Your business is growing, and you want to handle the financials better. You may be starting a new business and want enough cash to make ends meet. The answer to many financial concerns for small business owners lies in a sound bookkeeping system. Luckily, bookkeeping for a small business is similar to bookkeeping for other businesses. There are steps known as the accounting cycle to help you along.  How to Do Bookkeeping for a Small Business While the term “bookkeeping” may call to mind large binders filled with columns to add up, most of today’s bookkeeping is done on a digital spreadshe ..read more

Is a business credit card the right move for your business? The proper use of a credit card has the same rules for business or personal use. If managed properly, credit cards used for business purposes can benefit small businesses.  Benefits of Business Credit Cards There are two reasons to put a credit card in the name of your business: To take advantage of credit card benefits only available to businesses – some companies reward businesses with exclusive benefits on their business credit cards. Building business credit – you’ll have to decide if it is beneficial for your business to ha ..read more

If you deduct your vehicle mileage for business purposes, you will want to be aware of new standards going into effect. The IRS released new standard mileage deduction rates for 2023. If you have already met the requirements for deducting your vehicle for your business, you’re ready to calculate your mileage and standard deductions based on the new rules. If you’re unsure if the miles you’ve driven are deductible, below is a quick review of what qualifies as business mileage. How Do I Know If Miles Are Deductible? To qualify as deductible miles, you must calculate the miles driven in the vehic ..read more

As we enter the new year, many small business owners focus on tax obligations and how they can reduce the current year’s taxes. However, after the year is over, little can be done to change a business’s tax situation. It is best to get a jump start on next year’s taxes with these helpful year-end small business tasks. Proper tax planning occurs throughout the year with the help of a financial manager such as a Certified Public Accountant (CPA).  3 Important Year-End Tasks to Consider as a Small Business Rather than focusing on taxes at the year-end, here are some forward-looking tasks sma ..read more

Three common roles in a company have the most influence over financial affairs and functions: the Certified Public Accountant, the Chief Financial Officer, and the Controller. Some might find it difficult to know the difference between a CFO and a Controller. These positions could be one person or three distinct individuals.  CPA is a professional designation  CFO and Controller are job titles CPAs, CFOs, and Controllers may be company employees or independent contractors.  What’s the Difference Between a CFO and a Controller? A CFO is an executive job title for someone who ov ..read more

In recent years, many owners have been increasingly moving a business to Nevada. There are several reasons for this, but the primary reason is the perception that Nevada has no income tax.  While this is true at the individual level, tax requirements affecting businesses should be considered before moving a business. Other important factors include the form of the venture and its treatment for tax purposes. Nevada Property and Sales Tax Nevada has no personal state income tax, but just as in other states, Nevada has property tax and sales tax. Business owners looking to reduce their tax b ..read more

Small businesses exist for many reasons, but they all share 3 common purposes: They must be worth pursuing, as envisioned by the person or persons starting them Once pursued, they must continue To continue, they must earn a profit For a small business to succeed, it must have proper, professional small business financial management. What Is Small Business Financial Management? Small business financial management is the practice of helping fulfill a business’s purpose. It can be done well with a few steps. Tips for Successful Financial Management Get the Numbers Right Proper accounting and bo ..read more

Clients often ask what vehicle expenses are tax deductible. While this may seem a somewhat complicated aspect of business ownership, this article aims to help clarify the process. The use of a vehicle is often an ordinary and necessary expense of conducting business and, as such, is eligible for a deduction. Consider these aspects to see if your vehicle qualifies for a deduction. What Vehicle Expenses Are Tax Deductible? Transportation Versus Travel When figuring out if you can deduct your vehicle expenses, the first important thing is the difference between transportation and travel. Transpo ..read more

Clients often ask what vehicle expenses are tax deductible. While this may seem a somewhat complicated aspect of business ownership, this article aims to help clarify the process. The use of a vehicle is often an ordinary and necessary expense of conducting business and, as such, is eligible for a deduction. Consider these aspects to see if your vehicle qualifies for a deduction. What Vehicle Expenses Are Tax Deductible? Transportation Versus Travel When figuring out if you can deduct your vehicle expenses, the first important thing is the difference between transportation and travel. Transpo ..read more

When it comes to a business’s financials, much depends on the type of business and the needs and motivation of the business owner(s). Accounting is essential to all small businesses.  Many small businesses that pay little or no attention to their accounting ultimately fail, which is the last thing we want.  Outsourcing accounting can help a small business keep track of its financials while minimizing the cost and time invested in bookkeeping. What Does It Mean to Outsource Accounting? All businesses, regardless of their specific functions, strive to satisfy the needs of their custome ..read more