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Blogging for Better Business

10/2/2019

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You can research ways to save money, make more money, support your employees, and help your business grow. But did you know one of the best tools to help your business grow and flourish are blogs? 

Have you spent time reading some of the most popular blogs for small businesses? Can you name three? Don't laugh, but the world of blogging isn't going anywhere. If anything, it's coming back stronger than ever. Newspapers and magazines have been slowly disappearing in paper form and reappearing online. Just like any website, you do need to dig to find credible sources, BUT when you do find them - you are being handed some of the best in the moment 'need to know' information that can help your business grow.

Blogs can help you stay up to date and in the know for your industry. It can help you stay educated (for free!) on new trends, and it can even help you stay creative as you are being inspired by others in your industry. Take the time to research some of the most popular and influential blogs in the world of your business and make time to read them. Use this blossoming tool to help your company grow. Maybe even use this inspirational too to help create your own blog! Having a blog of your own helps those magical SEO (Search Engine Optimization) numbers grow. Blogs make you and your company look more attractive on search engines. Blogs can help you become an online traffic target and they can further push the idea that you are an expert in your industry. 

If you're still a little skeptical, here are some of the most popular business blogs out there today. Some of them might even sound familiar! 

Harvard Business Review
  • This blog is credited to be "the best in management thinking", which is perfect for any business at any stage of their development. 
  • It is very user-friendly, so if you're new to blogs this is a great place to start. 
  • There is something to find for everyone and any kind of business.
  • This blog offers general advice, leadership tips, and even crisis management information.
  • They focus on some of the most pressing topics facing business today. 
  • You will find not only blogs on their website but also articles, podcasts, and webinars. There is an endless amount of resources and you won't walk away disappointed.
  • You will want to implement what these business experts have to say in your own business. 


Killer Startups
  • As its name implies, this blog is focused on brand new businesses or on those who are thinking about starting a business. 
  • This blog is mainly focused on small businesses and their growth. 
  • You will find everything you need to know to run a successful company on this blog. 
  • They offer tips on what to do now to help your company later. 
  • They offer some of the best tools, recommend some of the best Apps, offer insights on how to build a great team, and even have product reviews. 
  • No matter what business you're starting, you will find something to help your company grow. They are here to help you right from the start. 
  • From the first visit, you will find it to be very welcoming.
  • There are a lot of different authors offering their own opinions. You can find all kinds of experiences from their own companies


Google Small Business
  • That's right! Google has it's very own business blog! 
  • This blog is specifically geared towards small business owners that want to stay up to date on new releases, how to use Google tools, and the advantages they can offer to the growth of your small business. 
  • They keep you updated on business news.
  • The blog is very focused on Google and its products. But with the fact that it is the most popular search engine, it certainly doesn't hurt to stay on top of this information 
  • Since it is a global company, it does offer several insights from business owners around the world. 
  • It offers insight on how to grow successfully online and how to grow outside of the internet.

This is a very very very small number compared to the number of business blogs out there. We would recommend starting with these three, just to get your feet wet. Then see what happens next! You just might find the exact blog you're looking for with these recommendations or with a number of others waiting for you. You have a lot of material to catch up on, so get to reading! 
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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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Quickbooks Commonly Asked Questions

9/2/2019

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Quickbooks is the amazing software that we recommend to all of our clients and what we use ourselves to do taxes and keep all of our finances in line. But for those who are still new to the program, here are five of the most commonly asked questions answered for you to get started!

We can't say enough how amazing Quickbooks is, and the reviews alone and it's personal success speaks very highly for the product. The installation of the software does take a little time but it is worth it. The software is proven to very stable and reliable. It is also a huge time saver for you and your business. It saves time on bookkeeping and paperwork because a lot of this work will now be done automatically thanks to this incredible software and all that it can do for you and your company! 

It should also be a relief to you that you can constantly find out where your company stands if you are making or losing money and if you are in a healthy place or not with this software. Also, when it comes to all the financial software that's available for you to use for your small business, it is incredibly affordable. You can run your company on this amazing software for only a few hundred dollars. It is also totally customizable for what you want and how you want to use it for your business. It is very flexible and adapts to small businesses of all kinds.

We could go on and on about why we support Quickbooks so much. But don't just take our word for it. Here are five of the most commonly asked questions answered for you, so you can really see how incredible this software can be for you! 

1. Is the Cost of Quickbooks Tax Deductible?
 
Yes it is! It is tax-deductible according to IRS publication 946 which says "off the shelf computer software is qualifying property for the purposes of the section 179 deduction." So don't be afraid to buy this for you or your small business, you can write it off at the end of the year. And who doesn't love a program that will help your busy grow and it will save you money? 

2. Can I add my Accountant, Bookkeeper, or Tax Pro? 
You sure can! You can invite an accountant or any of your bookkeepers or Taxpros to collaborate with you for free with Quickbooks online. Once they accept your invitation to collaborate, they can work in their accounts on their own time. If you part ways with any of these persons, you can also deactivate their access at any time as well. 

