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Bookkeeping Services


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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Give Your Healthcare Bookkeeping System a Checkup

February 5, 2019 / by Jane Gilpin posted in Small Business Advice, Bookkeeping Services, Downtown San Diego, Healthcare

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Is your healthcare practice's cash flow suffering from clogged arteries? Take our checkup and find out.

Open Your Mouth and Say "Aargh!"
Most practitioners enter the healthcare field because they want to help people, not because they want to run a business. But failing to observe good business practices can create cash-flow problems that impede your practice's ability to provide quality care. Furthermore, insurance reimbursements and a thicket of regulations make healthcare an especially complicated business.

The complexity starts with third-party billing systems, which have become as much a part of healthcare as jokes about hospital food. Any healthcare provider who accepts insurance as payment is required to submit a bill with a current procedural terminology (CPT) code to the billing department. While larger hospitals typically have an in-house billing department, most smaller practices outsource that responsibility to a third party.

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Good Bookkeeping Involves More Than Keeping the Books Current

January 22, 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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Whether you own a startup or a growing business, a professional bookkeeper will help ensure you're following standard business practices and provide the financial information you need to make better business decisions.

From recording daily transactions in the general ledger to delivering in-depth financial reporting, here are several of the key tasks a professional bookkeeping service can perform:

1. Compiling Key Financial Reports
At a basic level, the goal of any business is to take in more money than it spends. But figuring out if the business is actually doing that can be surprisingly difficult. In order to fully understand what's going on, you need to review an array of financial reports. Of particular importance — especially in the startup phase, where cash is often in short supply — is the cash flow statement. If you or your bookkeeper don't understand the implications of this statement, the results could be disastrous.

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New Year's Resolutions (and Reconciliations) for Businesses

December 26, 2018 / by Dawn Hershik posted in Small Business Advice, Chicago Far West Suburbs, Bookkeeping Services, Business Advice

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If you run a small business, the holidays can be a distraction. It's easy to lose focus during the rush (if you're in retail) or the lull (if you're not). Either way, this is a crucial time. You need to take stock of where your financials are as this year ends and the next begins.

Don't drop the ball before watching the ball drop in Times Square. As the year ends, resolve to …

Keep good records all year long. Yes, we offered the same advice at this time last year. Did you follow it? And if you didn't, don't you wish you had? Wouldn't it be nice to relax and enjoy some holiday time with family and friends instead of scrambling to pull together 12 months of records?

It's worth repeating: At a minimum, performing monthly reconciliations and keeping accurate, up-to-date records — including all expenses, such as equipment updates or mileage, as well as W-9 and 1099 forms — will make your life (and your bookkeeper's life) much easier at tax time. It will also prepare you for any unexpected audits. Perhaps most important of all, thorough records give you insights into your business that can make it easier to create accurate budgets and forecasts.

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Scary Numbers on Small-Business Fraud

December 20, 2018 / by Mark Schanen posted in Small Business Advice, Bookkeeping Services, Business Advice, Milwaukee

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"Small businesses lose almost twice as much per scheme to fraud" as larger businesses. That's just one of the disturbing findings in the Association of Certified Fraud Examiners (ACFE) "2018 Global Study on Occupational Fraud and Abuse."

According to the study, small businesses (which the ACFE defines as having fewer than 100 employees) sustained a median loss of $200,000 per fraud scheme, compared to $104,000 for larger businesses. Moreover, the study found that "a majority of the victims recovered nothing."

A Big Problem for Small Businesses
Why are small businesses particularly vulnerable to fraud? There are several reasons. First, many small-business owners start out in the corporate world (where high-level financial controls are part of the infrastructure) before venturing out on their own. So they tend to take security measures for granted and are too trusting of the people they bring onboard to operate their new business. Let's face it: No one hires an employee whom they think will try to defraud them.

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Case Study: Providing Comprehensive Bookkeeping Services to a Busy Surgeon

December 6, 2018 / by Leslie Jorgensen posted in Boston, Bookkeeping Services, Case Study Blogs, Healthcare

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Like many medical professionals who operate their own practices, Beverly M. Shafer MD, FACS (Fellow, American College of Surgeons), is under tremendous pressure to manage her time as efficiently as possible. "It drives me crazy when there are gaps in the schedule," says Shafer, a renowned plastic surgeon who has practiced on the North Shore of Massachusetts for over 30 years.

Shafer's combination of compassion and surgical artistry has created a high demand for her services. Meanwhile, her practice's back-office functions have become more time-consuming over the years, due to the growing complexity of insurance-reimbursement bureaucracy and a migration from paper-based to digital bookkeeping. Staff turnover compounded the problem; an outside CPA firm wound up doing many basic bookkeeping tasks. That wasn't cost-effective.

Specialized Bookkeeping Services for Healthcare Practices
A business contact encouraged Shafer to reach out to Supporting Strategies Founder and CEO Leslie Jorgensen. "I loved her immediately," Shafer says. A leading provider of outsourced bookkeeping services and operational support, Supporting Strategies began reconciling all of the practice's accounts on a monthly basis, "which is super-complicated, honestly," Shafer says. "They interface with my CPA to provide them the necessary information to do what they need to do, and they also interface with my paychecks company to get my staff paid and make sure that their taxes are correct."

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