Small Business Tax Deductions: Benefits & Requirements 

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Most small business owners cite doing their taxes as one of the most stressful and worrisome aspects of owning a business. Business taxes can be an incredibly tricky task and any wrong turn can have a detrimental effect on your business. On top of all that pressure, tax regulations and deductions vary by location and change constantly. Ensuring that you are in compliance while also maximizing your returns requires precise record-keeping, knowledge of state-specific regulations, and a deep understanding of available deductions. As such, it’s vital to consult with a professional tax firm like Watkins & Co. when determining your small business taxes and deductions. 


Understanding and Managing Cash Flow for Small Businesses

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Cash flow is the heartbeat of a small business and it’s crucial that you, as a business owner, manage this essential element effectively. Proper cash flow management can help you track expenses and revenue, identify potential problems early, and help guide your decision-making process. Yet cash flow can potentially be one of the biggest challenges you face. A U.S. Bank study found that 82% of recent small business failures reported that cash flow factored into their failure. So the question remains, how do you effectively manage cash flow for your company? Watkins & Co CPA experts are here to weigh in on the best cash flow management strategies.


Using Accounting Software And Technology To Streamline Small Business Operations

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Today’s economy and business environment requires a certain amount of adaptability and  change-oriented mindset. Small business owners across America have to find ways of streamlining operations to maximize efficiency in order to stay competitive, and current technology offers a significant opportunity to do just that. Technology and software solutions for small businesses can make the biggest impact in accounting and financial management. 

By utilizing accounting software, you, as a small business owner can automate repetitive tasks, improve accuracy, and gain valuable insights into your business’ financial health. The most successful method of streamlining small business operations is a combination of accounting software along with the services of professional small business CPAs. Watkins & Co offer comprehensive small business financial services to ensure that your operations are running as efficiently and effectively as possible.


CPA Services for Physicians and Healthcare Providers

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As a physician, you have a lot on your plate besides providing stellar care for your valued patients. An important aspect of your annual responsibilities includes navigating complex tax and accounting regulations, which can be a time-consuming and stressful experience. Fortunately, you are not in this alone! There are CPA services that can help make the process easier and ensure that your financial obligations are taken care of with accuracy and efficiency. It’s vital to find a CPA who can provide comprehensive services tailored to the unique needs of your practice. At Watkins, we provide you with a full suite of CPA services, enabling you to focus on what you do best: provide excellent patient care. Let’s take a closer look at what CPA services are available to healthcare professionals and how partnering with our team at Watkins can enhance your business.


What can the RIGHT accountant do for YOUR small business?

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Choosing the right accountant can change the structure and the growth of a small business owner. They have great resource of having to interact with so many different industries. It is vital that small business owners position themselves to leverage this relationship to get the maximum impact of aligning with a firm that can provide resources in the form of referrals that can assist their clients with getting to another level. This can be done through networking, business planning, tax planning. It is integral to make relationships that will assist in getting to the next level of growth.


The Burning Question: Will I be Audited?

Madison Tax Accounting

It is no surprise that the IRS has recently taken a hit to their budget and audit staff numbers, bringing the chances of an audit to an unprecedented low. Still, as tax season approaches, so does the anxiety of many taxpayers with the question, “What are the chances of me being audited?” 


The Power of Payroll Service

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Payday is a day of rejoice for your employees. For many small business owners, however, payday spells out an extended workday full of number crunching and hair pulling. This frustration is only compounded by the possibility of payroll mistakes leading to steep penalties. If only it were as simple as writing a check or authorizing a transfer of funds, you could free up hours to dedicate towards actually running your business. Fortunately, a payroll service can be the fulfilling answer to all of these troubles.




Importance of Cash Flow in Small Business Accounting

Businesses struggling with cash flow often pose the question, “If my business is profitable, where is all the money?” The way cash moves in and out of a business is vital to understanding business finance and small business accounting. Many small business owners do not realize the difference between making and managing money. An aspiring entrepreneur often starts a business in hopes of creating an innovative new product or service without much small business accounting knowledge or management experience. As a result, important finance terms such as budgeting, forecasting, and cash flow are overlooked until bills pile up and expenses can’t be covered. Here are some things to consider in learning the basics of how cash flow and profits work.


Are We in a Recession?

There has been so much chatter about America being in a Recession or for sure a Recession is coming.  This often times goes over a lot of heads.  Who even knows what a Recession is really?  Most of us are focused on keeping over inflated food on the table, making sure we have enough high-priced gas to get to the next paycheck, or preparing for kids to go into the next school year.  So, when we are hit with this conversation the chatter seems very distant.  Often times our willful ignorance can get the best of us.  Do we know if there is a way to prepare for a Recession?  These are the questions everyday citizens would like to know.  But if you are living from paycheck to paycheck is there a such thing as preparation for a Recession?  Do you remember the last time we were in a Recession?  It was not too long ago and that does not make us any more prepared for what is to come.   


Get ready for year-end tax planning

Cash flow

As 2022 winds down, it’s a great time to take a look at the year as a whole and begin to set your goals for 2023. Tax Planning is something that you should definitely be doing as 2022 closes. The proper tax planning can help you pay the least amount of taxes that you can.


Watkins took one of the biggest headaches in my business and made it simple! Excellent, consistent results.

-Travis – Brandon Mississippi