Question: I am starting out as an ad specialty distributor. Is it better to set up my books on a cash or accrual basis for tax purposes?
That is a question to be answered by your CPA. As is the case with all tax laws, the answer is not cut and dry, or simple. It is contingent on many factors, such as how your business is structured, the amount of gross annual sales, and whether or not you inventory items.
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Question: When I’m not sure how to make an entry in QuickBooks, should I make a general journal entry?
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The answer is yes! It is important that you have separate business bank accounts—be it checking, savings, money market or any other kind. You should also keep a credit card just for business use.
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My husband, Steve, consults with small businesses that he calls “underdogs”—businesses that rely primarily on the skills and efforts of their owner/operators. He helps them identify their “super powers” that they bring to their businesses.
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The ad specialty distributor business, regardless of its size, is unique. It does not fit a “business mold.”
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