Using Expensify’s Credit Card Feed

Expensify is a tool that many small business owners use to manage their expenses and receipts. One way to make it more valuable is to set it up to pull the credit card transactions directly from your credit card into your Expensify account.   The setup process is simple.  Also, by adding this function, each…

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What is Use Tax

Use Tax is a tax on purchases that is charged to the buyer if the seller did not originally charge sales tax on a taxable purchase. While most sellers of taxable goods and services are required to charge sales tax when they make the sale, there are certain exceptions. When those exceptions result in a…

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Top 5 Items to Review in Your Financial Statements

Having accurate financial statements is key to running a successful business. If you go to the bank for financing, your banker is going to want to see quality financials that are truly representative of your business performance. Accurate financial information will assist you in making business decisions that help move your business forward. So, how…

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Employing your Children in Your Business

As a business owner, you are constantly looking for potential tax breaks or options for shifting income. If you have children, one option to consider is putting your kids on your payroll. However, choosing to employ your children in your business is not as simple as having them fill out a W4. There are some…

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Beware of Third Parties Selling You The Employee Retention Tax Credit

What is ERC? The Employee Retention Credit (ERC) has been a hot topic since 2020, when the Coronavirus pandemic changed the world.  The credit was implemented to aid companies in paying their employees if there was a reduction in gross receipts as a result of COVID-19.  A major requirement to qualify for the credit was…

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Managing Cash Flow: A How To Guide

Cash flow business finance concept background with words on chalkboard.

  Managing cash flow can be the difference between your business success or failure.  You can’t open a book on entrepreneurship without the mention of cash flow.  But, what is cash flow?  Cash flow is a measure of the amount of cash coming in and going out in a business.  Positive cash flow results from…

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Paying Your Taxes

Be Prepared Your business is profitable! Congratulations! You owe taxes! Contrary to popular belief, owing taxes is not a bad thing. It means your business made money. Yes, it’s great to minimize your tax bill as much as legally possible, but at the end of the day, the only way you can avoid paying taxes…

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Understanding Negative Balances in Your Financial Statements

Negative balances in your financial statements can signal errors or issues with your business performance. In some cases, a negative balance can be accurate, but it’s important to review further to be sure. Here are some things to watch out for in your Profit & Loss Statement and Balance Sheet.   Profit & Loss Statement…

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Reviewing your Financials: Top Five Things to Look For

If you’re getting regular monthly financial statements in your business, you’re already ahead of many business owners. But financial reports are only as good as the time you put in to review the information they are giving you. The two primary financial statements you should be reviewing each month are your Profit & Loss Statement…

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Outsourcing Your Accounting: How to Make it Work

Outsourcing is becoming a more common practice in business. Whether it’s marketing, accounting, sales, or even operations, outsourcing has become easier than ever. But, outsourcing only works if you do. It takes an effort on both sides to get the best results. Here’s how to make outsourced accounting work for your business.   6 Tips…

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