Accounting Blog

Budgeting Success for the Manufacturing Industry

December 19 2017

When a manufacturing company doesn't have a focused idea of its annual budget, it runs the risk of spending more money than it earns in a year. Even if production has been running smoothly for years, one small change can alter the entire financial picture. Money may be coming in, so all seems fine, but without a handle on expenses versus income, you can quickly find yourself in the red.

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4 Best Practices for Accounting for Tips in Your Restaurant

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. 

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Saving for Retirement as a Small Business Owner

December 11 2017

Business owners spend so much time focusing on the growth of their companies that they often neglect to save for retirement until it's too late. 

According to a 2016 BMO Wealth Management survey of 400 small business owners, 75% of owners between 18 and 64 have saved less than $100,000 for retirement. Even more alarming is that of owners between 45 and 64, a staggering 68% have saved less than $100k.

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Bad Business Habits to Break in 2018

December 4 2017

Rather than writing a resolution post for things to do in the new year, we decided that we'd focus on the bad habits that many business owners have. These bad habits, while they seem harmless on the surface, can sabotage your business if left unchecked. Here are the habits to break in 2018.

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Small Business Budgeting

November 15 2017

If you're a business owner, it's likely that your numbers may keep you up at night. Designing a budget will help ease some of that stress. Budgets provide a guide to where your business is going. If you haven't worked on a 2018 budget, start now. They can take time, but partnering with your accountant or CPA can make the task easier. Read on for some tips on how to make your budget work.

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Tax Planning for Small Business

November 1 2017

The end of the year is quickly approaching, and it's time to schedule your yearly tax planning appointment. To take full advantage of the credits and deductions that can save your business money, you should make a point to sit down with your accountant or CPA.

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