Why Do I Need an Accountant & Bookkeeper? Prepare Taxes, Financial Insights, Reports & More
If you are a small business and have an accountant that is working well for you, you might make the mistake of thinking that you have everything that you need and skip out on a bookkeeper. This can be a mistake that can hurt your business and hold it back from potential success. It is…
Should My Accounting Method Be Cash or Accrual? Financial Position, Tracking Income & Expenses & More
When starting a business, one of the initial choices to be made is determining the preferred accounting method for monitoring income and expenses. Typically, there are two primary methods: accrual accounting and cash accounting. Each method serves specific purposes, with accrual accounting often mandated for tax filings in certain jurisdictions, especially for larger enterprises. While…
Is Credit Card Stacking a Good Idea? Sign Up Incentives, Rewards, Interest Free Periods & More
Credit card stacking, a strategy where individuals apply for and utilize multiple credit cards simultaneously to maximize rewards and benefits, offers a plethora of advantages for savvy consumers. This financial technique involves careful planning and responsible management of credit, but when executed correctly, it can yield significant perks and savings. With this in mind, we…
Should I Open an LLC Before Starting a Side Hustle or Other Business? Limited Liability & Other Pros
Starting a business is an exciting endeavor, filled with promise and potential. However, amidst the thrill of entrepreneurship, there are crucial decisions to be made, one of which is determining the appropriate legal structure for your venture. Many aspiring business owners often wonder: “Do I need an LLC to start a business?” In this blog…
Who Must File a Beneficial Ownership Report? How Do I Know if I Need to File a BOI Report?
In the world of corporate regulation the United States has undergone a major transformation with the enactment of the Corporate Transparency Act (CTA) as part of the broader Anti-Money Laundering Act embedded within the 2021 National Defense Authorization Act. A key component of this legislative shift is the introduction of Beneficial Ownership Information (BOI) reporting…
What is the Importance & Meaning of a Profit & Loss Statement as it Applies to Your Business Type?
When you own and run a business, knowing where you stand financially is essential to your success. Even if you feel like business has been booming and you’re doing really well, you might look at your records and find that everything wasn’t as it seemed. This is why it is essential to have profit and…
Important Bookkeeping Activities for Startups; Separate Personal & Business Finances & More
Starting a new business venture is an exhilarating journey filled with endless possibilities. However, amidst the excitement of bringing your vision to life, it’s crucial not to overlook the fundamental aspect of financial management, particularly bookkeeping. Proper bookkeeping lays the foundation for financial stability and growth, providing startups with the insights they need to make…
Bookkeeping Benefits; What is the Importance of Maintaining Accurate & Up to Date Accounting Records?
When it comes to keeping your small businesses’ books organized, it is important for business owners to know that this is vital. When your books are in disarray, it can lead to catastrophe down the road. As small business owners keep their books up to date, they often find that it can benefit their business…
When Should HR Be Outsourced? High Employee Turnover, Compliance Concerns & More
In the fast-paced world of business, human resources (HR) play a critical role in ensuring the smooth functioning of an organization. However, as companies grow, so do their HR needs. Sometimes, managing HR in-house becomes overwhelming and inefficient. This is where outsourcing HR services can be a game-changer. Below, Propel Your Accounting outline five warning…
Small Business Tax Deductions & Credits Often Overlooked; Research & Development, Health Care & More
Finding success when you own a small business can be a challenge. It requires grit and hard work. It also requires the help of qualified professionals in an accounting firm to help keep everything straight. Keeping your books organized can be beneficial in many ways. One includes your taxes. Taking advantage of all the tax…
