CPA Services for Physicians and Healthcare Providers
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.
(more…)What can the RIGHT accountant do for YOUR small business?
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.
(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.
NEW SMALL BUSINESS SUCCESS ITINERARY
Itinerary for New Business Startup
The time it takes for a new business startup to get up and running is best described as a journey. The end of the trip may not be visible or even feasible at the start-ups beginning, and owners will surely experience difficulties along the way. Fortunately, developing a working relationship with a trusted accountant will supply guidance towards successfully reaching business owners’ goals.
2 ways spouse-owned businesses can reduce their self-employment tax bill
If you own a profitable, unincorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome. An unincorporated business in which both spouses are active is typically treated by the IRS as a partnership owned 50/50 by the spouses. (For simplicity, when we refer to “partnerships,” we’ll include in our definition limited liability companies that are treated as partnerships for federal tax purposes.)
For 2017, that means you’ll each pay the maximum 15.3% SE tax rate on the first $127,200 of your respective shares of net SE income from the business. Those bills can mount up if your business is profitable. To illustrate:
Overcoming Small Business Obstacles
Running a successful small business comes from having a strong structure that strategically arranges systems in an efficient and effective way to deliver quality products/services. This structure will not only allow a small business to avoid devastating pit falls, but also will position it for growth. Here are a few areas of a business where structure can have the most significant impact.
RECORD RETENTION GUIDE – BUSINESS
CAUTION: IDENTITY THEFT IS A SERIOUS THREAT IN TODAY’S WORLD, AND IT IS IMPORTANT TO TAKE EVERY PRECAUTION TO AVOID IT. AFTER IT IS NO LONGER NECESSARY TO RETAIN YOUR DOCUMENTS YOU SHOULD DISPOSE OF THEM BY SHREDDING THEM OR USE SOME OTHER METHOD AND DO NOT DISPOSE BY MERELY THROWING ANY RECORD AWAY IN THE TRASH. (more…)
Watkins took one of the biggest headaches in my business and made it simple! Excellent, consistent results.
-Travis – Brandon Mississippi
