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Businesses Can Make New Year’s Resolutions Too

By |January 15th, 2020|Small Business Accounting|

Now that 2020 is officially here, the opportunity of a new year and a new decade lies ahead. Any business can benefit from making a few resolutions to improve in a new year, no matter how successful the previous year was. If your business goals could use a shake-up but you’re not sure what to [...]

Seven Steps You Should Consider to Help Your Small Business Grow

By |December 30th, 2019|Small Business Accounting|

Launching a small business is an exciting time in the life of an entrepreneur.  Once the initial momentum has worn off, however, it requires a lot of hard work and commitment to see your business grow.  If you're not sure how to go about that, we hope you find the tips below inspirational. Small Business [...]

Revolving Business Credit Is Important For Your Business

By |December 14th, 2019|Small Business Accounting|

Although positive cash flow is a must to run a successful business, it isn't always easy to come by. Between clients taking a month or longer to pay their invoices and all the expenses you must incur to operate your business, having cash on hand for emergencies or to pursue business growth isn't always realistic. [...]

What Every Business Owner Should Know About Excise Taxes

By |November 30th, 2019|Small Business Accounting, Tax Planning|

According to the Internal Revenue Service (IRS), both individuals and businesses pay excise taxes as part of the price of several categories of goods. Gasoline is one of the most common examples as is alcohol, cigarettes, and anything else the IRS deems to have a high social cost. The IRS may also impose excise taxes [...]

How to Evaluate Accounting Firms to Find the Right One for Your Business

By |September 26th, 2019|Small Business Accounting|

When searching for an accounting firm to assist with your small business financial functions, keep in mind that this will be a long-term relationship. If you do your due diligence in choosing the right firm for your company, the accountants should be around from the time your company is a small start-up through several expansions. [...]

Classify Your Workers Right to Avoid an IRS Audit

By |August 30th, 2019|Small Business Accounting|

An independent contractor relationship can be mutually beneficial for both the worker and the employer. The worker, whom the Internal Revenue Service (IRS) considers self-employed, decides which clients and projects to take on and how much time to devote to each. He or she also has much more leeway when negotiating rates since the employer [...]

How to Make and Follow a Budget for Your Small Business

By |August 15th, 2019|Small Business Accounting|

Every dollar counts when you're a new small business owner. With little to go around, creating and sticking to a budget is essential. While you might see budgeting as a dreaded chore, it provides several benefits for your small business compared to the time and effort you put into making it. For example, business budgets [...]

Proactive Tax Planning Critical to Your Overall Business Strategy

By |July 11th, 2019|Small Business Accounting|

Whether you're a new business owner filing your first tax return or someone who has filed many times but still feels overwhelmed by the process, we at Chicagoland CPAs can help. That is because we take a proactive approach to business tax planning rather than attempt to deal with issues after they have created complications [...]

Understanding a Profit and Loss Statement is Essential to Keep Track of Net Income

By |June 27th, 2019|Small Business Accounting|

  A profit and loss statement is one of several documents businesses produce to demonstrate the financial health of a company. Typically created quarterly or annually, this statement shows how much revenue a business took in during the reporting period, as well as its expenses and net income. Profit and loss statements can be incredibly [...]

How Unpaid Invoices Impact Your Business Growth and Profitability

By |June 14th, 2019|Small Business Accounting|

It's common for businesses to offer attractive repayment options to attract new customers. Options may include making an invoice due in 30 days to 90 days. Whether it's due to forgetfulness or deliberate stalling tactics, businesses often deal with late invoice payments even when they give the customer a reasonable time to pay. Unpaid invoices [...]

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