Posts Tagged ‘small business’
When Should I Hire a Bookkeeper?
As accountants, new business owners often ask us, “When should I hire a bookkeeper?” It depends, of course. But, to know what signs to watch for, here’s a list. It will help you identify when you might be ready to hire a bookkeeper. The best time to hire a bookkeeper is before you even start the business. A bookkeeper can help with important initial tasks. As your business grows, your bookkeeper is invaluable. And with…
Read MoreStop Doing Your Own Bookkeeping
There are so many reasons to hire a bookkeeper! Here are my top ten favorites. 1. Be in Compliance Many business owners see accurate, timely filings as a must. They are a basic, non-optional cost of doing business. Not having an expert handle your filings is risky. You also need to understand what to file. Bookkeeping is a full-time job! Most business owners lack the time to track the ever-changing rules and tax laws. 2. Increase…
Read MoreHow-to: Opting into Active Non-Reporting Status
Hey business owners! Does filing your quarterly or annual Washington Department of Revenue (WA DOR) tax return get you down? We want to tell you about Active Non-Reporting status and how it may make running your business a little easier. What is Active Non-Reporting Status? Beginning January 1, 2023, the WA DOR now offers an option called Active Non-Reporting Status for businesses that meet specific criteria. This status allows you to actively conduct business in…
Read MoreBOI reporting requirements for 2024
Beginning January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) began accepting Beneficial Ownership Information Reports (BOIR). The reports are a new compliance requirement enacted by the Corporate Transparency Act that affects many small businesses. We’ve outlined a few points relevant to our business clients below. You can read more on FinCEN’s BOI site. Key Deadlines for BOI reporting There is no annual filing, only the initial and updated filings. Does my business need to…
Read MoreDiversifying the Stock Exchange
Earlier this month (August 2021), the SEC approved a Board Diversity Rule proposal from NASDAQ. By this time next year (August 2022) all companies listed on the NASDAQ exchange must publicly (either on annual SEC filings or on their website) share the diversity makeup of their board of directors. The objective, according to NASDAQ, is to encourage board diversity and to provide stakeholders with consistent and comparable disclosures. Read the SEC’s August 6th 82 page…
Read MoreBook Review: Profit First by Mike Michalowicz
I was prompted to read this 200-page business cash management primer, Profit First, when a client asked if I agree with its message. Happy to read a highly recommended book that intersects business, profits, and accounting, I downloaded and read this in less than two wintery weekends. I highly recommend it for entrepreneurs who are short on time and eager to learn a different way to look at your income statement and improve your bottom…
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