5 Reasons Why Small Business Accounting Is Important
As a small business owner, you wear many hats and fill many roles. From marketing and sales to operations, you have to rely on yourself for many aspects of business. One area that will pay for itself time and time again is to outsource your accounting. Solid accounting practices are the lynchpin for many small businesses and is the bedrock of your company’s financial health and long-term success.
(more…)5 Ways a CPA Can Help Your New Business Startup
If you’re in the process of starting a new business in Mississippi, congratulations! That’s exciting news, although in reality, it can come with its fair share of stress. Ensuring all the aspects of your business are accounted for is no small feat, one that must be taken on when you already have a full plate. One major component of a successful business startup is to make sure that you have a solid financial foundation on which to build. A CPA can be an invaluable partner on this journey, providing crucial financial expertise and support so that your business gets up and running smoothly.
(more…)Independent Contractor Tax Reporting with Form 1099
As independent contractors and the businesses that hire them, adhering to guidelines and best practices when reporting taxes is crucial. Staying compliant and properly reporting with the right Form 1099 is an absolute must to remain in good standing with the IRS. Watkins & Co. is here to share some important information on 1099 tax reporting do’s and don’ts.
(more…)Everything You Need to Know About 1099s in 2024
For those operating businesses where independent contractors or other non-traditional income payments are being made, 1099s are how you will report income paid to individuals or entities during the tax year. The main purpose of a 1099 is for the IRS to track income that falls outside of the scope of traditional taxes. Businesses, organizations, or individuals are responsible for issuing 1099s if they make such income payments. Similarly, individuals are required to file taxes with a 1099 if they made any income that is not reported under a W-2 or other tax reporting form.
(more…)5 Reasons to Use a CPA Firm 2024
Utilizing the services of a Certified Public Accountant (CPA) for a business of any size is a wise investment. From reducing expenses to minimizing tax benefits and ensuring compliance, CPAs can help your company save valuable time, effort, and money. The immeasurable benefit a reliable accounting firm brings is the peace of mind you’ll have from the knowledge that every financial aspect of your business is covered. In the Mississippi mid-state area, Watkins & Co. CPAs are your trusted partners – teaming with us provides numerous benefits that reach far beyond the day-to-day financial services we offer.
(more…)Payroll and Employee Management for Small Businesses
As a small business owner, you consistently face numerous responsibilities and are pulled in a million different directions every day. The payroll and employee management aspect of any business can seem daunting, especially if you’re an entrepreneur who does not have a dedicated HR department. At the same time, maintaining a happy and productive workforce and staying legally compliant is vitally important for your company. If this all rings true for you, then you’re in the right place! Watkins & Co. small business accounting experts are here to offer valuable insights and tips on employee payroll and management.
(more…)How to Set Up and Maintain Organized Financial Systems
Owning a small business has its fair share of challenges. As a business owner, you’re pulled in a hundred different directions each day. One of the most cited difficulties – and yet one of the most vital – is keeping track of financials. The most successful methods all begin with implementing the right systems and tools and end with properly maintaining those processes.
Our team at Watkins & Co supports small businesses every day and we’re here to share some of the most effective business finance organization techniques for small businesses.
(more…)Using Accounting Software And Technology To Streamline Small Business Operations
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.
(more…)PROFITS ARE GOOD, CASH FLOW IS GREAT
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.
Difference Between a CPA and a Tax Preparer
When filing taxes as an individual or a business you have options. If you have a simple return, you may consider filing your taxes yourself. However, if you have a more complex tax situation you may consider seeking a tax professional nearby. There are several different options when it comes to hiring a tax professional to handle your sensitive information. There should be several things you want to consider based on your specific tax circumstances.
(more…)Watkins took one of the biggest headaches in my business and made it simple! Excellent, consistent results.
-Travis – Brandon Mississippi
