Author: CPS-admin

How to Stay Compliant with IRS Requirements as a Small Business Owner

As a small business owner, one of your key responsibilities is ensuring that your business remains compliant with the Internal Revenue Service (IRS) requirements. Failing to meet these obligations can lead to costly penalties, fines, and even audits. Understanding what the IRS expects and implementing best practices will help keep your business on the right… Continue reading How to Stay Compliant with IRS Requirements as a Small Business Owner

Should You Outsource Accounting? Pros and Cons for Small Businesses

As a small business owner, you’re already juggling a multitude of tasks—managing sales, marketing, customer service, and, of course, finances. One of the most critical decisions you’ll face is whether to handle your business’s accounting in-house or outsource it to a professional service. Accounting can be complex, and making the wrong choice could impact your… Continue reading Should You Outsource Accounting? Pros and Cons for Small Businesses

The Financial Impact of Poor Record-Keeping on Small Businesses

As a small business owner, you wear many hats—marketing, sales, customer service, and of course, managing finances. But amidst the hustle and bustle, one critical aspect of your business can often get overlooked: record-keeping. Neglecting proper financial records can have far-reaching consequences for your business. It’s more than just an inconvenience; poor record-keeping can directly… Continue reading The Financial Impact of Poor Record-Keeping on Small Businesses

How to Handle Business Expenses vs. Personal Expenses the Right Way

One of the most common mistakes small business owners make—especially in the early days—is mixing personal and business expenses. It may seem harmless at first, but over time, it can create tax issues, financial confusion, and even legal problems. If you’re looking to keep your business finances clean and stress-free, here’s what you need to… Continue reading How to Handle Business Expenses vs. Personal Expenses the Right Way

Bookkeeping Basics: What Every Small Business Owner Should Know

If you’re running a small business, staying on top of your finances isn’t just helpful—it’s essential. And that starts with good bookkeeping. Whether you’re managing it yourself or working with a professional, understanding the basics can help you make smarter decisions, avoid cash flow issues, and stay compliant with tax laws. Here’s a simple guide… Continue reading Bookkeeping Basics: What Every Small Business Owner Should Know

Chart of Accounts 101: How to Organize Your Business Finances

Managing your business finances can feel overwhelming—especially as things start to grow. That’s where a Chart of Accounts (COA) comes in. Think of it as the backbone of your financial system. It helps you organize, categorize, and track every dollar moving through your business. If you’re not quite sure what a Chart of Accounts is—or… Continue reading Chart of Accounts 101: How to Organize Your Business Finances

When Should a Small Business Incorporate? Key Financial Considerations

Starting out as a sole proprietor or partnership is common for many small business owners. It’s simple, requires less paperwork, and allows you to hit the ground running. But as your business grows, you might start wondering: “Is it time to incorporate?” Incorporation can bring several financial benefits, but it also comes with new responsibilities.… Continue reading When Should a Small Business Incorporate? Key Financial Considerations

Tax Planning Tips for Small Business Owners to Save Money Year-Round

Tax season doesn’t have to be stressful—if you plan ahead. Many small business owners wait until the last minute to think about taxes, only to miss out on deductions and face higher bills than expected. But with smart, year-round tax planning, you can reduce your tax burden and keep more of what you earn. In… Continue reading Tax Planning Tips for Small Business Owners to Save Money Year-Round

How to Read and Understand Your Business Financial Statements

Financial statements are more than just numbers—they’re the language of your business. Whether you’re running a small shop or managing a growing service business, understanding your financial statements can help you make better decisions, catch problems early, and plan for growth. In this blog, we’ll break down the three most important financial statements and show… Continue reading How to Read and Understand Your Business Financial Statements

Cash vs. Accrual Accounting: Which Method Is Right for Your Small Business?

Choosing the right accounting method is one of the most important financial decisions a small business owner can make. It affects how you record income and expenses, how you plan for taxes, and how accurately you see your company’s financial health. The two most common accounting methods are cash accounting and accrual accounting. In this… Continue reading Cash vs. Accrual Accounting: Which Method Is Right for Your Small Business?