Small Business Accounting offentlig
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Should I be doing my own bookkeeping and accounting? Is QuickBooks the best software for me to use in my business, or is there another accounting software I should be using? What’s the best way for me to process my payroll? How can I track my money and cash flow? How do I prepare for my business taxes? What do my financial statements really mean? How can I bring my business to the next level? How can I grow my business? What is the best way to create my business strategy? Should I start a si ...
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Every business owner wants to make sales. Generating sales and incurring revenue so that you have the funds you need to pay for your expenses and have enough net income so that you can enjoy the fruits of your labor is the dream of most business owners, but when you lose your focus on sales or are unsure how you should be getting additional sales, …
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As tax season winds down, our resident bookkeeping mensch, Paul Rosenblum, has some words of wisdom for small business owners in this special (and not ranty) client’s toolkit episode. Toolkit for what? Being good to YOUR bookkeeper (even if they’re not Paul). The heart of it is, as Billy Joel aptly says, “It’s a matter of trust”. Paul outlines how …
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Hey there, I’m Chris Panek, Certified Public Accountant, Certified Coach, and the host of the Mastering Your Small Business Finances Podcast, and I want to welcome you to the seventh episode of a new series I’m doing on this podcast. My intention is to drop one of these additional episodes every Monday while I continue to provide you with the regul…
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Keeping up with your bookkeeping will not only help you with your compliance tasks, such as filing your tax return at the end of the year, but having this financial data will also help you make smart business decisions. In today’s podcast episode, you’ll learn about the most common financial mistakes and how you can prevent them in your business. U…
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Hey there, I’m Chris Panek, Certified Public Accountant, Certified Coach, and the host of the Mastering Your Small Business Finances Podcast, and I want to welcome you to the sixth episode of a new series I’m doing on this podcast. My intention is to drop one of these additional episodes every Monday while I continue to provide you with the regular…
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Learning about your competition will help you gain sales by making sure your product goes above and beyond what your competition has to offer. Competition isn’t bad; in fact, understanding precisely who your competition is will help you determine if your business is on the right path to success. In today’s podcast episode, we will cover who your co…
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Hey there, I’m Chris Panek, Certified Public Accountant, Certified Coach, and the host of the Mastering Your Small Business Finances Podcast, and I want to welcome you to the fifth episode of a new series I’m doing on this podcast. My intention is to drop one of these additional episodes every Monday while I continue to provide you with the regular…
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Curious about the differences between online bookkeeping software options? Our resident Bookkeeping Mensch, Paul Rosenblum, has got you covered! He shares crucial insights about the options available including the free, the simple and the ala carte (yes, that’s a thing!). If you’re just starting your business and are looking for the right bookkeepi…
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Using your passion for boosting profits in your business is key to your happiness and success, but you need to know how to propel your passion into your business. Focusing on what excites you and putting that energy to work for you to create a profitable business takes work, but when you have passion behind your every move, you are able to push thr…
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Hey there, I’m Chris Panek, Certified Public Accountant, Certified Coach, and the host of the Mastering Your Small Business Finances Podcast, and I want to welcome you to the fourth episode of a new series I’m doing on this podcast. My intention is to drop one of these additional episodes every Monday while I continue to provide you with the regula…
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You can have the most in-depth business plan and create the best strategy for your business, but if you don’t take action, you’ll never reach the dreams you have for your business. You want to make sure you are taking the right actions in your business and staying consistent with your actions so that you create the momentum you need to propel your …
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Hey there, I’m Chris Panek, Certified Public Accountant, Certified Coach, and the host of the Mastering Your Small Business Finances Podcast, and I want to welcome you to the third episode of a new series I’m doing on this podcast. My intention is to drop one of these additional episodes every Monday while I continue to provide you with the regular…
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Alright, folks, listen up! This episode is a must for all you business owners and bookkeepers out there, because we're diving deep into the realm of online accounting……software! It's a game-changer, sure, but before you jump on the bandwagon, let our resident bookkeeping mensch, Paul Rosenblum, walk you through the ups and downs of each option. Wit…
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Having a clear business plan and strategy in place so that you know the direction you want your business to go is one step in the process of reaching your goals as a business owner. When you take these strategies and develop milestones for each of them, you will be crystal clear on your next steps to success. Creating your business milestones will …
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Hey there, I’m Chris Panek, Certified Public Accountant, Certified Coach, and the host of the Mastering Your Small Business Finances Podcast, and I want to welcome you to the second episode of a new series I’m doing on this podcast. My intention is to drop one of these additional episodes every Monday while I continue to provide you with the regula…
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One of the biggest mistakes business owners make when they are starting their business is to mix their business and personal funds together. It may seem like this is the easiest and most straightforward way to manage their business finances, but in reality, it creates additional work and complexity for the business owner, which is a costly mistake.…
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Hey there, I’m Chris Panek, Certified Public Accountant, Certified Coach, and the host of the Mastering Your Small Business Finances Podcast, and I want to welcome you to the first of a new series I’m doing on this podcast. My intention is to drop one of these additional episodes every Monday while I continue to provide you with the regular Masteri…
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In the midst of tax season, our resident bookkeeping mensch, Paul Rosenblum, delves into three crucial small business bookkeeping adjustments to make sure you avoid IRS scrutiny. Through three case studies, he addresses careful business shifts in payroll, company to company transfers, and intercompany transactions. Emphasizing his personable approa…
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Much of the success or failure of your business will depend on your business mindset. The process in which you think about things in your business forms your beliefs. When you believe that you will succeed, you will create actionable steps to bring those beliefs to reality. Everything that you think about has an impact on your business, so you want…
