Tally Blog
Segregation of Cash Duties and Why it Matters
6 Tips to Protect Your Business from Embezzlement
Best Small Business Accounting Practices
Keep Your Accounts Separate - Why Commingling is Dangerous!
Tax Extensions Coming to an End? We Can Help!
Accounting in the Modern, Virtual World
One of the biggest perks of being a business owner is having the flexibly to work when and where you want to. You don't have to get permission to take that vacation or to schedule a conference call on the road. In our modern age, more and more regular business tasks can be handled virtually, including your accounting!
A common question we get asked by our new clients is how often they will have to come into our office to meet with our team to go over their accounting and bookkeeping needs. We're always thrilled to say, "Never!"
5 Ways for Business Owners to Avoid a Tax Audit
One thing small business owners tend to fear is an IRS tax audit. Just the mention of the word audit is enough to make some get a little sweaty and start to think of the worst-case scenario. Maybe the business doesn't have all the numbers quite up to date, or maybe someone overshot mileage estimates, or maybe it's just the fear of the unknown. Either way, getting an audit letter in the mail can be frightening.
The good news is an audit is avoidable and we can help make sure this nightmare doesn't become a reality for your business. To that end, we've put our heads together to come up of a list of important things small business owners should do to avoid a tax audit.
Hiring Freelancers? Here's What You Need to Know!
Businesses of all sizes have turned to hiring freelancers, also known as independent contractors, for a wide variety of tasks from graphic design to content creation to event management. Freelancers are a great way to get work accomplished without having to hire and pay for a full-time employee, generally making an independent contractor a cheaper way to go. In fact, according to a recent study, nearly 1 in 3 Americans complete freelance work, making this sector a huge part of the economy.
However, as great as hiring a freelancer can be, it's important to make sure your company handles the paperwork and tax implications of freelance work correctly. Improper labels and mistakes on both the part of the freelancer and the company hiring a freelancer can lead to audits and potentially even penalties by the IRS. Heed these important tips to ensure your company properly classifies the person as a W-2 employee or an independent contractor:
5 Ways Accountants Can Help Grow Your Business
What most people know about accountants is that we tell you what your business is today - where your finances are, what bills you curently owe, and so forth - but what many business owners don't realize is we can help you determine how your business can grow. Simply put, we can tell you where your business could be in the future.
We do more than just look at your current financial, accounting, and bookkeeping systems. We can work alongside you to see the bigger picture - to make great business growth decisions based on detailed and important financial tracking and strategic planning. We give you the tools you need to give you the confidence to grow your business in a way that is sustainable and financially sound.
Tips to Keep Your Accounting Organized
Regardless if you’re managing a big or small business, you employ a professional accountant, or have an accountant on staff, keeping your accounting records and systems organized is imperative for success. It’s like trying to drive your car without gas; all businesses must keep good records of the financial side of the business in order to properly function.
In our experience, we've noticed business owners are often afraid of the accounting and bookkeeping side of their business. Fear makes us do funny things including ignoring the issue. However, when we ignore accounting, it inevitably builds up creating a system of chaos and disorganization; making it even more frightening. Use these tips to help you get and keep your accounts organized. It will make the process less painful and easier to manage.