BudgetEase Blog - Making YOU Profitable™

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?

• Corporations
• Suppliers of products like utilities or office supplies

The two easiest ways to file are:

Our clients often ask us to help prepare their taxes in addition to the small business bookkeeping assistance we provide. Instead, we refer our clients to a CPA firm to provide tax preparation assistance. Why? Let’s look at the primary purpose of a CPA and a bookkeeping firm:

My bookkeeper:

1. Keeps me organized.
2. Keeps me accountable on tasks I don’t care for.
3. Frees me up to do the work that I love.

As the CEO and founder of BudgetEase, an outsourced bookkeeping service in Cleveland, Ohio, I meet with hundreds of small businesses each year. As prospective clients weigh their options when choosing a partner for their bookkeeping, I often get asked who do I respect in the region.

Our small business clients have varied relationships with their respective bookkeepers. Some are a part of the team on a full-time basis, while others have the bookkeeper in part-time or as needed, either weekly or even monthly.

2017 has been flying by for us and many of our clients find themselves in full swing, performing and thriving. At BudgetEase, we occasionally see the unexpected hit – illnesses of key people or unexpected changes in a client’s market.

1. Determine the best type of business entity to conduct your business. The major choices include sole proprietorship, partnership, limited liability company LLC, corporation, and non profit.

Many of our clients agonize over starting a conversation with a lender to obtain a loan to grow their business. They don’t know where to start. Here are 3 places for small businesses to look to borrow funds.

We see the many ways the triangle of bookkeeper, business owner and accountant can truly work to everyone’s advantage! Here are a few tips for creating that unique collaboration that steers your business forward:

We see so many small business owners stockpiling receipts, using Excel spreadsheets or even pen and paper to track their sales and expenses. They’re comfortable with their system because there are few transactions, they get the information they need and they think they don’t have the time to do more.