Author: Ken Boyd

Small Business

8 ways to bulletproof your small business with insurance

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Financial losses from a product defect, data breach, serious illness or work-related automobile accident can force business owners to close their doors if they’re not prepared. The …

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Your complete small business tax prep checklist

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It’s that time of year again: tax time. Preparing your taxes may seem like an annoying task that distracts you from running your business, but filing …

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How to create a business budget

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Running your own business presents unique opportunities for you to be your own boss, bring your entrepreneurial vision to life, and direct your financial future. But …

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A small business guide to balance sheets

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A company’s balance sheet is one of several important financial statements that report on its performance. But to understand the importance of a balance sheet, you …

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How to start a small business in California

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California can be a great place to start a business, and the state supports small business owners. According to Business News Daily, “California is home to more than 4 …

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The ultimate guide to tax deductions for the self-employed

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Filing your taxes as a W-2 employee can be overwhelming. But, when you’re self-employed, the labyrinth of paperwork and potential tax deductions creates a tax situation that’s enough to …

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How to handle small business insurance claims

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Managing a small business involves risk. A fender bender in the company car, or a customer slip on a wet office floor, can create business liability. Whatever’s …

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8 ways to bulletproof your business with insurance

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Financial losses from a product defect, data breach, serious illness or work-related automobile accident can force business owners to close their doors if they’re not prepared. The …

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5 ways to lower your business insurance expenses

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It can happen to any small business owner — arriving to work only to find property damage, stolen equipment and months of work undone. Nobody can predict when …

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How business size impacts your spending and borrowing decisions

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What tools do you need to operate your business? How much funding will you need? Should you carry inventory? The answer depends on the size of …

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A small business guide to certified payroll

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Certified payroll is a weekly payroll report. If your business works on federally funded projects as a contractor or a subcontractor, you are required to submit …

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A small business tool for getting paid on time

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Collect more cash in less time. How much would your business improve if you could get cash faster, without a huge investment of time? To reach …

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A freelancer’s guide to income taxes

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Managing your work as a self-employed person can be hectic. You have to market yourself, deliver a product or service and handle dozens of other tasks. …

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What are your true product costs?

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What is the true cost of the products and services that you sell? Now, that may sound like an odd question. After all, you generate and …

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Pivot your small business: Pro advice on how to refocus for profit and growth

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Something isn’t working. You did all the right things when you started your small business. You found a customer problem that needed to be solved, and …

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Can I deduct the cost of a home office?

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Does your tax return include all of your business expenses? If you’re self-employed and work out of your home, you may not be taking full advantage of …

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7 year-end financial moves to make tax season easier

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Many people don’t work well under pressure, and you may face a time crunch to complete your personal tax return. It’s never too early to start …

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Expert advice to help you manage your payroll taxes

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Don’t let the challenge of processing payroll overwhelm you. Filing your business taxes may be the most frustrating process in your business, and it becomes more complex as …

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Is it time for your small business to sell products internationally?

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Is it time to sell your products and services internationally? The Census Bureau reports that the United States’ exports totaled $2.5 trillion in 2018, the highest on record. …

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Can I hire a bookkeeper instead of an accountant for my small business?

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You can hire a bookkeeper instead of an accountant. But, does that meet all of your business needs? The answer is important because you need an …

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How to manage your small business using a classified balance sheet

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You need the right tools to manage your business. One of the most important set of tools is your financial statements, including the balance sheet. Many …

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Can our small business write off an expensive asset when we buy it?

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Your business uses assets to produce revenue. As assets are used up, you can write off the asset’s cost and post a tax deduction for the expense. When you …

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Where does payroll go in my ledger?

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Payroll is the most complex accounting process you must complete. Your accounting transactions are posted to general ledger, but is the information accurate? How do you …

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Is it time to reevaluate how you manage payroll?

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The start of the year is a great time to reassess your business. To grow sales and profits in 2019, you’ll need to process more transactions …

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How to calculate your small business’s breakeven point

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Sales to a business are like rain to spring flowers. Without it, they wither and die. Finding what works to generate sales and earn a profit …

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Can I pay FICA taxes as a self-employed person?

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You can pay FICA (Federal Insurance Contributions Act) taxes as a self-employed person. Everyone pays both FICA taxes and income taxes. If you’re an employee, your …

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When is your car an actual business expense?

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You can deduct the actual costs of using your personal vehicle for business use. How the tax rules work The IRS allows you to deduct the actual expenses …

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What is an income statement?

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The income statement is a financial statement that reports on company revenue, expenses, and net income as of a specific time period, such as a month or year. …

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How contractors can improve their profits

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Underpricing your product or service can be dangerous to your bottom line. Nellie Akalp, entrepreneur and founder of CorpNet.com, explains that: “Even though you might land the sale, …

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Is ignoring financial statements killing your company growth?

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Successful business owners learn from their mistakes. The effort required to operate your business may seem overwhelming, and you have to make a multitude of decisions …

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Everything your small business needs to know about managing multiple construction projects

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It’s difficult to keep all the balls in the air, when you’re trying to manage your business. It’s great to have a number of projects in …

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This budget & planning guide can help your small business thrive

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Successful business owners create an annual budget and compare the budgeted amounts to actual results each month. This process is the best way to make smart …

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How to calculate job costing totals to increase your profitability

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Do you really know how to price your product or service? What assumptions are you making about your costs? Are you pricing your product so low that you’re not making …

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Understanding the difference between job costing & process costing

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Do you control your business, or is your business controlling you? Gino Wickman, an author and business consultant, finds this lack of control as a common frustration with …

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Does your small business need a POS?

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Customers demand convenience. If your business can’t make the buying process quick, easy, and convenient, customers will go somewhere else. There are lots of examples that …

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What’s the fastest way to get student loan forgiveness?

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It’s little surprise that many of America’s 45 million student loan borrowers are looking to loan forgiveness programs to ease their burden. But while loan forgiveness sounds like a dream …

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How to plan an international strategy for your small business

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Is an international business strategy the next step for your small business? Expanding into new global markets can dramatically boost sales and profits, but it also requires …

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How contractors can take charge of job costing

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Do you clearly understand all of the costs you incur to create your product or deliver your service? Now, that question may sound odd to you. …

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7 commonly ignored financial reports (you should actually pay attention to)

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Your time is precious. To succeed in business, you must make smart decisions about using your time, and that includes the time you spend on financial …

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Employee theft: Why it happens & how to deal with it

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It’s deeply personal. Discovering employee theft can be infuriating. After all, you hired, trained, and trusted the worker to help you grow your business, and that …

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Pro tips for managing your cash flow

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If you could receive customer payments faster, how would your business improve? Many small businesses struggle with cash collections, and finding enough cash to operate each …

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How workers compensation costs impact company profitability

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Do you know the true cost of operating your business? Many business owners – even people with years of industry experience — don’t fully understand the …

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What is job costing and how can it boost profits for your small business?

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If you can’t identify all of your project costs, how can you determine the profitability of the engagement? You can’t. Company owners that conduct business on …

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Best practices to help your business avoid tax fraud

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As a business owner, you may find it increasingly difficult to file an accurate tax return. The tax code is complicated, and it’s not unusual to …

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Does your business need a virtual CFO?

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How much help do you need to manage your business? The answer will change, as your company grows and becomes more complex. Many businesses hire experts …

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How much is your business really making & spending?

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If you can’t answer this question with hard numbers, then you don’t really know. The most successful companies have systems in place to make sure that …

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How to prepare for the dry spell in your small business

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Twin Lakes Tree and Lawn Care 2019 Budgeted Income Statement Sales $200,000 Cost of Sales Materials $40,000 Labor $70,000 Total Cost of Sales $110,000 Gross Profit …

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9 common sales tax errors you didn’t know you were making

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Running a business requires dozens of decisions each week and requires owners attention to stay on top of day-to-day operations. With all of the work business …

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Business health: How much money are you really making & spending

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If you can’t answer this question with hard numbers, then you don’t really know. The most successful companies have systems in place to make sure that …