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Bookkeeping Services


How You Can Use Bookkeeping to Prepare for Business Growth

June 11, 2019 / by Steve Barber posted in Small Business Advice, Bookkeeping Services, Business Advice, Montgomery, Howard & Carroll Counties

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You've launched a small tech startup that makes an app for digital widgets. Business seems to be going well, but you can't tell for sure because the office manager who also does the books is always running behind and you don't know where your cash flow stands.

Finally, when your CPA prepares your taxes and straightens out some bookkeeping errors (running up a big bill in the process), you get confirmation: Business for the first year ran 50% ahead of what you'd anticipated.

That tells you two things. First, you should hire another sales rep and ramp up production. Second, you'd better get your bookkeeping squared away, and fast.

A Valuable Asset to Your Business
A strong bookkeeping practice can help you keep pace with your business today and better prepare to grow your business tomorrow. Here's how:

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Reduce Nonprofit Admin Costs With Streamlined Bookkeeping

June 6, 2019 / by Tom Ross posted in Bookkeeping Services, Kansas City, Nonprofits

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Most nonprofit organizations have multiple revenue streams. Tracking all those funds and their associated expenses can easily overwhelm the administrative staff, particularly at smaller organizations. Or, to put it another way: Admin costs often consume a disproportionate amount of a nonprofit's budget, measured in both money and time.

Here's how you can streamline your nonprofit's bookkeeping to cut admin costs:

Stay Current
Instead of allocating revenue and expenses as they occur, many nonprofits wait and assign them to funding sources as a separate process. But with so many buckets and so many costs, it's a poor use of time to do all that scrubbing, trying to back every dollar into where it needs to be. It can also be stressful, especially if mistakes or discrepancies start piling up.

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Has Your Business Outgrown DIY Bookkeeping?

May 14, 2019 / by Dawn Hershik posted in Small Business Advice, Chicago Far West Suburbs, Bookkeeping Services

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Are you frustrated by the amount of time you spend on bookkeeping? Do you put off sales and networking efforts to take care of daily bookkeeping tasks? Many small-business owners are surprised by the extent to which bookkeeping demands can distract them from building their companies.

Few business owners actually want to do the bookkeeping. But many feel they have to, at least in the early stages when money is tight and business is light. This is particularly true in companies that started out as a sideline, where the owner learned to do the books along the way. Some owners might even become competent bookkeepers and enjoy it.

But then comes that inevitable moment of reckoning. As the business picks up, the owner (or business leader) wants to take advantage of new opportunities to grow the company — and they no longer have time for the bookkeeping tasks that had fit easily into their schedule before.

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Midyear Bookkeeping Best Practices

May 9, 2019 / by Mary Kimmel posted in Small Business Advice, Chicago Far West Suburbs, Bookkeeping Services, Bookkeeping 101, Business Advice

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Now that the annual springtime flurry of activity that comes with filing your small-business tax returns has passed, you might think you can go on bookkeeping cruise control until you start processing 1099 forms next winter.

In fact, it's important to follow bookkeeping best practices throughout every season. This advice can be particularly beneficial to citizens of Procrastination Nation. Start with this: If you use contract employees or vendors, make sure they submit a W-9 form before you pay them. That way, you'll have that information on file and won't have to chase it down at 1099 time.

Here are some additional suggestions to help keep your organization's bookkeeping in order all year long.

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Forward Thinking: How to Scale for Rapid Growth

April 30, 2019 / by Karen Rinehart posted in Bookkeeping Services, Case Study Blogs, Central CA

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The good news? Two new partners joined a small company and immediately increased sales. The bad news? The company's existing system of keeping the books — paying bills with handwritten checks and keeping tabs on the numbers through monthly visits with a CPA — was inadequate for rapid growth.

"We were losing tons of sleep because we didn't even know our numbers," says Brian Van Norman, ICU Technologies' Vice President and Co-Owner. "It was scary. Like, 'How much money have we got in the bank? What bills do we have?'"

Van Norman turned to the internet for a solution — and found Supporting Strategies.

Proactive Guidance
Karen Rinehart, Managing Director of Supporting Strategies | Central California, was on the case immediately. "Karen got the chart of accounts right, along with all the other stuff that we aren't experts in," Van Norman says.

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Outsourced Bookkeeping Services: Your Long-Term Solution

April 16, 2019 / by Sandra Finerghty posted in Small Business Advice, Bookkeeping Services, Business Advice, Durham & Chapel Hill, NC

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Many small-business owners start out doing everything themselves: sales, marketing, HR, IT, even keeping their own books. As they stretch themselves thinner and thinner, they try to offload as many responsibilities as they can in an attempt to keep up.

