Kickstart Accounting inc

Business is hard-Lessons learned from the Kickstart Accounting, Inc Team

Business is hard-Lessons learned from the Kickstart Accounting, Inc Team

Business is hard-Lessons learned from Kickstart Accounting, Inc team

All about 1099s

If you own a small business, chances are you will be dishing out some 1099s this year. Not sure what 1099s are, who should be getting them, and when they're due? Worry not – we've got you covered. Here's everything small business owners need to know about this common IRS tax form.

What are 1099s?

To put it simply, a 1099 is a form used to claim miscellaneous types of income that fall outside the scope of wages, salaries, and tips. These outside income sources can include real estate transactions, self-employment, interest, short term contract work, long term contract work, and more.

Who Gets 1099s?

If you pay an independent contractor more than $600 between the months of January and December, you must file a 1099 for that contractor. The form details the total payments issued to said contractor, letting the IRS know how much in taxable income is owed. If you paid the contractor less than $600 that year, there's no need to file a 1099.

Wondering what the difference is between an employee and a 1099 contractor? This is where things can get a bit tricky. In short, to be considered an independent contractor, one must be able to have control over the work he or she performs. Basically, you're not this person's boss. You are only using his or her contracted services.

 

When Are They Due?

Ideally you want to get the contractor his or her copy of the 1099 before January 31st.  When it comes to filing with the IRS, electronic filing is the easiest and safest solution. Better yet, if you file electronically, the IRS allows you to do so up until April.

           

Small business owners face unique challenges when it comes to bookkeeping. Find yourself not knowing where to start? No problem! We specialize in helping small businesses keep their books in tiptop shape. Give us a call to discuss your small business bookkeeping options DanielleH@kickstartaccountinginc

Should you spend money of conferences?

            Growing your company and trying to decide whether or not to invest in attending a business development conference? If you ask us, we say go for it! Okay. We get it. You don't think it's feasible to spend part of your budget on a conference, right? Well, think again. Our team can attest that it is definitely worth it. Knowledge is power, so we here at Kickstart Accounting can't wait to learn from those who will be speaking at the 2018 Biz Chix Live. Need more convincing to invest in a conference? These are just some of the benefits you can expect:

 

  • Relationships, Relationships, Relationships: Of course, the greatest benefit of attending a business conference is the opportunity to network with like-minded professionals. For example, we will be attending the Leadership Conference for Women Entrepreneurs, allowing us to connect with other female leaders we can relate to and learn from.

 

  • Open Your Eyes to a Creative Outlook: You would be surprised how much creative inspiration you can find at business conferences. Keep your eyes peeled for ideas you can change up to fit your brand, message, or mission. Just make sure you don't steal or infringe upon copyrights.

 

  • Put Info to Use, and Witness a Higher Return: Some may think spending money on a conference is a waste, but we beg to differ. Given all of the networking you can do, inspiration you can find, and information you can learn, a conference is actually a worthy investment. As long as you implement what you learn, the conference will pay for itself.

 

            As you can tell, our team is beyond excited to attend the upcoming 2018 Biz Chix Live for Women Entrepreneurs. If you've been considering a conference for you and your crew, there's not much more thinking to do. Go out and get those gains!

Best Podcasts for Women Entrepreneurs

Running a new business can be a daunting task for women entrepreneurs, especially when seeking assistance from mentors or inspiring people who hold expertise in their relevant fields. Luckily, there are some great podcasts available for women who need some valuable guidance or insight into how a business works. These podcasts are creative, offer valuable advices or suggestions, propose novel and innovative business strategies, and inform about the shift and transformations taking place within the market milieu.

Some of the most popular and innovative podcasts for women entrepreneurs are both informative and inspiring. Here are a few you may want to check out for yourself.

BizChix

BizChix is hosted by Natalie Eckdahl, a performance coach and business strategist. The basic aim of this podcast is to assist women across the globe in scaling their business, guiding them on things that they need to avoid to achieve success. In this podcast, Eckdahl interviews influencers from the industry who provide insight into how businesses can be developed over a period of time.

Stacking Your Team

This podcast is designed to help women entrepreneurs in becoming successful CEOs of their companies or organizations. This includes valuable information on attracting, as well as retaining, the best talent in the industry. Shelli Warren organizes guest interviews, training sessions, and coaching sessions that provide insight into how employees can be hired, removed from their job, or inspired to contribute towards the success of the business.

