The New Year is one month away, is your business plan ready? If you haven’t started thinking of how you want to approach a new year then it’s time to start. Assess your business based on the goals you accomplished throughout the year, and strive for more in 2019. The first step to thriving is having a game plan.
Your business plan should contain three components: a mission statement, a vision, and a strategy. In plain terms, you need to know who you want to be, where you want to go, and how you’re going to get there. Establish clear and specific goals.
Business owners far and wide know there is one thing you try not to do: get the IRS involved. The best (and only) way to make this happen is to be careful and make sure you are doing everything correctly. We’ve compiled some activities that could be red flags to the IRS and could result in an audit. The best way to avoid an audit is to run your business in an honest and healthy manner.
Something as simple as consistently filing your taxes late can be a red flag and attract the IRS’s attention. This is easy to avoid. Making what seems to be an unreasonably high salary can draw attention to your business, as well. Whether the employee is also a shareholder of the company or if they are given a raise dramatically, it could very well result in an audit. To avoid this, before giving an employee a raise, check to see what the average is for that position in your industry.
Running a business is a challenge. Keeping up with your books is one moving part of running a business. This can either go incredibly smoothly or be a complete disaster. If you’d prefer the former, we strongly recommend you check out QuickBooks. Not only will QB make your bookkeeping easier, it’s also a great tool for helping you run your business. Here are several reasons why QB should be your bookkeeping software:
Skynar Bookkeeping is launching an entirely new monthly QuickBooks group training seminar…and you won’t want to miss it. The class sizes will be limited so instruction can be personalized to what YOU want to learn and ways QB can benefit YOU. These classes will be hosted by Cheryl Skynar, a Certified ProAdvisor with over 20 years experience in bookkeeping.
It’s 2018 and things are evolving, even the business world. Your work hours may be not be set in stone or you may work remotely. There are endless ways to be flexible with your small business these days. Even when running a business on the go, it’s vital to remain prepared and professional, which is why we recommend these five must-haves to successfully run your business from anywhere you’d like:
QuickBooks (QB) has this useful (and great) feature called “Class Tracking” that allows you track your income and expenses. We know what you’re thinking - another great feature?! QB is just too good to be true, we know, but the best part is that it is definitely, very much real. And it’s customizable! If you’re ready to go beyond account-based tracking (we recommend you do), we know just what you need.
The Olympics are well under way and so is tax season! Have you ever wondered what the Olympics and accounting have in common? If we’re being honest, probably not. But, lucky for you, we’re here to show you how the two are related.
If you want to win the gold in curling, you have to win the gold in your accounting, as well. If you are an ice skater, that is your job, so your skate are tax deductible! Same with every other professional sport, as well.
A successful business can be traced back to two things: fantastic finances and excellent marketing. The heart of your business lies in a perfect combination of these two factors.
Let’s talk marketing.
You created your business. That’s step one, and arguably the easiest step. Now what? You need customers. But, how do you get customers? First, they must know about you. If you don’t say “hey, hello, we’re here to service you!” using strategic marketing tactics, then you essentially don’t exist. To get people to know about you, that’s step two.
A common misconception is that small businesses do not need a business lawyer. Nothing could be further from the truth. Regardless the size of a business, it’s always a good idea to have an attorney. It may be crucial to the success of your business. If the time ever comes that an unfortunate event arises and your company is in trouble, it could be too late to hire a lawyer.
When hiring a lawyer, make sure they are familiar with your industry and its legal environment. You should also be cautious of hiring an attorney that represents your competitors. As always, it’s better to be safe than sorry.
The best thing any business can do is simplify and consolidate all their work into more manageable and efficient loads. This can seem like an impossible task but there are ways to do so, and we have the answers! Why overwork yourself when there are tools for you to use that will keep you motivated and energized during the work day instead of burnt out and dragged down? Below are four online tools every small and medium-sized business should utilize for maximum productivity and efficiency - we use/have used all of them!
Outsourcing your bookkeeping/accounting can eliminate any issues of misuse of information, your finances falling into the wrong hands, or any conflicts that may arise if information is given to the wrong person. Taking your financial information out of the workplace will keep it from ever going where it shouldn’t.
Your finances are something that should be kept private, not broadcasted for everyone to see. This applies to your home life and your work life. If you own a business, it may be best for your employees not to be involved in the financial aspect of your company. People may talk, rumors could spread, and information could be leaked. To keep your financial information private and in good hands, it’s a beneficial idea to outsource your bookkeeping/accounting to an outside company.
Accounting and bookkeeping are both essential components to every business, no matter the size. They are services necessary for businesses to grow, thrive, and survive. But, what’s the difference between them? Although accounting and bookkeeping share similar goals, they each help you during different stages of your financial cycle.
Are you afraid of moving to the cloud? With technology so prevalent these days, it’s easy to overlook the safety and security of your business’ private information. The good news is you can rest easy knowing that QuickBooks Online (QBO) utilizes the same level of security as your banks, credit card companies, and other financial institutions. Because QBO is a Cloud Accounting Software, that means all your business’ information will be stored securely, safely, and reliably.
Some people may question the reliability and security of the cloud, but their worries should disappear knowing that an estimated 86 percent of companies use not only one cloud storage system, but many.
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Life can get busy, especially for those who own businesses. Sometimes trying to do it all can leave owners falling short. Work may be left incomplete, overdue or forgotten, and goals may never be reached. Outsourcing is the perfect solution, rather than trying to take on more than they can handle.
Outsourced accounting is a great way for businesses to lessen their workload while also being certain that their accounting is being completed by an expert. Less work, fewer worries.
Not only does outsourced accounting help you lessen your workload, but you can also make better use of your time by growing and strengthening your business. You’ll have more time to give special attention to your employees, clients, and goals. You won’t lose clients or projects due to focusing on making sure the accounting is complete and correct. By outsourcing your accounting, you will never again turn down clients or projects due to being too swamped with work.