3. Is Phone Support Included?
 
Phone Support is offered to you during the free 30-day trial Quickbooks offers you when you first sign up and is included with your paid subscription to Quickbooks online. For you to have Phone Support for Quickbooks online, your account must be current. If you are more interested in the Quickbooks Desktop Pro version, phone support is offered for an additional $89 for 90 days after you purchase the software. 

4. There is no contract, correct? 
This should be a sigh of relief for you. No, there is no commitment or contract. You can switch between plans whenever you would like to and you can also cancel any of your subscriptions at any time. The online version of Quickbooks even offers a free 30-day trial for you to try out the program and see if its a fit for you. If you end up buying the desktop version, there is a 60-day money-back guarantee. 
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5. Is it easy to get started? If you have five minutes, then you have enough time to get started. Five minutes is all it takes to get up and running with Quickbooks once you sync all of your bank or credit card transactions to Quickbooks online. It will take a little longer to download the desktop version, but as mentioned above it is worth the time it takes to do so. 

We hope that if you have been considering using Quickbooks, that this will finally convince you of its potential. If you have any questions or would like more tutelage for this software, please feel free to contact us! 
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Why Use A Professional Tax Service For Your Business?

12/15/2018

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Why Use A Professional Tax Service For Your Business?

When it comes to filing taxes for your business, you don’t want to end up with mistakes and money lost. To ensure a proper filing process, using a professional tax service is recommended. At Pathways, instead of just filing your taxes for you, we try our best to help you understand your taxes thoroughly. So, how do you file taxes for a small business, and why is it important to use a professional?

Keep All Records

Record keeping is the most important step in the tax filing process for businesses. If there is no record, it never happened, and therefore makes it much more difficult to get correct information. In the process of keeping data, we suggest using a bookkeeping service like Quickbooks to store information used within the filing process.

Use The Correct Form
It is important to know the differences between the tax forms and which is appropriate for a business. The form most used for small businesses is a Schedule C or Form 1120. Schedule C is a simple form that is easier to calculate and input information.

Deadlines are Real

To make the filing process the easiest, be aware of the filing deadline for taxes on small businesses. We are very serious when it comes to this because of the repercussions that may occur due to late filing. 

Pathways is here to help your business breeze through tax season, so why not make your appointment today?
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It's Quickbooks Season!

6/15/2018

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It's Quickbooks Season!

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​The Summer season brings QuickBooks season for Pathways Consulting! We are excited to help you and your small business grow to its full and ultimate potential. We do so by consulting and teaching you how to properly manage QuickBooks, as well as other small business factors.

If you do not already know what QuickBooks is, know that it is an accounting software program that helps businesses with daily management.  It keeps track of everything a business needs, such as expenses, transactions, invoicing, payments, and much more. The reason multiple small businesses enjoy QuickBooks is the reliability.

If you are in need of a little consulting on how QuickBooks works, Pathways offers one-on-one training in person or online. We pride ourselves on our team's certifications and problem-solving abilities.  We understand that running a small business can have many obstacles, but we are here to help you!

Reach out to one of our certified consultants and let Pathways assist your small business today!

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Gibson Guitar Maker Files For Bankruptcy

4/30/2018

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According to USA Today, the company that creates Gibson guitars and Baldwin pianos has filed for a Chapter 11 bankruptcy in an effort to stabilize the business in a new deal. Gibson Brands itself was founded in 1894, and though the company had many supporters, their rapidly declining sales in recent years made it difficult to keep afloat. 
Link:  ​https://www.usatoday.com/story/money/2018/05/01/gibson-guitar-chapter-11-bankruptcy/567821002/

With this latest anouncement about Gibson Brands, Pathways Consulting LLC has been thinking about the adjustment business owners have to make to their business over time in order to continue on.
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When you start to decline in sales in your business, it's very important to come up with a 'gameplan' as to how you will continue your business efforts. As people grow and change, community does as well so often times the service or products you provide become outdated. For instance, many decades ago, they had calltakers for the telephone lines as a prominent job position. As telephones became more self-sufficient in communication, that job position began to become unnecessary. So what could the business owners of those companies have done to adapt and continue their business? Perhaps refine their service to telephone repair or design?


If you are a small business owner, you know how hard it is to keep everything running. The main way to keep it running smoothly is by preparing and planning. Think about how your company could adapt as trends change and your business industry evolves over time.
Contact Pathways Team Today!

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Small Business Tax Breaks Incoming?