The Goal Digger Girls

The Goal Digger Girls podcast is in the form of a business workshop that focuses on helping women in accomplishing their dreams and achieving success. They train women on how they can work effectively to  accomplish and tackle their goals accordingly. The podcast is hosted by Jenna Kutcher, a photographer and educator by profession.

Quit Your Day Job

This podcast helps the audience explore their sense of purpose in life and discover the unique set of talents they possess. Cathy Heller hosts the podcast and organizes interviews with inspiring people in the industry. These professionals share their personal experiences and narrate their journey of self-discovery to determine if their work goals are aligned with their identity.

Business Boutique

Business Boutique is led by Christy Wright, a certified business coach and is passionate towards helping others in achieving their goals. This podcast was created to help women in earning or making money from the work they love to do. She guides people on how they can make money from their work goals and objectives in the best possible manner.

 

CEO Warrior

CEO Warrior is hosted by Mike J. Agugliaro and his partner. They help business owners with their work goals and provide them insight into the set of skills or tools that are presently working in the marketplace. This podcast helps struggling entrepreneurs with improvising their work practices, sharing with them stories of people who became multi-millionaires.

 

Are you considering franchising your business?

Have you ever considered franchising your business? Given the increasingly fast pace of the business world, franchises are often excellent tools when it comes to quickly growing brand reputation. The tricky thing is franchising can either make or break a business. The outcome all depends on whether or not you are prepared. Before making any big decisions, check out our list of important items you need to know about franchising your business.

Organization, Organization, Organization

Successfully franchising a business involves lots of preparation and organization. You need to lay out exact guidelines, rules, requirements, and other details for franchisees. Detailing everything beforehand is the best way to ensure the roll out goes off without a hitch.

Location is Key

You should scout out prime locations for your franchise. It is recommended you take the area, local demographics, and buying habits into consideration before choosing to establish a franchise in any specific part of town.

Get Professional Legal Help

Franchising without seeking the guidance of an attorney is one of the biggest mistakes you could make. Lawyers with experience in franchising laws know just what paperwork is needed to protect you, your business, and your franchisees.

Do Your Due Diligence When Selecting Franchisees

Franchisees are the ones who will be representing YOUR brand, so it is important to consider who they are and their goals. Don't forget to interview each candidate, as meeting and speaking with someone, especially in person, gives a deeper insight into their style than just a basic paper application.

Think it is time to explore franchising for your growing business? Keep the above tips in mind and you will be on your way to making a decision that is right for you and the future of your business.

Rewriting Your Money Story

Chances are you have got quite a story to tell when it comes to money… you just may not know it yet. The money story of an entrepreneur or business owner is what identifies his or her relationship with finances. It determines how you feel about money, your money beliefs, and how you go about using your money.

Believe it or not, your history with money could very well be what is holding your business back from reaching its full potential. For example, if you experienced tumultuous times due to a “bad economy” or an industry disruption, you are probably more likely to invest wisely and carefully. On the other hand, if money was never an issue for your family growing up, you may be more inclined to carelessly invest. Though neither position is necessarily bad, it is ideal to look at finances with a healthy attitude and balanced outlook. Here are a couple of ways you can rewrite your money story in order to set yourself up for success.

  • Simplify Your Story into a Single Sentence. The easiest way to identify your overall money background is to condense everything into just one sentence, phrase, or tagline.
  • Answer Some Important Money Questions. You will also want to think back to figure out how your story came to be. Recall how you first learned about money, got your first job, etc.
  • Make a Short List of your Money Negatives. Next, write down all the negative feelings or beliefs you have about money. Establishing the negatives allows you to focus on the areas that need repair.

Rewriting your money story is all about finding out how you got to where you are today. When you figure that out, you will know what changes need to be made. If you need help figuring out your money story and determining the best next steps for your business, Kickstart Accounting, Inc.  is here to help. Please contact us at Danielle@kickstartaccountinginc.com to get started today!

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Getting the Most Out of Your Cash Flow Statement

Do you think financial documents and statements cannot be used as tools to develop and expand your business? Well, don't cut yourself short! The finances of your company are key to building a healthy foundation, so it is important to take them into consideration when calling the shots. Here are a few ways you can use your cash flow statement to make decisions that will grow your business.

Predict Future Deficits. Business owners should be preparing cash flow statements quarterly, but most corporate accountants recommended monthly analysis. This is because keeping track of funds coming in and going out of a business is the easiest way to anticipate future shortfalls. If you expect a deficit, you can make decisions beforehand that will lessen the impact.

