Every business owner is concerned with being profitable, particularly in this pandemic. Profit is not just the money you put in the bank. You need to cover the costs associated with being in business (rent, payroll, taxes, supplies, etc.). The amount left over is your profit margin. While there is no magic formula for making your small business profitable, there are several things you can do to increase your profit margin.
The current economic environment has been challenging for all business, particularly small business. To that end, it’s important to know your Burn Rate and adjust spending accordingly.
The question many of our small business owners have is how to manage fixed assets. Here we walk you through identifying which assets are fixed, and then an example of depreciating a vehicle.
Before you close the year in QuickBooks (more on that to follow), you need to ensure a few things are done.
With the holidays behind you and the beginning of a new year, your small business has an important deadline approaching. If you have paid $600.00 or more to individuals in the form of non-employee compensation you are required to provide a Form 1099 to those by individuals by January 31, 2020.
Wondering how to properly keep track of your Interest on Lawyer Trust Accounts (IOLTA). To many small businesses, keeping records is downright confusing. We recommend keeping track of individual client funds. The best way to accomplish that is to set up your Chart of Accounts using subaccounts for each client.