How’s Your Small Business Cash Flow Doing? | Business Accounting & Tax Strategy Bellevue
Recently I was reading an article on a CPA blog and it shared some very similar points to what I share with my clients, such as: Increase the methods of payment you’ll accept Accepting credit and debit cards gets your invoices paid instantly. If a customer orders from you regularly, get permission to automatically charge their credit card or withdraw the payment from their bank account. Offer a small discount as an incentive. Complete the assignment or delivery on time When you accept an order, send an acknowledgement stating the expected completion or delivery date before you begin...
Read MoreBusiness Accounting Strategy: How Much Should I Withhold? | Seattle Corporate Accounting & Tax Strategy
This is always one of the big questions on my clients’ minds and I have to address this in different ways. However, here are some guidelines I found in an article I originally read in Money magazine a couple years ago: 1. If you get a big refund each year, you’re having too much withheld from your paycheck. In effect, you’re giving the government an interest-free loan. 2. If you have too little withheld, you may be charged an underpayment penalty. You must pay 90% of what you owe for the tax year by the end of that year or an amount equal to 100% of your tax liability for...
Read MoreTop Things to Know on Managing Your Personal Debt
Credit cards aren’t the enemy is used wisely. Since the average American has about $10,000 or more in credit cards debt in their portfolio, it doesn’t necessarily mean that that’s a bad thing. Work on keeping current, maintaining a lower interest card, and paying off more than the minimum payment on a regular basis. Some debt is good and some debt is bad. Borrowing for some of life’s major purchases such as a car, home or wedding perhaps, isn’t necessarily a bad thing. Just make sure you shop around for a better deal always and don’t borrow more than you...
Read MoreWhat if your ‘Controller’ dies?
by Dan Cote One of my new clients is the result of a sudden death of the Controller/CFO. After a surgical procedure, he returned to work after a few weeks, worked a half day, went home and died later that evening. The bank was sympathetic for a short period of time – a very short period – and then began pressuring the company for their Quarterly financials, or risk losing its Line of Credit (LOC). This company was in pretty good shape as the Controller was consistent in his accounting procedures and had a pretty good audit trail. We managed to close the financials within two...
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