Request Credit. You can also use your cash flow statement to show investors, creditors, and partners where your business stands when it comes to incoming and outgoing funds. Assessing this document monthly also allows you to determine whether or not it is time to request credit.

Calculate Investments. A portion of a positive balance listed on your cash flow statement can be invested as capital on the market, and therefore generating a supplemental form of income. This type of additional income is what is known in the business as “interest income.”

Wondering how much you can invest, how long it will take to pay back debts, or if you will be able to obtain lines of credit for your business? The answers to these common questions are found right there in your cash flow statement! If you want to grow your company without experiencing any catastrophic financial setbacks, you need to use accounting documents like the cash flow statement to your advantage. They offer so much more insight than what meets the eye.

How to choose the best software for your business.

With So Many Options, How Do You Know Which Accounting Software is the Best One for Your Business?

Let’s start at the beginning – why do you need accounting software?  Accounting software makes it easy to monitor your business by tracking expenses, invoicing customers, and generating reports to help you analyze how your business is performing, all in real time.

There are at least 20 different options for accounting software on the market currently.  Where do you start?  This is often times the most difficult part of the process.  Each program has its own strengths and weaknesses.  Here is a list of items to keep in mind when selecting the right software for your business:

Costs. Costs can range dramatically depending on the features within the program. It is important to understand how the price compares to available features when choosing accounting software. You do not want to buy overpriced software or waste money on features you will not use. Find out if the software offers a free trial or demo before purchasing. That way, you know exactly what features you are getting before you commit to the software.

Usability. Ease of use and accessibility for all users.

Features . Many factors go into determining which features you need for accounting software, to include the size of the business, industry, and recordkeeping requirements.

How much does accounting software cost?

Accounting software varies in cost, depending on the number of features included, the number of users supported, and many other factors. Most accounting software companies offer cloud-based software as a service, rather than purchasing a software license, and charge a monthly subscription fee. You can usually choose from multiple plans, each varying in features. Monthly charges range from $10 and $50 per month.  More expensive plans often include advanced features such as expense tracking, sales tracking, recurring invoices, automatic past-due billing, team functionalities, advanced reporting capabilities, inventory tracking, and purchase ordering. Many accounting software companies offer integrations to augment the software's capabilities or to connect it to another business program, at an additional cost.

What usability factors should you look for in accounting software?

To find the best accounting software for your business, you need to carefully consider how and where you want to use it and if anyone else will be using the system. Here are some factors to consider:

Multiuser access. Most accounting software products allow you to invite other/multiple users to the system and control the data they can see and the tasks they can access. You may wish to give your business partner and accountant full access, while only allowing your employees to use the system to track their time and invoice customers. Some systems allow you to invite multiple users at no additional cost; others provide accountant access but require you to subscribe to a higher pricing plan or pay extra if you want to add additional users to the system.

 

Multiple-business support. If you own more than one business, you may want accounting software that supports multiple small businesses under one account at no additional cost. Otherwise, you'll pay extra to set up separate accounts for each entity.

 

Cloud-based software and mobile access. Most accounting software is cloud-based, so you can access your account anywhere and at any time.

Which accounting software features does your small business need?

Accounting software offers many features and tools that can help you manage your finances. It should cater to your business's needs, making it easy to accomplish routine accounting tasks. It should also help you see the big picture of how your business is performing.

Many businesses say that ease of use and timesaving features are the top two things they look for in a program. Here are some of the features accounting software should offer to help you save time and better manage your finances:

Basic accounting features. Most small businesses can make do with accounting software that offers basic functions like invoicing, income, and expense tracking, financial report generation, and customer management.

 

Timesaving automations. Some accounting software can be set up to automate regular transactions. For example, invoicing customers every month for the same amount or sending a vendor a purchase order at the predetermined reorder point.

 

Tax preparation. Make your life easier with accounting software that helps you with your taxes.  Be prepared for the upcoming tax season by having all of your activity up to date.

 

Third-party integrations. Accounting software can make it easier to run your business by integrating with the programs and services you already use, automatically sharing data between systems in real time. Popular integrations include Point Of Sale systems, payment processing, payroll, and advanced inventory management.

Pros and cons of the most popular software

PC Magazine has a great comparison of all available cloud based software.   (https://www.pcmag.com/article2/0,2817,2458748,00.asp)

Questions on this topic?  Reach out!

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