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Industry Resources

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The 9 Biggest Bookkeeping Mistakes Small Businesses Make (and How to Avoid Them)
BY  JIM CONROY
The road to business failure is paved with unrecorded business transactions and poorly organized books. Well-kept financial records will put you on the path to success and provide the foundation for business growth. Bookkeeping shouldn't be a distraction that keeps you from doing things needed to grow your business.
By avoiding the nine pitfalls listed below, you can arrive safely at your destination: a profitable, flourishing business.
Read the full article at www.entrepreneur.com
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ERTC Pop up Shops — Steering clients clear
By Christine Gervais
Most of us in the tax preparer world have had this rather uncomfortable conversation by now. Our client calls saying they met so and so at some expo, networking event or heard them on social media talking about their business being owed a bunch of money from the IRS for the Employee Retention Credit.
There are pop up ERTC “processors” coming out of the woodwork and even advertising now. I personally see an ad on social media in addition to receiving a call on my office line at least once per week. It sounds attractive to our clients no doubt, up to $26,000 per employee in seemingly “free” money.
Read the full article at taxpracticenews.com
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Small Business Bookkeeping (2023 Guide)
By Kimberlee Leonard,  Kelly Main

Bookkeeping is the process of tracking income and expenses in your business. It lets you know how you’re doing with cash flow and how your business is doing overall. Staying on top of your bookkeeping is important so that you don’t have unexpected realizations about account balances and expenses. We’ve put together this guide to help you understand the basics of small business bookkeeping.
Why Bookkeeping Is Important for Small Businesses
Bookkeeping is an essential task that you must undergo as a business owner. It’s important because:

​​​​​​​Read the full article at forbes.com
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14 Tax Deductions Your Small Business Might Be Overlooking
By Jim Conroy

While there are other benefits, one of the most important reasons you're in business is to make money. And it stands to reason that if you're in business, you'd like to keep as much of what you generate as possible. That could be why so many people hate paying taxes.
But if you're doing your bookkeeping correctly, you'll find there are ways to keep some of the value your business generates. All you want to do is pay your fair share. And keep what's left to run a successful small business or grow that business into something even bigger.

Read the full article at entrepreneur.com
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There's a big change when filing taxes in 2023, IRS warns
by Leada Gore | AL.com

A change in tax reporting could catch some people by surprise when filing in 2023, the Internal Revenue Service warns.
There’s a change in reporting rules for Form 1099-K, the IRS document used to report payments and transactions from online platforms, apps or payment card processors such as Venmo, PayPal, Facebook Marketplace, Etsy or Uber.

Previously, 1099-Ks were issued when the total number of transactions exceeded 200 for the year and the aggregate amount of those transactions was more than $20,000. The American Rescue Plan Act of 2021 lowered the reporting threshold to $600 from any one source.

According to H&R Block, means people who received money via Venmo or Paypal, sold items on Etsy or Ebay, worked for Uber or DoorDash or received real estate income from companies like AirBnB or VRBO could get a 1099-K for the first time this year.

Read the full article at AL.com
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10 Bookkeeping Tips You Can Use Year Round
by American Express

Accounting can be tedious for any business, but if your small business doesn’t keep tight books it can make your taxes a nightmare. Without a system for your business’s finances, a lot of things can slip through the cracks and end up costing you money in the long run. With a clear-cut process and some simple bookkeeping tips, you can get a better grip on your financial situation, and even increase your earnings. The goal is to get a simplified process created detailing your businesses finances. Having a method that combines your expenses, invoices, deposit records and tax information can make your life as a small business owner ten times easier, especially as tax season rolls around.

Bookkeeping is a substantial part of any business venture. To make the process simpler, always save your receipts, especially those for transactions over $80. Having back up documentation of purchases for your business will help you when it comes to claiming deductions on your tax returns. Keep track of your reimbursable expenses so that you don’t end up paying out of your own pocket. Make sure you are correctly identifying and classifying your employees for tax purposes. Every month reconcile your bank statements with your books to make sure all the numbers add up. Back up all of your financial documents, preferably intangible, paper form as well as electronically, just in case of technical failure. Record all of your deposits as well so that you know exactly what is going into your business account, that way you are less likely to pay taxes on cash that is not income. Stay on top of your business bills and keep records on them.

Whether you are an eCommerce site or a brick and mortar shop, keeping good financial records simply makes sense.

Read full article at AmericanExpress.com
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‘Early filers’ should wait to submit their tax return in 2023, the IRS warns. Here’s why
by Kate Dore, CFP

If you’re eager to file your 2022 tax return in January or early February, the IRS has a warning: You’ll need to wait for “key documents” before filing in 2023.
In a release last week, the IRS urged “early filers” to watch for Form 1099-K, which reports income for third-party payment networks such as Venmo or PayPal.
“A little extra caution” could save time and effort, the agency said, because if you don’t report 1099-K income, you may owe money and need to file an amended return.

Read the full article at CNBC.com

 

Our Services
 

Bookkeeping

 
What is bookkeeping?
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Bookkeepers are responsible for providing accurate, up-to-date financial information about a business. They're always taking the pulse of a business. They generate reports for the owners or managers to help them make decisions.

When do I need a bookkeeper?

When you are unable to keep up with the day-to-day task of keeping records of your business transactions or reconciling your accounts in a timely manner. Perhaps you are hiring on more staff or, you are bringing a box of receipts to your tax preparer.
  
What are some typical duties of a bookkeeper:

Reconciling cash, bank, credit card accounts
Record the sale and purchase of items
Processing accounts payable and receivable
Maintaining the financial records of the company

Controller


What is a controller?

A controller oversees all accounting-related tasks within a company. They become the go-to person for anything related to accounting, finance, and bookkeeping tasks. A controller plays a crucial role in businesses that are growing or expanding.

When do I need a controller?

You are wanting to grow your current business in revenue or adding a new stream of revenue that requires a different set of books or perhaps a separate business altogether. Perhaps you want to expand your business to multiple locations.
  
What are some typical duties of a controller:

Assist with daily accounting tasks
Process payroll
Manage accounts payable and receivable
Year-end closing
Establish and implement best practice policies and procedures for the accounting department of the business

Historical Catch-up
Business Start-up

What is historical catch-up?

When your business cash, bank, and credit card accounts are more than 3 months behind in reconciling. When you are ready to file taxes and none of your expenses have been categorized for itemizing on your tax return.

When should I start a bookkeeping system?

Best practice is to set up a bookkeeping system when you start your business. There are many free and low-cost options to get you started. Something is better than nothing. Having a bookkeeping system in place and using it, will help you keep track of where your money is being spent and you will be able to pull reports that enable you to make better business decisions.
  
Why hire High Point Bookkeeping?

Because running a business can be daunting, delegating duties is difficult, managing staff can be trying, keeping up with compliance and regulations with regards to finance is exhausting.  Your Business. Your Books. Covered.