The Blaize Accounting Blog
The Difference Between a Bookkeeper and an Accountant
One area that often creates confusion in financial management is determining the difference between the role of a bookkeeper and an accountant. You might wonder, “Do I need a bookkeeper, an accountant, or both?” Understanding the distinct roles of these financial professionals can help you make informed decisions and keep your business running smoothly. Let’s break down the differences. The Role of a Bookkeeper A bookkeeper is like the diligent librarian of your business’s financial…
Read More
The Importance of Regularly Updating Your Financial Plan
Creating a financial plan is a critical step for any business, but it doesn’t end there. The business environment is dynamic, and your financial plan should be too. Regularly revisiting and updating your financial plan is essential to ensure it remains relevant and effective. Keeping your financial plan current is crucial for your business’s success, here is why. Adapting to Market Changes The business landscape is constantly evolving. Market trends, customer preferences, and competitive dynamics…
Read More
The Cost of Not Having a Business Financial Plan
As a small business owner, you understand the importance of making informed financial decisions. However, many entrepreneurs overlook the critical step of creating and maintaining a comprehensive financial plan. The cost of neglecting this essential tool can be substantial, affecting your business’s growth, profitability, and long-term sustainability. Let’s explore the significant costs associated with not having a business financial plan. Cash Flow Problems One of the most immediate and severe risks of not having a…
Read More
Understanding the Difference Between Exempt and Non-Exempt Employees
As a small business owner, understanding the distinction between exempt and non-exempt employees is crucial for effective payroll processing and compliance with labor laws. Exempt employees are typically salaried and are not entitled to overtime pay under the Fair Labor Standards Act (FLSA). They are exempt from certain wage and hour regulations. This is because they are usually in professional, executive, or administrative roles and are paid on a salary basis. On the other hand,…
Read More
Ten Key Things to Consider When Choosing Accounting Software
Ten Key Things to Consider When Choosing Accounting Software
Read More
When to make an S Corporation Election
Things to consider when making an S Corporation election
Read More
Cash vs. Accrual Accounting: Which Is Right for Your Small Business?
When it comes to managing your finances, one of the most critical decisions you’ll make is choosing between cash and accrual accounting methods. Understanding the difference between cash and accrual accounting can make a huge impact on your bottom line. So, let’s dive in and break it down in simple terms. Cash Accounting: Keeping It Real Cash accounting is like keeping tabs on your wallet. You record transactions when money changes hands. So, if you…
Read More
The Importance of Issuing Form 1099s
As a small business owner, you’re likely juggling numerous responsibilities, from managing day-to-day operations to ensuring compliance with various regulations. One essential aspect of financial management that can’t be overlooked is issuing Form 1099 to recipients by the due date. Why it’s crucial First things first, what exactly is Form 1099? Well, think of it as a way to report income other than wages, salaries, and tips. If your business paid someone over $600 in…
Read More