While hiring employees lets you share the responsibilities of your business, it also means you’re taking on new responsibilities as a manager. One of those responsibilities is paying your employees. Payroll refers to the entire process of paying your employees, from determining wages due and processing payments to distribution, recordkeeping, and tax withholding. Payroll includes […]
A well-structured financial system is vital to your business’s success, but accurate bookkeeping and recordkeeping can be daunting. While sometimes used interchangeably, bookkeeping and recordkeeping aren’t the same. Bookkeeping is a method of tracking funds and business documents that flow in and out of your business. There are two types: single-entry bookkeeping and double-entry bookkeeping. […]
Truckers, as owner-operators, have a lot on their plates with the constantly evolving trucking industry. Between long-haul deliveries, managing their schedules, and maintaining their vehicles, there isn’t always much time to dedicate to bookkeeping. However, bookkeeping for truckers is just as important as it is for independent contractors in other industries. The bookkeeping process is […]
Owning and operating a small business can be a gratifying experience. You’re your own boss, and you call the shots! But you also take on numerous responsibilities, including the calculation and timely submission of small business quarterly taxes. This ongoing responsibility may seem intimidating, but once addressed, it will help support your business’s long-term tax […]
A limited liability company, commonly called an LLC, is a flexible entity that can protect your individual assets without sacrificing control over your small business. It’s a popular legal structure to consider when making your business official. If you decide to form an LLC, there are things to prepare before formally starting your business, including […]
You’ve established your small business in California, and things are going so well that you’ve hired some employees for the first time. Congratulations! Hiring employees introduces new responsibilities you must fulfill as an owner, including handling their payroll taxes and registering with the state. California’s payroll taxes are more complex when compared to other states, […]
Employees can essentially trust their employers to handle much of the regular work of bookkeeping for them. Their employer keeps track of their income, withholds wages to pay taxes, and then sends regular reports on all of that. Freelancers, on the other hand, are on their own. That’s why bookkeeping for freelancers is critical, even […]
Starting your own business is an exciting yet complex process. The choice of which business entity you choose plays a pivotal role. This decision impacts operational aspects, legal liability, tax requirements, growth potential, and much more. Knowing the importance, your decision should consider factors such as desired control level, acceptable risk, and long-term objectives of […]
An important choice that every business owner must make is how to classify their business. There are a number of different business entities to choose from, such as a Limited Liability Company (LLC), Sole Proprietorship, and S-Corporation. An S-Corporation, also known as an S-Corp or Subchapter S corporation, is a flexible option for individuals or […]
You might be able to start a business with nothing but a good idea and the determination to see it through. Keeping a business running, however, requires a little more in the way of planning and coordination. Maintaining the health of a business and creating sustainable growth requires careful cash flow management. You have to […]
