SMBAccountant

JULY 11, 2023

Running a small business comes with its fair share of challenges, especially when it comes to financial management. As a small business owner, understanding the importance of cash flow is crucial for the success of your venture. What is cashflow? Cash flow is the movement of money into and out of your business during a specific period. It represents the lifeblood of your company, allowing you to cover expenses, pay employees, invest in growth opportunities, and ultimately stay afloat.

accounts payable 100

accounts payable Account accountant accounted 100

SMBAccountant

JUNE 21, 2023

When it comes to financial statements, two key documents play a vital role in providing insights into a company's financial health: the income statement and the balance sheet. While both are important in understanding a company's financial position, they serve different purposes and provide distinct information. In this blog post, we will explore the differences between these two essential financial statements.

Non-Profits 130

Non-Profits accounting equation financial statements accounts payable 130

SMBAccountant

JUNE 16, 2023

One of the best things that you can do for your business is to understand financial statements. One of the biggest issues that come with reading financial statements is understanding the differences between Retained Earnings vs Owner’s Equity. The first step is defining the two. Retained Earnings is the company’s net income or loss over the period of the company.

financial statements 130

financial statements Account accountant accounted 130

SMBAccountant

APRIL 21, 2023

The past few years have forced many small businesses to face issues with the supply chain that they had previously never considered. Even the most prudent risk manager couldn’t have anticipated the far-reaching impact that the pandemic had on nearly every aspect of life. These new challenges have changed purchasing habits for many small businesses and as things start to return to normal, practices, such as inventory may need to be reevaluated.

Start-ups 130

Start-ups Sales Retail 130

SMBAccountant

MARCH 24, 2023

When a new vendor or subcontractor provides a service to your business for the first time, it is important to request a W-9 from them as soon as possible. By doing so, you will be able to confirm the vendors mailing information and EIN (Employer Identification Number) which is needed for 1099-NEC tax filings. Tax form 1099-NEC is the IRS form used by businesses to report payments made to independent contractors, subcontractors, freelancers, sole proprietors and self-employed individuals for serv

Legal 236

Legal Tax Start-ups 236

SMBAccountant

MARCH 8, 2023

One type of accounting that is well-known is tax accounting. According to Investopedia, tax accounting is “a structure of accounting methods focused on taxes rather than the appearance of public financial statements”. Tax accounting applies to individuals, businesses, and corporations. Tax accountants must use the Internal Revenue Code (IRC) to provide accurate tax returns.

tax accountant 130

tax accountant Tax Account accountant 130

SMBAccountant

JANUARY 4, 2023

New rules are going into effect for lease accounting which may change how small businesses who follow Generally Accepted Accounting Principles (GAAP) think about and reporting leases. Under the old rules, financial reporting requirements were determined based on whether a contract was considered a capital or operating lease. Capital leases were leases of equipment or large assets.

Account 246

Account accountant accounted accounting standards 246

SMBAccountant

DECEMBER 21, 2022

Bookkeeping and accounting are often used interchangeably when describing a process of recording financial transactions for a business, but they are not the same functions. Generally speaking, bookkeeping is a part of the accounting process that focuses on recording financials transactions and is heavily rooted in data entry and reconciliation of bank and credit card transactions and statements.

bookkeeping 130

bookkeeping managerial accounting Account accountant 130

SMBAccountant

NOVEMBER 21, 2022

When clients start with us, they often question the amount of information that we request. “My old bookkeeper didn’t ask for all this” is a statement we hear often. Managers want to hand off their accounting and let it happen in its own vacuum. Unfortunately, this isn’t quite how accounting functions. The accountant or bookkeeper can’t effectively do their job and the manager has inaccurate financial data to make business decisions, provide to potential investors, or financial institutions for l

Account 130

Account accountant accounted bookkeeping 130

SMBAccountant

NOVEMBER 3, 2022

The benefits of following GAAP for Small Business: Many small business owners shy away from anything associated with Generally Accepted Accounting Principles (otherwise known as GAAP) thinking they apply only to large publicly held organizations. This thinking is far from true, however. GAAP was created to be a standard "rule book" for organizations to follow, and was intended to be used by all businesses -- small and large, private and public.

accounting principles 130

accounting principles Government Account accountant 130

SMBAccountant

OCTOBER 19, 2022

Each year the Association of Certified Fraud Examiners puts out a report that identifies trends and key findings related to fraud over the past year. Some of the highlights seem unreal as you look at them for the first time. Here’s some of the findings from the “Occupational Fraud 2022: A Report to the Nations.” Organizations with the FEWEST employees had the highest median loss of $150k showcasing that small businesses are the hardest hit and need to be concerned with the potential for fraud.

financial statements 130

financial statements 130

SMBAccountant

OCTOBER 7, 2022

The field of project management is constantly evolving to meet the needs of the modern workplace. Tools, techniques, and competencies that were prioritized when hiring or leading a project have shifted, especially in the past 20 years. When studying the shift in competencies that work best for managers, the rise of information technology has been a key factor in the change.

