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. The actual work is then 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.

Accounting can be one of the toughest activities for small business owners, especially for those who don’t have a background in bookkeeping. Following a few simple bookkeeping tips throughout the year, however, can make it much easier to track expenses and file taxes when the time comes.

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.”

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.

When you plan for a small business loan, you don’t have to go into it alone. You may have forecasts and solid research to support your loan application, but that won’t always ensure success. What do you do then?

Turn to your accountant to help you secure a small business loan! Do you know what your accountant can do for you? Here are three ways an accountant can help you secure a small business loan.

When it comes to managing payroll for your small business, you may be using your own accounting software. While the software offers the necessary features to comply with payroll regulations, the overall payroll process can be complex and time consuming, especially as you begin to hire more employees. Not to mention that mistakes in payroll are commonplace, and even a simple mistake can result in expensive fines.

Generation Y, also known as millennials, are tech-savvy consumers. They have grown up using the internet and mobile devices, and they have buying power.

By adjusting how you market and engage with millennials, you can reach and retain a large customer base that shows brand loyalty once they’re hooked.

Decision to Change Accountants

Contrary to popular belief, changing accountants for your small business does not have to be difficult, time-consuming, or awkward. With the right approach, changing accountants can be easy; so don’t compound any issues by delaying the process.

Average Repair Order (ARO) is one of the most important indicators of a healthy and profitable automotive repair shop. Increasing and maintaining higher ARO allows your staff to work efficiently while making the shop more money in the process.