees...
Building an Emergency Fund for Your Business
You’ve probably heard about the importance of a personal emergency fund, but does your business have one? An emergency fund can protect your company from unexpected expenses or revenue shortfalls. Here’s how to start building one: Set a Goal:Aim to save 3–6 months of operating expenses. Automate...
The Importance of Tax Planning in Mid-Year Reviews
Tax planning isn’t something you should do only at year-end. For service-based businesses earning $250,000 or more annually, a mid-year review is crucial for staying ahead of tax liabilities and uncovering opportunities for savings. Here’s why you should prioritize mid-year tax planning: Avoid...
Mastering Cash Flow for Service-Based Businesses
Cash flow is the lifeblood of any business, yet it’s a common struggle for service-based businesses. Here are steps to master your cash flow: Track Everything:Use accounting software to monitor inflows and outflows daily. Invoice Promptly:Send invoices immediately after providing a service, and...
Business Advisory vs. Traditional Accounting: What You Really Need
When it comes to managing your business’s finances, there’s a key difference between traditional accounting and business advisory services. Traditional Accounting: Focuses on compliance—bookkeeping, tax preparation, and financial statement generation. Business Advisory: Offers strategic insights,...
How to Prepare for Tax Season Without Stress
Tax season doesn’t have to be stressful. With the right preparation, you can tackle taxes head-on and avoid last-minute panic. Here’s how: Organize Your Records:Keep all receipts, invoices, and bank statements in a centralized location. Digital tools like Financial Cents can help. Reconcile...
The Hidden Costs of DIY Bookkeeping
DIY bookkeeping might seem like a cost-effective option, but it often leads to costly mistakes and missed opportunities. Here’s how doing it yourself can hurt your bottom line: Errors in Financial Records:Without proper training, it’s easy to misclassify expenses, leading to inaccurate financial...
How to Pay Yourself Consistently as a Business Owner
One of the most common struggles for service-based business owners is inconsistent personal income. It’s hard to plan your life when you’re not paying yourself regularly. The good news is, it doesn’t have to be this way. Here’s how to set up a system for consistent pay: Establish a Business...
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