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Blogs by Lori Coleman


Scale to Succeed: Bookkeeping That Grows With Your Business

November 7, 2019 / by Lori Coleman posted in South Shore, MA, Bookkeeping Services, Providence, RI, Tips for Startups

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How you manage your business’ financial records when you open your doors can come back to haunt you if you don’t think ahead. Plan for success by setting up systems that will scale as your business grows — including your bookkeeping system.

Slicing a Bigger Piece of the Pie
Here's what we're talking about in practical terms: Say you have a side business selling home-baked blueberry pies at a local farm stand. Before you know it, your pies are the talk of the town and you decide to turn that sideline into a full-time business. Obviously, you can't just keep picking blueberries in your backyard and baking pies one or two at a time in your kitchen to meet the demand. It’s time scale up to a full-size bakery.

Moving into your new space is exciting and business is growing. You’ve made a substantial investment in new equipment, infrastructure, employees and vendors, so you might be tempted to try to continue with farm-stand-level bookkeeping. However, half-baked bookkeeping could be just as harmful to your business as half-baked pies.

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Time-Saving Tax Preparation Tips to Close out the Year

December 28, 2017 / by Lori Coleman posted in Small Business Advice, South Shore, MA, Bookkeeping Services, Providence, RI, Bookkeeping 101, Business Advice

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Staring down tax-related deadlines can be the stuff of nightmares if you haven't prepared in advance. Taking a few simple steps sooner rather than later will make life a little easier for your small business this coming tax season.

Here are our essential time-saving tax preparation tips to close out 2017:

  1. Clean up your vendor records. Confirm that you have W-9 forms on file for all vendors. Plus, merge duplicate vendors and deem as "inactive" any vendors that have gone unused for two years.

  2. Collect W-9s. Each time you take on a new vendor, be sure to collect a W-9 form to determine eligibility for 1099 status. In fact, make submission of a W-9 a requirement before issuing the first check — you'll find vendors will comply faster. When requesting W-9s manually, don't use email (which is notoriously non-secure). Rather, use a tool like Track1099, which allows you to request, obtain and store W-9s securely.
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How to Integrate Manufacturing and Bookkeeping

November 7, 2017 / by Lori Coleman posted in South Shore, MA, Providence, RI

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Manufacturing is a complicated business. The actual manufacturing is often the simplest part. It's all the other steps that make it so challenging.

For example, you have to locate a supply of raw materials at a reasonable price. In addition, you have to plan your inventory so you avoid a costly overstock that will leave you strapped for cash, but also keep up with demand so you don't lose prospective sales. Add inventory storage and shipping, along with all the bookkeeping requirements that are part of any business, and — well, again, it's complicated.

Software Solutions
At Supporting Strategies, we noted in an earlier post that QuickBooks Desktop Enterprise Advanced Inventory is an ideal solution for a small manufacturing enterprise (SME) whose greatest challenge is integrating inventory tracking with bookkeeping.

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Accounting Services | Clinton and Trump Talk Taxation

September 19, 2016 / by Lori Coleman posted in South Shore, MA, Providence, RI

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You can’t avoid being barraged by news coverage about the upcoming presidential election. Hillary or Donald? Red or Blue? A never-ending stream of opinions, polls and speculations fill the newspapers, dominate water cooler conversation and crowd our Facebook newsfeeds.    

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Supporting Strategies Client Earns Headlines for Life-changing Services

August 22, 2016 / by Lori Coleman posted in South Shore, MA, Bookkeeping Services

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torchlight has been a Supporting Strategies | 128 & South Shore MA client since 2014, so we're well-aware of the company's important mission. The Boston Globe recently showcased torchlight's work with an article highlighting its online service supporting caregivers of individuals with special medical needs.

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Bookkeeping Services Tip | When and How to Deduct Business Meals

January 4, 2016 / by Lori Coleman posted in South Shore, MA, Bookkeeping Services

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To be sure, deducting the cost of meals at restaurants is one of the more delicious parts of running a business. But as a bookkeeping services provider for many small businesses, I get a lot of questions about how to go about deducting these expenses in the proper way.

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Accounting Services Tip | What to Do When The IRS Gets in Touch

December 31, 2015 / by Lori Coleman posted in South Shore, MA, Bookkeeping Services

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Bookkeeping Services Best Practice: 3 Key Financial Reports to Manage Your Business

November 25, 2015 / by Lori Coleman posted in South Shore, MA, Bookkeeping Services

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As a provider of bookkeeping services to small businesses, I cannot stress enough how important it is for business owners to maintain insight and understanding into their financial statements. When business owners don’t check in with their own financial statements, they end up operating in the dark. Here is a look at the key reports to look at and how to make sense of them.

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How Can Your Business Tap into the Millennial Market?

May 6, 2015 / by Lori Coleman posted in Small Business Advice, South Shore, MA

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As the "Millennial" generation grows up — and expands its purchasing power to rival that of the baby boomers — it's worth considering what sets this group of consumers apart from the generation that came before it.

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How to Protect Your Small Business from Embezzlement

December 2, 2014 / by Lori Coleman posted in Small Business Advice

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I just heard yet another story of a trusted employee embezzling funds from a small business. It happens time and again: A small family business has a trusted employee who handles the deposits and bill paying — while also taking a little something off the top. In this most recent example, the guilty party was a bookkeeper who had worked for the business for years and had become, they thought, like part of the family.

The unfortunate reality is that every employer should know how to protect a small business from embezzlement. But how do you do so without feeling you have to retain day-to-day ownership of the books?

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