How to Tell If Your Small Business Needs a Part-Time CFO

By | November 11th, 2016|Categories: Bookkeeping, Financial Investments, Small Business|Tags: , , , , , , , , |

Many small business owners are hesitant to hire someone to oversee their company's finances because they are unsure whether the benefits will outweigh the costs. While it's well known that a Chief Financial Officer (CFO) can increase a company's profits by breaking down the financial information into usable data, hiring one can cost a business anywhere [...]

Keep Track of Miscellaneous Deductions

By | October 12th, 2016|Categories: Bookkeeping, Small Business, Tax Information|

Miscellaneous deductions such as certain work-related expenses you paid for as an employee can reduce your tax bill, but you must itemize deductions when you file to claim these costs. Many taxpayers claim the standard deduction, but you might pay less tax if you itemize. Here are some tax tips that may help you reduce your [...]

Lending Money to a Friend? It Pays to Plan Ahead

By | October 8th, 2016|Categories: Accounting, Bookkeeping, Tax Information|Tags: , , |

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example: Let's say you decide to loan $5,000 to [...]

Tax Records: Which Ones to Toss and When

By | September 28th, 2016|Categories: Accounting, Bookkeeping, Tax Information|Tags: , |

Now is a great time to clean out that growing mountain of financial papers and tax documents that clutter your home and office. Here's what you need to keep and what you can throw out. Let's start with your "safety zone," the IRS statute of limitations. This limits the number of years during which the IRS [...]

How Your Current Financial Planning Strategy is Hurting Your Bank Account

By | September 24th, 2016|Categories: Accounting, Bookkeeping, Small Business|Tags: , , |

According to the US Small Business Administration, only seven out of ten small businesses survive their first two years. Increase that figure to five years, and about half survive. How about ten years? Only about a third of small businesses will see a decade of operation. If it wasn't apparent before, the importance of planning for [...]

Five Tips for Safeguarding Your Records

By | July 6th, 2016|Categories: Bookkeeping|Tags: |

Some natural disasters are more common in the summer, but major events such as hurricanes, tornadoes and fires can strike at any time. It's always a good idea to plan for what to do in case of a disaster. Here are some basic steps you can take right now to prepare: 1. Backup Records Electronically. Many [...]