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What is the One Task that Small Business Owners Hate?

Most small business owners start their company for the flexibility, a sense of control, and a love of performing the services in which they specialize. In addition, there is no cap on income potential. So what’s the most dreaded aspect of self-employment? Yikes! It’s accounting. Many surveys from the likes of Entrepreneur.com and Business Insider all lead to an overwhelming … Read More

The Basics of Payroll Processing

Payroll processing for W-2 employees involves paying percentages of their income to federal, state, and local tax agencies and matching what is owed to Social Security and Medicare. You’ll also need to pay state unemployment insurance (SUI) and comply with the Federal Unemployment Tax Act (FUTA). After you’ve made all of these complicated calculations, it’s time to cut paychecks or … Read More

Difference Between Accountants and Bookkeepers

Accurate and timely management of your financial data can save your business a lot of money. It helps you avoid costly tax and payroll mistakes. It also provides reporting needed for informed financial decision-making. As a small business owner, accounting and bookkeeping may not be your area of expertise. These tasks take valuable time away from the work of earning … Read More

Claiming W-4 Form Allowances

The beginning of a new year is a good time to review the allowances you’ve claimed on your W-4 form (Employee’s Withholding Allowance Certificate). Each allowance claimed reduces the amount of federal tax withheld. The more allowances claimed, the less tax is deducted, giving you more money in your pocket each pay period. The goal is to withhold enough tax … Read More