Hard to believe it’s already 2024. For the last year, the most important advice I’ve been sharing with clients is to think and plan ahead. By putting in the time to get your plans and financials in order throughout the year, you can save so many headaches when it comes to year-end bookkeeping.
With that in mind, I want to share some of our top advice from the past year with our four most popular articles from 2023.
It’s no secret that many individuals, and indeed, businesses, often wonder when they should rope in a professional to help manage their finances. “Is it time to hire a bookkeeper?” you might ask. “How do I know who would be the best fit for my business?” I encounter such business and bookkeeping questions frequently, and, though it may not be the satisfying answer you crave, the truth is, it depends on a myriad of factors, just as I’ve explained in my previous posts on S Corps and C Corps.
If you are a business owner who takes your venture seriously, treating it like a bona fide business – including having separate dedicated bank accounts for business expenses and personal spending, similar to a paycheck from an employer – it might be time to seriously consider bringing a bookkeeper into your fold.
Recently Michelle Long, CPA, MBA and Daniel DeLong at QB Power Hour invited me for a guest appearance on their live show!
We covered niche nuances with a specific focus on the cannabis and CBD industry.
You’re probably here because tons of people are talking about S-Corps and why it’s a good idea for business owners to move to that tax structure. In truth, they’ve gained traction following the pandemic, especially when everyone was after the PPP loans. However, before you go full-steam ahead on switching to a S-Corp entity, it’s important to understand the implications for your business.
After all, understanding the nuts and bolts of your entity structure isn’t just for your accounting team. It can seriously shape how you grow, evolve, and even sell your business one day, if that’s your goal. And yes, it’s about the bottom line, too!
How well do you know your company’s profitability?
Most business owners use profit & loss statements to evaluate their performance and compare it over specific periods. Still, they might only be focusing on the overall company profitability. While that remains crucial, if you’re in a project-based—or location-based—business, it’s important to know your profit centers.
After all, even though your company may be profitable, there may be aspects of your business that bring in less money, and it’s important to have accurate and up-to-date information when it’s time to make decisions about how to move forward.
Another way to look at this is that job-based accounting allows you to see profitability from both a macro and micro point of view, giving you real numbers that might validate your gut feelings (or conversely prove you wrong).
Ready to work with Automated Accounting Services in 2024?
Based in Massachusetts, we serve project-based businesses around the country with a blend of outsourced bookkeeping, controller, and CFO services. Contact us today.