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How to Close Your Books (the Right Way)

Sep 27, 2022 12:44:00 PM / by CSI Accounting Staff posted in small business taxes, small business accounting, how to

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If you own a small business, you probably don't have a very high-level knowledge of accounting - but why would you? When you hear "closing out your books," you might not know everything that entails.

Closing your books is a necessary part of preparing to file your taxes, and it’s important to make sure that transactions are recorded in the right place at the end of each year. For this reason, you need to close your books at least once a year. However, most businesses close out their books every month.

CSI Accounting & Payroll has handled accounting for small businesses for more than 50 years, but we believe that owners should have access to bookkeeping details that can help their business whether they come on board as a client or not.

Here, we help you learn more about the advantages of a monthly routine and the four steps it takes to close your books each month.

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How an Accountant Can Help Your Salon

Sep 11, 2022 1:30:00 PM / by Brian Paulson posted in small business accounting, salons

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What makes a salon successful? It requires more than pampering your guests. Amongst other things, it takes careful planning, proper financial guidance, employee management, and tax-saving strategies to ensure profitability.

If you've reached the point where you're considering working with an accountant (not just an annual tax preparer) on a consistent basis, it's a good indicator that you're juggling more than you'd like to - and maybe even falling behind.

However looking to outsource with a monthly accountant can also be a good thing - your salon may be growing! With growth comes more accounting activity, and with more accounting activity comes less time to operate your salon in other areas.

At CSI Accounting & Payroll, we've worked with salons since the 1960s. Simply put, that means we know all of the reasons why you might want to outsource - and, therefore, all of the ways a monthly accountant can help relieve some stress and set you up for success.

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3 Ways Accounting and Payroll Services Save You Time and Money

Sep 9, 2022 8:15:00 AM / by Brian Paulson posted in small business payroll, small business accounting

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As a small business owner, you should be consistently looking for ways to improve operations, increase profits, and reduce unnecessary spending. At first, this can look like juggling several tasks yourself or passing some off to an in-house administrative employee. Oftentimes, bookkeeping is one of these tasks.

While you certainly can do your own accounting, there comes a time when it starts to make more sense to hire accounting and payroll services.

At CSI Accounting & Payroll, we've been helping small business owners outsource for more than 50 years. That means we have the expertise to explain three of the top ways that accounting and payroll services can help save you time and money.

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Can You Do Your Own Accounting For Your Business?

Sep 4, 2022 3:23:43 PM / by Bryan Cremeen posted in small business taxes, small business accounting, how to

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What makes you want to do your own business accounting? If your answer is along the lines of, “I want to save money”, you may be surprised to hear that many small business owners worry about their finances even after they’ve reached a comfortable level of growth. That can mean they also see avoiding expenses as a safer option than making an investment. This is not true for every situation.

When you outsource accounting, it’s an extremely valuable investment. Plus, it costs much less than hiring an accountant - or any employee - to do it in-house. Consider the costs of hiring and onboarding, providing a salary and benefits, subscribing to a bookkeeping software, and maybe even working with an annual tax accountant as well.

At CSI Accounting & Payroll, we’ve spoken with thousands of small business owners over the past several decades, so we know what commonly drives people to want to do their own accounting. Here, we go over:

  • The value of accounting
  • Doing your own business accounting
  • What your time is worth

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How to Categorize Receipts For Small Business Taxes

Sep 4, 2022 1:24:11 PM / by Bryan Cremeen posted in small business taxes, small business accounting, how to

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We all have different skills. Organizing (in any aspect of our lives) comes naturally to some people, while many others struggle. 

Organization is important when it comes to accounting. That’s why small business owners who work with annual tax accountants put so much effort into correctly categorizing their receipts before their yearly appointment.

CSI Accounting & Payroll has helped thousands of small business owners with their taxes over the course of more than 50 years. In this article, we’ll detail our expertise in organizing your receipts on your own - unless you work with a monthly accountant and already get everything broken down for you!

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How Much Should a Small Business Put Aside For Taxes?

Aug 24, 2022 2:22:43 PM / by Bryan Cremeen posted in small business taxes, small business accounting, how to, cost

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How often do you purchase something without knowing how much it costs? For most people, the answer is probably “never” - or at least “not often.” Costs are always on the rise due to inflation, so you need to at least have a ballpark idea of what you’re signing up for before making any commitments.

