How to Make and Follow a Budget for Your Small Business
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 [...]
Understanding Your Payroll Tax Deposit Obligations as an Employer
The Internal Revenue Service (IRS) expects all employers to withhold certain taxes from employee paychecks and to remit payroll tax deposits on time. However, there's more to running payroll than determining how much to [...]
Proactive Tax Planning Critical to Your Overall Business Strategy
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 [...]
Understanding a Profit and Loss Statement is Essential to Keep Track of Net Income
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 [...]
How Unpaid Invoices Impact Your Business Growth and Profitability
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, [...]
The Income Statement: An Essential Tool for Tracking Business Profitability
Your company's income statement is also sometimes called the "profit and loss statement." This is one of the three primary financial reports that you should complete and review regularly to ensure that your company's financial [...]
When is the Right Time to Consider Outsourcing Payroll Services?
Whether you have 100 employees or only a handful, there's no denying that processing payroll takes a lot of time that you could devote to increasing business revenue. Instead, you're spending time completing a necessary [...]
Why a Cash Flow Statement is Important to Your Business Success
The goal of any business should be to have more cash coming in the door than going out. Cash is used to cover your overhead, fund your payroll, purchase equipment, and pay your suppliers. Essentially, [...]
Why an Accurate Balance Sheet is Critical to Your Small Business Success
A balance sheet is one of the most important and useful documents for determining the financial health of your business. At Chicagoland CPAs, we like to think of the business balance sheet as a basic [...]
3 Major Accounting Areas Every Small Business Owner Should Know
If you own a small business, it's vital that you have an intimate understanding of your numbers. Accounting is the study of how this data is gathered and reported, but there is, interestingly, more than [...]
