Archive for October, 2013

Tis the Season for 2014 Budget Planning

Many small businesses forego budget creation because they don’t know where to start.  It feels overwhelming to begin and daunting to keep up with over the course of the year. If you find yourself in this category, consider the minimalist approach.  Break your business’ P&L’s into five simple numbers: Income Cost of Goods Sold – These are expenses closely tied to your income. COGS is the costs that go into creating the products that a company sells; therefore, the only costs included in the measure are those that are directly tied to the production of the products.  So if income […]

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DEADLINES.

DEADLINE.  It’s a loaded word with an ominous connotation.  In the world of bookkeeping, the only thing that can make the word any more threatening is to throw “IRS” in front of it. Another critical IRS deadline is fast approaching for those that requested a 6-month extension and many small business owners continue to wait until the last minute to get their books in order to file taxes by the October 15 deadline. This habit of procrastinating is equally demanding and stressful for not only the business owner, but also the company’s bookkeeper. Save this government link for important tax […]

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