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  • Home
  • Our Services
    • Tax Planning & Tax Prep
    • Accounting & Bookkeeping
    • Payroll Services
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    • Management Consulting
    • Business Development
  • Quickbooks Services
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    • About Us
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    • Our Team
    • Privacy Policy
    • Terms Of Use
    • Ethics Statement
  • Contact
  • Blog

Our News and Events

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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End of the Year Checklist

12/24/2019

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We've made it to the end of the year, but you know that doesn't mean your business slows down or stops! It's time to wrap up this fiscal year and start a new one. But what is the best way to do this and what items should you keep in mind as you are making your to-do list to end 2019? 

December is here, and we hope it has been a very profitable and busy year for you and your company. Even with holiday parties, your company doesn't slow down. As tempting as it is to slow relax, there are still many things you need to do before putting this year to bed. Owning a company ourselves, we understand these struggles. One of the best tactics to stay focused during these last few weeks is to make a checklist of all those last-minute things. But what are these things you need to be keeping in mind? We are here to give you the top priorities that need to be on your end of the year checklist! 

Business At Hand
  • Your business makes something or provides a service. To do so, you need the correct and proper supplies and inventory to keep your company operating at its optimal power. The end of the year is the best time to take inventory of what you have, don't have, didn't use, or need to think about ordering more of. This will give you time to start the new year off fresh with plenty of materials. You can avoid spending on things you didn't need, and even make room for new growth and new materials. 
  • You might make personal resolutions, but as a whole, it's time to make new company goals for the new year. Check-in with your employees, social media followers, and customers. Listen to their suggestions and ideas, take inventory of their needs, and understand their inspirations when it comes to your company. Build your goals together. Learn from your mistakes of this past year and plan to correct and move beyond them. 
  • Make time to highlight the achievements of your company and of your employees. It's so rewarding to see what you've accomplished as a whole and on an individual basis. This is also a great way to check in on your employee's status in the company. 
  • Spend some quality time with your website and social media platforms. Clean them up, kick any bugs out, and make plans to add to or revamp them. A new year, a new look! You don't need to dump your whole website or platform, but find space to clean and tighten up. 

In The Books 
  • There is no stopping tax season from showing up quickly after the new year. It's time to end this fiscal quarter strong. Analyze your cash flow, check-in and solidify your payroll and benefits, and reconcile your accounts. Make sure all of your paperwork is gathered and in order. 
  • If you haven't yet or have older software, treat your company to excellent accounting software. Quickbooks is at the top of our list. Take time to run some standard reports for the whole year and each quarter. Make sure everything checks out alright. Now is the time to reconcile and fix any issues. 
  • It's time to look at this year and recognize your employees. Are you going to give any holiday bonuses or incentives? What will that mean for your company and its budget? Can you make this happen, or are you going to need to wait until next year? 

The Hardware
  • You might be doing some festive holiday cleaning for a beautiful office to enjoy after the holidays. Don't limit this to the break room. Make sure you organize and clean out your digital files, run data and security scans, and compile important documents. Once you compile them, make sure you spend time organizing them too.  
  • Back up all of your digital data and contacts. Who knows what might happen when the ball drops? 
  • Do you have a lot of important paperwork that hasn't been scanned, uploaded, and put into Quickbooks or organized properly? Now is the time to do that while productivity and demand might be down. Use your time wisely! 

These tasks might not be difficult, but they need to be added to the top of your end of the year checklist. We guarantee a successful new year if you mark these off your list. Get to work now so you can enjoy the office Christmas party! From all of us at Pathways Consulting, we wish you a happy holiday and a wonderful New Year! 

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The Easy Failings of Bookkeeping

11/1/2019

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Running a business is hard, anyone can acknowledge that.  Today, one of the biggest downfalls of any company is its bookkeeping. Simple mistakes and errors can not only make the running of the business difficult but it can also be its downfall. Try and avoid these easy bookkeeping mistakes to make your business run smoothly.

Bookkeeping is something that all businesses, big or small, have to do. The pen to paper bookkeeping for many is a thing of the past thanks to amazing online programs and applications, like Quickbooks, that do a lot of the hard work for you. For some, making and keeping a note of everything by pen and paper is still preferred. But your bookkeeping and how you handle it is just as uniquely personal as your business model and strategy. But the biggest factor, however you decide to do your bookkeeping, is to avoid some of the most simple and common mistakes out there. Today we will be discussing how to avoid these common mistakes to keep your small business working smoothly no matter what!

