5 Things To Do Post-Tax Season

The weeks following tax season are a time for small business owners to exhale, knowing that the dirty work is finally complete. But what many don’t realize is that post-tax season is the perfect time to get organized, plan, and prevent any financial mishaps that occurred the previous year. 1. Speak Up It may seem obvious to talk to your …

3 Reasons You’re Not Collecting Your Receivables and How to Fix It

Are you having trouble collecting outstanding invoices in a timely manner or at all? If so, you’re not alone — Entrepreneur estimates the amount of unpaid invoices owed to small businesses is $825 billion. That doesn’t mean there’s nothing you can do, though. Here are three of the most common reasons you’re not collecting and how to fix them. 1. …

Five Common QuickBooks Mistakes and How to Avoid Them

QuickBooks is a great tool, but if you don’t use it properly, you may not have a true picture of your business’s financial health. Here are the most common errors and how to avoid them. 1. Payments Double Counted Not logging the payments you receive from customers properly can end up doubling your income on paper and throwing off your …

Should My Side Hustle Consider S-Corp Status?

If you have a side hustle, you may be paying up to an extra 15.3 percent in Social Security and Medicare taxes. By setting up an S-Corporation to hold your small business, you may be able to cut those taxes. What Is an S-Corporation? An S-corporation is a special type of corporation that avoids paying a separate corporate income tax …

When is it time to hand the books over to a professional?

When the idea of doing your accounting for yourself stresses you out! In our experience, there are two reasons that business owners don’t have reliable financial records. 1. They don’t have the time. 2. They don’t have the interest. If you fall into these two buckets, it is time to hire a bookkeeper. Reliable financial records are the heartbeat of …

What does Marketplace Fairness legislation mean for your WA business?

While there is a new and exciting tax reform happening at a federal level, there are also some exciting things happening in the state of Washington. Beginning January 1, 2018, marketplace facilitators with a physical presence in Washington or $10,000 or more in retail sales sourced to Washington, including sales of their own products and sales of products made on …

How to Do a Mid-Year Financial Checkup

Each year, like clockwork, we are provided with little calendar reminders of the changing times. As summer starts, schools let out, business might slow down a little and everyone is thinking about taking time off to rest and relax. As an owner of a small- to medium-sized business, you know how important it is to get all your ducks in …

Employee vs Contractor: What You Need to Know

When you own a business, there are a lot of big questions to answer. One of the biggest is do I hire a contractor or an employee? What is a contractor? A contractor is a person that you hire to provide services, but that you have very little control over. By very little control we mean that you don’t set …