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Watch out for fraud scams Preventing Small Business Fraud Starts With Your Books Internal fraud is a significant issue for many small businesses, but you can take proactive steps to minimize your risk. When you outsource your bookkeeping or implement a clear process...

Outsourcing Bookkeeping Isn’t Just Cheaper — It’s Smarter Outsourcing your bookkeeping is often pitched as a way to save time and reduce costs. But beneath the surface are deeper strategic benefits that can transform how your business operates. 1. Fraud Detection: A...

Missing Receipts? Here’s What the IRS Accepts Tracking receipts is essential for keeping accurate records, especially when claiming deductions. But what if you lose a receipt? Don’t panic. The IRS allows alternatives, though it’s important to keep these records as...

1099 vs W-2Classifying Workers the Right WayOne of the most common mistakes small business owners make is misclassifying their workers. The IRS distinguishes between employees (who receive a W-2) and independent contractors (who receive a 1099). Misclassifying...

LLCs and EINsDo You Need One for Each Entity?Setting up an LLC (Limited Liability Company) offers many advantages, including personal liability protection and tax flexibility. However, if you’re running multiple businesses, it’s important to understand when you need a...

What Counts as a Business Expense?Avoid These Common MistakesUnderstanding what qualifies as a business expense is essential to maintaining clean records and maximizing your tax deductions. In the eyes of the IRS, a business expense is one that is “ordinary and...

The Secret to Surviving an IRS Audit?Your Bookkeeper.An IRS audit isn’t always triggered by wrongdoing—but poor records make it far more painful. A detail-oriented bookkeeper is your first line of defense. What auditors look for: Categorized expenses with supporting...

Cloud Accounting Isn’t Just TrendyHere’s What Most Firms MissCloud platforms like QuickBooks Online, Xero, and FreshBooks have become the norm, but most businesses only scratch the surface of their capabilities. Underused features: Bank Rules: Automate recurring...

Owner Draws and LoansThe Misunderstood Tax Risk for Small Business OwnersSmall business owners often treat company funds as their personal piggy bank, but failing to document draws or loans properly can lead to IRS issues. What to watch for: Taking money without...

Drive Business GrowthHow to Use Your Chart of Accounts to Drive Business GrowthThe chart of accounts (COA) is often treated as a basic accounting tool—but when structured well, it becomes a growth engine. Tips to optimize your COA: Segment Revenue Streams: Break down...