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Your employees or independent contractor expenses are likely one of your highest expenses in your business and as a smart business owner, you want to make sure you are monitoring these expenses to ensure maximum efficiency. Over the last few years, your business may have had the need to shift to a more remote or virtual workforce. Many business own…
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Ever wondered why partnership distributions sometimes leave partners scratching their heads, wondering where all the money went? Our resident bookkeeping mensch, Paul Rosenblum, delves into the intricacies of managing finances for a landscaping company partnership. He unravels the mystery behind taxable income on K1 forms and the nuances of distrib…
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As a business owner, you are always looking for ways to save time in your business, but you want to make sure you are not cutting corners in one place and causing additional problems down the road. This holds true when you are doing your bookkeeping as well. I always tell my clients when they are setting up their bookkeeping systems to make sure th…
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When you think about how far you’ve come in your business, do you feel proud of yourself? Most business owners will answer this question by thinking not really or talking about where they need to go in their business as they dismiss the question so that they don’t feel like they are being annoying or overconfident with themselves. It is easy to com…
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Strap on your running shoes so you can train with our resident Bookkeeper Mensch, Paul Rosenblum, for his tax marathon preparation. Discover his methodical process for evaluating and streamlining clients' financial records, akin to pacing for a marathon, emphasizing precision and client engagement as crucial checkpoints along the way. He’s so prepa…
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Obtaining credit for a business is critical so that they can borrow additional funds if needed. Establishing and building business credit is essential for any business owner, whether they are looking to expand and grow their company with financing or even if they don’t intend on utilizing any financing. By establishing a good credit history with le…
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As a business owner, it is important to stay ahead of the curve when it comes to tax preparation. You want to make sure that you are ready for any unexpected decrease in expenses or increases in income so that you don't have any surprises when it comes time to pay your taxes. The rules and regulations change every year, and if you are not prepared,…
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Whether you set goals at the beginning of the year or you have resolutions you have promised yourself you’d do in the new year, now is the time to make sure you are on track so that you can follow through with your goals and resolutions for the remainder of the year. I’m sure that you’ve heard that most people will quit their resolution after just …
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Why is July 31, 2024 a date to remember and possibly cry over? In this episode, our loveable bookkeeping mensch, Paul Rosenblum, takes us on a rollercoaster of emotions as he grapples with the impending retirement of certain QuickBooks Desktop products. That happen on, you guessed it, July 31st this year. Amidst the cheerful buzz from other users, …
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When you own your own business, you are always learning something new. Making sure that you have a team to support you where you lack skills or lack the time to devote to certain tasks will not only help you sleep at night, but you will also have the confidence knowing that your business is operating at an efficient level. In today’s podcast episod…
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When you want to be successful, you need to make sure you are taking advantage of every minute of your day. Some people make their success seem so simple. Most successful entrepreneurs follow a routine that they know they can stick to on a consistent basis to get the results they ultimately want to achieve in life and in their business. In today’s …
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As promised, it’s time for our resident bookkeeping mensch, Paul Rosenblum, to update us on the 1099 situation. He specifically addresses the introduction of 1099K forms by third-party payment apps like Venmo and PayPal for transactions over $5,000 starting in 2025. Although this change is still some time away, it’s important to understand the pote…
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If you have a business or do bookkeeping for business owners, you know now is the time you need to wrap up your year-end financial statements. If you’ve heard the phrase closing the books, this is exactly what it means. You simply make sure you have all your money coming in and money going out of your business recorded and reconciled so that your f…
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Understanding your numbers and keeping up to date on your finances is key to the success of your business. When you actively keep a pulse on your business finances, you will certainly make better business decisions. If you are thinking that you are just not a numbers person, you’re not good when it comes to numbers or math, or you are afraid to mak…
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It’s organizational time with our overworked Bookkeeper Mensch, Paul Rosenblum. He’s not taking breaks these days but he did make time to share the importance of archiving documents with you in this episode. Remember, the IRS requirement is to retain readable receipts for seven years. But how? In order to show you, Paul explains how he has used bot…
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I’ve been getting quite a few messages from business owners saying that they are struggling to create a budget for their business. Some are just getting their business up and running, and others have been in business for a few years. Either way, having a budget for your business will allow you to dictate how you want your money coming in and out of…
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With the end of the year coming to a close, you want to make sure that you have everything done correctly in your business, right? One of the many important year-end tasks is to make sure that you are correctly paying and classifying wages. There are many different entity types that businesses can be set up as, and depending on how you’re your busi…
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Each small business decision is like a snowflake gently falling into place and so in this podcast episode, our resident bookkeeping mensch, Paul Rosenblum, invites listeners into the winter landscape of his 30-year entrepreneurial journey. He has skillfully navigated the frosty terrain, sculpting a business niche that mirrored the uniqueness of sno…
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The W9 form is an important form, and more than likely, you’ve either had a request for this form, or you yourself may be requesting them from your vendors. This form is used to collect information about others, but knowing in advance that you need to request this information will not only save you valuable time but it will also give you the inform…
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There’s often a misconception when it comes to figuring out what you’ll be taxed on in your business. This is normally referred to as your net income. Many business owners will take a look at their business bank account and think this is the number they will use for their net income or what they will be paying taxes on, but it isn’t an accurate way…
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Navigating the year-end chaos is often top of mind for many business owners, professionals, and accountants during this challenging time when there is so much to do not only in our professional lives but in our personal lives as well. During this year-end rush, it’s easy to worry about how you’ll manage the stress and ensure you not only get everyt…
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