Every business owner expects to pay for bookkeeping, whether it’s software, a part-time bookkeeper, or a full-service accounting firm. But the real cost of bookkeeping isn’t just the invoice you receive—it’s also what you might be losing without even realizing it. Poor bookkeeping can lead to missed tax deductions, cash flow problems, and expensive fixes when tax season rolls around.
If you’re a small business owner, you already know taxes are one of your biggest expenses. What you might not know? You could be paying more than you have to.
From materials and supplies to wages, inflation is making it harder for many small and mid-sized businesses to keep their footing.
A few years ago, a small business owner–we’ll call her “Sarah,”–found herself facing a hefty tax bill. She ran a growing online store and thought her finances were in good shape—until she sat down with her accountant. After reviewing her records, her accountant pointed out that if she’d used the cash accounting method instead of accrual, she could have reported less income that year and saved hundreds in taxes.
You’ve probably noticed that finding a good CPA is getting tougher. And the challenge is more than just an inconvenience—it can impact your business in real ways. The shortage of CPAs is affecting small businesses everywhere, making it harder to get the financial advice and support you need.
Last week, the House passed a major tax bill called the “Make American Families and Workers Thrive Again Act.” While it’s not law yet, it’s packed with changes that could impact how small and mid-sized business owners handle taxes and make financial decisions.
Clean and accurate financial statements form the backbone of successful tax planning. Clean financials don’t only ensure compliance with tax regulations. They also empower business owners to make informed decisions that can significantly impact profitability and growth.