Start-ups 130

Start-ups Technology 130

SMBAccountant

SEPTEMBER 24, 2022

As a new business owner one of your first priorities is to get the word out about your company. Grassroots marketing can be a low-cost but effective way to gain a large amount of exposure to locally owned businesses or other specific audiences. Grassroots marketing involves narrowing the type of customer and making your business known to those customers you’re hoping to attain.

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SMBAccountant

SEPTEMBER 9, 2022

by Chris Poponak – SMB Government Compliance Analyst. According to Samson Haileyesus (smallbiztrends.com,) women entrepreneurs own nearly half of all business enterprises in the United States. These same businesswomen employ almost nine-and-a-half million workers, and they generate nearly two trillion dollars in revenue across all industries. Also, according to Haileyesus, “most women-owned firms are small businesses with the top employment industries being health care; accommodation and food se

Government 49

Government Account accountant accounted 49

SMBAccountant

JANUARY 27, 2022

When doing your taxes, there are a lot of things to keep track of. If you're trying to do it all yourself, it can be tough to stay organized and make sure you're including everything. Using a project management tool can help make the process easier and less overwhelming. Here are five reasons why you should use a project management tool when doing your taxes.

Tax 130

Tax accounting and finance business tax Finance 130

SMBAccountant

NOVEMBER 17, 2021

Almost every business has some sort of payroll to pay their employees. Payroll can become much more complicated than some assume and it often has a substantial impact on financial results. The largest expense for many businesses is their labor expense, yet it’s often the most misunderstood. One of the most common errors is derived from posting expenses as cash comes out of the bank.

payroll 130

payroll payroll tax income tax Expense Reimbursements 130

SMBAccountant

NOVEMBER 4, 2021

Income but no cash?! How does that happen?? How could a business be making money according to their profit and loss but have no money… or even worse, negative cashflow? This answer can vary depending on whether the company’s books are kept on a cash basis or accrual basis, but the general premise is the same. A company pays cash for things that don’t show up on the profit and loss.

financial statements 246

financial statements Account accountant accounted 246

SMBAccountant

OCTOBER 20, 2021

In QuickBooks Online and Desktop, the Bank Feed is a nifty tool for importing transactions directly from your bank. Each transaction that the bank processes will show up in QuickBooks for you to categorize into the proper Income, Expense, or Balance Sheet account. What happens when a transaction in your Bank Feed has already been recorded directly through QuickBooks, like invoices you added to Accounts Receivable or a bill you wanted to show in Accounts Payable?

quickbooks 246

quickbooks accounts payable Account accountant 246

SMBAccountant

SEPTEMBER 29, 2021

You may have noticed a new name popping up on emails from our office in the last few months. That’s right, the SMB team has recently grown by another member, and we thought it was finally time to formally introduce her! Caitlin Wyatt joined the team this past July as a bookkeeper. She has been helping with much of the behind-the-scenes administrative tasks at SMB, as well as helping with monthly reconciliations, running payroll, and learning how to build DCAA compliant budgets, to name a few thi

Florida 130

Florida bookkeeping Healthcare payroll 130

SMBAccountant

AUGUST 30, 2021

When applying for government contracts, it’s important to understand the types of contract options that are available to you. Each type of contract carries its own risks and opportunities and can help you make decisions when compiling your proposal. Project managers should work closely with their team to manage resources, track the project’s performance to budget, and communicate with the accounting department to review billing rates to make sure the contract remains profitable.

Government 246

Government audit Account accountant 246

SMBAccountant

MAY 3, 2021

Integration management is defined by the PMBOK as a collection of processes required to ensure that the various elements of the projects are properly coordinated. It involves making trade-offs among competing objectives and alternatives to meet or exceed stakeholder needs and expectations. But what exactly does this mean in practice? In small businesses, it is very common that many employees wear multiple hats and perform many duties that would typically belong to different departments in a larg

management accounting 130

management accounting management accounts Account accountant 130

SMBAccountant

FEBRUARY 3, 2021

When your company has the opportunity for a new project, it can be very tempting to accept any offer that comes your way. However, it is important that the scope of the project is carefully reviewed and analyzed in conjunction with your accountant or accounting department to make sure that the objectives are in line with company goals and perform a risk assessment to ensure tolerable risk.

Account 130

Account accountant accounted 130

SMBAccountant

JANUARY 19, 2021

The term “project management” is often used in business to mean the general day to day actions associated with a project. This is only a portion of the overarching task of project management. Without a clear definition, projects can sometimes fail and there is not a clear reason as to why it happened. A trained project manager can add significant value to your business in addition to making sure daily tasks are completed.

Account 130

Account accountant accounted 130

SMBAccountant

DECEMBER 16, 2020

Many small business federal contractors begin with research and development (R&D) contracts or grants as part of the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. These programs are offered by the government to encourage innovation with the potential for commercialization. These programs often result in technology or products that begin with government use and then become commercial items.

Government 246

Government Account accountant accounted 246

SMBAccountant

DECEMBER 2, 2020

Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required. What exactly is GAAP? GAAP are a set of accounting principles established by the Financial Accounting Standards Board (FASB) to provide clarity, consistency, and comparability of financial reporting and information.

