Blog Layout
What Your Business Needs To Succeed In 2024
Amanda McCormick • Jan 28, 2024
Get Ready For Your Best Year Yet
The start of the year is a good time to take stock and plan your next business moves. Whether you’re a new entrepreneur, or reaching the next stage of growth, these tips can help you make 2024 your best year yet.
- Review Your Business Goals. It's essential to keep your goals in mind and make sure you're still working towards them. You should review your goals regularly so you can make sure you're still on track. You may need to adjust your goals as your business grows and changes. But as long as you keep them in mind, you'll be able to stay focused and achieve them.
- Improve Your Marketing. Your marketing is the key to attracting new customers and growing your business. If you're not happy with your current marketing strategy, now is the time to make some changes. One of the most effective ways to market your business is through digital marketing. This includes things like search engine optimization (SEO), social media marketing, and email marketing.
- Focus on Customer Service. Your customers are the key to your success. If you don't provide them with great customer service, they'll take their business elsewhere. Make sure you're doing everything you can to give your customers the best possible experience. This includes things like responding to customer questions quickly, providing them with helpful information, and following up with them after they've used your services.
- Stay Up-to-Date With Industry Trends. Keeping up with industry trends is essential for any business, no matter what business you're in. By being aware of the latest trends, you can make sure your products and services are current and relevant. You can also use trends to your advantage by being one of the first businesses to offer something new to your customers.
- Manage Your Financials. Managing your business finances is critical to keeping your business running smoothly and making informed decisions. Neglecting your small business financials could mean missing out on valuable tax deductions, having problems getting loans, and making business decisions that create more problems.
- Build Partnerships. Partnerships are a great way to grow your business. By partnering with other businesses, you can tap into new markets and reach more customers. You can also save money on things like marketing and advertising.
By implementing these tips, you'll be well on your way to a more successful year. When you work with us, we'll be there for you every step of the way. To learn more, schedule a call with us today!
It's time to hire a bookkeeper, but how do you know if they are a good fit?
Financial statements are an essential part of small business finances. They provide a snapshot of a business’s financial health and performance. Each one provides valuable information that can be used to make decisions about the future of the business. Understanding these statements is essential for any business owner who wants to make informed decisions about their finances. What are financial statements? Financial statements summarize a business's financial performance over a specific period, such as a quarter or a year. These statements include three direct reports: the income statement, the balance sheet, and the cash flow statement. 1. Balance sheet. The balance sheet expresses the financial position of a business. It shows three things about a business’s financial health: its assets, liabilities, and shareholder equity (or capital). When combined, these three elements make up the worth of the business for the period the balance sheet covers. 2. Income statement. Also called the Profit and Loss (P&L) statement, the income statement helps determine whether the business turned a profit or loss for each period of time. An income statement summarizes a business’s profitability and financial results for a period. It focuses on revenue and expenses. This financial report shows what it costs to create your products and services and keep the business running. It is handy to compare how a business’s revenues increase or decrease over multiple periods. 3. Cash flow statement. A cash flow statement measures how well cash flows through a business to keep operations running, pay employees, pay bills, and invest in opportunities. It is the third primary financial statement businesses must produce. Cash flow statements enable the business owners and partners to understand how a business runs: if there’s sense, process, and predictability in the operations, and if the business is on solid financial footing. Anyone can learn how to create and draw insights from a business’s financial reports. Investors, business owners, and managers need to understand the results and trends to drive the business successfully. Unsure of where you stand financially, we’d love to help! Schedule a call . We can help come up with a solution customized for your needs.
As a business owner, financial responsibilities can be complex, especially when it comes to tax obligations. One crucial aspect that often surfaces is dealing with 1099s. In this quick guide, we'll discuss the common scenarios in which a 1099-NEC might be issued: Independent Contractors: Businesses must issue a 1099-NEC to independent contractors, freelancers, or other self-employed individuals who have provided services and received $600 or more in compensation during the tax year. Freelancers and Consultants: If you hire freelancers or consultants for services and their total compensation reaches or exceeds $600 within the tax year, you are required to issue a 1099-NEC. Rent Payments for Business Purposes: If your business pays $600 or more in rent to an individual or entity during the tax year, you may need to issue a 1099-NEC. You don't have to issue 1099-NEC forms to C-Corporations and S-Corporations. In general, you don’t have to issue 1099-NEC forms to C Corporations and S Corporations. But there are some exceptions, including: Medical and health care payments Payments to an attorney Substitute payments in lieu of dividends or tax-exempt interest Payments to 1099 vendors made via credit card, debit card, or third-party system , such as PayPal, are excluded from the 1099-MISC and 1099-NEC calculations. This is because the financial institution reports these payments, so you don't have to. 💡It's essential to keep accurate records of payments made and consult IRS guidelines to determine when 1099 reporting is required. Failure to issue the required 1099 forms may result in penalties. And here’s a final tip: Be proactive! Always get the W-9 before you issue payments to any vendor who may be required to get a 1099-NEC. Less-reputable vendors might not be around when you need their information at tax time.  Need help getting your books in order and organized for this tax season? We can help! Schedule a call today .
Call Us Today To Learn How We Can Help You