Many business owners only take a close look at their financials when tax season arrives. Unfortunately, waiting until the end of the year to review your numbers can lead to missed opportunities, cash flow problems, and unexpected tax liabilities. Successful businesses make financial reporting a monthly habit. Regularly reviewing key financial reports helps you understand […]
Category Archives: Monthly Accounting
19
Apr
Apr
Running a small business in the Atlanta area comes with plenty of moving parts — and taxes are one of the easiest places to make expensive mistakes. Whether you’re a startup in Woodstock or an established company serving clients across Atlanta, small oversights can quickly turn into penalties, missed savings, or unnecessary stress. Here are […]
17
Nov
Nov
If you’re using QuickBooks to manage your bookkeeping, you’re already doing the heavy lifting — tracking revenue, expenses, cash flow, and so on. That’s great. But when it comes to presenting your business to lenders, investors, partners, or just getting a clearer picture of your financial health, you’ll benefit tremendously from a professional review of […]
18
Apr
Apr
*Note: This article was written before the 25% tariffs were announced. Unfortunately, more and more businesses showed an overall loss for the 2024 calendar year compared to past years. Having personally reviewed many 2024 profit & loss statements this 2024 tax season, it is apparent that annual net losses are running rampant. I am referring […]
20
Dec
Dec
It was a very difficult year, but many businesses in GA still improved their bottom line in 2021. People forget that when the economy goes down there is also a direct correlation to lives lost. December is the month to get some of the biggest (and the most fun) deductions. We have until 12/31 as […]
18
Aug
Aug
Many business owners often wonder, “Is my business doing well, or is it failing?” Just looking at your sales and revenue can be very misleading. Here’s what you need to know… Net income is what really matters. Net income is your revenue/sales, minus ALL of your business expenses. Too often business owners only look at […]
10
Jun
Jun
Cryptocurrency is here to stay. Bitcoin has now been around since 2009, and even with many hard knocks it continues to grow substantially in value. Other cryptocurrencies, such as Ethereum have also become good investments. A lot of people are now putting their money on Cardano, (I am hoping to win big from Cardano!) but […]
14
Apr
Apr
Are you a 1099 paid Contractor and stressed about paying Taxes? We can help! Were you paid over $100k as a 1099 Contractor? To pay less in taxes, it’s time to get an S Corp and be on payroll. We can help you with this, too! Did you know that if you paid a 1099, you […]
24
Feb
Feb
This 2020 tax season, we are seeing a lot of people contribute to ROTH IRA’s/401k’s when they should be contributing to a Pre-tax/Traditional retirement account. It’s even worse when a financial professional convinces a new client to convert their pretax IRA/401k into a ROTH. This is throwing buckets of money out the window! Here are […]
06
Jan
Jan
Two of the most common mistakes we see on the profit & loss are expensing owner draws/distributions and having cost of goods sold on the profit & loss when it should not be there. If you are a business owner, here are the correct ways to account for draws/distributions and how to pay yourself: Paying […]
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