Training Fido to Fetch More than a Bone

Julie Babcock-HydeAccounting, Apps0 Comments

fetch receipts

While “fetching” might be what some trained dogs can do, accounting systems are getting into the act too. This relatively new feature is called “receipt fetching,”. It’s when an app can retrieve documents directly from the vendors that you do business with so you don’t have to spend so much time on paperwork retrieval. Apps that can perform receipt fetching … Read More

Cool Apps: Accounting System Add-ons

Julie Babcock-HydeApps0 Comments

cool apps accounting add-ons

Accounting software continues to evolve decade after decade. It started out as one big massive complicated set of programs that only large companies could afford.  Cloud accounting is the modern solution.  Today’s accounting systems are designed to meet the core requirements for many businesses. Enter apps. Apps are the add-ons to accounting systems that can enhance functionality, and there are … Read More

How to Read Your Income Statement

Julie Babcock-HydeSmall Business0 Comments

read income statement

The income statement of any business is probably the most important report of all. It is a snapshot of the financial performance of your business over a period of time, such as a month or year. You might also hear it called the Profit and Loss Statement, or P&L. The income statement can give you all kinds of insights as to whether … Read More

Boost Your Accounting Know-How with These Terms

Julie Babcock-HydeAccounting0 Comments

accounting terms know-how

The field of accounting has its own vocabulary, which can sound like a foreign language to some people. Your financial savvy will increase by learning a few new accounting terms. You’ll be “speaking accounting-ese” in no time, and you’ll become a smarter entrepreneur too. Trial balance A trial balance is an accounting report that simply lists the current balances of your accounts … Read More

Five Tips to Make Tax Time Painless

Juliet Babcock-HydeSmall Business0 Comments

tax time

Tax time is probably not your favorite time of year, especially if you have to pay the government your hard-earned dollars. Here are five tips on how we can make it just a bit less painful.   1. Have patience.   Practicing patience will go a long way when you’re dealing with taxes. Keep in mind that for tax professionals, … Read More

What Is Reasonable Compensation?

Juliet Babcock-HydeSmall Business0 Comments

compensation

For small businesses formed as an S Corporation and with plenty of profits, reasonable compensation is a term you may want to be familiar with. S Corporations Many small businesses have organized as an S Corporation form of entity.  The S Corp election allows a business owner to save money on self-employment taxes which can be especially helpful if they … Read More

When Do You Need an Accountant for Small Business?

Julie Babcock-HydeSmall Business0 Comments

when do you need an accountant

    When should you involve an accountant in your small business? Simply put, all business owners should consider getting an accountant involved before they even launch their business.   Having an accountant involved from the beginning will help alleviate, or avoid, headaches and make sure you start off on the right foot. How An Accountant Helps Before You Start … Read More

Traditional Accounting Just Might Be Messing Up Your Profits

Julie Babcock-HydeProfitability0 Comments

Traditional Accounting Profit

    Traditional accounting is failing small businesses in three key ways:   Too many small businesses are break even. A break even business typically means that these businesses are only two weeks of collections away from being insolvent. Approximately 23 million out of 28 million of small businesses are in this category – that means that 80% of small … Read More

Seven Small Business Risks

Juliet Babcock-HydeSmall Business0 Comments

Seven Small Business Risks You Might Not Know You’re Taking Running a small business is often about taking and managing risks. Market risks are normal but business and tax risks are another thing altogether.  Most business and tax-related risks can be managed as long you know about them.  Here are seven small business risks you will want to make sure … Read More