Business Expense Tracking and Reimbursement Tips for Small Businesses

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As a small business owner, you may have found yourself bogged down with the ins and outs of financial hassles like keeping track of business expenses and managing reimbursements. But breathe easy – relief is just around the corner! With the right support and effective expense tracking methods, your small business can thrive. All it takes is a few game-changing tips for managing small business expenses and the right professional accounting team on your side and you’ll be set up for successful financial management.

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Payroll and Employee Management for Small Businesses

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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

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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. 

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How to Set Up and Maintain Organized Financial Systems

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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.

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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.

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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.

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Tax Planning And Compliance For Small Businesses

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Owning a small business is potentially one of the most rewarding experiences in life but can also present a fair share of challenges. You have to learn to wear many different hats, one of which is tax and compliance planner. Proper tax planning and compliance have a significant impact on your business’s financial growth and the longevity of your company. Yet keeping up with ever-changing tax laws and regulations can be overwhelming, especially when you’re already juggling the day-to-day operations of your business. 

We have good news for you! Tax professionals at Watkins & Co are here to share everything you need to know about tax planning and compliance for small businesses, as well as how our team can assist you in this crucial aspect of your business. 

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5 Best Practices for Small Business Bookkeeping and Record-Keeping

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As a small business owner, you know that ultimately, finances are the engine that keeps your business running. Having an efficient bookkeeping system in place, one that is accurate and current is essential for your company’s success. The key to such a system lies in understanding and establishing best practices for small business bookkeeping and record-keeping. This enables you to capitalize on your business’s potential and maintain a smooth operation. Your success matters to us, so our Watkins & Co CPA pros are here to share tips on best practices for small business bookkeeping.

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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.

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Finding A Good Accountant For Your Small Business

Finding a good accountant can be difficult.  Are you sitting in front of your computer and you don’t know what the numbers are telling you? Do you not have any numbers at all?  It is a good time to find someone that has experience and is knowledgeable.

Madison, MS CPA

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

-Travis – Brandon Mississippi