The First Steps
When it comes to the point where your small business can grow and expand, that is so exciting! But it's so easy to overlook the important steps of your full bookkeeping to successfully make those steps. Many new business owners will just do the bookkeeping themselves. They rush the process, they don't account enough time or attention to the process, and completely mess up a good chunk of all of it by doing so. Our first recommendation is to work with a professional. If you don't want one full time or on staff, at least learn from them how to properly do everything that needs to be done. Take more classes, attend seminars, or even bend the ear of professional bookkeepers. Or hire someone like us at Hoods, who can help you understand Quickbooks and how to properly use it for your company! Most importantly when you sit down to do your bookkeeping, take your time and breathe.

Budget Time
This might be obvious, but it still needs to be said. You have to budget for your small business or the outcome could be a disaster! You raised and created the fund to create the company in the first place. So you know that your bank account doesn't have unlimited spending for the year or years to come. You need to plan how the money of the company will be spent, or in other words, what will your budget be. A budget will help you track your accounts and records, any issues can be corrected quickly, you can plan for any emergencies, keep the company running, and pay your employees. In 2018 alone, 61% of small businesses didn't create a budget. How scary is that? A lot of young companies don't have a full appreciation of what a budget can do for the company itself. Without one there is no way to evaluate the performance or even the goals for the company. You also can't continue to develop the business without one, and you can't see any growth either.

The Paperwork
One of the most important steps in bookkeeping is the reconciliation of your books. This is making sure all of the bank accounts, credit cards, and all the reports match and you have proof to show that they do. This is a huge step when it comes to paying your taxes based on how much the company made, how much was spent, and how much was paid to the employees. These factors will all factor in how much you owe the IRS come tax season. Not doing this properly can lead to over or underpaying your taxes. This might have you re-doing your taxes, owing more, and possibly accruing late fees. Not to mention the hours spent on the phone and in front of your computer to fix these issues. You can also become a victim of fraud, have bank withdrawals that were not authorized, several other bank errors, and the disappearance of money you can't account for.

It Doesn't Mix
Many small businesses start in garages or home offices. Some of the greatest companies of all time have started this way. But don't make the mistake of mixing your home and business bills, expenses, or taxes. Make sure you know exactly how to write off business expense items and what they are before doing so. The IRS is very well versed in what you can and cannot call business expenses from your home, so don't try and fool them. Even if you make an honest mistake, it can still hurt you come tax time. Separate your credit cards, your living space from your workspace, your landlines, and cell phones. Keep meticulous records of expenses and receipts, mileage, and time. Don't muddy or blur the lines between home expenses and business expenses. This will make your life and dealing with the IRS much simpler!

There are a lot of small moving parts to bookkeeping, but all of them have to be well oiled to keep the machine running. Don't rush, make sure you know what you're doing, and never be afraid to ask for help. We are here to offer you the best tax services for your business and to help you do your bookkeeping with Quickbooks. Don't let your small business become prey to these easy mistakes. Take the time to educate yourself and keep your bookkeeping focused and accounted for.

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Surprising Unknowns for Small Businesses

9/22/2019

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You know a lot about the taxes for your company, but there still might be some unknown surprises along the way. 

There are black and white things you know about taxes, preparing them, and paying them. But as a new or experienced small business owner, there might be some things you didn't know about your taxes. As we enter the fourth fiscal quarter of this year, keep these possible unknown facts in the back of your mind. This might prepare you for possible painful surprises or surprise you with some relief. 
  • The Future Looks a Little Murky 
    • A lot of tax rules expired at the end of 2017 and weren't extend into 2018. Thanks to this fact a lot of technical corrections to the Tax Cuts and Job Acts are waiting to be put into place, or not. Congress is also still working on tax challenges and decisions that could affect and impact your 2019 taxes. If you don't have someone who prepares your taxes for you and you don't have an adviser, now might be the time to change that. Staying on top of tax laws can be a full-time job. It might be time to seriously consider Pathways to help with your taxes this tax season with so many unknowns ahead of us! 

  • Put The Money Into It 
    • Thanks again to the Tax Cuts and Jobs Act, the number of small businesses that use tax preparers is over 88%. But, also because of this act it is now going to be costing more to hire a CPA and paid preparers. This is because more time will be needed to prepare and complete new forms. You will be using their services for much longer periods than you have before due to this new paperwork and their needs. You could be using their services for weeks or months longer than normal, or be using them throughout the entire year, all depending on your tax needs. Even if it does cost you more, invest in it. It is less likely that mistakes will be made on these new tax papers and forms with a professionals knowledge, you could receive better tax breaks and returns thanks to their skills, you'll be saved from a headache, and you'll be saving time. With all of these new changes, it takes more time to complete all of your taxes. Instead of using your time to do this, and possibly decrease production and productivity in your company, invest in the professionals. 

