FAQs

Q. Is Excel okay to use to track my income and expenses or should I use a system like QuickBooks?

A. While Excel might seem like the simple solution it really isn’t the best use of your time. Entering your financial information into an accounting system will automatically track all income and expenses for you. As well, the system allows for financial statements and activity reports to be generated quickly without any additional work. This is very advantageous to track the monthly health of your business and at tax time!

Q. Is QuickBooks Online expensive?

A. No. When you take into account all of the benefits it offers, you will see that the monthly fee is very reasonable. As well, if you would like to purchase QBO, contact us first to determine if it is right for you. If it is, we can offer you a discount for Essentials or Plus.

Q. I hired workers as Independent Contractors to avoid filing employment taxes. Should they actually be classified as employees?

A. It depends. The IRS determines the correct classification based on three categories.  If you have questions on the classification, it is wise to seek professional counsel to ensure you are in compliance.

Q. My business is a Sole Proprietorship. Is this classification significant?

A. For the most basic business, that is more of a hobby, this designation is fine. Unless you use dangerous equipment, sell a product, have high liability or hire employees. But keep in mind, a Sole Proprietorship is not a true legal entity. If you want to develop a successful long term company, it is advantageous to form a legal entity. We are happy to explain this in more detail.  

Q. What type of QuickBooks services do you offer?

A. We help business owners with QuickBooks setup and customization. We then offer training on use of the system. As well, we will maintain the system on a monthly basis at your desired level. We also offer training on existing systems.

Q. Can you help me with filing my sales tax return and payment.

A. Yes, we can assist you in filing both on time and late sales tax filings.

The sensible business owner blog

Are you making any of these mistakes with your money?

blog1

Tips for Saving Your Business Money

If you are like most small business owners you are looking to save money. But also like most owners, it is all too easy to get buried in ….

Read More

How is your business’ cash flow?

blog2

Do you have ample cash flow monthly? It can be a tricky question for any business. Without ample cash flow you might not have enough cash on hand to pay expenses as they come ….

Read More

Do you have the plans and dreams of an entrepreneur?

blog3

“A goal without a plan is just a wish.” –Antoine de Saint-Exupery

Sadly, this is exactly where so many first-time entrepreneurs find ….

Read More

Social media links

Follow our social media channels for engaging and informative postings.

Email signup

Complete this form to receive valuable information relating to small businesses.

Signup today for free and be the first to get notified on new updates.