When you work with an annual tax accountant, it’s pretty likely that you won’t know how much money to set aside for your taxes. CSI Accounting & Payroll believes that you should. That’s why we’ve been helping small business owners understand the ins and outs of taxes for more than 50 years.

Here, we take a look at the two factors that make up the “cost of taxes”:

  • Your tax liability (what you might owe back to the government)
  • The fee that your accountant charges to file your taxes

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Best Accounting Services For Small Business Minneapolis

Aug 11, 2022 1:25:26 PM / by Brian Paulson posted in small business accounting

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You own a small business in the Twin Cities area, and you’ve been swamped trying to handle your accounting in-house - or you’ve gone through the same experience that so many others have with online accounting services

What’s the logical next step? Find a reputable, local accounting service to help you get back on your feet.

While CSI Accounting & Payroll works with small businesses across the continental United States, we haven’t forgotten the good folks at home in the Twin Cities area. We also understand that you will want to consider all of your options. We actually encourage it! We know that we’re not the right fit for everyone. The following firms offer a range of prices and service levels, and it’s important to do your research to find the best fit for you.

Prospective clients will often ask us who our competitors are so they can do their research, and that’s why we’ve compiled this list of the top six small business accounting firms in the Twin Cities area. To remain neutral, CSI Accounting & Payroll is excluded from this list. Keep reading to learn more about the following firms:

  • John A. Knutson & Co., PLLP
  • Myslajek Kemp & Spencer, Ltd.
  • OWL Bookkeeping & CFO Services
  • Siddiqui & Basnet LLC
  • Sundberg Tax & Consulting
  • Vetscher & Associates, LLC

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Accounting Tips for Retail Stores

Jul 26, 2022 1:15:00 PM / by Bryan Cremeen posted in small business accounting, retail shops, how to

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If you manage a small retail store, you know that it’s critical to keep good records. However, between cash flow, inventory, payroll, and many other things you may find important to monitor for your store, it can be challenging to keep track of your operations. This is especially true if you are managing them on your own.

CSI Accounting & Payroll has worked with many retail stores over the past few decades, so we know what good retail store accounting should look like. These five retail accounting tips will help you:

  • Get insight into the cost of your operations
  • Make the most of your next tax season
  • Clarify if you’re making or losing money
  • Highlight future opportunities to enhance your business
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Best Accounting and Payroll Services For Small Business Minneapolis

Jul 21, 2022 3:59:38 PM / by Brian Paulson posted in small business payroll, small business accounting

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You own a small business in the Twin Cities area, and you’ve been swamped handling your accounting and payroll yourself - or you’ve gone through the same experience that so many others have with big-name national payroll services and online accounting services

What’s the logical next step? Find a reputable, local accounting and payroll provider to help you get back on your feet.

While CSI Accounting & Payroll works with small businesses across the continental United States, we haven’t forgotten the good folks at home in the Twin Cities area. 

We also understand that local business owners will want to consider all of their options. We actually encourage it! We know that we’re not the right fit for everyone. The following firms offer a range of prices and service levels, and it’s important to do your research to find the best fit for you.

Prospective clients will often ask us who our competitors are so they can do their research, and that’s why we’ve compiled this list of the top five small business accounting and payroll firms in the Twin Cities area. To remain neutral, CSI Accounting & Payroll is excluded from this list.

Keep reading to learn more about the following firms:

  • BerganKDV
  • Corneliuson & Associates
  • Haworth & Company
  • Padgett Business Services
  • Prudent Accountants

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How to Qualify For the ERC: Industries Most Affected

Jul 20, 2022 2:52:52 PM / by Bret Asmussen posted in small business payroll, small business accounting, how to

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How can you tell if your business is eligible for the Employee Retention Credit (ERC)? The requirements for it have gotten more difficult to meet over time, so it can be hard to tell if you can apply.

The good news is that since you know that the ERC exists, you’re already a step in the right direction. The bad news is that when so many others are uninformed about the ERC, you’re not able to use your small business community as a resource to get your questions answered.

Luckily, CSI Accounting & Payroll has helped many of our eligible clients claim the ERC, so we’re able to walk you through the following:

  • Which industries are most likely to be eligible?
  • Are you eligible for the ERC?
  • How do you claim the ERC?

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