Just the other day I received this email: “Hi Andrea- Hope all is well, quick question. I am taking on some additional contract work 1099, likely 2K/month starting in June. How much additional should I payin to cover tax burden? I assume I will have deductions associated with this additional work from home as well.” It’s a quick question, but never a quick (or easy) answer or process when doing it… Read more
I love the business advice term “work smarter, not harder”. As we business owners look to achieve success, we can research and implement marketing techniques to help us reach our short-term and long-term goals… Marketing can feel like a daunting task for small business owners and professional practices. No matter where we are in the evolution of our businesses, navigating the world of marketing can be overwhelming. With the right… Read more
The Power of Financial Models Financial models are invaluable tools designed to help you understand and project the financial health of your business. By simulating different scenarios and examining potential outcomes based on various inputs like sales growth, margins, and cash flow, these models provide a comprehensive picture that aids in informed decision-making. Practical steps for leveraging financial models: 1. Planning and forecasting Start by creating a base… Read more
I hope this follow-up to last Friday’s blog, highlighting the “Do’s” and “Don’ts” will help you with navigating debt repayment helping your business grow and helping you get a good night sleep: While significant expenses like staff salaries, rent, and advertising are carefully budgeted, one critical “cost of doing business” that often flies under the radar is debt servicing—the monthly principal and interest payments on loans 💸. Managing debt can feel like… Read more
Navigating Debt Repayment for Financial Freedom For many small business owners, medical practitioners, and other professionals, launching a business or practice often begins with a well-crafted business plan 📋 and the assembly of a strong professional support team 🤝. Once a loan is secured 💰, a prime location chosen 📍, and key staff hired 👥, the real work begins. While significant expenses like staff salaries, rent, and advertising are carefully… Read more
I hope this follow-up to last Friday’s blog, in a checklist format, highlights the “Do’s” and “Don’ts” will help you with organized, sustainable business growth. Follow the list, check off the boxes, and watch your business thrive. A great business plan is the cornerstone of success for any business. Use this checklist as a reminder as you work through your plan. Whether you’re a medical practice, a professional service provider,… Read more
I hope this follow-up to last Friday’s blog, highlighting the key benefits of utilizing Budgeting, Forecasting, & Goal Setting for Business Success, provides actionable insights to help your business thrive. Best practices include proper financial planning as the cornerstone of success for any business. Whether you’re a medical practice, a professional service provider, or a small business owner, aligning your budgets, forecasts, and goals can pave the way for sustainable… Read more
Weekly take away: In this day and age, business best practices almost REQUIRES switching to cloud accounting software. Utilizing real-time accounting data enables our clients to make well-informed decisions, rather than simply analyzing historical data. As a Certified Public Accountant and Certified Tax Planner, offering business advisory services for small business clients, medical offices and other professional practices we emphasize the importance of adopting cloud based, online accounting software as… Read more
I hope this follow-up to last Friday’s blog highlighting the necessity to create a contingency plan and testing it to confirm it will work when you need it may be one of the most important lessons you never have to use. We did back in October 2012 when Hurricane Sandy hit my home and office in Rockaway Beach Queens, and then again in March of 2020 when the pandemic hit… Read more
I love following up my Friday “wordie” blog with a visual version. This week I have created a check list to help follow best practices for working smarter not harder and following time tested best business practices for HOPEFULLY solving some of the problems or issues many small businesses are facing these days. Financial Best Practices for Small Business Do’s: Pay Yourself 🤑 Maintain a Separate Business Bank Account 💳… Read more
Weekly Takeaway: Stay abreast of the tax laws, even when you are “knee deep” in tax season; be informed and keep your staff, clients, and other tax professionals informed of the latest developments. They may roll their eyes, but they can as they are well informed of the law and developments surrounding filing requirements. Rolling 🙄your eyes is a luxury as compared to panic and sleepless nights 😥when you are… Read more
It’s still the beginning of the year and I feel this is still the best time to set your medical practice, law firm or business on the right track to have a successful AND less stressful 2025. Over the past few weeks I have discussed: creating or updating your business plan, listed out several important general best practices or business tips, averting a cash flow crisis, and utilizing input from… Read more
Our firm is working with a medical practice group, a consulting client; who is looking to understand their business performance, identify weaknesses and grow in the right direction. Based upon need and staff expertise, their practice seems to be doing really well. Their patient base is growing, their staff is experienced and their patients are happy working with them. On first glance their medical practice is thriving and as such,… Read more
Weekly Takeaway: No good deed… I know we tax and accounting professionals need to stay updated but I am NOT looking to get whiplash. Beneficial Ownership Information (BOI) reporting news has come in fast and slow over the past months; we and our clients are questioning “what do we have to do now” and “what is the actual deadline” . I am glad that my firm has been proactive, keeping… Read more
Whoa, BOI…Oh NO Here We Go Again… Beneficial Ownership Information (BOI) reporting requirements are covered in the Corporate Transparency Act (CTA); P.L. 116-283. FinCEN has estimated that 32 million small businesses would have to file BOI reports. BOI in the BOX I was all set to schedule my post about Tax Strategies for Financial Growth and Quality of Life, when we received news that the Supreme Court has lifted the… Read more
Weekly Take Away: Last Thursday January 16th, I joined and hosted a panel presentations with fellow CPA’s for our professional group – one of the topics we discussed was cash flow. Yes, even tax and accounting professionals struggle with cash flow, billing and collections from time to time, or at least work to create processes and sytems to avoid those struggles. We accounting professionals look to help reduce the administrative… Read more