In the grand tapestry of running a business, there are countless threads, each necessary for building the bigger picture of success. One of these threads, often overshadowed by sales or marketing, is bookkeeping. The accounting aspect might not be the most glamorous part of your business, but it's arguably one of the most vital. And when it comes to ensuring your financials are in order, lots of business owners make one detrimental mistake: they believe that merely throwing money at the problem will solve all their bookkeeping and accounting problems.

It's a common belief: if you hire the best bookkeeper and pay top dollar, your financial woes will miraculously disappear. But that’s not the reality. If business owners aren't actively engaged in their own accounting and bookkeeping, the most expensive bookkeeper in the world won't make a difference. Sorry, I know.

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Bookkeeping is the process of tracking and recording financial transactions. It's a critical part of running a business, but it can be overwhelming if you're not familiar with the terminology or concepts involved.

To help you get started, here are some definitions:

Accounting - The process of compiling financial data in order to measure performance and make decisions about future actions

Bookkeeping - The recording of financial transactions in an organized manner so they can be analyzed later

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Claiming tax deductions can have a significant impact on your financial health. Not only can they help you save money on taxes, but they can also give you valuable insights into the profitability of your business. By keeping accurate records of your expenses and working with a trusted tax professional, you can ensure that you're claiming all eligible deductions and making informed financial decisions for the future of your business.

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As a creative business owner, invoicing promptly and following up on unpaid invoices is essential for maintaining healthy cash flow. Unfortunately, this can be a challenging task, especially when you're juggling multiple projects and deadlines. In this blog post, we'll explore some tips and strategies for invoicing promptly and following up on unpaid invoices to help you improve your cash flow and avoid financial headaches.

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As a creative business owner, you likely wear many hats, from artist and marketer to project manager and CEO. However, managing your finances can be a challenge, particularly if you don't have a background in accounting. That's where hiring a bookkeeping agency can make a big difference.

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Disclaimer: We aren’t tax professionals and this isn’t tax advice.

It’s that time of the year again!

The 2022 tax season has begun. Before you get caught up in new year festivities, you’ll want to add these tax dates 2023 to your calendars.

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Has your production company, event planning firm, or interior design business dedicated months to a project only to look back at your bank account to wonder where the profit went? Are you looking for a tool to help you calculate costs, so the next job you take doesn’t leave you in that position again?

It sounds like you need job costing.

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The first time you lay your eyes on your business’s financial statements, it might be hard to see past the wall of numbers as anything but cold hard data. But within these numbers is the story of your business. You just need to understand the language in which the story is being told.

Business is spoken in the language of numbers and accounting.

Accounting is a process used to analyze financial data, from how much money you earned to how much you for various taxes. We look at the data through standard financial reports, also called financial statements.

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Here’s a list of common mistakes we see small business owners make time and time again, along with our best advice on how to avoid them.

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An alligator and a crocodile may seem very similar. I know they differ, but I couldn’t make a five-minute presentation about it. I bet most folks feel the same way about accountants and bookkeepers. They know their roles are distinct, but articulating just how could be challenging.

Although accountants and bookkeepers work together towards a common goal, their roles can vary.

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In the spirit of full transparency, I have to tell you that none of this is tax advice because while I may know enough to be dangerous to myself and others, I’m not a tax advisor.

I know that dealing with your taxes is a lot like dealing with your dental health. It’s kind of painful and may be costly. You can try to avoid it, but eventually, it’ll catch up with you. So if there’s going to be some amount of discomfort anyway, the best we can do is at least minimize it by avoiding any costly mistakes.

In this article, I’ll review some of the most common tax mistakes I’ve seen over the years and tips for how to avoid them.

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If you're running a small business, you gotta have a solid accountant. Having someone you can trust and call on for advice and counsel will help save you time, money, and energy otherwise spent stressing out. If you’re in the market for a new accountant and interviewing your options, here are some questions you can ask your potential tax counsel to learn about what to expect and how they work.

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Here’s all the important tax dates 2022 that you need to know to stay on top of your taxes to avoid unwanted penalties or fees during the 2022 tax calendar

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Disclaimer: This is 100% not tax advice because we are not tax counselors, tax preparers or accountants. We just get to hang out with them.

Wondering why you should have your end-year tax projections? If so, there are many reasons why you need them. Besides helping you project your tax returns for the coming year, they can help you get ahead and avoid tax surprises.

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When most folks start their business, they might spend a lot of time thinking about the name of their company, their logo, and what products and services they’ll provide. There are a lot of upfront decisions that need to be made. Another consideration that often gets overlooked is what accounting method the business chooses. There are two different types of accounting methods: cash and accrual accounting.

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I’m not an accountant, I just get to hang out with them. And this is most certainly, not tax advice.

You likely look forward to many special days during the year, such as your birthday, anniversary, and even National Taco Day. However, there are also some days you want to forget about completely – like Tax Day.

While this is true, you don’t actually pay your taxes on Tax Day; this is just the deadline for meeting your tax liability (the amount of money you owe in taxes). This is because your employer usually takes taxes out of your paycheck, which ensures you are square with the IRS.

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Having a competent and knowledgeable bookkeeper could be the difference in steering your business to growth and success or letting it spiral out of control, eventually leading to a disastrous crash and burn.

While bookkeeping isn't fancy, it's vital for the success of any business. While finding a bookkeeper for creatives may seem like a straightforward process (and it often is), the person you hire may not work out.

The question is, when do you know it's time to find someone new? Keep reading for some of the signs that answer the question, "when should I switch bookkeepers?"

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Do you know how much it costs your business to earn each dollar it makes? Unlike traditional employees, when you're a self-employed service provider, every dollar you earn has a cost beyond your time and energy. How much do you need to pay for employee payroll, taxes, operating costs like marketing and insurance, profit, and personal pay?

Even if you’re a one-person freelance practice, understanding how much it costs you to earn each dollar in your company is a valuable shift in perspective that can help you build a sustainable, efficient business.

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