The Future of AI in Quickbooks!

1/30/2020

The world is continually getting smarter by the minute, so it should be no surprise that our beloved Quickbooks will also be reaping the benefits of a smarter life.

Tax day is getting closer and closer. With that looming, we encourage you to visit our offices and be prepared for April 15th. Electronic submission opened on January 27th, so if you are ready to submit your tax documents electronically do so now. If you need help doing so, please visit us. If you are waiting to send everything manually, you'll have to wait a little bit longer. With the continued growth in technology, the future of tax day and the effort it takes to get there is going to become simpler and easier. Artificial Intelligence has made its way into the interface of Quickbooks, and we are very excited to see what this new development will bring to our clients, their clients, and the future of filing taxes.

This past November was the 6th annual Quickbooks Connect, an annual conference designed to bring together business owners and professionals to discuss how to run their businesses better. This year the topic was the exciting emergence of Artificial Intelligence (AI) and how it will help businesses grow in ways we've not seen before. As a huge proportionate of Quickbooks, we are so excited to see the growth and change in their new applications.

LOOKING FORWARD

When working with us and using Quickbooks online, the new Business Performance Tab will take your financial data and organize it all into an easy and functional dashboard. This will help us see where your small business stands, what it needs, and we will have the tools to compare it to the performance of other small businesses. This new function will also be a huge time saver.
The new optimization center will automatically scan all Quickbooks transactions to record everything from categorization and reconciliation. It will break down bank accounts, expense tracking, and income tracking. This new Quickbooks function will tell you what features can be used to increase efficiency within each of these categories.
Good news for those who don't want to go back in and double-check your work and numbers in your bookkeeping! The latest update will find any mistakes for you and bring them to your attention. You will have the chance to fix them right when they are discovered, saving you time and keeping your books in top-notch condition. This will help business owners stay up to date, and have accurate outcomes every single time.
You will now be able to connect to an online virtual bookkeeper to get the help you need right then and there. You will no longer have to wait for a question to be answered while other issues start to build up and everything gets lost in the shuffle.
These new updates will now help you predict cash flow over 90 days.
It will alert you if any negative issues arise involving this 90-day cash flow and how it will change your spending.
Much More!

This exciting new application of Quickbooks will have many other incredible tools to help your small business run better than ever before. We are so excited to see this continue to evolve and to see what these new applications will do for our clients! Don't hesitate during this busy tax season to come in and visit us if you have any questions about Quickbooks or your taxes! Until then, enjoy this new update, never let a question go unasked, and get your taxes is on time!

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Small Business Tax Facts (That You Might Not Know!)

1/16/2020

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We've said it once and we will say it again, tax law is constantly changing. With the dawning of the Tax Cuts and Job Act, we will continue to see changes to all levels of taxes. Taxes for small businesses are no exception to these changes. So in honor of tax season officially arriving, here are some tax facts that you might not know about for your small business!

It's a new year, which of course means new changes in tax law. Tax season is finally here, so if you are looking for the best tax professionals to help you file and get ready for April 15th, we are the best company in the Summerville area. As you are starting to prepare your taxes for your small business, you might need to hit the books again or chat with one of our tax professionals to help you plan for these new changes and laws that you might not know about. To get you started on the right foot for 2020, here is a handful of some of the most important things you will need to think about and know when it's time to start filing for April 15th!

If you are starting a small business or are new in your small business venture, be aware that taxes will most likely be one of the biggest costs for your company every year. They will be more expensive than rent on your building, your marketing campaigns, any business travel and expense, and so on. The only thing that might be more expensive than taxes is your company payroll, but all that depends on the size of your small business and how many people you employ.
Don't forget that you will be paying different kinds of taxes beyond that of just federal tax. Along with tax-related costs, you will have to pay for social security, property tax, and sales tax. The time and effort you put into keeping track of all of this, keeping your write-offs organized, and the person you pay to manage everything will also be taking a bite out of your budget too.
For a lot of small business owners, and you might be included in this pool, taxes are a huge worry and concern. A lot of time is spent thinking about if can you pay them? What will you be paying taxes on? Why do I have to pay taxes like this and why am I not receiving certain write-offs? How is the best way to pay them? Should I have someone else take care of my taxes for me? Am I doing it all correctly? It's a lot to think about, and you're not alone if you are worried about them. That's where our company can step in. We will answer all of these questions, ease your stress, and give you your time back to focus on your business and what you do best.
Good news! Personal taxes and tax brackets have been seeing some major changes for 2020. Small business owners are also going to be included in this pool of changes. So, at the end of the day, your taxes might be getting smaller. The Tax Cuts and Job Act officially reduced tax rates for small businesses. On top of reduced tax rates for individuals, C corporations will see a 21% tax rate in the future. Partnerships, S Corporations, and other similar companies who are eligible will see a 20% income deduction!
These new deductions will be very helpful in the coming months because the rate for tax preparers will be and has been going up in the last few years. Their rates have been going up over the last few years because of the sheer amount of changes to tax law. With so many changes since the Tax Cuts and Jobs act and what the federal tax changes have brought to individuals and small businesses alike, CPA's will be doing much more work than ever before. They will need to be paid more for the time and education it will take to understand, command, and stay on top of all of these changes.

