Startup Founders– Find Out When to Outsource Bookkeeping

According to a recent survey, 58% of business owners working 60 or more a week said bookkeeping was draining, and almost half of small business owners said it was their least favorite task to complete.  In my experience working with startups and small businesses, this does not surprise me.  In fact, I thought the [...]

By |2017-03-03T14:57:57+00:00January 30th, 2017|Accounting Services, Entrepreneurship, Financial, Startups|0 Comments

Startup founders– Avoid “CEO Syndrome” at all costs

Throughout my time working with startups and entrepreneurs, I've had the pleasure of getting to observe the rapid growth of some very successful ventures, and the decline of others.  I've seen companies scale into 10x growth year over year, and have been lucky enough to work alongside them throughout their journey.  As a result, I've [...]

By |2017-03-03T14:57:57+00:00January 29th, 2017|Entrepreneurship, Startups|0 Comments

A Guide to Prepare 1099-MISC Forms Before the Due Date

You only have a a few days left to prepare and distribute your 1099-MISC forms to your contractors from 2016.  The forms are due to your contractors by January 31st, 2017. The 1099-MISC form reports the total amount of payments you or your company paid to a single person or entity during the previous calendar year. Contractors use [...]

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