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The Workplace of the Future Is Here Today

January 26, 2021 / by Cheri Giglia posted in Small Business Advice, North Shore Long Island, Bookkeeping Services, Business Advice


Industry insiders offer business leaders advice on streamlining processes, leveraging technology and building a culture for a remote environment.

It was appropriate, in a way, that the ongoing COVID-19 pandemic forced Supporting Strategies | North Shore Long Island to reimagine our annual Business Fundamentals Bootcamp as a virtual event. With more and more businesses transitioning to a remote-work model as 2020 began, the pandemic merely accelerated what was already an obvious trend. So we made that transition the theme of this year's Bootcamp.

Remote Work Best Practices
Supporting Strategies can speak from experience on this timely topic, since we've used a remote-work model for our outsourced bookkeeping and controller services from the beginning. Any successful work model involves a balance of people and process. Successful businesses use available technology, such as the cloud, to evolve their processes to benefit their people as circumstances dictate (like a global pandemic, for instance).

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Pay Dates and Payroll Cycles — Do They Really Matter?

January 21, 2021 / by Mark Wald posted in Small Business Advice, Santa Monica, Bookkeeping Services, Los Angeles, Ventura County


Setting up payroll at your business? Learn how you can save time and money while staying in compliance by answering these key questions.

With so many online payroll services available, setting up payroll seems like an easy item to check off your list. However, you need to answer several key questions before setting your payroll schedule. Let's take them one at a time.

Do You Pay Your Employees a Salary or an Hourly Rate?
Typically, salaried employees get paid semi-monthly (for example, on the 15th and on the last day of each month) and hourly employees get paid biweekly (every two weeks). That might sound like the same thing, but it's not: "Semi-monthly" means twice a month, or 24 times per year. "Biweekly" means every two weeks, or 26 times per year.

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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


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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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


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


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


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


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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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


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


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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Business Planning for the New Year? Start with Bookkeeping.

November 12, 2020 / by Dawn Hershik posted in Small Business Advice, Chicago Far West Suburbs, Bookkeeping Services, Business Continuity


If you made any unplanned changes in your business this year, you'll want to get an early start on year-end bookkeeping as you plan for 2021.

Let's face it: 2020 hasn't gone the way any of us expected. But that very unpredictability reinforced the core messages in the blog I wrote last year about the importance of annual business planning. The more informed you are about budget trends, tax-planning strategy and your long-range financial outlook, the more readily you can adapt to speed bumps and curveballs. And 2020 provided more than its share of those.

What will 2021 bring? No one knows. One thing is certain, however: Preparation matters now more than ever. And it all starts with solid bookkeeping.

How Did 2020 Change Your Business?
The disruptive events of 2020, most notably the COVID-19 pandemic, have touched everyone. So before you can chart a roadmap for your business in 2021, you need to gauge the extent of those disruptions. For most businesses, that means answering these three questions:

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