If you're thinking of starting a small business, you can learn from this common mistake. Identify what's core to your business, and what can be outsourced, before you open your doors. Take advantage of all the cost-effective expertise that's available today. Because the DIY, learn-as-you-go approach to things like bookkeeping can result in costly, easily avoidable mistakes.

From Recording Transactions to Financial Reporting and Forecasting
In simplest terms, a bookkeeper records a company's financial transactions at regular chronological intervals — day by day, in most cases. While the definition is fairly straightforward, keeping up with a company's financial reporting can be time-consuming and complicated, depending on the nature of the business.

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Achieving Financial Fitness

April 11, 2019 / by Indre Bauza posted in Small Business Advice, Northern Virginia, Bookkeeping Services, Business Advice

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Note: This blog first appeared in the Arlington Chamber of Commerce Blog.

Like many business leaders, you made a new year’s resolution to stay current with your financial reporting. Now that it’s Q2, it’s time to make sure your resolution is staying on track.

Don't Just Keep Up — Get Ahead
This is the perfect time to take a big-picture look at the health of your business. Are there ways you can optimize your approach to achieve efficiency and gain a competitive advantage? Technology advances quickly, and there may be better solutions available for your business today than there were when you started — or even a year ago.

For example, it's now easy for small businesses to know their financial status in real time. Using records that update automatically, you can analyze your key performance indicators. Your KPIs can tell you at a glance how your business is performing relative to your budgeting and forecasting (which, by the way, will also be vastly improved with better financial reporting).

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Tax Test: TCJA Edition

March 28, 2019 / by Jane Lvovskiy posted in Small Business Advice, Bookkeeping Services, Business Advice

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How did you do this tax season with the new Tax Cuts and Jobs Act? The answers (and your grade) are at the end.

1. If your small business constitutes a "pass-through entity," how much of your net business income are you allowed to deduct?

  1. 0%
  2. 10%
  3. 20%
  4. I'm not sure what a "pass-through entity" is, but it sounds unpleasant

2. You spent $1.1 million in 2018 to repair your warehouse roof and buy much-needed new equipment. How much of that is deductible under Section 179?

  1. All of it
  2. $1 million
  3. $500,000
  4. Um … tell me what Section 179 is again
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Financial Controls and Best Practices for Your Business

February 28, 2019 / by John Gleason posted in Small Business Advice, Metrowest, MA, North Shore, Bookkeeping Services, Business Advice, West Houston, Central MA

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Like many small-business owners, you started out as a jack-of-all-trades. Whatever needed to be done to keep the doors open in those hectic first months, you did it: sales, marketing, IT, maintenance, administration and bookkeeping.

As your business grew, you added employees, vendors, an attorney on retainer. Now you couldn't do everything yourself if you wanted to. To support the continued growth of your business, you need to implement some basic financial controls and best practices. How do you go about it effectively?

Glad you asked.

First, Figure Out Where You Are
This is actually a good time of year to take your business' pulse. You need to put your tax records in order, and you should be compiling a forecast for the new year. That's not a burden — it's an opportunity. Good, thorough bookkeeping records aren't just an indication of how you've performed in the past year, but are a blueprint for growth — if you know how to interpret them.

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The One Financial Report Every Healthcare Practice Must Have

February 19, 2019 / by Jane Gilpin posted in Small Business Advice, Bookkeeping Services, Downtown San Diego, Healthcare

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At Supporting Strategies, we stress to small-business owners the importance of acquiring a basic understanding of key financial statements. From balance sheets to cash flow statements, we cover just about every financial report a business might need.

For the most part, healthcare practices are no different from any other type of business. A healthcare practitioner needs to understand, say, a profit and loss statement. However, one financial report that all practitioners must be familiar with is the accounts receivable aging report.

Why the Healthcare Industry Has Different Priorities
Although governed by the same accounting principles as any other business, healthcare practices face unique challenges. Government regulation, for one, including compliance with the Health Insurance Portability and Accountability Act (HIPAA). If you operate a healthcare practice, it's critical not only that you understand HIPAA laws, but that your bookkeepers and/or accountants do as well. (Here's one example of why this is so important.)

Suffice to say that if you want to avoid violating privacy laws, and the financial penalties that can result, you must carefully monitor the information you enter into the bookkeeping system.

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