December 18 2017
In the restaurant industry, many employees rely on tips as the primary source of their income. As with all wages, it is important for restaurants to ensure that tips are correctly managed and reported. Because tipped income functions differently from a traditional paycheck, it can often be confusing to know precisely how to account for this income.
We’ve compiled a list of four best practices to make sure that your restaurant business is handling tips in the proper way.
August 17 2017
Have you ever won a bid for a construction project only to find after you’ve tallied all the bills and invoices, that the significant profit you had hoped to make wasn’t there? If so, you’ve encountered one of the biggest challenges in running a profitable construction company — job costing. Bidding on jobs without knowing the real costs is akin to driving a car while wearing a blindfold. It's what separates the successful construction companies from the hundreds that go under every year. Read on for our recommendations on job costing and how it can improve your business.
July 19 2017
No matter what segment of the real estate industry you belong — owner of an agency, a property management team, or the owner of residential or commercial space that you lease — the accounting for this particular industry poses a different set of challenges from most businesses. We’ve found that the daily operations and accounting matters take too much energy and time away from the activities that grow the business. Read on for some of the biggest challenges in real estate accounting.
June 20 2017
There comes the point in every business when it's time to hire a professional to handle the financial management. If this is where you are in your business, then congratulations! Your company has grown enough that you can now begin to hand off some of those many hats you wear as a business owner. While your first thought may be to add a full- or part-time bookkeeper to your staff, it's smart to also look at outsourcing your bookkeeping to a team of accounting professionals. It's true what they say: There is strength in numbers. And when it comes to your financial numbers, you can benefit from a team. Accounting firms thrive on teamwork. (They wouldn't make it through tax season if they didn't, believe us.) Here are some of the best reasons to consider hiring a team to handle your accounting.
June 7 2017
Don't make the mistake many business owners make by waiting until the end of the year to worry about your taxes. Mid-year tax planning allows you to make changes and adjustments while you still can, saving you time, money, and surprises when tax season arrives. There's nothing worse than hearing your accountant say, "If you had only made this one adjustment, you could have saved (insert dollar amount here)."
April 24 2017
Cash flow shortfalls: they can happen to the most well-run small businesses. An unexpected expense or repair pops up, a customer goes MIA on their invoices, or a large sale doesn't happen. Or maybe you just scored a big sale, but you need cash to purchase the equipment or help you'll need to get the product into your customer's hands. You may find yourself needing cash -- and needing it quickly. You could apply for a small business loan, but you'll need spotless credit, collateral to borrow against, and the loan could take weeks or even months to process. Invoice factoring and invoice financing are two ways you can cover the shortfall quickly, but what's the difference between the two? Here are the ways they differ and how to know which to choose.