Tag: Guides

Common Bookkeeping Challenges for Small Businesses (and How to Solve Them)

by Cecilia Benitez

Bookkeeping isn’t always the first thing small business owners think about—but it quickly becomes one of the most important. Whether you’re running a one-person shop or managing a growing team, staying on top of your books can make or break your ability to grow sustainably. Here are some of the most common challenges small businesses … Continue reading Common Bookkeeping Challenges for Small Businesses (and How to Solve Them)

Year-End Review: What Your 2024 Books Can Teach You About 2025

by Cecilia Benitez

As the year draws to a close, reviewing your 2024 financial records can provide invaluable insights to guide your small business in 2025. Your books hold the key to identifying growth opportunities, understanding challenges, and planning for the future. Here’s how to conduct an effective year-end review and use the lessons from 2024 to make … Continue reading Year-End Review: What Your 2024 Books Can Teach You About 2025

Why You Must Collect a W-9 Before Paying Service Providers or Contractors

by Cecilia Benitez

Anytime you pay an independent contractor or vendor (not your employees!), the IRS requires you to collect a W-9 from them so that you can send a 1099 at year-end.  Additionally, collecting a W-9 upfront ensures that the individuals or businesses you’re working with are legitimate and have provided accurate information for tax purposes. It … Continue reading Why You Must Collect a W-9 Before Paying Service Providers or Contractors

BOI Reporting: A Guide to Compliance and Avoiding Penalties

by Cecilia Benitez

To enhance corporate transparency and combat financial crimes, the Financial Crimes Enforcement Network (FinCEN) has implemented new Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). This article aims to provide a comprehensive understanding of BOI reporting, including key deadlines, who needs to file, what information is required, and how to comply. … Continue reading BOI Reporting: A Guide to Compliance and Avoiding Penalties