Although many business owners are passionate about the product or services they provide, not as many are as passionate about the bookkeeping aspect of business. Around the United States, businesses spend $66 billion every year on bookkeeping and payroll services. There are more than 773,000 people in the country who help businesses with their bookkeeping needs. That kind of demand […]
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7 Common Mistakes in Bookkeeping to Avoid for Your Business
Recent statistics reveal that cash flow problems cause 82% of small businesses to fail. It is not easy opening a small business. There are many considerations, and bookkeeping is a top priority. A brilliant quote from Benjamin Franklin is this: “If you fail to plan, you plan to fail.” This could not be more true! You must keep a keen […]
6 Tax Tips for Small Business Owners
A large percentage of Americans don’t understand how taxes work, and that’s solely when it comes to personal taxes. Staying up to date with your taxes is part of being a small business owner. Taxes can be incredibly difficult to figure out, especially if you’re just starting out. So, keep reading to find out more about the six tax tips that […]
10 Huge Benefits of Outsourced Accounting Services
Did you know that late filing of taxes is one of the most common errors made by US businesses according to the IRS? This results in penalties, which cut deep into the profit of companies. But do you know how to avoid them in these lean economic times? One way is to get professional help so you can concentrate on […]
How to Avoid Capital Gains Tax When Selling a Business
Did you know that over 10,000 businesses are sold in the United States each year? It’s no surprise then that some business owners are concerned about capital gains tax when it comes to selling their businesses. The good news is that you may be able to avoid or reduce your capital gains taxes when selling a business. Let’s take a […]
How to Read a Business Tax Return
More than 600,000 new businesses are formed in the United States each year. Unfortunately, not all of these have staying power in their industries. Properly managing your tax obligations is one of the most important responsibilities you have as a business owner. However, this means you will need to understand how to read a business tax return. Let’s take a […]
Startup Tax Credit: Do I Qualify?
Did you know that most startups are missing out on billions’ worth of tax savings? Research has shown that VC-backed startup firms are foregoing tax savings of up to $43.9 billion, simply because they’re not choosing tax-advantageous business entities. Another way startups miss out on savings is by not leveraging startup-specific tax credits. A startup tax credit can give you the […]
How to Qualify for the Employee Retention Credit for Past Quarters
The COVID-19 pandemic affected the payroll of more than 45% of small businesses in the US. If your business suffered due to pandemic-related factors, you may be eligible for the Employee Retention Credit (ERC). Learn more about the Employee Retention Credit and how you can claim benefits even for past quarters. What Is the Employee Retention Credit? Congress created the […]
How to Do Financial Projections for a Startup
Starting a business requires a lot of planning and consideration. The amount of work you put into planning your business operations can determine its success. To help get your idea off the ground, you may seek a loan or investors to back your venture. Financial backers need to see that the money they are committing to your business proposal is […]
How to Hire The Best CPA For Your StartUp | Propel CFO
Did you know that 82% of businesses will fail due to cash flow problems? As a small business owner, you have a lot on your plate. You’re responsible for making sure your company is running smoothly and that you’re constantly growing – which can be tough to do when you’re also doing the books yourself! It’s hard enough to find […]