  • Did you know that there are about 28 million small businesses in the USA? Of all of those, about 22 million of them are made up of only one employee!

  • Make More? Owe More. 
    • Small businesses could be facing a rise in the percentage that they will be paying come tax season. Yikes. Thanks again to this new foggy future of tax law. Individuals making between $200,000 to $425,000 yearly are likely to see a rise in taxes between 35 and 37 percent. This could harm and impact small businesses, their owners, and their employees. Be prepared for this possible rise in taxes in your budget and expectation of what you could be spending. If it turns out that this rise isn't happening or if it doesn't affect you, you can use that money somewhere else. But wouldn't you rather have those funds on hand just in case than not?   

  • Counting on Location 
    • A lot of small businesses are operated out of the owner's home. This is sometimes the business's largest asset and allows the business to borrow capital for the company, sometimes in very significant amounts. It is projected that real estate prices are going to fall between 5 and 10 perfect in the coming year, lowering the worth of the small business owner's home/office. This could hurt the opportunity to borrow capital against the owner's home if being able to borrow any capital at all. 

So, what did you think? Were any of these a shock or a surprise? With an unknown future and a lot of changes that are a possibility, is your small business prepared? Do you have someone helping you with your taxes, or have you been using Quickbooks to help you prepare for whatever might come your way? With the knowledge of these facts, always know that Pathways is here for you with any question you might have. We are here to help you come tax season and in any season.
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5 Unique Money Saving Tips for 2019

8/19/2019

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There are so many ways to cut corners and save a little extra for your company this year, but if you think a little more on the creative side - you might end up saving more money than you expected! 

Saving money for your company is something that I am sure is always on the back of your mind or is your main focus every time you hit a new fiscal quarter. There are so many options out there that can help you save a few dollars every month and sometimes a little bit every day. But here are five unique and interesting tips that could seriously help you save money consistently for the rest of 2019 and into 2020! 

  1. A New Type of Advertisement 
What are you doing for your company's advertisements and what kind of budget are you looking at? Have you thought about new and different ways to reach a larger audience at a more cost-effective rate? What about TV? It might sound expensive, but you might be surprised. Your local TV and local cable companies very often have very reasonable and affordable advertising rates that they can offer throughout the day and into the early evening. The slots you might end up paying for may not be prime time hours, which are of course the most expensive peak hours to pay for, but you will still be paying to advertise to clients where it can make the biggest impression. They will be in the comfort of their own homes and your commercial will be a consistent message to the audience you want to attract. You could potentially save even more money and turn this form of advertisement into your main form of advertising. Depending on the age of your clientele, this might be all the advertising your company needs! 

     2.  Spring Cleaning Comes All Year Round
Have you noticed the huge trend in personal sellers on eBay and a huge slew of apps and websites that have been created specifically for the need of a personal seller? Well, there is a huge reason for that! A little extra cash goes a long way, especially when it comes to your bottom line at the end of the fiscal year. Has your office become cluttered with unused equipment, office supplies, and even gifted items that are just not being used? Take the time to do a big office clean and get rid of everything you don't need! Sell these items on eBay, the Facebook Marketplace, or any number of personal seller apps. You will end up putting a few extra dollars back into your company's pocket and giving your office a much needed deep clean. You can also save time and productivity and give this task to your interns instead of one of your full-time employees. You aren't taking away from your employee's workload, your interns are gaining experience, and you are getting money back from inexpensive labor! 

   3.   Change Up That Work Week
Have you been dreaming of working a three or four day week? Do you think this option might make your employees excited too? Without cutting down the productivity or work that needs to get done at your company, use this idea as inspiration. Giving yourself and your staff a few extra days off during the month or giving them more opportunities to work from home is not only a great perk, but it's also a huge cost saver. You're cutting back on daily business operation costs by closing down the office, and this creates a natural productivity increase. The promise of getting a few extra days off by working a little harder during the early part of the week will help get tasks done and keep employees very happy with the promise of a three or four day weekend. 

   4.   Make a Difference When Printing 
Printing and toner cartridges can easily cost $50 a piece if not more every single time you buy one. If you're choosing to print all business materials in your office and allow your employees to have full use of your printing services, constantly buying new cartridges can get very costly very quickly. So, using recycled materials can become an excellent cost-saving option. Shop around for retailers that sell recycled cartridges and make the switch. These used cartridges aren't just cheaper, but a lot of companies that sell recycled cartridges also offer additional rewards for using them. This could turn into another money-saving opportunity for you in more ways than you could expect! Also, not only are you saving money you are also helping save the earth with this excellent green option. 

