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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 [...]

Make Sure You Understand TCJA Rules Before Deducting Business Meals

By |November 15th, 2019|Business Expenses|

In October 2018, the Internal Revenue Service (IRS) released information about changes to business meal expenses that it passed under the Tax Change and Job Act (TCJA) of 2017. The TCJA effectively eliminated the ability for businesses and individuals to deduct expenses related to entertainment. This includes such things as sporting events and theater productions. [...]

Beware of These Fraudulent Payroll Schemes

By |October 15th, 2019|Payroll Fraud|

According to recent information published by the Association of Certified Fraud Examiners (ACFE), payroll fraud occurs in approximately 30 percent of American businesses each year. Around half of the payroll fraud victims are small businesses that cannot afford such a loss. ACFE also states that the typical business in the United States loses five percent [...]

Make Sure to Deduct the Cost of Business Meals Correctly on Your Tax Return

By |September 13th, 2019|Business Expenses|

Even though the Internal Revenue Service (IRS) changed the law regarding the deduction of business meals almost one year ago, some people still feel confused about what they can and cannot deduct. According to the IRS's own publication, the Tax Cuts and Job Act (TCJA) of 2017 eliminated the opportunity for taxpayers to deduct expenses [...]

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 [...]

When is the Right Time to Consider Outsourcing Payroll Services?

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

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 task - but one that isn't billable. Perhaps you are considering outsourcing payroll, but feel uncertain as to whether it [...]

Why a Cash Flow Statement is Important to Your Business Success

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

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, your business isn't going to survive for long if it runs out of cash. Your company's cash flow statement includes [...]

Why an Accurate Balance Sheet is Critical to Your Small Business Success

By |April 17th, 2019|Small Business Accounting|

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 accounting equation. That means that a company's assets should be the same amount as its liabilities and shareholder equity. However, [...]

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