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As the year quickly comes to a close, it’s important to focus on finishing strong and the fourth quarter is a critical time for businesses.
As we begin the transition from one year to the next, we inevitably find ourselves looking at things with a renewed perspective. We tend to think about both all that we are grateful for and all that can be improved upon. And for many business owners, one area of improvement relates to their mindset surrounding money. With another tax season just on the horizon, it is even more of a priority to shift the historically negative money mindset of business owners and begin to have the conversations that matter most when it comes to their financials.
As we mark our 10th year in business, it’s impossible not to reflect on the incredible journey that has brought us to this milestone. We are well aware that celebrating a decade in business is a significant achievement, especially given the fact that nearly 80% of businesses don’t make it past the five-year mark. So, on this momentous occasion, we want to take the opportunity to express our heartfelt gratitude to all our clients—many of whom have been with us nearly every step of the way. We know that we wouldn’t be here without your trust, support, and unwavering partnership.
It’s that time of year again. Yes, the holidays are nearly upon us, but so is the closing of the fourth quarter. And while closing every quarter is important to the financial success of a business, closing the fourth quarter accurately is even more critical. Not only does it represent the final stretch of the fiscal year, but it also sets the tone for the year ahead. Further, as the fourth quarter encompasses the busy holiday shopping season, many companies (not limited to retail) see significant boosts in revenue during this time.
Artificial Intelligence (AI) is a phrase that is heard regularly in our technologically advanced world. Whether you are working in tech, accounting, health, or any other industry, you have likely heard all about it by now. That’s because while AI has been around for some time, organizations are just recently starting to explore how it can benefit them in their own industries. The ability to streamline work and create a more efficient and profitable workforce is one of the primary reasons organizations are incorporating AI into day-to-day operations, including finance.
For business owners, staying organized with financials is about more than spreadsheets lining up nicely or thoroughly reconciled accounts (although both are important). It’s about the crucial role organized bookkeeping plays in the actual tax filing process. Simply, organized records both save time and reduce errors during tax preparation. For those who filed an extension this year, this means getting organized now, as those due dates are quickly approaching.
When we think of financial reporting, our minds tend to drift automatically to the preparation of the three primary financial statements—the income statement (also known as the profit and loss statement or P&L), the balance sheet, and the cash flow statement. And while these statements provide incredibly valuable insights into different aspects of the company’s financial health, financial reporting is about much more than the numbers on these three documents.
With all the turbulence in the economy over the past several years, there have been increasing discussions about our impending down economy. Experts are seeing us head toward (or already in) a period of economic contraction or decline. After all, down economies are typically marked by various negative indicators, including reduced economic growth, decreased consumer spending, rising unemployment rates, a decline in business activity, and rapidly declining stock markets, and aren’t we seeing much of that already? The end result, unfortunately, is often associated with an economic recession.
When business owners hear the word “bookkeeping” (or any variation thereof), they automatically think balance sheets and profit and loss statements. They wouldn’t necessarily be wrong, as bookkeeping is inextricably tied to those important reports. But more and more today, there is another meaning attached to the term — a meaning with roots in something that has become a new norm in business and society — e-commerce.
Changes to the tax laws are nothing new. In fact, you can generally count on them with as much regularity as the change of seasons. Often, these changes are obscure, affecting different groups for different reasons. This year, one of the primary changes will impact millions, as it reflects a nearly universal increased use of third-party payment networks for business and day-to-day transactions.
