There are a lot of options for financing your small business. You can opt for the traditional method of a loan via a bank. Alternatively, you could take advantage of crowdfunding.
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.
Routinely looking at the financial ratios of your small business will help you reach your goals. Looking at your balance sheet, profit and loss statement, and cash flow is one way to gauge how your business is doing. Reviewing financial ratios is equally important. Ratios are commonly used to make comparisons between different aspects of a company’s performance and how it compares to other companies in the same industry.
Do you struggle with keeping track of your Travel Mileage at your small business or startup? Do you find keeping track of your mileage to be a tedious task? I do. At the end of every year, I go through my calendar, note all the business events that I drove to, calculate the mileage using Google Maps, add up the miles on an excel spreadsheet (and I don’t drive nearly as much as many of you), and after multiplying by the allotted mileage reimbursement, I have entered a tidy business expense.
Are you a dentist who does work in exchange for IT services? Maybe you are a physical therapist who exchanges services with someone who does your social media. These are great examples of bartering.
It's all about the report! How often are you checking your books for accuracy? Reviewing a P&L (profit and loss statement) is a great practice to see how you’re netting out each month. But reviewing the GL (General Ledger) can quickly show you where something’s not adding up, or you've incorrectly entered data.
OOPS! 2017 is over and you forgot to do your bookkeeping. You are not returning your accountant’s phone calls because you don’t have the information that he needs to you’re your tax return for 2017. What should you do? You are not the only one. Every day we get a call from an optometrist or property manager who never kept any records last year. Here is what we do when faced with this dilemma.
Is one of your New Year’s Resolutions to make your business more profitable? Here is a list of action items (in order of importance) that will help your realize your goal. If you have an action item mastered, work on the next one.
Yes it is 1099 season! If you are a small business and don’t have bookkeeping support, what is the quickest way to get your 1099s out to the correct vendors?
Businesses are required to send a 1099 to:
- Service providers that you paid $600 or more
- Your landlord for the rent you paid
- All attornies even if they are incorporated
Who don’t you send a 1099 to?
- Suppliers of products like utilities or office supplies
The two easiest ways to file are: