The Iterative Cycle of Startup Accounting

As an Adjunct Instructor at Northwestern University teaching startup accounting, I'm tasked with helping students understand accounting as it relates to startups.  Although the foundational mechanics of accounting are the same across all different business types, there are some special considerations for startups.  Specifically, startups have to develop and implement accounting policies and procedures [...]

Small Business Tax Preparation Checklist

2017 is here, meaning it is crunch time for your small business tax preparations. The beginning of the year is a hectic time for most small businesses and makes it difficult to gather all of the appropriate documents and expenses you will need to file taxes. Most small businesses will have started preparing your taxes, but [...]

The New Years Resolution Your Accountant Wishes You’d Commit to: Performing Monthly Bank Reconciliatons

Contrary to what account software companies lead you to believe, bookkeeping isn't is simple as it's made out to be.  Unless you have in depth knowledge of the software you're using and basic accounting principals, it's easy to get tripped up with bookkeeping. Throughout my years working with startups and small businesses, I've seen countless [...]

Understanding Equity Crowdfunding for Startups

In 2012 the JOBS Act was signed allowing entrepreneurs and startups to acquire funding through online platforms from non-accredited investors creating a new era for crowdfunding.  In 2016, the SEC implemented the latest section of the JOBS Act, Title III, also known as equity crowdfunding. This was supposed to open up a promising avenue for [...]

By |2017-03-03T14:57:57+00:00January 4th, 2017|Entrepreneurship, Startups|0 Comments

The Importance of Bookkeeping for Startups

For new startups and their founders, managing the accounting for their business can be an intimidating, and seemingly daunting task.  Even some of the most basic aspects of accounting, such as bookkeeping, can get complicated.  It is important for startups to keep their financial records in pristine condition, as having clean financials serve a multitude of [...]

By |2017-03-03T14:57:57+00:00December 17th, 2016|Accounting Services, Entrepreneurship, Startups|0 Comments

Cleaning Up Your Chart of Accounts Before Year End

As the year comes to a close, it's even more important to make sure your accounting is in order, and that you're ready to hand off your financials to your CPA.  To save some back and forth between you and your CPA, it's important to review your financial statements to ensure your chart of accounts [...]

By |2017-03-03T14:57:58+00:00December 15th, 2016|Accounting Services, Entrepreneurship, Startups, Taxes|0 Comments

8 Reasons to Utilize Outsourced Accounting Services

Years ago, the concept of outsourcing was thought of as a luxury only large companies could afford. Services such as accounting, bookkeeping and CFO responsibilities are sent off to third parties to take the pressure off these companies. With the explosion of new cloud based technologies and financial automation solutions, outsourced accounting services for startups [...]

By |2017-03-03T14:57:58+00:00December 7th, 2016|Accounting Services, Entrepreneurship, Startups|0 Comments

5 Benefits of Using Outsourced Accounting Services

As an entrepreneur, our core business functions are where our passions lie. Our products and services are what we do well and we where we want to focus the majority of our time.  But as a business owner, we know there are other essential factors that must be taken care of.  Factors such as accounting [...]

By |2017-03-03T14:57:58+00:00December 1st, 2016|Accounting Services, Entrepreneurship, Startups|0 Comments

The Impact of a Trump Tax Plan on Small Businesses

Political affiliations aside, it's important that startups and small business owners take some time to understand the impact of a Trump tax plan on small businesses.  Focusing solely on the bottom line of small businesses, his tax plan is largely favorable.  However, it is important to note that none of what is currently on the [...]

By |2017-03-03T14:57:58+00:00November 10th, 2016|Entrepreneurship, Startups, Taxes|0 Comments