CSI is a proud member of the Professional Association of Small Business Accountants, or PASBA. CSI Accounting & Payroll has won several prestigious PASBA awards including Small Business Accounting Firm of the Year and PASBA's 2018 Lifetime Achievement award. Here is a short video that highlights the PASBA model and how its service and price model for accounting, bookkeeping, tax, consulting, and payroll provides tangible benefits, especially for small business owners:
Small businesses typically fall into two different accounting methods: cash and accrual. Both accounting methods refer to the basic rules and guidelines under which businesses keep their books and prepare their financial reports.
Depending on the legal form of the business, sales volume, extensions of credit to customers, inventory, and tax requirements set forth by the IRS, small business owners need to decide which accounting method to follow.
While some form of record-keeping is required by law, the resulting information can also be useful in assessing the financial health of a business. Although it is possible to change accounting methods down the line, the process can become complicated. That being said, it’s important for small business owners to consult with an accountant early on to decide which method is best suited for their particular situation.
If you’re like most small businesses, the bulk of the bookkeeping falls on the owner or another employee without an accounting background. And the actual work is pushed aside by more “important” tasks. It’s a tradition that’s hard to break.
As an example, a client of ours recently told us that he previously managed the books after-hours, when the standard workday was done, because that’s the way of life of a small business owner. You can check out the full case study here.
That’s what he learned from his parents, also lifelong small business owners. He admitted that he didn’t realize there was a better option out there. One that would allow him to focus on his business and spend more time with his family.
Small Business Advice
Small business owners often overlook the importance of partnering with a good accountant until they find themselves spending too much time in the back office crunching numbers at the end of a long day.
We tend to hear comments from new clients along the lines of, “I wish I made the decision to work with an accountant sooner” or “I didn’t realize what accounting services included beyond tax prep.”
Comments aside, it’s crucial for small business owners to understand that some accountants provide more than just tax preparation. Great accountants provide valuable small business advice on money management, employment laws, profitability, and financing year round.
The internet is full of online resources for small business owners, but the best resources cater to the local markets. To help you cut through the clutter, we've compiled a list of resources for small business owners in Minneapolis.