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Providence, RI


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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Paperless Bookkeeping: It Can Work for Any Business

June 7, 2018 / by Jeff Starr posted in Small Business Advice, South Shore, MA, Bookkeeping Services, Providence, RI, Business Advice

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The iconic portrait of a bookkeeper — hunkered down with an adding machine, an eyeshade and a stack of paper — is hopelessly outdated. Bookkeeping has gone digital. And the way paperwork is done has changed too, with most documents now stored online, in the cloud.

If you run a business that traditionally generates tons of paperwork that must be tracked, logged and stored in space-hogging filing cabinets, this is wonderful news.

Scrap That Paper
Have you made the transition to online banking with your personal finances? Well, just as you can now pay certain bills automatically, or transfer funds remotely without filling out deposit or withdrawal slips, you can simplify many of your business transactions. And you can eliminate a ton of paper in the process.

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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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