At the end of the day, some of these changes and facts might not be huge. But they will be big enough to affect your bank account, peace of mind, and how you plan on filing your taxes. It's good to know and understand that since 2018, congress has passed major adjustments to business tax laws that included a lower operation tax rate, new rules for pass-through businesses, and a tax break for some industries. It is also important to know that these changes made in 2018 are still settling and taking effect. They will be significantly affecting small businesses that work with overseas productions or individuals overseas. International taxes and regulations are a whole other beast of their own. Stay up to date on them, or work with someone who can help you change with the times.

We are here to make your tax preparations accurate, efficient, and stress free. If any of this information made you feel stressed, call us right away. We are officially ready for tax season and are happy to help you. Until then, make sure you and your small businesses are ready for the changes ahead and at hand. Until next time stay organized, educated, and ready for tax season!

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Financial Resolutions for 2020

1/2/2020

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It is so easy to start a new year with a power-packed list of resolutions, that come February will find itself in the bottom of your trash can. For you and for your small business, create a list of financial resolutions that you can really stick to. Let this list make 2020 be your most successful year yet!

Let's shake up the beginning of this new year with a set of resolutions that you can really and truly stick to. New Year's resolutions aren't just for dieting and working out. They can be utilized to give your finances a boost. It's a new decade and it's an exciting time for you and your small business. This new year doesn't have to be a burden for you or your company. Take 2020 and turn it on its head by beating it to the finish line with resolutions you can be proud of! Keep in mind too, that even though these resolutions have been specifically picked for your company to thrive, you can also apply them to your personal life. Let's get going!

Add a Month to your Emergency Fund

Most American's and many small businesses don't have a rainy day fund for when things get hard or when business isn't booming. Not having a rainy day fund is essentially putting your company at risk for a financial catastrophe. It is recommended to build a fund that has between 12-18 months' worth of operating costs. Don't put your company and everything in your life on hold to make this goal happen overnight. Remember, this is a resolution. It will take time to reach this goal. Even though it won't happen by January 1 or even February 1 of this new year, continue to make it a priority as you plan out your fiscal year and your budget for 2020.

Create a Reasonable Budget

Speaking of creating a budget, resolution number two is creating a reasonable budget that you can maintain in reality and stick to all year long. It is always great to dream but begin with reality so you can build your dreams on top of that. Avoid credit card debt and limit your spending on credit cards to exactly what you're budgeting for them. Remember how damaging missed payments and poor credit scores can be to the future of your small business and your finances. It can halt the growth of your business and keep it from expanding until you deal with it. This will cause you to lose precious work time and money spent on recovering from these poor actions.

Security Care

It's time, if you haven't already, to invest in excellent security care. The number of internet leaks and hacks of both personal and professional information in 2019 alone was terrifying. This has lead to the destruction of huge companies, the loss of loyal customers, and a fear that is all too real for the company and client alike. No matter the size of your company, you need to be prepared. Back up your data regularly. Create a very strong firewall to keep out intruders. Invest in the best security, optimize the safest web browsers, and use the best operating systems. Protect your companies money and information that you have worked so hard to build.

The Long Term

Take the time to determine your long term financial goals. It's easy to get caught up in what your current financial status is and what your budget is for the current quarter. But what is your long term goal? Knowing and understanding this is just as important as setting your yearly goal and budget. Your yearly goals should be determined by where you want to go and where you want to end up. This can include how much you want the company to make, how much you want your employees to make, how much you want to give in retirement, benefits, HSA's, how much it will cost to grow your physical office space, how much it will cost to hire more employees, and how much it will cost to create more products. The options are staggering, but if you have a long term goal to work towards, it will be a much easier path to walk.

Clean It Out

As painful as it can be, sometimes cleaning out the cobwebs throughout your company can help your finances more than you think. Getting rid of the unnecessary things and really "trimming the fat" can cut down production and operating costs very quickly. Every company can streamline operations and cut back to save money. As much as you want to keep every employee on board, the cost of labor is going to continue to rise for the foreseeable future. Overstaffing becomes very costly very quickly. Make sure you are properly staffed during busy and slow seasons. Also, continue to review your vendor pricing. There is nothing wrong with looking around and checking out the competition. Always stay on top of technology that can cut costs for your company too. Going paperless is one of the most popular ways to save money right away.

This won't be the easiest list of resolutions to follow, but the important ones never are. We can guarantee that each one of these is worth sticking to and the will help you and your company in the long run! Cheers to 2020!

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The Future of AI in Quickbooks!

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