   5.   Use Those Powerstrips
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Did you know that most of the electricity that is powering your office equipment, almost 75% of it, is used when all of your electronics are turned off? That gets pretty costly at the end of the month when that bill is due. Invest in some high-quality power strips to plug in all of your appliances and electronics into. When you and your employees leave at the end of the day just switch them all off as you walk out the door. Just leaving a computer on overnight, depending on how many computers you have in your office, can add an addition $200 a year in unnecessary energy consumption. 

Saving money can be easy if you just take the time to think about it. And sometimes you can earn rewards AND help save the planet while saving money too. As you start to think about the end of the year budget and what your 2020 budget is going to look like - keep these unique and interesting options in mind. 
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Defeating the Grey Areas

8/2/2019

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Our latest blog focused on the importance of knowing what things you can look forward to writing off on your taxes this year. But just as important, you need to know all the things your business cannot write off as tax day draws closer. Battle this grey area, and be prepared before tax day.

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There is plenty of time between now and April 15th to get prepared for paying Uncle Sam, but there is nothing wrong with being prepared. The last blog we posted was about knowing what items, some often unknown, that you can write off your taxes. We all love that extra break at the end of the year and it can be a huge burden lifted off your companies' bank account. But are you just as familiar with all the items you cannot write off your taxes? If not, you could be in for a lot of frustration when you start preparing your taxes and getting prepared to pay for them. Don't get caught in that trap, be prepared before you even begin your fiscal year. Know what receipts you need to save and where you can help your business save money - and know what to avoid spending money on before you get ready to sign the dotted line on April 15th.

Let's start with some of the basic nondeductible recommended by Quickbooks. After Quckbooks help you track your project probability, manage your bills, track your business mileage, track your income and expenses, helps you prepare invoices and payments, manage your contractors, and pay your employees, it also offers this fantastic reminder of what you cannot write off and deduct from your upcoming taxes.
  • Gifts to your customers. This is such an important business practice to show your appreciation to your clients or future clients. You can still deduct a partial amount of gifts for your clients, but it is limited. The IRS has a $25 limit on gifts that you can give throughout the fiscal year.
  • Business Clothing.  The only time that you can write off clothing items is if they are uniform pieces or protective equipment items that you need to stay safe and aren't provided for you. Clothing items that you can wear outside of work or that you choose to wear outside of work cannot be written off.
  • Commuting Cost. You can only write off mileage if you are traveling for business, not for your commute to your place of business every day. If you're traveling off-site to go meet or work with clients, that can be written off.
  • Meals. Some food costs can be written off - but there are some parameters. You can only write off 50% of what you treat your clients to, and it must be properly documented to receive that deduction.
  • Fines or Penalties. Any type of fine (including parking or speeding tickets) or law that is broken during work hours or when you're traveling for work, is never tax-deductible. This does include tax-related expenses, if you get a fine for not estimated your previous taxes, you cant write that off.
  • Life Insurance Premiums. If you pay the premiums and your business is not the beneficiary of the plan, you cannot deduct this payment.
  • Political Donations. You cannot deduct donations made to a political organization or a political candidate. Any expenses you rack up to lobby the government or pay to a group to lobby on your companies behalf you cannot write off either.
  • Cellphone Expenses. This can be very tempting, especially if you don't have a separate cellphone for doing business. You can only write off the bossiness portion of these expenses. So, you need to calculate what percentage of calls were made for your business and only deduct the percentage of the expense.


How does this sound so far? Are any of these nondeductibles surprising or frustrating? Or were you already aware of these items? Well - the list continues. This one is a little more detailed and focused towards small business owners.
  • You cannot write off payment to sole proprietors, partners or LLC members. They are owners of a business, not employees.
  • If you claim a home office deduction and have a landline, the cost of the first landline to your home is not a deductible. Only the second line is deductible.
  • Half of your self-employment tax is not a deduction. It is an adjustment to gross income on your personal income tax return.
  • Owners of pass-through entities cannot treat their state and local income taxes on business income as a business write off.
  • The cost of health coverage for self-employed individuals and more than 2% of S Corporation shareholders is not a business deduction. The premiums are deducted on the owner's personal taxes.
  • Commissions paid in connection with buying realty are not deductible.
  • For those who are self-employed, contributions to your own qualified retirement plans are personal deductions and not business deductions.
When knowing what you can and what you cannot write off your taxes - there is a lot of grey area. The IRS keeps a strict eye on both categories - so make sure you know exactly what you can write off, especially when there are certain items that you can only partially write off. It's so easy to make a simple deduction that won't be recognized so don't get caught. When planning out the fiscal year in front of you and your company,  make sure you plan on the extra expense of what you cannot write off. Use Quickbooks to your advantage and keep track of everything. You're nine months away from paying your taxes, but we are already halfway through the fiscal year. Be diligent in paying attention to your expenses!
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Familiarize Yourself With Quickbooks

6/29/2018

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​Familiarize Yourself With Quickbooks

QuickBooks is known for the amazing features you can use to grow your business. It may seem a bit daunting, but do not worry! Here are a few ways to familiarize yourself with QuickBooks!

