Blog Category: Accounting, Payroll, & Taxes
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1099 vs W2: The Difference, Why it Matters, and Everything in Between
The American workforce is changing dramatically. An increasing number of Americans are breaking ties with employers and going out on their own. This is causing employers and the workforce to make decisions between 1099 vs W2. These individuals classify themselves as independent workers and are technically their own boss. They work under contract with another […]
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Invoice Example Reference Guide for Small Business Owners
It’s no secret that sales are the lifeblood of your business. This is true whether you’re a freelancer, small business owner, or CEO of a Fortune 500 company. Unless customers are already paying for your goods or services, your brand is just a dream on paper. Yet, before that big day comes and you make […]
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How to Reconcile in QuickBooks: A Start-To-Finish Guide
Are you one of the more than two million people who use QuickBooks for their business’s financial and operational needs? If so, you know that the tool is robust enough to handle large-scale transactions but nimble enough to support startups. To get the most use out of your software investment, it pays to know your […]
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Bankruptcy Foundations: Chapter 11 Bankruptcy
We are living in unprecedented times as the COVID-19 virus takes hold of the world. As businesses are forced to close, business owners are in desperate need of a solution. For many business owners affected by this pandemic, filing for Chapter 11 bankruptcy seems like the only option. If you’re a business owner struggling to […]
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How to Choose the Best Payroll Service for Your Business
Research shows that more than 50% of business owners completely outsource their payroll service and tax reporting services. Moreover, nearly all businesses outsource at least a portion of their payroll in some capacity. They do so to help manage costs, lower risks, minimize exposure, reduce manual efforts, and ensure access to skilled staffing. Are you looking […]
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Net Working Capital (NWC): Everything You Need to Know
According to statistics, 82% of business failures are due to insufficient cash flow and a lack of net working capital (NWC). Perhaps more alarmingly, global reports show that more than 90% of businesses may not have a transparent view of their cash flow. If you are looking to optimize your cash flow, one of the […]
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An Employer’s Guide to IRS Form 940
Congratulations! Your business is off the ground and you’ve hired your first W-2 employees, now it’s time to learn what a Form 940 is. As you prepare to run payroll, you’ll notice that there are multiple forms to complete, taxes to pay, and complexities to navigate. Maintaining a team takes more work than simply running […]
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Small Business Tax Deductions for 2020
Do you want to know one of the easiest ways to reduce your income tax bill? It’s claiming for all of your business’s relevant and possible tax deductions. We know that filing your taxes can be intimidating and time-consuming, but we hope to make things simple by sharing the easiest tax write-offs that can help […]
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A Simple Profit and Loss Statement Template for Businesses
As a business owner, you’ll be responsible for managing the financial health of your business. From handling the accounting duties yourself or having others take on this task. One of the more important documents for any type of a business is a profit and loss statement template. If you’re outsourcing these services then it pays […]
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A Sample Profit and Loss Statement for a Small Business
As a small business owner, you’re deeply involved in every aspect of your company. You might be the hiring manager, marketing director, and accountant, all in the span of one day which is why you need to know what a profit and loss statement is. Knowing the roles you have to play is important to […]
