You’ve grown your business, take pride in a satisfied customer base, and have increased profitability year after year -- what’s the problem with that? As the poet Biggie Smalls once so eloquently rapped, “Mo money, mo problems.” While it’s obviously the goal to succeed as a business - and profitability is part of that equation - here’s how too much profitability can hurt your business -- and where you can get the help you need.
When you own a small business, it is imperative that you find ways to save money wherever you can. It’s not a matter of want, it’s a matter of need. You take pride in doing your own sales, your own customer service, heck, you might even shovel your own driveway. That’s why it makes perfect sense to do your own payroll right? Maybe not. Here’s why it’s a waste of time to sit in front of a blank spreadsheet with your head in your hands.
Payroll Software is Subscription-Based, Meaning You Keep Paying for the Same Thing Year After Year. Paying for payroll software isn’t usually a one-time fee. Every year you’re paying for a “newer” version of the same old software with a bunch of “new” features that don’t really feel all that different.
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.