OSYB Blog: Number Crunch!
News and Views from OutSource Your Books, LLC
What You Should Know About S Corps, Part 1
December 10, 2019 by OSYB Staff
IntuitQuickbooks shares that before opening a new business, a decision to make would be the type of entity you want to operate: sole proprietorship partnership limited liability companies C corporations S corporation So what is an S corporation? “According to the Internal Revenue Service (IRS), S corporations are corporations that elect to pass corporate income, losses, […]
Improve Your Marketing Plan
December 5, 2019 by OSYB Staff
Small Business Trends shares ten ways to improve your small business strategy and here are a few of them: Use content marketing – it’s affordable and adds value for your customers but remember that your strategy should be refreshed over time Update your SEO strategy with expert input – check in with professionals and get […]
Branding 101 for Small Businesses
December 3, 2019 by OSYB Staff
TechPluto shares some smart tips for small businesses to create personalized branding: Perform thorough research find out all about your potential customers and understand how and why they spend their money know everything you can about your competition research on-line and talk with as many people as you can to gather data 2. Choose a […]
Self-employed and FICA Taxes
November 28, 2019 by OSYB Staff
Federal Insurance Contributions Act (FICA) taxes are are collected to fund Social Security taxes and Medicare tax. Company’s manage their employees’ FICA tax payments and the process of FICA payments are more complicated for the self-employed. Both social security and medicare taxes have specific regulations and company’s hire experts who will ensure that company’s are […]
Light-hearted Office Gift Ideas
November 26, 2019 by OSYB Staff
Holiday season is around the corner and office parties are a common team building activity. And sometimes a white elephant gift exchange is included in the festivities. Small Business Trends shares a few fun office gift ideas that you may want to consider. Here are a some of them: Magnets with pictures of co-workers Ugly […]
Cash or Accrual Accounting? Part 2
November 21, 2019 by OSYB Staff
As a business owner, you have two accounting methods to pick from, either cash basis accounting or accrual basis accounting. Intuit QuickBooks shares a quick summary of accrual basis accounting since you learned about cash basis accounting in the previous blog: Accrual basis accounting: outlined by the Generally Accepted Accounting Principles (GAAP) provides a clearer […]
Cash or Accrual Accounting? Part 1
November 19, 2019 by OSYB Staff
As a business owner, you have two accounting methods to pick from, either cash basis accounting or accrual basis accounting. Intuit QuickBooks shares a quick summary of cash basis accounting that you should familiarize yourself with: Cash basis accounting: simpler of two methods and does not consider accounts payable or receivable applies payments only upon […]
Accounting Principles 101, Part 4
November 14, 2019 by OSYB Staff
Here are some financial terms that Intuit QuickBooks shares that you should get well-acquainted with for when you implement accounting principles in your business: Accounts payable – monies owed to vendors and creditors Accounts receivable – monies owed to the business from clients and customers for services rendered to products sold Amortization – process of […]