The Small Business Administration (SBA) has once again written off billions in Covid-era small business loans, raising concerns about oversight and long-term impacts on borrowers. Here’s what small business owners need to know about the latest developments in the Covid Economic Injury Disaster Loan (EIDL) program. Billions in Covid EIDL Loans Charged Off In fiscal...
If you’re a solo entrepreneur, you know that running your business means wearing many hats. One of the most critical roles you play is managing your finances. Creating and following a budget helps you understand your income, expenses, and profitability. This is where a budgeting for dummies worksheet can help. It simplifies the process, making...
QuickBooks Time (Tsheets intuit), formerly TSheets, is a versatile tool for time tracking and employee scheduling that integrates seamlessly with QuickBooks. This guide explains its features, benefits, and challenges and provides step-by-step instructions to help you make the most of it. What is QuickBooks Time? QuickBooks Time is a cloud-based solution for businesses to streamline...
Proper bookkeeping is essential for churches to maintain financial transparency, comply with regulations, and effectively manage their resources. This guide will walk you through the key aspects of church bookkeeping, providing detailed insights and practical examples to help you establish a robust financial management system for your religious organization. Understanding Bookkeeping for Churches Bookkeeping for...
When you start entering your business’s expenses at the end of the year, it can get messy if your invoices, receipts, and bank statements don’t match up. You may have missing documents, or you might find that some things listed on the bank statements don’t have a matching invoice or receipt. Sometimes owners pay from...
When it comes to buying and selling ownership in a Limited Liability Company (LLC), the process can be complex, especially when tax liabilities come into play. If you’re in the middle of negotiating a buyout and onboarding a new partner, careful planning is essential to ensure the transaction is fair, compliant, and optimized for taxes....
What Accounting Software Is Best for Small Businesses? Exploring Top Accounting Platforms Are you a small business owner wondering, “What accounting software is best for small businesses?” Choosing the right accounting platform is essential for managing your financial health effectively. Accounting platforms are software tools that help businesses manage their financial records seamlessly. These platforms...
Small businesses are the backbone of the American economy, driving innovation, fostering community growth, and employing nearly half of the nation’s workforce. Among these enterprises, hair salons and barbershops play a significant role in providing essential services and creating local jobs. However, despite their contributions, these small businesses face challenges that hinder their growth—chief among...
Small business owners can save money and avoid problems during tax season by planning ahead. This guide covers important deadlines, tax-saving strategies, and organization tips for year-end tax planning. Key Tax Deadlines For 2024 Small businesses must meet several tax deadlines throughout the year. Here are important dates to remember: 2024 Due Dates March 15:...
Inheriting property can significantly impact your financial situation, and understanding the tax implications is crucial for effective financial planning. This article delves into the tax considerations when selling inherited property in Florida, focusing on a scenario involving a mother and her nephew. Stepped-Up Basis: A Key Concept When you inherit property, you typically receive a...
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.
As we venture into 2024 and prepare for 2025, understanding how taxes on cryptocurrency work is more important than ever. The IRS continues to treat cryptocurrency as property, meaning crypto transactions are subject to specific tax rules. This guide breaks down key aspects of cryptocurrency taxation and provides real-world examples to help you navigate taxes...
If you run a salon and use Square for your point-of-sale (POS) needs while managing your books with QuickBooks Online (QBO), you’re probably looking for a way to efficiently organize your income and expenses. The good news? There are tools to help you seamlessly map your Square transactions into QuickBooks Online, saving you time and...
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...
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.
