The best way to ensure that you don’t get a bigger bill than necessary come income tax time is to double check you are getting every deduction possible. There are multiple small business tax deductions available to sole-proprietorships and other small business organizations, such as LLCs. Different Tax Deductions You Can Apply to Your Business […]
Your accounting and financial tracking are vital to the overall health of your business. Yet, it’s intimidating to calculate the sheer number of variables that play a role in determining your finances. Everything from the bankers you work with to the employees you hire affects profitability. And, the tiniest accounting error can significantly impact your […]
Late invoices are the bane of all of our existences. Income from a freelance and consulting business can naturally ebb and flow. Late invoices during an already slow period can cause serious panic. I generally give people the benefit of the doubt. Invoices aren’t always running late because they don’t want to pay you. Sometimes […]
When it comes to small business accounting, most people know that it is important to keep your records updated for taxes. However, there are many more benefits from small business accounting that you can use to grow, improve, and expand your business. Here are some of the most important accounting reports for your small business […]
If you run a business where you are the sole employee, you still have to treat your business finances like a business. That means keeping good financial records and tracking payments you make to yourself from the business. Whether you use a payroll service or enter an online transfer from your business bank account to […]
Last week in a discussion with a business coaching client, I asked if she had updated bookkeeping and accounting records that would help her make the best business decision for a big question about her business. “No,” she replied, she didn’t have updated books. Without them, any decision regarding product lines, pricing, or customer capacity […]
Some entrepreneurs dread small business accounting, but they should praise their bookkeepers instead of complaining about the process. Small business accounting goes beyond tracking transactions and preparing taxes. Quality financial and managerial accounting help you make the right decisions, expand your business, and offer valuable insights to increase profitability. If you want to earn more in […]
If you’re anything like me, an accountant visit is something you schedule at the end of each year. I’m not proud to admit that I’ve rushed over to an accountant’s office in April to get my taxes squared away. This year I’m doing things a bit differently, and I’m anticipating a big pay off. Under […]
The idea of freelancing is sexy, but there are many non-sexy things you need to cross off of your to-do list to run a legitimate freelance business. All too often aspiring freelancers forget to do some of these tasks. Neglecting the business element of the process and going right into onboarding clients can get you […]
I hired a tax preparer the first year I earned extra income on the side. I had never seen a 1099 before, so I figured my return was better left to a professional. Unfortunately, the experience was less than desirable. He filled out all the forms and put together everything beautifully in a nice packet. […]
Accounting is a diverse area that involves a wide range of topics beyond just the basics of inputting numbers and creating balance sheets or ledgers. Accounting includes taxes, payroll, accounts receivable, accounts payable, loans and loan payments, bank statement reconciliation, invoicing and forecasting just to name a few of the tasks. Essentially, every aspect of a business that involves money has some connection to the accountant function, turning it into a significant role within a company. If the books are not balanced, there's a good chance that a business has began to put itself at risk for penalties, audits, or even financial ruin.
If you work as an accountant or bookkeeper or you are a freelancer or small business owner who handles the financials, it's always good to stay updated on the latest issues, trends, and solutions for this aspect of a business. Having the most current advice on accounting areas that involve efficiency, automation, and compliance ensure that a company is maximizing its productivity while staying on top of any financial issues that might inhibit profitability.
Since many small business owners are not in the position to hire a full-time accountant, this role is often filled by another freelancer or outsourced individual. In this working relationship, the outsourced person only takes on the most technical aspects of the accounting function while the rest of the activities are handled by the business owner. Even though it is good to always get training or education, especially when it involves the fiscal health of your company, not many founders or business owners take the time to supplement their working knowledge.
Whether you do it all the financials yourself or if you have a trusted colleague on whom you can rely for accounting assistance, it's still important to stay attuned to the latest accounting changes and trends. Our library of accounting articles continually add new posts related to current accounting issues and offers numerous tips on improving how you manage all financial aspects of your freelance business, startup, or small business. The diverse topics include advice and tips in the following areas:
- Tax topics: When to issue a 1099-MISC, How to prepare for a tax audit, Business tax deductions and Tax season preparations.
- Home-Based business topics, including: How to separate personal and business expenses and strategies.
- Long-term financial planning topics: Retirement accounts for small business owners, How to fund a retirement account, How to save more freelance income and How much money to invest in a business.
- Business decisions related to finances: When to outsource, How to avoid accounting mistakes, and How to know it makes sense to hire an accountant.
- Business efficiency tips: The best sites and tools for accountants and accounting functions, How to be a better accountant, and How to outsource on a budget.
- Financial issues related to a business: What to do when clients owe money, How to create and manage a budget, Why it is a good idea to accept credit cards and invoicing tools that improve cash flow.
These accounting and financial topics are just some of the examples of the ever-expanding accounting article library on our Due.com blog. Check out the articles below.