6/19/2017

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​​One of the many perks of being a large corporation is that you are eligible for larger tax breaks. They can write off things that normal small businesses just do not have the means to do so. For instance, large corporations can write off research and experimentation. It does not make sense for a small business to spend money on research just to receive a tax break because they have much less revenue. 
  ​There are many more breaks that large corporations can get like deferral of income from controlled foreign corporations, exclusion of interest on local and state bonds, and deduction of domestic manufacturing just to name a few. Of course, these are far outside the reach of small business owners’ ability to take advantage. Meaning even though large corporations will pay a larger amount of money in taxes they do not take the same tole as taxes on smaller businesses.

  This is about to change. Annette Nellen, the Executive Committee chair, testified before the Senate’s Small Business and Entrepreneurship Committee in favor of lowering taxes for small businesses as much as corporations. In her testimony Nellen says, “Congress should continue to encourage, or at least not discourage, the formation of sole proprietorship and pass-through entities. If Congress decides to lower corporate income tax rates, small businesses should receive a lower tax rate as well.”
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  Hopefully, the future will hold an easier time for small business tax rates. The whole committee agreed that without tax accounting software small businesses will have an extremely difficult time optimizing and filing their taxes. Having a one stop place, for small business owners, to receive small business advice and have a certified professional file their taxes, in a way that will benefit them the most, is still of great importance. As the tax laws change, small business owners that can save money on their taxes will be ahead of the game and have more capital to invest in their business to promote growth.

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10 Red Flags That Could Earn Your Small Business an Audit

5/17/2017

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 If you receive a letter from the IRS remember that this does not mean they are automatically going to audit you. They could be looking for clarification or additional information. Once you receive a formal audit figure out what part of your returns is being audited. Only provide the specific information that the IRS requests to prevent broadening the audit. Make sure you are polite and quick to respond. With that being said, here are 10 red flags for the IRS that are in no particular order.
  1. Claiming Business Deductions for Personal Expenses: Keep detailed books on exactly what is business related and what is personal. Higher than average deductions can also be a red flag for the IRS to audit you.
  2. Math Errors: Having math errors can cause the IRS to look more closely at your return. Make sure your receipts add up to your 1099-K.
  3. Claiming Fair Market Value for Real Estate: Claiming incorrect fair market value on your real estate can pique the interest of the IRS. Especially if you claim lower than normal fair market value.
  4. A Sole Proprietorship with a Net Loss: Since there is commingling of funds in a sole proprietorship it is unlikely to have multiple years of net loss. The IRS tends not to audit startups in their first year. Though having the majority of your first 5 years in the red will throw some red flags.
  5. Cash Transactions: Since banks will turn into the IRS your credit card transactions the IRS has a hidden algorithm to determine about how much cash sales your business should have had.
  6. You’re Self Employed or Work Exclusively in Your Own Business
  7. Claiming 100% Business Use of a Vehicle: If you plan to claim the vehicle for business use keep detailed mile logs of when and where the car was used for business means.
  8. Shifting Income to Tax Exempt Organizations: Donating large amounts of money to charities to avoid taxes is considered tax abuse.
  9. Consistent Late Filing: Consistently filing and paying your taxes late will draw unwanted attention from the IRS. If you will not be able to make a deadline always file for an extension.
  10. Taking an Early Payout from Your 401K or IRA: The IRS finds that almost 40% of people who take early payouts file their returns incorrectly. If you take an early payout from your Roth, expect that you may be audited.
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Tips for Small Business Accounting

5/3/2017

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When you start your own business, it is common to make mistakes especially when it comes to accounting. Skipping small accounting tasks seems like it would save time, but it ends up costing time and sometimes even money in the future. It is better to get into a habit of taking care of accounting tasks early so they become less of an ordeal towards the end of the fiscal year. The focus should be clean, clear, and accurate accounting that will make your life easier. So, here are a few tips to help with your small business accounting.
    Separate your business funds from your personal funds. Even if your business consists of only you. Create a separate account for the business and the business only. This not only allows you to make your reconciliations and end of the year deductions easier, it also lets you keep close accounting of your cash flow.
    Many accounting professionals that work with small business owners will tell you that often they see the business owner not applying payments to open receivable accounts. It seems almost too simple to point out but it is easy to forget. Leaving receivable accounts open can cause major headaches down the road.
Reconcile all your accounts as soon as the statement is available. This process will be much easier now since the rest of your records should be accurate. Not reconciling accounts can reduce the amount of deductions you will receive.
    Understand the tools and functions of your accounting software. Whether you are using QuickBooks or another software, understanding exactly what it can do and its limitations are important to making good use of your time.
    Read the entirety of Terms of Credit agreements. Reading long terms can be monotonous at first but It can save you money in interest and other fees.
    When first starting out it is easy to keep track of the small books you will be keeping. It is important to set up in a way that you can grow and scale without exponentially raising the amount of work you must put in to maintaining your books. You can set up automation in some online cloud based accounting that will allow your business to scale without you having to maintain all the accounting records by hand.
    Use this tips for your benefit to learn from the mistakes that others have made in the past. Professionals are always ready to help with high level expert advice for small business owners.

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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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