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 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...
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...
A former bookkeeper at Highgate Medical Group in Amherst recently pleaded guilty to embezzling over $1.8 million from the medical practice, highlighting the critical importance of proper financial oversight and professional bookkeeping services for small businesses. This incident raises alarms about the vulnerability of companies to internal fraud, emphasizing the necessity for robust financial protocols...
As a business owner, payroll tax compliance can feel like navigating a maze blindfolded. One wrong turn—like mismatching your Form W-3 and tax return—could lead to IRS penalties, delayed refunds, or even an audit. If you’re wondering, “What line on the W-3 for wages has to match the tax return? Is it Box 5?” you’re not alone....
Many entrepreneurs assume bookkeeping is merely crunching numbers or managing spreadsheets. In reality, it’s a structured approach to documenting every financial activity within a business. Accurate bookkeeping provides critical insights into performance, empowering companies to make informed decisions and achieve long-term growth. This guide explores the fundamentals of bookkeeping, its advantages, and actionable tips to...
Is your business ready for the 2025 tax season? Picture this: It’s April 2025, and you’re scrambling to find receipts, reconcile accounts, and dodge IRS penalties. Sound familiar? For many entrepreneurs, tax season feels like a high-stakes race against time. But what if you could turn chaos into calm? Meet CentsIQ—your secret weapon for stress-free,...
Bookkeeping doesn’t have to feel like solving a puzzle. Whether you’re a coffee shop owner, a freelance designer, or a solo entrepreneur, understanding the five basic accounts in bookkeeping is like learning the ABCs of your business’s financial health. Let’s break them down with simple examples and actionable steps—no jargon, just clarity. 1. Assets: The...
TSheets has come a long way since its early days. From a small startup, it has grown into a powerhouse in workforce management. This evolution didn’t happen overnight. It was a journey of innovation, learning, and adapting to the needs of businesses and their employees. TSheets has made a name for itself by changing how...
Bookkeeping isn’t just about keeping numbers in check. It’s a whole process that can get pretty tricky. Whether you’re a pro or just starting out, there’s always something that can trip you up. From dealing with taxes to making sure your reports make sense, every step comes with its own set of challenges. And let’s...
Choosing the right Memphis bookkeeping service is a critical decision for any business. Whether you’re a small startup or an established company, having accurate and well-maintained financial records helps you manage cash flow, stay compliant with tax laws, and plan for the future. A professional bookkeeping service can save you time, reduce stress, and allow...
Business owners often face challenges in managing their Amazon purchases, especially when relying on manual entry into their bookkeeping software. The good news is that bookkeeping software like QuickBooks Online, Xero, and FreshBooks offer solutions to automate tracking of your Amazon purchases. Through integration with your Amazon Business account, these accounting software platforms can automatically import transactions, helping you categorize expenses accurately and efficiently.
Setting up a simple bookkeeping system is crucial for small businesses, freelancers, and even individuals managing their personal finances. Let’s explore various approaches to create an efficient and easy-to-use bookkeeping system, with a focus on Excel-based solutions, filing systems, and other simple methods. How to Set Up a Simple Bookkeeping System in Excel Microsoft Excel...
For small business owners looking to manage their finances without breaking the bank, several free bookkeeping software for small businesses are available. Here are some top choices: What is the best free software for small business? Top 5 Free Bookkeeping Software for Small Businesses 1. Wave Accounting Wave Accounting is a popular cloud-based solution that...
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.
