Your Partner for Bookkeeping Services and Operational Support
Contact Us: 888-631-8922 

Learn More

What are you interested in learning more about?

×

Chicago Far West Suburbs


2020 Vision: Use Year-End Bookkeeping for Business Planning

October 15, 2019 / by Dawn Hershik posted in Small Business Advice, Chicago Far West Suburbs, Bookkeeping Services, Business Advice

0 Comments

As a business owner, you're probably not looking forward to getting caught up on your end-of-year bookkeeping. But with a simple change of attitude and approach, you can transform that process into something positive. Don't think of it as filing your financials. Think of it as tapping into a valuable source of business intelligence.

You Have to Do It Anyway — Make It Work for You
Okay, we get it. No matter how you dress it up, bookkeeping sounds like a chore. This is particularly true if the year hasn't gone as well as you'd hoped.

Actually, that's all the more reason to immerse yourself in those numbers. End-of-year bookkeeping can be an insightful process that reveals not only where things went off track, but also what you can do to set them straight again. Here are some of the important questions it can help answer …

Read More

Using Employee Benefits to Recruit and Retain Top Talent

September 3, 2019 / by John Gotschall posted in Small Business Advice, Chicago Far West Suburbs, Business Advice

0 Comments

The concept of "coaching" has become overused, and even abused, in the business world in recent years. That's unfortunate for a company like ours, Coaching Financial Concepts. We've been around for over 20 years, and we apply legitimate coaching techniques that we've adapted from a sports environment to give our client companies that winning edge.

For instance: To turn your company into a champion, you need the best players. And just as professional sports teams will offer creative deals to sign the top free agents, businesses at every level need to offer the best possible benefits package to lure the top talent in their given field.

The Difference Between 'Perks' and 'Benefits'
Different generations often have different priorities. Many articles have been written about the importance of company culture to millennials, for example. One recent study even found that many millennials would be willing to take a $7,600 pay cut in exchange for an "improved quality of work life."

Read More

An Award-Winning Team Effort Saves a Nonprofit

August 1, 2019 / by Elliot Hershik posted in Chicago Far West Suburbs, Nonprofits

0 Comments

It's always gratifying to receive an award for your work — especially when you had no idea you were even nominated. But that was the case recently when our Supporting Strategies | Chicago Far West Suburbs learned we had received the Turnaround Management Association (TMA) Pro Bono Transaction of the Year award for our role in helping a distressed nonprofit straighten out its financials and position itself for sale.

Assessing a Community Asset
West Suburban Senior Services (WSSS) in Bellwood, Illinois, had long been a valuable community resource. The nonprofit has provided adult day wellness support for seniors in western Chicagoland since 1972.

When some of its government funding dried up, however, several key executives and staff members departed. WSSS fell behind and missed several deadlines. It would be very difficult for any organization to find a buyer with those unmet obligations hanging over it.

Read More

How to Increase Sales and Be More Productive

July 30, 2019 / by Scott Hansen posted in Chicago Far West Suburbs, Tips for Startups, Business Advice

0 Comments

As a consultant to some of America's most successful entrepreneurs, I can tell you with 99% certainty the biggest obstacle keeping your business from becoming the success you envisioned.

But fair warning: You might not like the answer.

Time to Look in the Mirror
Simply put: The biggest obstacle to your success is you. Or, more accurately, it's your lack of self-confidence. You believe successful business owners are privy to some secret formula that has somehow eluded you.

Truth is, most of those successful entrepreneurs were once as tentative and full of self-doubt as you. The difference is, they made the decision to overcome those doubts and move ahead with confidence. They became comfortable with being uncomfortable — with pushing past their self-imposed limitations.

You can do it, too. You just need to develop what I call a "champion's mindset."

Read More

Has Your Business Outgrown DIY Bookkeeping?

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

0 Comments

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.

Read More

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

0 Comments

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.

Read More

Business Owners: Beware the Deadlines of March

February 14, 2019 / by Elliot Hershik posted in Small Business Advice, Chicago Far West Suburbs, Business Advice

0 Comments

"Beware the ides of March," Shakespeare wrote. Well, we have no idea what "ides" are, but we do know our tax deadlines.

Are You Prepared for the March Tax Deadline?
It never hurts to have a reminder about changes in tax laws, because each year brings new ones — especially this year.

You might have changed the structure of your business this year, which could in turn alter your filing status. For example, have you switched from an S corporation to a C corporation? If so, not only are you positioned to possibly pay a lower tax rate — a flat rate of 21% instead of the graduated scale from 15% to 39% — but your filing deadline also moves back from March 15 to April 15.

For S corps, partnerships and multiple-member LLCs, the deadline remains March 15. And don't think that the partial shutdown of the federal government will buy you any additional time. It does not affect any filing deadlines.

Read More

“Strap yourselves in…

January 31, 2019 / by Rick Lochner posted in Small Business Advice, Chicago Far West Suburbs, Business Advice

0 Comments

This blog was originally published on the ricklochner.com website.

…we’re going to jump to light speed!”

I still remember the audience’s reaction to this scene in “Star Wars: A New Hope” in 1977. We had never seen anything like it on the big screen until then and, of course, now it seems almost archaic! Today’s 21st century business environment can feel very much like everything is moving at perpetual light speed. It is also this metaphor we use to highlight the first of five Keys to Success initially mentioned in last month’s newsletter (click here to read). The first Key to Success is Get Ready to Warp (warp speed is faster than the speed of light). Simply stated, it is not the ability to adapt that matters as much as the speed at which the leader is able to adapt in order to stay relevant. Here are three things a 21st century leader can do to stay relevant:

  • How well do you know your industry? While I was once asked if I had a crystal ball to see the future, no one has that ability. However, we do have the ability to understand our industry well enough to understand key trends and how those trends impact the leader’s current and future business. In the May-June 2018 issue of “Harvard Business Review,” Jason Trujillo, IBM’s Director of Leadership Development sums up this dynamic with one sentence. He states, “IBM’s cultural transformation is aligned with the reinvention of our business, with almost half our revenue coming from businesses we weren’t in six years ago.” Six years to a company as large as IBM is virtually light speed!
Read More

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

0 Comments

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.

Read More

Now Is the Time to Prep Those Pesky 1099s

September 13, 2018 / by Elliot Hershik posted in Small Business Advice, Chicago Far West Suburbs, Bookkeeping Services, Bookkeeping 101, Business Advice

0 Comments

For small-business owners, eternal vigilance on important documents is more important than ever. That includes those seemingly routine year-end 1099 forms.

If You Wait, It Could Be Too Late
In an ideal world business owners would keep up with their 1099s all year long, as my colleague Jeanne Richards recently suggested they do. Haven’t given 1099-prep a thought yet? Don’t worry — it’s not too late. Now that it’s September, it’s the perfect time to check the status of your records and get them in shape before the end of the year.

Periodically evaluating your records keeps you up to date on which vendors or independent contractors (IC) are above the $600 threshold that requires a 1099. That’s a threshold that is easy to meet without realizing it. You might have given someone several small projects that were each well under $600, but together meet the threshold requirement. Or perhaps you forgot about an IC you used for a project early in the year — now is the time to make sure you have the records you need.

Read More


Subscribe to Email Updates

Download our E-book "What You Need to Know About Cloud Accounting"

Recent Posts