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Tag Archives: Growing Your Business

All the Signs That You May Need Some Assistance With Your Bookkeeping

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 19, 2023 by Lake Wylie Tax Services StaffJanuary 19, 2023

Lake Wylie Bookkeeping AssistanceEspecially in the early days of a business, it can be natural to want to handle as many day-to-day tasks yourself – bookkeeping included. Sometimes, it’s in an effort to save money. Often, entrepreneurs just feel like they’re in a better position to handle everything themselves. Regardless, this situation does seem to play out regularly.

But as your business continues to grow and evolve, those day-to-day tasks become harder. Your finances become more challenging, which naturally adds complexity to the bookkeeping process. Mistakes are more likely to be made and some of them, particularly as they relate to cash flow, can cost you dearly.

Thankfully, all hope is not lost. By simply paying attention to a few key red flags, you can become immediately aware when you need help with your bookkeeping so that you can do something about it quickly.

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Posted in Bookkeeping | Tagged Growing Your Business

There’s a Lot You Can Get Wrong With Business Budgeting

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on March 22, 2022 by Lake Wylie Tax Services StaffMarch 22, 2022

Budgets for Business - Successful Strategies

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Posted in For Business | Tagged Growing Your Business

Here’s What Happened in the World of Small Business in October 2021

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on October 26, 2021 by Lake Wylie Tax Services StaffOctober 26, 2021

Here are five things that happened this past month that affect your businessHere are five things that happened this past month that affect your business.

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Posted in Newsworthy | Tagged Growing Your Business

The Importance of a Well-Oiled Accounting Function

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on September 21, 2021 by Lake Wylie Tax Services StaffSeptember 21, 2021

Financial recordsHaving a clean accounting start from the beginning really pays for itself. Read tips on why you should bring on the right accounting team at the beginning.
Though it’s natural for management to focus on its profit-making areas, the importance of a sound accounting foundation to support the operation cannot be overemphasized. The more diligent and meticulous your accounting team is, the more easily the rest of the organization can function and grow. If the system you currently have in place is relying on charts of accounts that are sloppily maintained and leading to delays or penalties regarding tax liabilities, that’s where your initial attention needs to be placed. Focus on the chart of accounts first, no matter how tempting it is to worry about the fees and penalties that you’ll be liable for in the meantime.

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Posted in For Business | Tagged Growing Your Business

How to Evaluate Your Business Idea Before Diving In

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on March 25, 2021 by Lake Wylie Tax Services StaffMarch 25, 2021

How to Evaluate Your Business Idea They say that everybody has at least one good novel in them, and many people feel the same way about ideas for a successful business. If you are considering diving into the world of entrepreneurship, it’s a good idea to pause for a moment, take a deep breath, and let your head take over before your heart leads you astray. There’s certainly a chance that your business idea is a good one and you’ll be highly successful, but it’s a good idea to evaluate, research, and analyze before you quit your day job. Here are steps to follow to ensure that you’re proceeding with care and caution.

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Posted in For Business | Tagged Growing Your Business

New Business? Tax Issues to Consider

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 18, 2020 by Lake Wylie Tax Services StaffNovember 18, 2020

Tax Implications of Starting a New BusinessIn spite of COVID-19 restrictions many entrepreneurs are considering possible new or additional business opportunities. So, if you are planning a new business start-up and are incurring some expenses, you probably anticipate deducting those expenses in the first year of the business’s operation. Unfortunately, it is a little more complicated than that. Expenses a business incurs in the beginning can include equipment purchases, vehicle purchases and use, leasehold improvements, organizational costs and start-up expenses, and each receives a different tax treatment.

Even before you begin incurring expenses for equipment, leases and the like, you must decide what type of business entity you are going to establish. The type of business entity you choose will determine which tax form has to be filed. The most common types of business entities are the sole proprietorship, partnership, corporation, and S corporation, some of which may also be structured as a limited liability company. The choice of entity will affect the tax outcome of your business for years to come.

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Posted in For Business, Small Business | Tagged Growing Your Business, Tax Planning

Wealth Transition and Succession Planning: Best Practices for Businesses During COVID-19

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on August 18, 2020 by Lake Wylie Tax Services StaffFebruary 18, 2021

Wealth Transition and Succession PlanningRegardless of the type of business you’re running, it’s safe to say that you’ve likely already been impacted by the ongoing COVID-19 pandemic that is making its way across the globe. With no complete end to the situation in sight, many have begun to try to settle into whatever this “new normal” actually is. They’re resuming their regular activities (at least as much as possible) and are once again attempting to continue to follow the path that they set for themselves and their organizations at the beginning of the year.

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Posted in For Business | Tagged Growing Your Business

Tips to Keep Your Business Afloat During COVID-19

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on May 20, 2020 by Lake Wylie Tax Services StaffMay 20, 2020

Tips to Keep Your Business Afloat During COVID-19COVID-19 has had an unprecedented impact on all aspects of American businesses, but perhaps none have been as severely affected as small business owners. Surviving this disaster will require more than just time: you will need to take a pragmatic view of what has happened and what steps you are willing and able to take in order to bounce back. Here are our suggestions:

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Posted in For Business | Tagged Covid-19, Growing Your Business

Why You Need a Financial Advisor Even More in Uncertain Times

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on March 17, 2020 by Lake Wylie Tax Services StaffMarch 17, 2020

We are living during a period of trying, uncertain times. The current outbreak of the Coronavirus disease (COVID-19), has had a significant impact on the way we go about our daily lives. From how we work, to how we live, to how we relax, no aspect of our lives has gone untouched. With a potential recession on the horizon and so much unknown about how we will move forward as a society, what does that mean for your business? Now more than ever, you will want to turn to your financial advisor to help you come with a plan.

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Posted in For Business | Tagged Growing Your Business

The Difference Between an Audit, a Review, and a Compilation

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 23, 2020 by Lake Wylie Tax Services StaffJanuary 23, 2020

The Difference Between an Audit, a Review, and a CompilationWhen it comes time for financial documents to be corroborated, the three options available are a compilation, a review, and an audit. Each of these represents a very different degree of effort and investigation, and therefore each provides differing levels of confidence for investors and lenders. Let’s take a closer look at all three.

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Posted in For Business | Tagged Growing Your Business
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