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Thought Leadership from the Leaders in Virtual Accounting and Bookkeeping Services

How to Improve Your Profit Margins Without Cutting Quality

Posted by Bill Gerber on May 4, 2016

The fastest way to grow your profits is often to improve your margins. Many businesses don't like to talk about margins because they feel increasing margins requires cutting quality, but that simply isn't the case. There are a number of steps you can take to improve your margins without sacrificing quality or service.

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Tags: bookkeeping services, accounting tips, profit margins

How to Prevent Bookkeeping Fraud

Posted by Dennis Najjar on May 2, 2016

When asked, an overwhelming number of small business owners will say that they have placed significant trust in (and place significant responsiblity with) their bookkeeper. They may feel especially close to this person or believe that nothing could ever go wrong. While this sounds like a wise course of action, a large portion of fraud is committed by those closest to the owner.

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Tags: accounting processes, bookkeeping mistakes

How To Afford The CFO Your Company Needs NOW

Posted by Kris Merritt on April 27, 2016

The thought of needing to hire a CFO (chief financial officer) may have never crossed your mind as a small business owner. When businesses experience unexpected rapid growth or become large enough that the financial responsibilities are becoming too much for the owner and staff to handle on their own, the investment of hiring a CFO will pay for itself tenfold in convenience. However, a full-time CFO costs an average of $200,000 per year when benefits and salary are added together, which clearly isn't a price that many small businesses are willing or able to pay. That being said, there is a way for a small business owner to be able to afford the valuable services and knowledge of a CFO. It all comes down to hiring in a nontraditional sense.

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Tags: financial management, outsourced services, cfo services

To VC or Not to VC: Whether or Not You Should Seek Angel Investors

Posted by Bill Gerber on April 25, 2016

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Venture capital is often touted as a source of startup income for entrepreneurs and small business owners. However, it isn't free money; a significant amount of effort goes into securing venture capital, and there are times when it simply isn't worth the effort. Determining whether your business would benefit from venture capital is important; you need to make the decision before engaging in a time-consuming, effort-intensive process that may not yield any results. Here are a few things to keep in mind.

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Tags: startups, angel investors, venture capital, financing

What Will Make the IRS Audit Your Business?

Posted by Bill Gerber on April 21, 2016

The IRS keeps the exact criteria it uses for auditing select business tax returns a secret. The audit process includes some random selection, but there are certain triggers that are known to make an audit more likely. While an audit shouldn't be a concern if you file your taxes accurately, understanding the common audit triggers can help you to better prepare your taxes and ensure you have adequate documentation in the event you are audited.

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Tags: IRS, accounting tips, internal audit

Cash or Accrual Accounting: How to Decide and What Happens if You Change Your Mind?

Posted by Dennis Najjar on April 19, 2016

The accounting method you choose to use can determine you show a profit in a given year. This directly affects your business income taxes, and it may also impact whether you are able to obtain a loan or raise investments. Unlike other tax or accounting choices, you can't choose what's best from year to year — you have to make a choice and stick with it for the long term.

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Tags: accounting strategies, accounting metrics, accrual basis accounting, cash basis

What are the Tax Differences Between an S-Corp and a C-Corp?

Posted by Kris Merritt on April 15, 2016

When a growing business decides to convert into a corporation, it faces a critical choice. Should it file as a standard C corporation or take advantage of the special tax filing status granted to S corporations?

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Tags: bookkeeping services, accounting tips, tax rules

How Business Intelligence Influences SMB Accounting Practices

Posted by Dennis Najjar on April 13, 2016

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Bookkeeping services are essential because they provide unified fiscal oversight you can't get from any other source. Of course, even the most comprehensive accounting practices beg the age-old question, "Who watches the watchers?" Luckily, the business intelligence techniques you employ in other areas may provide an answer.

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Tags: accounting processes, key performance indicators, business intelligence

Little Known Tax Tips That May Surprise You

Posted by Kris Merritt on April 12, 2016

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As a small business owner, you know that every little bit counts come tax time. Any deduction that you can take to ease the burden can help to keep your business on track the rest of the year. Common suggestions for deductions include home office space, office supplies and vehicle expenses, but there are many other things that you could be keeping track of to maximize your tax deductions.

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Tags: accounting tips, tax rules

How CFOs Can Keep Bookkeeping From Ruining Their Clients

Posted by Dennis Najjar on April 11, 2016

When it comes to a company’s bookkeeping practices, the business will only operate as efficiently as the processes that are in place. Proper bookkeeping is essential to the health of any company. If it’s done poorly, it can ruin a business gradually through higher costs, canceled vendor services and lost profits. As you move into a small or midsize business to oversee its financial affairs, consider reviewing the company’s books and bookkeeping procedures to make sure that the division is operating as it should be. A reliable bookkeeping system is the basis on which all of a company’s vital financial information is built.

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Tags: bookkeeping services, accounting tips, cfo services

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