Government 219

Government accounting principles Account accountant 219

SMBAccountant

AUGUST 11, 2019

An Intro to Bookkeeping: Getting it right the first time Things like bookkeeping often falls to the wayside as founders focus on getting their product off of the ground, but bad bookkeeping process can cost a business in the long-term. Join us October 16, as Shannon Bloom gives a few of the basics of bookkeeping. Learn how to set up a chart of accounts, the importance of supporting documentation and the basics of creating financial statements.

bookkeeping 100

bookkeeping Account accountant accounted 100

SMBAccountant

AUGUST 28, 2019

Do you think Fraud/Theft only happens in the Retail Environment? Think again. This workshop will provide you with the knowledge and information you will need to identify risk factors within your company so that you can put policies in place to protect your business from this ever happening to you. Employee Fraud/Theft Statistics that will shock you: Annual revenues lost to theft or fraud – 7% Employees who have stolen at least once form their employer – 75% Employees who have stolen at least twi

Florida 100

Florida Retail 100

SMBAccountant

FEBRUARY 21, 2020

SMB Accounting and Consulting is excited to be part of the upcoming weMean Business Expo 2020. The weMean Business Expo 2020, located at Florida Tech on Saturday, February 29th, will feature two business trainings offered during the Expo, with Shannon Bloom, CPA providing the second workshop, QuickBooks Overview. The QuickBooks Overview workshop will begin at 12:30 pm and the cost is only $10.

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Florida quickbooks Education CPA 130

SMBAccountant

MARCH 13, 2020

Shannon Bloom featured in SCB’s Women in Business. Shannon continues to impress! Check out her feature in Space Coast Business – Women in Business issue! Be on the lookout for more articles as she continues to grow SMB Accounting and Consulting. View the Article Online.

Account 130

Account accountant accounted 130

SMBAccountant

JUNE 2, 2020

Why you need a Controller? Owning a small business is an incredibly rewarding opportunity but it can sometimes feel overwhelming. As owners, we all wear many hats and it can be difficult to balance the creative, managerial, and financial decisions all on our own. Professionals such as controllers can help small business owners concentrate on what they do best.

bookkeeping 100

bookkeeping financial statements Account accountant 100

SMBAccountant

JULY 14, 2020

One of the most common errors made by executives in a small startup is assuming that the reporting basis for accurate financial statements can be changed by clicking the single button at the top of the QuickBooks report. It seems simple, but in reality entails much more. Most small businesses choose to keep their books on cash basis. This is the simplest form as your books match your bank account.

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Government accrual accounting quickbooks Account 130

SMBAccountant

JULY 29, 2020

Budgets are necessary for any business. They help develop strategy, control costs, and are a great internal control. Many small businesses have difficulty developing a budget, especially during their startup or high growth periods. Budgets may be the most artful part of accounting. They are a best guess, and a goal to work towards. Government contractors have an even harder and more dire concern when it comes to cost plus contracts.

Government 100

Government Account accountant accounted 100

SMBAccountant

AUGUST 4, 2020

Austin, TX – August 4, 2020 — The Association of Certified Fraud Examiners (ACFE), the world’s largest anti-fraud organization and leading provider of anti-fraud training and education, is pleased to award Shannon Bloom, of Melbourne, FL, the globally preferred Certified Fraud Examiner (CFE) credential. In order to become a CFE, Bloom has met a stringent set of criteria and passed a rigorous exam administered by the ACFE.

Education 130

Education Legal Government Account 130

SMBAccountant

AUGUST 12, 2020

Policies and procedures are a formalized way of defining how a company chooses to run their business. They may not be written down or overly detailed, but even the smallest companies have their own way of doing things. When working as a government contractor, these processes and policies need to be written, reviewed, and updated regularly to ensure compliance with the company’s own requirements, and the accounting standards demanded of contractors spending tax dollars.

Government 100

Government Account accountant accounted 100

SMBAccountant

AUGUST 26, 2020

Receipts, emails, contracts, timecards… the list of items a small business must maintain as documentation goes on and on! When a small business enters the world of government contracting, the risk associated with maintaining supporting documentation increases significantly. Not only must you have supporting documentation, but you must have the correct information recorded to PROVE a transaction exists, is compliant with all laws and regulations, and was recorded properly.

Government 100

Government Account accountant accounted 100

SMBAccountant

SEPTEMBER 10, 2020

The purchasing documentation and process helps keeps track of items to be charged but how does it all work?Who approves what money is spent in your company? What proof do you have that a purchase was approved? What project, if any, will this purchase be charged? Did you get the best value or price? These are very important questions whether a company has government contracts or not.

Government 100

Government Account accountant accounted 100

SMBAccountant

SEPTEMBER 23, 2020

Nearly all businesses have some kind of fixed assets. A fixed asset is something purchased or assembled that is intended for long-term use. It is not a liquid asset and cannot be converted quickly to cash. The useful life, or amount of time the asset should be useful to the company, must be greater than one year and be greater than the established corporate limit.

Government 100

Government Account accountant accounted 100