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. Table of Contents1 How to Set Up a Simple Bookkeeping System in...
Keeping your finances in check is one of the most important aspects of being an independent contractor. Proper bookkeeping for contractors helps you stay organized, simplifies tax preparation, and enables better decision-making. Here’s everything you need to know to stay on top of your financial records and ensure your business thrives. Table of Contents1 Understanding...
For small business owners and entrepreneurs in Memphis, managing finances effectively is a cornerstone of success. Yet, many face significant challenges when it comes to finding affordable bookkeeping services Memphis has to offer. Balancing the need for professional financial management with tight budgets can feel overwhelming. This article delves into the obstacles businesses encounter in...
Merchant cash advances (MCAs) have become an increasingly popular financing option for businesses seeking quick access to capital. These MCA loans provide a lump sum payment in exchange for a portion of future sales, offering a flexible alternative to traditional bank loans. However, the funding amount for a merchant cash advance can vary significantly based...
As we approach the dawn of 2025, it’s time for small business owners to think beyond mere resolutions and set their sights on transformative financial goals. At CentsIQ, we believe that the key to small business success lies in strategic planning, smart financial management, and a dash of entrepreneurial spirit. This comprehensive guide will walk...
For small business owners and managers, understanding the concept of “span of control” is critical for effective leadership and organizational success. Span of control refers to the number of direct reports a manager oversees. Achieving the right balance can improve productivity, employee engagement, and overall business performance. Table of Contents1 What is a Good Span...
Table of Contents1 Understanding the Classified Balance Sheet2 Gathering Financial Data for Classified Balance Sheet3 Formatting the Classified Balance Sheet4 Analyzing the Classified Balance Sheet Understanding the Classified Balance Sheet A classified balance sheet is a financial statement that provides a structured overview of a company’s financial position at a specific point in time. It...
As a business owner or entrepreneur exploring acquisition opportunities (ETA), managing LLC distributions and intercompany transactions can be intricate. This guide breaks down how to handle fund transfers between LLCs, focusing on a scenario where funds are moved from one LLC to purchase an asset under another LLC. We’ll examine the pros and cons of...
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: Table of Contents1 What is the best free software for small business? Top 5 Free Bookkeeping Software for Small Businesses1.0.1 1. Wave Accounting1.0.2 2. GnuCash1.0.3 3. Manager.io1.0.4 4....
Fed up with manually matching invoices to supplier bills in QuickBooks Online? You’re not the only one! Many business owners and bookkeepers know just how tedious this task can be. But don’t worry—We canshow you how to connect bills and invoices in quickbooks online, step-by-step. This guide will transform your bookkeeping process and save you...
Starting your own business can be an exhilarating journey towards independence and financial freedom, but it's crucial to understand the taxes for self-Employed business owners: Self-employed individuals are responsible for paying both income tax and self-employment tax, which covers Social Security and Medicare contributions at a rate of approximately 15.3% on 92.35% of their business profit. To navigate these complexities effectively, it's essential to keep accurate records, make quarterly estimated tax payments, and take advantage of available deductions to reduce your overall tax burden
In the world of business structures, the single member limited liability company (LLC) stands out as a popular choice for solo entrepreneurs, freelancers, and independent contractors. This comprehensive guide will explore everything you need to know about single member limited liability companies, from their definition and benefits to formation processes and best practices. Table of...
Source: TSheets Intuit In the ever-evolving world of business management software, QuickBooks TSheets has emerged as a prominent player in time tracking and payroll solutions. This comprehensive look at QuickBooks TSheets, now known as QuickBooks Time, explores its features, benefits, and potential drawbacks, providing valuable insights for businesses considering this software for their time tracking...
Are you part of a nonprofit organization considering leasing an electric vehicle (EV)? You might be wondering about the potential tax benefits and how they apply to your unique situation. In this guide, we’ll dive deep into the world of EV tax credits for nonprofit leases, breaking down the complexities and providing you with practical,...
As a dentist considering selling your practice, you’re embarking on a significant professional and personal journey. Whether you’re planning for retirement, seeking new opportunities, or simply ready for a change, selling dental practice requires careful planning and execution. This comprehensive guide will walk you through the key steps, important considerations, and expert advice needed for...
CentsIQ is a premier bookkeeping and financial services provider. We serve businesses in Seattle, Bellevue, Redmond, Kirkland, Renton, Kent, Maple Valley, Covington, Portland, Memphis and beyond. Our expert team offers tailored solutions including bookkeeping, fractional CFO support, advanced analytics, and quality of earnings assessments. Let us handle your finances so you can focus on growing your business.