Organization
Tackle the organization of your business’ moving parts through inventory tracking, categorization of expenses used on your company card, and much more!

Invoicing
Give your company the look and feel you desire through QuickBooks’ variety of personalization options! Branding is as important to QuickBooks as it is to your business.

Reports
Simple and efficient performance reports at your fingertips! Since QuickBooks handles multiple parts of your business, they can also provide you with detailed reports on how your business is thriving! 

Taxes
Accountant access is simple and hassle free, so when tax time comes, there won’t be stress! QuickBooks also helps you with you 1099s!

Payroll
Pay your employees with W-2s easily with QuickBooks. With easy hour entry and optional direct deposit it check, your employees with continue to be happy! QuickBooks also guarantees payroll taxes with zero errors!

Cash Flow 
QuickBooks easily organizes your incoming and outgoing payments. It even allows you to email clients who have yet to pay your business!
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QuickBooks has many elements that are just right for your business. It has all the tools in order to make your business boom with productivity! At Pathways, we are available to assist you in your QuickBooks journey anytime. Feel free to contact us with any questions or concerns!
Contact Us Today!

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What Can Teenagers Do To Have Financial Freedom?

1/31/2018

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When teenagers start to have interest in earning their own money, it’s best to start them off on the right foot. Here are some tips to help you get started:
  1. Be an entrepreneur: Mow lawns, babysit, tutor, there are a variety of methods for earning money at a young age but it’s also important to tie them to your interests. For instance, if you are an excellent student and your study skills are top-notch, why not offer tutoring for a $10 an hour? 
  2. Save: It’s important to enjoy your money after it’s earned, but don’t spend it all! Be sure to tuck a portion away after each paycheck. This is easiest to do at this age before bills and other payment necessities come into play.
  3. Consider opening a bank account: Most banks will not open accounts for people under 18, but you can look into joint accounts with your parent(s). It also doesn’t hurt to ask if they have special accounts for those underage! It’s always a good idea to start early.
  4. Big Plans: Before considering what to spend your savings on once they reach a certain amount, consider college and if you can chip some in. College can get pricey, and often times if families don’t have the savings or funds, the student-to-be takes out several loans to pay off many years in the future. Be sure to start now!
The tips above are good starting points and advice for earning and saving money. As you continue to build your finances, don’t forget that accountants can help you keep your funds in order and books in check! Reach out to us and our team should you need our help!
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Making Expense Tracking Easier One Wave at a Time

8/3/2017

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No matter the size of your business keeping up with large amounts of receipts can be frustrating. Now you do not have to spend hours sorting through stacks and stacks of crumpled up receipts and waste valuable time. With Wave Accounting’s new app, keeping track of your expense receipts is much easier. All you have to do is take a picture of your receipts throughout the year as you spend. Then the app connects to your Wave account where you can track and review all your expenses. ​
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 Both the app and the account with Wave is completely free.  Making this service a good alternative if a small business or entrepreneur cannot afford the subscription to a full-service software like QuickBooks or pay a professional accountant. Their business model is to tailor to this group, while their software does not have the same list of features as QuickBooks but is a good free option if you need to gain some control over you pile of receipts.
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Improve Your Cash Flow Management

3/31/2017

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Business owners make mistakes, both large and small. Poor cash flow management is one of the most frequent reasons why small businesses will fail. Here are some ways to improve your cash flow management.
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 It is important to know at any given time the financial health of your business. Keeping good records and tracking cash flow make this a much easier task. If the stress of doing it all yourself becomes too much you can outsource to the professionals. Many small businesses will have accounting firms help because of the demand and time required.

  Plan for the worst. Since we do not live in a perfect world, your sales cycle will probably see cash leaving before it comes in. Having a cash buffer for times where you need cash but the money has not come in yet will allow you to have access to capital.

  Try to keep a handle on your spending decisions. Whenever cash leaves there should be a good reason and a clear purpose. Having capital tied up in unneeded expenses at the wrong time could prove fatal for a small business. As always it is important to use your cash to grow your business and monitor your bottom line.

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