Sample small business bill payment policies and procedures

Posted Leave a commentPosted in Accounting, Small Business

Every small business – even one person firms where one person wears all the hats – benefits from having a well-considered bill payment policy. This sample policy is one that I drafted for a client with about $25,000 per month in expenses. The intent is to allow this to spark some ideas about how your […]

‘Assurance’ though a web app is not insurance

Posted Leave a commentPosted in Accounting, Insurance

‘Assurance’ based on technology is nice but it does not include the financial risk shifting of insurance or the legal force of a contract. I recall writing a blog post years ago about how health insurance was morphing into a web app. Consumers seemed unaware or unconcerned of the distinction between a legal contract that […]

Initial thoughts on tax season wrap up and where to go from here

Posted Leave a commentPosted in Accounting, Tax Planning, Taxes

Initial thoughts on the wrap up of tax season: 1. OVERALL: It was the roughest tax season in my 30+ years, yet it was not as bad for me as many others tax professionals reported. Tax accountants’ online discussion groups are filled with stories of excess stress, it’s health impact, and threats of retirement from […]

Update on accounting business practices

Posted Leave a commentPosted in Accounting, Security, Small Business, Taxes

In the normal course of business it is necessary to periodically update for changing trends, technology and legal and industry standards. This month I made the following six changes that will be reflected in future engagements: 1. Elimination of fax communications. Fax is just outdated, often insecure and inefficient. Instead, I encourage the use of […]

Business services checklist

Posted Leave a commentPosted in Accounting, Small Business

While every small business has its own requirements for accounting services, this list compiles 20 of the most commonly requested help topics grouped in strategic groupings. Each contributes to overall success, but the needs typically vary over the life of a small business owner. The decision to perform each function internally, outsource or handle collaboratively […]

Butting heads on small business bookkeeping

Posted Leave a commentPosted in Accounting, Small Business

I had unfortunate occasion to butt heads with an old-school bookkeeper. She is top quality with decades of experience. She knows her debits and credits and trial balances inside and out. She was quick to tell me that the accounting systems I use are worthless. The thing is: the world has changed. Not always for […]

15 features to ensure success of bill payment outsourcing

Posted Leave a commentPosted in Accounting, Small Business

One of the best ways to use technology in your small business is to outsource bill payments. The time and expense savings that most can achieve puts this high on our list of recommended technologies. The simple fact is that a bill pay expert can do this more simply, reliably and at lower cost than […]

Five reasons that you don’t know about tax-free stocks

Posted Leave a commentPosted in Accounting, Small Business, Taxes

Our government taxes most kinds of income. The exceptions list of tax-free income is short. One of the least known sources of tax-free income is gains on qualified small business stock ownership. Gains on qualified small business stock is completely exempt from tax. So why haven’t you heard this before? Here are five good reasons: […]

Break down the tax filing process

Posted Leave a commentPosted in Accounting, Taxes

Any complex task is easier when broken down into small pieces. Tax filing is no different. While there are plenty of different options, we break it down and pull out the best methods. Ways to collect information: BEST: Cell phone scanner with tax organizer OK: Flatbed scanner batch documents ALTERNATE: Photos or papers Ways to […]