Practical advice on taxes, bookkeeping, and financial management to help your business stay organized and grow.
Handling your own books might seem cost-effective, but the hidden costs of DIY bookkeeping often outweigh the price of professional help. Here's why outsourcing makes financial sense.
Many small business owners leave money on the table every year by missing key tax deductions. Here are five commonly overlooked write-offs that could save your business thousands.
The data is clear — proactive financial management is one of the biggest drivers of small business success.
82%
of small businesses fail due to cash flow problems
U.S. Bank Study
120+
hours per year the average owner spends on bookkeeping
SCORE
$845
average IRS penalty per notice for small businesses
IRS Data
40%
of small business owners say taxes are their biggest burden
NSBA Survey
Cash accounting records income when received and expenses when paid. Accrual accounting records them when earned or incurred. Most small businesses start with cash basis, but the IRS requires accrual if your revenue exceeds $26 million.
Every business needs a Profit & Loss statement (revenue vs. expenses), a Balance Sheet (assets, liabilities, equity), and a Cash Flow statement. Together, they give a complete picture of financial health.
Mixing personal and business expenses, failing to reconcile bank accounts monthly, not tracking receipts, and misclassifying expenses are the most frequent errors — and they all lead to tax-time headaches.
The IRS recommends keeping tax returns and supporting documents for at least 3 years. Employment tax records should be kept for 4 years, and records related to property should be kept until the period of limitations expires.
If you spend more than 5 hours a month on bookkeeping, have fallen behind on reconciliation, or make business decisions without up-to-date financials — it's time. Outsourcing typically costs less than your time is worth.
Reconcile all bank and credit card accounts, categorize every transaction, review accounts receivable and payable, generate P&L and Balance Sheet reports, and file any required sales tax returns.
Accountick handles your monthly bookkeeping, reconciliation, and financial reports — so you can focus on running your business. Flat pricing, no surprises.
