As 2019 draws to a close, many are preparing (read: dreading) to file their taxes come April 2020.Taxes are due April 15, 2020. Missing the deadline can open the door to unwanted penalties. Failure to pay on time means the IRS can issue charges of up of 25% of the unpaid taxes. 60 days late to
Accounting for Startups
Accounting for startups entails keeping strict (and accurate) financial records and detailed accounts to project the organization's growth.As a business owner, accounting is absolutely vital to discern what trajectory your business is on, so you know what you can afford. If you're trying to do
What is a Double Entry Bookkeeping System?
Chances are you want a double entry bookkeeping system. If you already have a bookkeeper, there's a good chance your business follows the double entry system.Double entry bookkeeping is a twofold framework that assists with budget summaries. Essentially, it guarantees that for each "charge
What Type of Business Should Operate as a Sole Proprietorship?
A sole proprietorship is undeniably the easiest, lowest-costing entity to form and manage. That said it's not the best option for all businesses, in some cases an S Corp or LLC might make more sense. Here are some of the advantages of a sole proprietorship:Simplicity - This is by far the least
Calculating Your Startup Costs
The myth: most startups lose money for the first two years.The reality: they don't have to.Failure is good, it's a learning experience. We're meant to embrace it, learn from it, and pivot accordingly. That said, why would you set yourself up for failure? Don't dive into a startup expecting to
Why Is My Business Bleeding Money?
If you're asking this question, I can imagine you feel as though you're in dire straits. It's difficult enough to create a sustainable business, let alone grow while you feel as though your expenses are outweighing your profits. Capital and cash always top the list on every entrepreneur's
Should You Hire Or Outsource Your First Employee?
You've started your business, it's growing faster than you imagined. It's glorious, it's exciting, but now you need someone to pick up the slack. You've reached a point where you can afford to pay someone to start doing the "growing" or to handle your existing clients while you focus on growing.
Adding It Up: A Day in the Life of an Accountant
Anyone who has owned a business or faced a difficult tax situation knows how essential accountants are to avoid financial ruin. While I have no doubt you're familiar with some of the services accountants perform, there's a lot more that goes into accounting than filing taxes and bookkeeping. What