Introduction In the world of small business finance, proforma financial statements are invaluable tools, particularly when seeking financing from banks or investors. These forward-looking documents provide a projection of future financial performance. In this post, we’ll explore what proforma financial statements are, how you can prepare them, and how partnering with SD CPA can streamline… Read More

Introduction Welcome back to our “Bookkeeping Basics for Entrepreneurs” series. After exploring how to choose the right entity structure for your business, our focus now shifts to an essential tool in modern bookkeeping: accounting software. While selecting the right accounting software is key for efficient financial management, there’s an even more streamlined solution – partnering… Read More

Introduction Welcome to another entry in our “Bookkeeping Basics for Entrepreneurs” series. Today, we’re tackling a fundamental decision for all business owners: selecting the right entity structure. Whether you’re considering a sole proprietorship, partnership, LLC, or corporation, your choice will have significant implications for taxation, liability, and business operations. Understanding Different Business Structures Sole Proprietorship… Read More

Introduction Welcome back to our “Bookkeeping Basics for Entrepreneurs” series. After exploring financial statements, we now turn to an equally important aspect of business finance: tax preparation. For small business owners, navigating tax season can be daunting, but with the right preparation, it can be a smooth and stress-free process. Understanding Tax Obligations Know Your… Read More

Introduction Welcome back to our “Bookkeeping Basics for Entrepreneurs” series. In our previous posts, we discussed setting up your chart of accounts, tracking receipts, and managing accounts receivable and payable. Now, we delve into the realm of financial statements – key tools for understanding your business’s financial health. What Are Financial Statements? Financial statements are… Read More

Introduction Welcome back to our “Bookkeeping Basics for Entrepreneurs” series! After setting up your chart of accounts and organizing receipt tracking, it’s time to delve into managing accounts receivable and payable. These are vital components in maintaining your business’s cash flow and financial stability. Understanding Accounts Receivable What are Accounts Receivable? Accounts receivable represent the… Read More

Introduction Welcome to the first post in our “Bookkeeping Basics for Entrepreneurs” series! As a small business owner, the foundation of your financial management starts with effective bookkeeping. In this post, we’ll cover two fundamental aspects: setting up a chart of accounts and effective receipt tracking. Setting Up a Chart of Accounts What is a… Read More

Introduction In today’s global economy, small businesses increasingly find themselves navigating the complex world of international tax laws. Whether you’re selling products overseas, sourcing materials from abroad, or offering services across borders, understanding and complying with international tax laws is crucial. This blog post aims to shed light on the key aspects of international taxation… Read More

Introduction Navigating the world of tax forms can be confusing, especially when it comes to understanding the differences between the 1099-MISC and 1099-NEC. Both forms are used to report different types of payments, and it’s crucial for small business owners and independent contractors to distinguish between them. What is a 1099 Form? The 1099 forms… Read More