I saw a thread on Reddit recently that made me cringe. A laundromat owner asked a simple bookkeeping question: “My friend and I run a Wash & Fold service. Should we count tokens, detergent, and dryer sheets as Cost of Goods Sold (COGS), or just expense them?” The top-voted answer? “You are providing a service,...
In the last 12 months, I’ve worked with over 100 small business owners to clean up expensive tax errors. The hard truth? Most of them were preventable. Some clients lost thousands simply by missing a deadline by 24 hours. Others paid double the necessary tax because they didn’t understand how to structure their salary. If...
Author: Lam Nguyen, CentsIQ Publish date: October 30, 2025 Estimated read time: 5–7 minutes Table of Contents1 TL;DR2 What “debit” and “credit” mean in accounting2.1 Debit/Credit effect by account type3 The mnemonics3.1 DEADCLIC (two words: DEAD + CLIC)3.2 DEA‑LER (split as DEA | LER)4 Two quick examples4.1 Example 1: Buy $500 of supplies for cash4.2...
If you’re asking this question, you’re already ahead of most owners. A financial review is the easiest way to spot leaks, improve cash flow, and make confident decisions—without hiring a full-time finance team. At CentsIQ®, we combine approachable bookkeeping with advanced analytics to turn your numbers into clear actions. TL;DR: Yes—financial reviews pay for themselves...
Lenders evaluate your business’s financial health before approving a loan. Having organized financial statements increases your chances of success. Gather core documents. Prepare your profit and loss statement, balance sheet and cash‑flow statement for the past two to three years. If you’re a new business, include projected financials. Explain variances. Large swings in revenue or...
It happens to the best of us. You started your Bellevue business with the best intentions of keeping perfect books, but somehow you’re now staring at six months (or more) of receipts, bank statements, and financial chaos. With Washington State tax deadlines looming and your CPA asking for financials, panic sets in. You’re Not Alone...
Washington’s Business and Occupation (B&O) tax is a gross‑receipts tax, which means it’s based on revenue rather than profit. This can surprise new retailers, so here’s what you need to know. Who must pay? Most businesses operating in Washington owe B&O tax. Retailers pay under the “retailing” classification. Tax rates and credits. The rate for...
Restaurant owners have to make countless decisions, from menu creation to staffing. One choice that often gets overlooked is which accounting method to use. Cash and accrual accounting each have pros and cons, and the right fit depends on your restaurant’s size and goals, including the decision of using accrual accounting for your restaurant. Cash...
Many small businesses can’t afford a full‑time chief financial officer, but they still need strategic financial advice. That’s where a fractional CFO comes in. Role overview. A fractional CFO is a part‑time financial executive who helps companies plan, forecast and manage cash flow. They typically work a set number of hours each month. Strategic planning....
Many solopreneurs manage finances on their own to save money, but is DIY accounting always the best choice? This leads to a critical comparison of bookkeeper vs. DIY accounting for solopreneurs. Time versus cost. The time you spend bookkeeping is time not spent on billable work. If hiring a bookkeeper frees up hours you can...
Freelancers love the freedom to set their own hours, but many struggle with accounting. Here are five common mistakes and simple solutions: Mixing personal and business funds. Opening a separate business bank account makes it easier to track income and expenses and simplifies tax filing. Ignoring receipts. Keep digital copies of every expense, no matter...
Finding funding is a challenge for many small businesses. Grants and local resources can provide vital support. Additionally, exploring small‑business grants and resources in Memphis can further enhance funding opportunities for local entrepreneurs. Seattle resources. The City of Seattle’s Small Business Stabilization Fund offers grants for businesses impacted by economic downturns. The Washington Small Business...
Construction businesses often operate on thin margins and long project cycles. Managing cash flow is critical. Project‑based forecasting. Each project has unique payment schedules and costs. Build a cash‑flow forecast for each job, including expected payments and expenses. This helps identify gaps when expenses exceed incoming payments. Include retention and change orders. Retainage and change...
Non‑profits often work with tight budgets and multiple funding sources. Keeping track of donations and grants can be challenging. QuickBooks Online (QBO) offers tools to simplify nonprofit accounting. Set up your chart of accounts. Start by creating categories that reflect your programs and funding sources. For example, separate income accounts for donations, grants and membership...
Running a small business in Seattle means juggling sales, customer service and paperwork. When the year is ending, it’s easy to feel overwhelmed by tax prep. This checklist is a step‑by‑step guide to help you close your books and get ready for tax season. Reconcile every account. Start by matching your bank and credit‑card statements...
CentsIQ is a bookkeeping and financial services provider. We serve businesses in Seattle WA (Bellevue, Redmond, Kirkland, Renton, Kent, Maple Valley, Covington) , Portland OR, Memphis TN and beyond.
