Rebecca I.’s Post

When cleaning up your books, accrued revenue can sometimes be overlooked. Here’s what to do: ➡️ Identify accrued revenue: Make sure all revenue earned but not yet received is accounted for in your books. ➡️ Invoice clients: If you haven’t already invoiced for accrued revenue, send out invoices promptly. ➡️ Adjust your financials: If accrued revenue isn’t properly reflected, it can distort your business’s financial health. ➡️ Reconcile with your accountant: Ensure that accrued revenue is reported accurately for tax purposes. Keeping your accrued revenue in check helps you maintain an accurate financial picture. #bookkeeping #smallbusiness #financialmanagement

It's almost November, which means now is the time to get your books in tip-top shape for tax season! Here are all the things you need to do to get started ⬇️ ✔️ Organize all your receipts and ensure they’re attached to relevant expenses. ✔️ Make sure invoices are accounted for and matched to the corresponding payments. ✔️ Reconcile all bank statements to ensure every transaction is properly recorded. ✔️ Check credit card statements for any discrepancies or missing expenses. ✔️ Review loan documents and make sure interest and principal payments are correctly classified. A well-organized financial system means less stress at tax time. Need help with your cleanup? Reach out to me! #bookkeeping #financialmanagement #smallbusinessowner

This is your annual reminder that filing taxes with inaccurate bookkeeping records can lead to costly mistakes! When you file with inaccurate books, you risk missing out on valuable deductions or paying more than you owe. Worse, inaccuracies could trigger an audit, leading to fines or penalties. This is all assuming that you actually file on time. Inaccurate books can make it harder for your CPA to file on time, causing delays or rushed filings that increase the risk of error. The only way to avoid these issues is to ensure your books are clean and accurate year-round! Let’s work together to keep your books ready to file. #taxseason #bookkeeping #smallbusiness

Business owners when they get mail from the IRS that says they owe way more than they thought 😅 If this has happened to you, just know that it's pretty common, and there are things you can do to avoid it! Many business owners underestimate their tax liability due to poor planning and inconsistent bookkeeping throughout the year. Without regular check-ins on your profit, deductions, and estimated tax payments, it's easy for your tax obligations to sneak up on you. The key to avoiding surprises is keeping your books updated and consulting with a tax professional regularly. Don’t wait until the last minute—start preparing now! #taxplanning #bookkeeping #smallbusinessowner

While it’s important to categorize your expenses for proper tracking, having too many categories can overcomplicate your bookkeeping. When you break everything down into too many specific categories, it can make it harder to get a clear picture of your overall financial health. My advice? Stick to broad, meaningful categories that help you analyze spending trends without drowning in unnecessary details! Need help streamlining your bookkeeping categories? Let’s chat! #bookkeeping #financialmanagement #smallbusiness

Are you avoiding your books because you're afraid of what you might find? Many business owners avoid bookkeeping because they’re afraid of what their numbers might reveal—perhaps high expenses, low profits, or financial instability. But avoiding your finances only makes problems worse. Facing your financial reality is the first step to taking control and making positive changes. Regular bookkeeping helps you identify areas for improvement, plan for taxes, and make informed decisions for growth. Remember, knowledge is power. Don’t let fear hold you back—start working with your numbers to feel more confident in your business now! #bookkeeping #financialmanagement #smallbusiness

Do early invoice payments boost your cash flow? You bet! When customers pay their invoices early, it provides your business with immediate cash, reducing the need for credit and allowing you to meet expenses promptly. Early payments also reduce the risk of bad debt and improve your cash flow predictability. To make this scenario more common, consider offering incentives, like small discounts, to encourage customers to pay early. Just make sure that these discounts don't negatively impact your profitability. Looking for ways to improve your cash flow management? Let’s discuss some strategies. #cashflow #invoicing #smallbusiness

"According to NFIB’s most recent Small Business Problems and Priorities report, tax-related issues continue to be challenging for small business owners. From a list of 75 problems ranked by severity, of the eight tax issues listed, two are in the top 10." #taxes #smallbusinessowner #smallbusiness

While filing as an S-Corp can offer significant tax advantages, it’s not always the best choice for every business. Here are three signs that an S-Corp might not be right for you: ➡️ Your business is not netting at least $75K in profits each year. Filing as an S-Corp can provide tax benefits by avoiding self-employment taxes on a portion of your income. However, if your business is not netting at least $75,000 in profits annually, the costs associated with maintaining S-Corp status—such as increased accounting and administrative fees—may outweigh the tax savings. It's crucial to evaluate whether your profits justify the additional costs. ➡️ Your business doesn't have the capacity to run payroll on a monthly basis. S-Corps are required to pay reasonable salaries to their owners, which means you must run payroll and withhold payroll taxes on a regular basis, typically monthly. If your business lacks the administrative capacity or resources to handle this requirement, maintaining S-Corp status could become a burden. Consider whether your current operational setup can accommodate this increased administrative responsibility. ➡️ You’re not ready to file two tax returns (one personal and one S-Corp):. As an S-Corp owner, you’ll need to file both a personal tax return and a separate S-Corp tax return. This means additional paperwork and potentially higher accounting costs. If you’re not prepared to manage the complexities of two separate filings or if the thought of more administrative work feels overwhelming, an S-Corp may not be the right choice for your business at this time. Before deciding on an S-Corp status, consider these factors carefully. Evaluating your business’s unique needs and capabilities is essential to making the right decision. Need help assessing whether an S-Corp is right for you? Ask your CPA! #Scorp #taxplanning #businessstrategy

The deadline to make your quarterly tax payment for Q3 was on Monday! Did you miss the deadline? If you did, don’t panic—here’s what to do next. First, pay what you can as soon as possible. The sooner you pay, the less you’ll owe in penalties and interest. Next, contact your tax professional to discuss your options. They can help you determine how much you owe and create a plan to catch up. Finally, consider whether you'll be able to catch up in order to reach a $0 liability by April. If not, begin making plans for how you'll address this debt. Remember, it’s better to act quickly than to ignore the problem. Need help navigating your tax obligations? Let’s talk. #taxes #taxplanning #smallbusiness