B&P Knowledge Base

>Watch The Video for More Information About Accounting and my recommended Software Options.<<

Accounting software does not have to be hard.  I help my clients find software that fits their habits and is user-friendly. Technology saves time and money and my goal is to help you organize your financial data to be a better steward and financially knowledgeable business owner.


Download Your Free Accounting Guide for More Information



Question:  When should I use accounting software in my business?

Answer: As soon as you begin business.  No business is too small and if your goal is to have good cash management and spend wisely you will need to track your financials and software is a simple and easy place to store that information. Also, bookkeeping software makes it easier at tax time to pull the information for the tax accountants.


Question: Which software should I choose and what is the difference?

Answer:  Please see the video above and download your free Accounting Guide that will help you answer basic questions.


Question:  When should I implement payroll into my business and is it different from owner’s pay?

Answer:  Payroll process depends on your business structure regarding owners pay.  If you are a non-corporation then you would still need to calculate self-employment taxes on the money you withdraw from the business.  If you hire an employee you will need to process payroll for employees’ hourly or salary payments and submit those payments to the IRS or the State for which you owe taxes.


Question:  What are the primary taxes for various businesses? 

Although there are hundreds of tax types, depending on the business, I have listed the top 5 most common taxes.

  1. Business Income Tax
  2. Self-Employment Tax (non-corporation owners pay taxes)
  3. Payroll Taxes (withholding taxes- payroll)
  4. Sales and Use Tax
  5. Local and County Taxes (depends on the city and county taxes in your area)

Schedule a consultation to discuss the taxes that apply to your business.

 


How to Create 1099s for Contractors

Use the contact us page for questions.  I will process 1099s for $12.50 a form.  I will process the 1099s for you for $10.00 per form for 5 or more forms.


Questions: How Do I track my mileage?

Start here:  Download this form for manual tracking of mileage http://bit.ly/2l3iHl6   

Read more about how to track mileage: http://bit.ly/1gEc1Yv


Questions:  How do I handle meals & entertainment deductions?  

Answer:  Read more here: http://bit.ly/2lcHS8S


Cost of Goods Sold Versus Cost of Services Sold.  #BPATATuesdays  Also a blog to help with investment vs expenses:  https://bpaccountingsolutions.com/2016/09/02/increase-income-lower-your-taxes/


Payroll and Owner’s Pay Taxes One of the Top Business Expenses

Payroll or Owner’s Pay from Y Michelle Coard on Vimeo.


Are video calls really that bad?  Many large corporations use video calls for various meetings and training, especially after 2018.  Video calls save time and money.  Here’s a look at how I use video calls.  Not because I don’t like face to face but travel cost more than we know.