Accounting, Bookkeeping & Tax Prep Services in Virginia
Running an ecommerce business is no easy feat. While the allure of selling products online and reaching a global customer base is enticing, many online entrepreneurs struggle with the financial management side of their operations. In fact, studies show that poor bookkeeping and financial management are leading causes of small business failures, with up to …
Payroll is a critical function for any business, but managing it in-house can be time-consuming and complex, especially as your organization grows. That’s where outsourcing your payroll can be a game-changer. What is Payroll Outsourcing? Payroll outsourcing is the practice of hiring a third-party company to handle some or all of your organization’s payroll responsibilities. …
Managing finances is a crucial aspect of running a business, and two of the most essential components in this realm are bookkeeping and payroll services. While they both deal with financial management, they serve distinct functions within an organization. What is Bookkeeping? Bookkeeping basically involves the systematic recording, organizing, and managing of all financial transactions …
Expense trackers are software applications designed to help small business owners keep a close eye on their expenditures. They provide features to record, categorize, and analyze expenses, enabling owners to make informed financial decisions. Small business owners can identify cost-saving opportunities, optimize their spending, and ensure they are well-prepared for tax season. Here are the …
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It’s tempting to try to handle your bookkeeping all by yourself to save money, but that DIY approach often ends up costing more in the long run. The truth is, even small errors and oversights in your bookkeeping can snowball into major headaches down the line. Missed deductions, inaccurate reporting, and compliance issues can all …
In the whirlwind of running a business, maintaining meticulous bookkeeping often falls by the wayside. Yet, staying on top of your financial records is crucial for making informed decisions, meeting tax obligations, and ensuring the overall health of your enterprise. If you find yourself behind on your bookkeeping tasks, and need to catch up on …
COGS serves as a vital indicator of the direct expenses incurred in producing goods for sale. This includes the cost of materials, labor, and other expenses directly related to creating the product. COGS do not include indirect expenses such as overhead, rent, or salaries of non-production staff. The formula to calculate COGS is: Beginning Inventory …
What happens if I don’t do my bookkeeping? Neglecting your bookkeeping may seem harmless in the short term, but the long-term consequences can lead to serious financial challenges for your business. Your records become a jumbled mess, and good luck trying to make sense of your financial standing. Cash flow troubles: One of the biggest …
In the exciting journey of steering a small business toward success, growth is the ultimate goal. However, amid this excitement, entrepreneurs often encounter pitfalls that can impede their progress. To ensure sustainable growth and mitigate setbacks, it’s crucial to recognize and avoid these common mistakes. Here are five mistakes small business owners make and how …
5 mistakes small business owners make and how to avoid them. Read More »
What is an S Corporation (S Corp)? An S Corporation is a unique tax designation recognized by the Internal Revenue Service (IRS). It allows business owners to enjoy limited liability protection while avoiding the double taxation often associated with traditional corporations. In an S Corp, profits and losses are passed through to the shareholders’ personal …
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