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small business accounting Archives - Orcutt & Company CPA

Orcutt Deducting Business Expenses

Deducting Business Expenses: Best and Worst Practices

By Business Advice, Tax Advice

What’s the goal of every business? To make a profit, of course! A business can generate more profit by increasing revenue, managing or reducing expenses, and optimizing tax deductions. These are our recommended best and worst practices for monitoring and deducting business expenses:  Understanding Business Expenses  Expenses are the costs that a company incurs in the process of generating revenue. Importantly, businesses can take properly recorded tax deductions on their income tax returns, provided that the deductions meet IRS guidelines. Deductions fall in three…

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outsourcing accounting

When You KNOW It’s Time to Outsource Accounting Functions

By Business Advice

When it comes to running your business, you may take the approach that handling as much as possible in-house is the way to save cash and “be lean.” But, many business owners find that it can be incredibly challenging to take on all of those additional duties, which might range from IT functions to filing taxes to payroll.  When it comes to handling your company’s full range of accounting services, you might be able to handle these internally for a…

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person at desk

Key Questions to Ask When Looking for the Right Accountant for Your Business

By Business Advice

As a small business owner, you may be tempted to do as much as possible on your own, but you’ll soon find that this isn’t sustainable. Further, you likely didn’t go into business to read legal documents, stare at numbers, or fix technical issues, so it makes sense to get some specialized support.  While you’re doing what you do best, insurance agents, attorneys, IT specialists, and accountants can work behind the scenes to ensure that your business remains a well-oiled…

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separating finances

Why You Should Separate Personal and Business Finances

By Business Advice

A lot goes into owning and operating a small business. It’s for those who dream, yes, but it’s not for the faint of heart. Among the many necessary business functions are the production of goods or services, marketing, sales, human resources, and accounting. Each of these has a connection to finances and there are two key truths about finances. First, you can’t be casual with finances. And second, personal and business finances, like oil and water, don’t mix well. To…

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Help Your Staff Become a Team

By Business Advice

It’s no secret that every great business is backed by a strong team of leaders and employees. There are plenty of apt sayings: two heads are better than one, or a bundle of sticks can’t be broken.  But what those sayings fail to take into account is that those heads (or sticks) may not always see eye to eye or work in harmony. But, when they do, some magical things can happen for your business. So, what’s the best way…

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chess board

Strategic Plan? What is That?

By Business Advice

As business climates become even more competitive, small and large businesses alike need to adapt by creating powerful strategic plans that will help them attract business and grow. If you want your business to thrive and remain relevant instead of merely surviving, you’ll need to take some time to create and follow one of these vital road maps.  What is a Strategic Plan? A strategic plan is a document that outlines your business’s long-term goals and your strategy for achieving…

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Get a Grip on Your Cash Flow During the Slow Season

Get a Grip on Your Cash Flow During the Slow Season

By Business Advice

With a brand new year upon us, getting your company in shape for success begins with cash flow. For any business offering seasonal services, such as construction, home remodeling, or landscaping, work slows down during the cold months. This makes cash flow planning especially important. If you don’t have a positive cash flow, you will have difficulty financing your operations, paying your vendors, or meeting your payroll when business starts to slow down.  The Importance of a Cash Flow Statement…

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What Is the Best Retirement Plan for Your Small Business?

What Is the Best Retirement Plan for Your Small Business?

By Business Advice

As the owner of a small business, you are solely responsible for preparing for your own retirement. And, if you have employees, you would probably like to assist them in planning for their retirements. Of course, you may think that you’ll just sell your business and retire on the proceeds. However, a better way to go is to set up retirement accounts for yourself and your employees. Here are some options. SIMPLE (Savings Incentive Match Plan for Employees) IRA. Under this plan,…

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