One of the most important tasks of a small business owner is planning for the growth and stability of the business. The best way to do this is with financial forecasting, which is the process of predicting your company’s performance. This is done by considering the historical data of your company as well as the current industry trends. If your business is located in Southeast Wisconsin, Nolan Accounting can help with your company’s financials. We offer a variety of financial services including accounting, bookkeeping, payroll, and tax prep. In this article, we’ll explain the three ty ..read more

Most business owners would agree that a business loss is a bad thing- but it doesn’t have to be entirely negative. You may be able to use your business losses on your personal taxes to reduce your tax obligations on income from other sources. Learn how to deduct business losses when filing taxes. If your business is located in Southeast Wisconsin, let Nolan Accounting handle your financials. We have the experience and expertise to help with tax prep, payroll, general accounting, and bookkeeping. Here’s what you need to know about deducting business losses when filing your taxes. Type ..read more

One of the many responsibilities of owning a small business is paying taxes. Many small business owners claim that paying taxes, while this is one of the most important tasks, is one of the least enjoyable. This is because many of the tax laws can be confusing- which is why it’s important to work with a professional and be mindful of any tax tips. If your business is located in Southeast Wisconsin, consider working with Nolan Accounting. We can help you with all of your accounting needs, including tax prep. By working with us, you can be sure that your taxes will be done right so if the I ..read more

When it comes to running a business, two of the most common types of accounting you must deal with are cost accounting and financial accounting. In this article, we’ll explore both types of accounting. If you are a small business owner in Southeast Wisconsin, contact Nolan Accounting to handle your finances. They specialize in accounting, bookkeeping, payroll, and tax prep services. Defining Cost Accounting & Financial Accounting The differences between cost accounting and financial accounting are closely related to their names: Cost Accounting This type of accounting is res ..read more

If you are a small business owner, one of the best ways to improve profits is to ensure that you are taking all of the small business tax deductions you are entitled to. This will decrease your taxable income, allowing you to hold on to more of your working capital to keep your business running. Unfortunately, the U.S. Tax Code for small businesses is complicated. In this article, we’re going to outline 10 small business tax deductions you should be taking. Small Business Tax Deductions Explained A small business tax deduction (write-off) is a business-related expense that ..read more

Recent analyses estimate the success rate of small businesses to be as low as 50%. In today’s economy, accurate information is critical to making sound decisions and growing a successful business. Even minor errors can have unexpected consequences in small business accounting. Plus, decisions made with incorrect or outdated information can snowball if unchecked. One of the most essential pieces of information is your cash balance. Luckily, the bank reconciliation is a valuable tool to verify every transaction. If you’re interested in accounting advice or financial tips, read on! Abou ..read more

With the holidays just around the corner, it’s time you show a little employee appreciation for the team to recognize their hard work and dedication. Running a small business is hard work, but you couldn’t get anything done without your employees. Whether you’re a team of 10 or 100, each and every person contributes to a whole greater than the sum of its parts and that should be recognized. In this post, we’re going to tell you 4 creative ways to show your employees that you care holiday season. Read on and you’ll be able to create lasting memories with each and every one of them. 1. Give A H ..read more

Imagine if tax preparation was stress-free. The tax season is often stressful for many families, especially if you aren’t familiar with accounting strategies that may lessen what you owe. Some people only pay personal taxes, but business owners must also bear another set of taxes. Organizing small business finances for tax preparation adds extra work, and you want to take extra care to avoid simple but impactful mistakes. The best way to get ahead on your tax requirements and end-of-year goals is to prepare early. These are our year-end accounting strategies for small business owners to stream ..read more

Cutting expenses has become an unfortunate reality for business owners across the country for a variety of reasons: the rising cost of supplies, payroll, and keeping your work environment safe from COVID-19, to name a few. Cutting expenses is never easy, but sometimes it’s necessary if you want to remain profitable. When it’s time for a small business financial evaluation, every expense is open for discussion. Not sure where to start? Keep reading for our tips on how to cut business costs. Cutting Expenses: Examine Your Budget The best place to start cutting expenses i ..read more

Most business owners would agree that a business loss is a bad thing- but it doesn’t have to be entirely negative. You may be able to use your business losses on your personal taxes to reduce your tax obligations on income from other sources. Learn how to deduct business losses when filing taxes. If your business is located in Southeast Wisconsin, let Nolan Accounting handle your financials. We have the experience and expertise to help with tax prep, payroll, general accounting, and bookkeeping. Here’s what you need to know about deducting business losses when filing your taxes. Type ..read more