Author: Elizabeth James

Photo By Alexas Fotos As we approach the end of 2025, individual taxpayers face a perfect storm of policy changes that could significantly increase their tax burden in 2026. Two major developments—the expiration of enhanced ACA premium tax credits and the newly announced Social Security wage base—are poised to impact millions of Americans. ACA Changes and the Government Shutdown: A Costly Combination At the heart of the ongoing federal government…  Read more

Photo By Mohamed Hassan Break-Even Analysis Strategies Smart Ways to Lower Your Break-Even Point and Boost Profitability If you need to sell more items than expected to reach your break-even point, you’re not alone. Many small business owners face this challenge, especially in times of rising costs or shifting demand. Fortunately, there are several break-even analysis strategies you can use to lower that point and improve your profit margins. Step…  Read more

September is a busy month, while you may just be coming back from summer vacation, or trying to refocus on getting your business ready for the last push of this year, or possibly you are just treading water, these Federal tax deadlines can’t be ignored. Q3 estimated tax payments for individuals and businesses due 09/15/2025 Extended deadline for partnerships and S corporations to file their 2024 tax returns due 09/15/2025…  Read more

Photo By Muqadastalib Tired of scrambling to pay bills at the last minute? Or worse, getting hit with late fees that eat into your profits? Let’s fix that chaos once and for all. The secret to stress-free bill payments is creating a simple routine. Pick one day each week for bill payments, maybe every Friday. Mark them on your calendar and treat them like important client meetings. Start by making…  Read more

Photo By Stevepb Got multiple businesses under your belt? Maybe you’re running a consulting LLC while also operating a separate product business? Here’s the golden rule that’ll save you major headaches: each business entity gets its own set of books. If you have multiple businesses with different EINs (Employer Identification Numbers), they need completely separate bookkeeping systems. Think of it like this, each business is its own legal entity, so…  Read more

Photo By Katamaheen Nobody wants a surprise letter from the IRS. And when it comes to your business income, there are a few red flags that could draw attention even if you’re not doing anything wrong. Here are some of the most common income-related red flags we see and how to avoid them: You forgot to include side or payment app income. Platforms like Stripe, PayPal, Venmo, and Square report…  Read more

Photo By Peggy Marco Responding to market forces outside your control is one of the trickier aspects of running a business, even more obvious today as world markets fluctuate. While you can’t always predict a sudden change in costs, there are steps you can take to manage the impact.  While these ideas below aren’t new, they are (mostly), what I consider low-hanging fruit. Solution one. Increase price and margin If…  Read more

Photo By Peggy Marco Running a small business in today’s digital world means juggling multiple systems, platforms, and processes. But what if you could streamline everything—from accounting and payroll to sales and customer management—into one cohesive, cloud-based ecosystem? That’s exactly what Xero accounting and its powerful integrations offer. The Power of Xero and Its Tech Stack Xero is more than just accounting software. It’s the financial nerve center of a…  Read more

Photo By Mohamed Hassan Supply chains get disrupted all the time, and when they do, it can seem as if the wheels of commerce have seized up. You can’t get enough ingredients, components, supplies, or products to keep your business ticking. But with the right contingency strategies in place, you can reduce the impact on your business. The shock of disrupted supply You’re on your way to work and decide…  Read more

Photo By Tho Ge If your business has a busy season and a slower one, you know the financial highs and lows can feel intense. Whether you’re preparing for peak months or navigating the quieter times, good planning makes all the difference. Here are some financial tips to help you manage your seasonal cash flow and set your business up for year-round stability: Use your peak-season income to support slower…  Read more

Photo By 777546 If you’ve ever looked at your financial reports and found yourself wondering what EBITDA and net income really mean, you’re not alone. These two terms show up often in financial statements, but they tell very different stories. EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. In simple terms, it gives you a picture of how well your business is performing from an operational standpoint, before…  Read more

Generated with AI· May 22, 2025 at 6:53 PM In today’s fast-paced digital world, businesses need agile, secure, and efficient tools to manage their finances. That’s where cloud accounting comes in—a modern solution that transforms how companies handle their financial operations. What is Cloud Accounting? Cloud accounting enables businesses to manage their finances online with ease and security. It offers a suite of tools for essential tasks like quoting, invoicing, and reporting—all accessible…  Read more

Photo By Reuben Juarez If you’re considering selling your business, the process should begin long before you put the ‘For Sale’ sign up. Selling a business is not just a major financial decision but a life-changing one that requires meticulous planning and a strategic approach. In order to get the maximum return on your investment, you need to understand what potential buyers are looking for and make your business as…  Read more

Photo By Kaleidico Too many businesses fall over because the owner has not established efficient business systems. This typically happens because the business owner is so caught up in the day-to day running of the business that the fundamentals of good business management get forgotten. Often too it must be said that the owner simply doesn’t like bookkeeping or other administrative tasks, so these get put on the back burner.…  Read more

Photo By Growtika In the wake of the pandemic, many small business owners have become increasingly concerned about fraud. According to SAP Concur, a staggering 85% of businesses surveyed expect the risk of fraud to continue even after the pandemic. Making matters worse, many fraudulent acts originate from within businesses themselves. Below you will find some essential internal controls that you can implement to safeguard your business and mitigate the…  Read more

Photo By Vocablitz If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It’s an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow. Avoiding your bookkeeping is dangerous, however. Not knowing your company’s financial situation can result in a series of missteps that could…  Read more

Photo By 777546 As a small business owner, you’re likely already aware of the importance of keeping your finances in order. Financial management goes deeper than paying your bills on time and collecting on invoices (although those are also important). It involves regularly checking up on your financial situation to make sure your accounts are in order, your records are up-to-date, and you’re spending within your budget. Among those activities,…  Read more

Photo By Peggy Marco Selecting the right accounting software is a crucial decision for your small business’s financial health and accuracy. With numerous options available, this process can seem daunting, but making an informed choice is essential to streamline operations and mitigate risks such as financial fraud and regulatory non-compliance. Introduction The challenge of choosing appropriate accounting software stems from the need to balance functionality, ease of use, and cost-effectiveness.…  Read more

Photo By Jk Studio Most small business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses and view real time financial reports to manage cash flow and make better business decisions. But what many business owners don’t take advantage of are key insights that can improve customer care and increase sales. Here are some smart ways you can use your accounting…  Read more

Photo By Megan Rexazin Conde As a business owner, you’ll need to stay informed about your finances and your financial situation. You do this through bookkeeping. Bookkeeping is the process of recording transactions in your business. This includes any transactions, credit card charges and any other financial activity that happens within your company. How good bookkeeping helps you Bookkeeping is vital for any business. First, it helps you understand your…  Read more