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Case Study: Helping a Fast-Growing Nonprofit Keep Pace

January 12, 2021 / by Tom Ross posted in Bookkeeping Services, Kansas City, Nonprofits, Case Study Blogs

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Learn how a religious institution found a nonprofit bookkeeping partner that helped them take their organization to the next level.

Overseeing a growing organization is a challenge under any circumstances. The degree of difficulty is even greater when that organization is subject to stringent 501(c)3 regulations. Such was the case for Cari Hillyer, Vice President and Executive Director of Operations at Holy Family School of Faith Institute (HFSFI), which operates within the Archdiocese of Kansas City, Kansas.

Keeping the Faith and Staying Faithful to Nonprofit Guidelines
Hillyer helped HFSFI grow from just four employees to 15 in addition to adding a for-profit subsidiary. She realized she needed help keeping HFSFI within IRS guardrails while also meeting the organization's mission of "sharing the fullness of Catholicism" through mentorship, pilgrimages, live events, audio Rosaries, podcasts, videos and more.

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Tax Breaks Available to Some Businesses That Got PPP Loans

January 11, 2021 / by Jeff Kordela posted in Chesapeake Region, MD, Business Continuity

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Your company might be eligible for ERC tax credits of up to $5,000 per employee — even if you were previously told your PPP loan made you ineligible.

What started as a health pandemic has become a business pandemic. Many companies, even some that received Paycheck Protection Program (PPP) loans, continue to fight for survival. But some businesses can receive additional assistance thanks to provisions in the Consolidated Appropriations Act (CAA), 2021, which extends Employee Retention Credit (ERC) benefits until July 1.

And if you think changes to the ERC don't affect you because you got a PPP loan, think again. Yes, initially, businesses had to choose between PPP and ERC for pandemic relief. But now some businesses that took PPP loans are retroactively eligible for tax breaks of up to $5,000 per employee under the ERC. If your business qualifies, you don't want to miss this opportunity.

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Creating a Powerful Word-of-Mouth Referral Network

January 7, 2021 / by Mark Wald posted in Small Business Advice, Santa Monica, Bookkeeping Services, Los Angeles, Ventura County, Business Advice

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Ready to grow your business? Learn what to do — and what not to do — to generate more client referrals with word-of-mouth marketing.

When you provide a professional service, as Supporting Strategies does with outsourced bookkeeping and controller services, word-of-mouth can be your greatest marketing asset. Over-deliver for one client and they refer you to another client. Do well for that client and they tell another one. Gradually, your growth becomes exponential. That's how I was able to expand Supporting Strategies | Los Angeles to nearly 250 clients in less than seven years, as I outlined on a recent episode of The Staying Power Podcast.

But a powerful word-of-mouth referral network doesn't just happen on its own. Here's how to create one the right way.

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Case Study: Payments Technology Company Engages High-Tech Bookkeeping

December 29, 2020 / by Leslie Jorgensen posted in Boston, Bookkeeping Services, Case Study Blogs

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Learn how a payments technology company optimized complex financial processes with the help of a high-tech bookkeeping and controller services company.

As an operations expert, Chris Wheeler had a clear mission when he joined Paystri, a Massachusetts-based payment processing firm: Deliver better customer service via evolving technology solutions.

That mission became more complicated when the financial administrator left the company. Wheeler had to find a new solution for handling a series of exacting bookkeeping responsibilities.

An Opportunity in Disguise
What looked at first like an insurmountable burden turned out to be a blessing. Rather than find another financial administrator, Wheeler turned instead to Supporting Strategies for outsourced bookkeeping and controller services. Not only did this eliminate the need for a full-time hire, but it also introduced Wheeler to a highly capable, technology-proficient partner that could work with him in lockstep as he optimized Paystri's customer service solutions.

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How Bookkeepers and CPAs Team up at Tax Time, and Beyond

December 22, 2020 / by Mark Wald posted in Small Business Advice, Santa Monica, Bookkeeping Services, Los Angeles, Ventura County, Business Advice

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Learn how outsourced bookkeeping and controller services support time- and cost-efficient tax compliance and advisory CPA work.

Taxes … ugh!

Tax laws require most businesses in this country to file an annual income tax return. However, they’re so complex and change so often that it’s very tricky for the average business to comply on their own. Certified Public Accountants (CPAs) and IRS Enrolled Agents (EAs) are licensed professionals who devote years of study to mastering tax laws — not just to help their clients comply with the laws, but also to employ strategies to minimize tax expense.

