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As we become mostly transitioned to working from home (WFH), it makes many of us wonder if this will be our new normal. Can things ever really go back to how they were? One thing we are learning is that the new normal requires a new mindset.

The work-life balance has been a hot topic of discussion lately as many people WFH find themselves extending their workdays, while others are realizing how many hours they spent away from home. Whether at the office or at home, work will consume you if you allow it. It’s important to set a cut off time every day to help maintain your work-life balance. If you’re stressed, stop what you’re doing and clear your head. 

It’s easy to lose sight of your goals and your sanity when it seems as though most of the country is shut down to mitigate the spread of COVID-19. What are you really supposed to do when no one knows how long this will last? Let’s consider this our Who-Really-Knows Guide into the Unknown. To keep your business goals from slipping through the cracks, we must work to keep the foundation of our business strong. 

Startup businesses often make the same mistakes that lead to the decline of their business. As an entrepreneur or business owner, you put too much time, money, and effort into your business for it to fail. Learn from the mistakes of other businesses and work to adapt accordingly.

One big mistakes startups make is not working with a CPA to plan, predict, and broadcast. CPA’s will point out important items to keep an eye on, and help you create a complete plan. This includes tax planning. Don’t forget about taxes or this will cost you down the road.

There’s so many “what not to do’s” with your money that sometimes you’re not really sure what to do with it at all! Part of running a business is being able to control where your cash goes and how it’s being used. Being proactive and preparing for the future is the best course of action when it comes to running a business. Don’t let surprise expenses stress you out. Instead, beat them to the punch. 

As tax season rolls around, it’s important to know your options and to choose what’s best for you. This includes whether to have a Certified Public Accountant (CPA) do your taxes or TurboTax.

For a little background, TurboTax is an American tax preparation software. It’s the #1 best-selling tax preparation software, which means it must be the best choice for everyone, right? As a matter of fact, if you have opened a small business or own one, hiring a CPA during tax season is the way to go, not a software program.

Accounting is an essential component of every business regardless of size. It’s important to keep in mind the basic do’s and don’t’s of accounting that not everyone may know, but should! These are common and often unnoticed mistakes that can lead to future problems.

Cash Flow vs. Profit

Don’t assume that profit also means there’s cash flow. What’s the difference? Cash flow is the inflow and outflow of money while profit is the extra money left over after expenses are deducted. It would be nice to assume that profit leads to cash flow, but that could give you a distorted view of how well (or not) your business is doing.

Bad Bookkeeping Records and Communication

Not taking your bookkeeping seriously nor communicating with your bookkeeper enough are simple mistakes that need to be avoided. Effective bookkeeping begins with recording each and every transaction. This includes not forgetting to record small transactions—these add up over time. Not only should your transactions be recorded, but they should be categorized. Organization is important for accurate records.

To have these transactions recorded appropriately and accurately, you must communicate with your bookkeeper on a regular basis. They should know what is going on within your business. Not enough communication can lead to unreliable records, as well as more work for both you and your bookkeeper. By avoiding these bookkeeping mistakes, you will be given a more reliable picture of where your business stands.

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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!

Expensify.com