Whether you hired an accountant or not, you should understand the basics of accounting concepts as a business owner. Accounting runs on the following concepts. What Are Accounting Concepts? Accounting concepts are like general guidelines to use in certain accounting situations or when an issue occurs. Applying these concepts to accounting …
Bookkeeping is the record-keeping of your business’s financials. Without a proper plan of action, your business has a chance of failure. Although year-end bookkeeping tips are extremely important to your small business, it is important to know your numbers year-round. Set up a clear process and follow these bookkeeping tips. …
Small Business Bookkeeping Tips To Use Year-Round Read More »
It is important to choose the best software that fits your business model for accounting and bookkeeping. Some software allows you to digitally track your finances AND has accounting features. You must consider what is the most convenient and user-friendly software for you and your employees. Many small business owners start out using …
Our bookkeepers at PL Consulting handle many tasks when working with your business. Keep reading to learn more about bookkeeper responsibilities and how we can handle finances for you. Bookkeepers Main Responsibilities Bookkeepers are responsible for a variety of daily, weekly, monthly, and annual tasks. The following responsibilities are the …
We get many tax questions coming our way daily. We do our best to thoroughly answer our clients. Our team compiled some of these questions so you have something to refer to when you need it last minute. Keep reading for answers to these frequently asked tax questions. Is a TIN the same …
You hear about accountants a lot, especially during tax season. What exactly do accountants do, and why are they important to small business owners? Managing your business finances correctly and efficiently can mean the difference between business success and failure. That is where accountants come in. Where an Accountant Fits Into Your …
Tax day is almost one month away! Keep reading for some last-minute tax tips for last-minute filers. When is the last day to file taxes? First, know when to file your taxes to avoid any late fees or penalties. For your 2020 taxes, the last day to file is Thursday, April 15, 2021. If you …
You may apply for a business loan in your startup company or established small to mid-sized business. Business owners need loans for many reasons. This includes business renovations, payroll, new products, and more. Applying to business loans means lots of new terminologies. Know at least the basics when you apply for a …
Important Business Loan Terminology and Definitions Read More »
When many small business owners or gig workers start out, they find it easier to use their personal bank account for business transactions. Although it may be easy at first, it causes problems for you in the long run. Create a separate business account as soon as your business gets off of the ground. …
Can I Use My Personal Bank Account for Business Transactions? Read More »
Working from home? Your at-home office can save you money this tax season! Keep reading to see what qualifies–and what doesn’t–for home office deductions. Here’s a few tax tips. Are Tax Deductions Good? Self-employed taxpayers, independent contractors, and those working in the gig economy can claim tax deductions. By writing off certain …