Statistics prove that many people do not have a lot of money in their savings. In fact, in 2016, Forbes reported that 63% of people have less than $500 in their savings. This statistic is quite alarming! The goal of all small business owners is to keep their business financially stable. However, what about their income outside of the company? It is quite challenging to run a business without taking care of your own financial needs first. Still, even if you’re not a business owner, these tips will benefit you. A high percentage of people live paycheck to paycheck which isn’t ideal. If you are living paycheck to paycheck, then your money needs better management. Keep reading for the top financial tips to keep better track of your money.
An ROI helps any business owner to understand how successful their business is along with highlighting much-needed improvements. Understanding an ROI also makes it easier to make future financial decisions. A business owner won’t have to guess or overthink about how to allocate their funds or what will be beneficial to the business. Utilizing this key performance indicator (KPI) is done amongst many industries regardless of size. Regardless of if you’re a small business owner or large business owner, learning how to calculate your company’s ROI is useful to you.
Employees eagerly await tax season. Why? Because that’s when they get their tax refund! This year, workers have been eagerly filing their taxes only to find that they received less money than last year. But why? Well, if you remember, 2017 was the year that mandated a tax reform. Tax reforms are supposed to be beneficial. The goal of tax reform is to save money. What changed this year? Payroll comes into play. The amount of money withheld from your paycheck adjusted to match the projected tax amount. Fewer funds coming out of your paycheck decreases your tax refund. Keep reading for tips on how to offset smaller tax returns.
Let’s think about a hotel for example. It takes several key components and key players to make a hotel run smoothly. Booking agents are needed to manage the reservations. Maintenance crews help to repair any damage done to a hotel while janitorial staff helps the hotel to look clean and pristine. If a restaurant sits inside of a hotel, there is also staff to help cook the food and serve guests. These components are all front facing but what about behind the scenes? Who accounts for all the transactions of a company?
You may have guessed a bookkeeper and you would be right.
A bookkeeper can provide financial reports, manage customer receipts, provide tax information to the government among a multitude of other tasks. Keep reading for more detail of what bookkeeping entails and planning strategies for your small business.
At any company, getting paid is important. Of course, the purpose of performing a job is also important as well as how many fun, company trips are planned: people still want to be paid and paid correctly. In the long run, it can cost payroll significantly if they are not detail-oriented. Of course, distributing paychecks is the largest expense for any company but not distributing checks properly is even costlier. Here are a few reasons why.
As a small business owner, you have a lot to remember. And while you’re keeping all those balls in the air, sometimes the thing that gets pushed down on your to-do list is your tax planning strategy, so that at the end of the year you’re scrambling to make some last minute tax decisions. Instead of all that scrambling, this year you should plan your budget to include some of these tax strategies made possible by the Tax Cuts and Jobs Act. Continue reading “Tax Planning Strategies for Small Business Owners”
As a small business owner, you know that your budget is absolutely crucial to keeping your finances in check and the growth of your business. While you can’t plan for everything, you can have a smart, solid budget that will account for bumps in the road and financial risks while helping you strive for success. Your budget doesn’t just account for product, employee payroll, or standard business expenses. Budgets also help you deal with losses, downturns, and the unpredictable. Here are just a few small business budgeting tips. Continue reading “Budgeting Tips for a Small Business”
For many, financial statements can be difficult to unpack, but they are vital to understanding the success and growth of your business regardless of size. There are a wide variety of financial documents that you will need to be aware of. While it is nearly impossible to give you a full overview of each type in a single blog post, today we’ll take you through some of the most common documents and what you will need to know. Once you have a basic understanding, you’ll be able to navigate your financial situation much more effectively. Continue reading “The Importance of Reading and Understanding Financial Statements”
Direct deposit is an optional way to receive your payment directly in your bank account rather than having a paper check. Any type of payment can be direct deposited, from your paycheck to a Social Security payment to your tax refund. The transaction type is known as an ACH or automated clearing house transaction, and most employers offer it as a payment option, even in small businesses. Aside from being free for employees (or payees), direct deposit has additional benefits that you should consider. Continue reading “The Many Benefits of Direct Deposit”
We are approaching the end of the year, which means right now is the perfect time to get all of your tax information in order. If you are a small business, it is essential that you file your taxes on time so that you avoid any penalties. Paying your taxes late can result in you getting in serious trouble with the IRS. PL Consulting can assist you with filing your taxes and make sure that you submit all of your forms before the deadline. Luckily, there are a few simple tips you can follow when it comes to filing taxes for your small business. Continue reading “3 Simple Tax-Filing Tips To Follow For Your Small Business”