Small business owners are often overwhelmed with the task of bookkeeping. The responsibility of tracking income and expenses and ensuring that all financial records are accurate can be daunting. However, making mistakes in your bookkeeping can have severe consequences for your business. So, let Edgewater CPA Group help you avoid these five common mistakes that small business owners make in their bookkeeping.
According to a recent study, businesses lose an average of 5% of their annual revenue to expense fraud. That’s a lot of money! Thankfully, Edgewater CPA Group is here to help you mitigate this risk through expert accounting services. So, let’s look at five steps you can take to prevent expense fraud in your business.
If you’re running a business, it’s important to understand accounting concepts well. One key concept is the purpose of control accounts. These special accounts are used to track and report the financial status of specific areas or divisions within a company. But how does this apply to your business? Edgewater CPA Group discusses this and why you need control accounts to manage business finances effectively.
As a small business owner, it’s important to stay on top of your taxes and make sure you’re not making any costly mistakes. If you’re not careful, you could end up paying more in taxes than you need to or even getting audited by the IRS. When you turn to the team at Edgewater CPA Group, we can help mitigate your chances of this happening. Still, let’s look at three common tax mistakes that small business owners often make and how to avoid them.
Small businesses are the backbone of the American economy. They provide jobs and support local communities. However, starting and running a small business can be challenging. There are many things to consider, from marketing and sales to operations and finance. Edgewater CPA Group‘s clients are always hearing ways their small businesses can fail, so, we wanted to look at ways to succeed. Follow these tips, and you will be well on your way to building a successful company!
An is responsible for overseeing all financial aspects of a company. This person manages the budget, tracks expenses, and ensures that the books are in order. Additionally, a controller may also be involved in tax planning and forecasting. As important as their job description may sound, very few small businesses have the resources to employ this person in-house. So, they turn to Edgewater CPA Group for help. Here’s why a controller is important for your business.
One of the best things you can do as a business owner is to improve and grow your cash flow. Still, no matter what you do right, the market will fluctuate, and cash flow issues always come up. But, what can you do to prepare and even navigate them? With proper bookkeeping from Edgewater CPA Group and having the right strategies in place, you can survive any ups and downs that might come your way. Here are three of those key cash flow strategies.
Are you looking for ways to keep more of your hard-earned money as a small business owner? One of the best ways you can do so is by reducing your taxable income. Other than keeping track of all your expenses and writing off things where you can, Edgewater CPA Group can help you find other ways to reduce your tax bill. Through our strategic accounting services and these little-known ways to reduce your taxable income, you can save some cold hard cash.
There is no shortage of leadership books or programs for success. As a company leader or business owner, your inbox is probably inundated with conference invitations and seminars. While many experts and renowned leaders make strong points about what constitutes leadership, many leave out financial transparency. Why is financial transparency vital to your organization? Edgewater CPA Group explains more in this article.
Are you a New Year’s resolution kind of person? It may not surprise you to learn that one of the most common resolutions is better financial management. Whether or not you’re the resolution type, any time is a good time for better money management. In this post, Edgewater CPA Group provides tips and tricks to help you achieve your financial goals.
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