Give your books a check-up!

We are almost halfway through the year, and now is the perfect time to review your financials. Running a detailed profit and loss will help you identify any items that need to be addressed. For example, you may have unidentified expenses or income that needs to be reconciled and an account properly assigned. Addressing questionable...

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Reconciling Best Practices

It is important to stay on top of reconciling your bank, credit card, and loan accounts every month. If you keep your accounts up to date and reconciled, you will find the process quick and efficient. Your monthly reconciliations will show you where your finances stand and alert you to inaccurate or fraudulent activities. Correcting...

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Keeping Your Receipts Organized

Federal and State agencies require businesses to keep supporting financial documents for up to 7 years, depending on the circumstances. Receipts of all expenditures are required to keep in case of an audit. Over time, receipts can get lost, ink can fade, and the nature of the purchase can be forgotten. Suppose you want to...

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Value Your Business!

Do you know what your business is worth? I mean, worth it? When I say worth, I mean if you were trying to sell your business, do you know what someone is likely to pay you for your business? The reality is that it is always hard to know what a business could truly sell...

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Confirm Your Sales Tax Jurisdictions!

In June 2018, the U.S. Supreme Court issued the Wayfair decision, which gave the state of South Dakota the right to collect sales tax even if the business has no location or “nexus” within the state. This decision has potential sales tax implications for any business that sells across state lines, and many states have...

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Track Your Petty Cash!

Many businesses benefit from having some petty cash on hand when cash is required or simpler. If your business handles petty cash, we have several recommendations on how to best track that petty cash, as follows: Establish a set amount of petty cash you need to have on hand. Keep enough to cover several months’...

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Cool Tools – Asana Recurring Tasks

We’ve mentioned before how much we love Asana! One of our favorite tools within Asana is the ability to create recurring tasks. You can set whatever cycle you need to – daily, weekly, monthly, or even annual tasks! This is a lifesaver for us, particularly as we track the critical year-end tasks we need to...

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Success Stories – Getting It Right

Our newest team member, Alexandra, is already impacting our clients! We have a new client who is an Interior Designer. The client was concerned about the subtleties of sales taxes for her particular industry. She is correct to be concerned – sales tax is not as straightforward for Interior Designers as it would be for...

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