Like lawyers, doctors and other licensed professionals, CPAs and EAs are experts in their field. They invest countless hours each year on continuing education to stay sharp on the ever-changing income tax laws.

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Want to Know How Healthy Your Business Is? Read Your Balance Sheet.

December 17, 2020 / by Steve Barber posted in Small Business Advice, Bookkeeping Services, Business Advice, Northwest Maryland

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From financial wellness to financial intelligence, your bookkeeper and controller can help you gain insight about your business through your balance sheet.

Of all the key financial statements that business owners must understand, including the income statement and cash flow statement, the most important is the balance sheet. It shows the company's true financial position in a way no other document does.

What Is a Balance Sheet?
Anybody who has taken an accounting class knows the formula that the balance sheet is based on: assets = liabilities + owner's equity.

Seems straightforward enough. The key is to make sure you're accounting for each of those categories in its entirety. And the first step is to define the terms:

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Stop Operating by Feel: Why Knowing Your Numbers Is Critical

December 15, 2020 / by Mike Gammarino, Bluprint Partners posted in Santa Monica, Los Angeles, Ventura County

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Note: This blog first appeared on the Bluprint Partners website.

Success in ecommerce or consumer packaged goods requires a great product, a focus on people, process and technology — and bookkeeping on the back end.

One of my favorite reality shows on TV has it all …

Intrigue! Drama! Mystery! Cliffhangers! Joy! Heartbreak!

No, I'm not talking about "The Bachelor." I'm talking about "Shark Tank."

Keeping Your Head Above Water
"Shark Tank" not only is one of the most entertaining 41 DVR'd minutes on TV, but also teaches you about business, finance, invention, pricing, sales, negotiation, winning, losing and perseverance. And if there's one thing entrepreneurs on the show must know, above all else, it's THEIR NUMBERS. Don't know your margins or sales or costs? This is, without question, the quickest way to be eaten alive in the Tank.

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Top 3 Reasons to Use Online Bookkeeping and Move Your Business Forward

December 8, 2020 / by Elliot Hershik posted in Chicago Far West Suburbs, Bookkeeping Services, Business Continuity

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Thinking of switching to remote bookkeeping? You would be in good company. More and more businesses are outsourcing bookkeeping to become more efficient.

As COVID-19 has made clear, remote capabilities are a virtual necessity in all aspects of today's business world, including bookkeeping. If you still haven't taken your books online, here are three reasons why you should, along with tips on how to get started.

1. It's Paperless
Until recently, bookkeeping required lots of paperwork. Invoices, receipts, tax forms — all those individual pieces of paper had to be logged, organized and stored. But if you're still keeping paper records, you're not only wasting time, energy and storage space, you’re taking unnecessary risks.

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Checklist: 5 Things You Can Do Now to Prepare for the New 1099 Form

December 3, 2020 / by Kathryn Wilson posted in Small Business Advice, Bookkeeping Services, Oklahoma City, OK

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Are you ready for the new 1099 form? Did you know that there was a new form? Use this bookkeeping checklist to prepare in five easy steps.

Now is a great time to prepare for the upcoming tax season. The best place to start is making sure your bookkeeping records are accurate and up to date — and that you’re ready for the new 1099 form.

The IRS has a new form for nonemployee compensation (NEC), which businesses previously recorded in Box 7 of the 1099-MISC form. Technically, Form 1099-NEC isn’t new — it was last used in 1982. It’s been a while since 1982 so we all probably need a fresh look at what is required in Form 1099-NEC. Also, note that the filing deadline for the 1099-NEC form is February 1, 2021. The standard due date is January 31 — this year, January 31 is a Sunday, so the due date is February 1. (That's also the deadline for sending copies of 1099-NEC forms to all affected vendors and independent contractors.)

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Give Thanks to Those Who Helped Your Business Endure 2020

November 24, 2020 / by Mark Schanen posted in Small Business Advice, Business Advice, Milwaukee

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This Thanksgiving, reach out to people in your business community to let them know how much you appreciate their continued support.

There was no "business as usual" in 2020. From government-mandated shutdowns to shortages of critical supplies (including toiler paper, of all things), this was a year of continual disruption. And unlike previous years, when Thanksgiving gave us a chance to pause and share our good fortune with friends and family, most of us will be forced to keep our distance as the novel coronavirus pandemic continues through the 2020 holidays.

Such hardships are all the more reason to reach out (virtually) to those in our lives and business communities, near and far, to thank them for all they've done to help us get through this trying year.

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