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Tax Planning Strategies for Small Business Owners

Tax Planning Strategies
Small business owners with effective tax planning strategies will be better able to navigate shifting tax laws.

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”

Budgeting Tips for a Small Business

Budgeting Tips for Small Business
Good budgeting is especially important for small business owners to be successful.

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”

The Importance of Reading and Understanding Financial Statements

Reading Financial Statements
Financial statements can be difficult to analyze, but they are critical to the health of your 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”

The Many Benefits of Direct Deposit

The Many Benefits of Direct Deposit
Direct deposit is an optional way to receive your payment directly in your bank account rather than having a paper check.

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”

3 Simple Tax-Filing Tips To Follow For Your Small Business

Learn how to file your taxes for your small business.

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”

Which Payroll Software Best Suits Your Business?

Payroll Software
The right payroll software for your business will depend on a number of factors. Learn some of your options below!

Streamline your company’s internal finances with a payroll software. Whether you are a large corporation or a small business, a payroll software is an essential ingredient for success. Modern and efficient, it organizes all important documents and manages employee pay periods. When business picks up, the payroll software will provide valued guidance with detailed financial reports. It is the unsung hero in the HR department. Selecting which specific program best suits your business model is one of the most important payroll management decisions. With a wide array of options available, three software programs have emerged as top competitors:

  1. Gusto
  2. OnPay
  3. BambooHR

Weigh the pros and cons of each payroll software to identify which program would mesh the best with your business. Keep in mind, each company is unique and presents distinct needs. Platforms designed for large corporations may prove to be incompatible with smaller businesses. Know your business and select the program that will provide the most support. Continue reading “Which Payroll Software Best Suits Your Business?”

3 Year-End Payroll Processing Tips

Learn how to operate payroll at the end of the year.

We are toward the end of December, which means 2018 is coming to an end.  For all of the small business owners out there, the end of each year is the time when you need to process payroll for the past calendar year.  Processing payroll at the end of the year can be complex and detail-oriented requiring you to calculate taxes and compensation totals for each employee.  Luckily, there are a few simple payroll processing tips you can follow at the end of the year. Continue reading “3 Year-End Payroll Processing Tips”

Business Tips To Follow Before The Year Ends

Follow these business tips before 2018 ends.

We are entering the month of December which means we are getting closer and closer to 2019.  With the new year fastly approaching, you need to make sure you are tying up any loose ends when it comes to your business.  You want to make sure you are in a positive financial situation once the new year comes.  Luckily, there are a few simple business tips you can follow so that you can end the year smoothly. Continue reading “Business Tips To Follow Before The Year Ends”

How To Set Up Payroll For Your Small Business

Are you in the midst of setting up your payroll?

Running a business is not an easy feat, whether you are in charge of a large company or starting a small business.  If you are in starting a small business, one of the most important aspects is setting up payroll so that you can pay your employees and yourself.  In last weeks blog, we discussed general tips on how to operate and manage your small business’s payroll on a regular.   If you want to learn how to set up payroll for your small business, then follow these simple tips. Continue reading “How To Set Up Payroll For Your Small Business”

3 Small Business Payroll Tips

Learn how to manage your payroll properly.

Running a small business is not an easy task, especially one that is successful and improving on their profits on a yearly basis.  An important aspect of running a small business is setting up and managing your payroll services.  You want to make sure you are managing your payroll properly so that you avoid IRS penalties once tax season comes around.  Luckily, there are a few payroll tips you can follow Continue reading “3 Small Business Payroll Tips”