What is Franchise Accounting? For many people, being a franchise owner is an entrepreneur’s dream come true. You get to run your own business, without the risk associated with starting from scratch and having to learn each facet of business ownership and operation the hard way (and there are many more facets than most entrepreneurs can imagine). Franchise businesses provide prospective buyers with proven systems for management, training, operations, advertising and marketing, and vendor contacts. Sure, it still requires planning, budgeting, day-to-day responsibilities, and proper personnel and customer management skills, but franchised brands already have an established customer base, protected territories and demographic data, so when you buy a franchise business, you can be fairly certain that there is a . . .
4 Everyday Jobs To Give Your Computer Snack 2, Be “Lazy” Around the office, I like to say: I’m”lazy”! I don’t mean I’m actually lazy, in the traditional sense, but I am always looking for ways to make the computer do my job for me, and if there is a way, I will use the computer until it flips the breaker! I do this by looking for opportunities to automate some of my tasks, so that I can do more in less time, and also increase my efficiency. This is actually a great approach to running a business. Below are several specific tasks that I try to shove off on my computer, so that I have time for more important . . .
Snack 1: Measuring Success Before we embark on this weight gain journey, we need to have a scale, so we can track our progress. In business and accounting there are several ratios that are used to measure the weight of a company. Some of these are used to compare companies of different sizes, but there are several income based ratios that can provide insight on how your money is (or is not) working for you. The key to using these ratios is to have a reliable set of books that reports can easily be pulled from. I know that bookkeeping services can easily get pushed back and put on a back burner because it is a chore and not something . . .
How to Gain a Couple Extra Pounds This Year by Focusing on Bottom Line Growth Hello and Happy New Year! It’s that time of year again when everyone in St. Louis is making their New Year’s Resolution. This year, I want to encourage you to take a slightly unconventional approach and focus on Gaining Weight and Increasing your Bottom Line. Okay, so maybe we are not talking about eating more sweets or salty treats to tick up that number on the scale, but we are talking about something just as exciting: finding creative ways to keep more of the money that you make in your business this year! Now that sounds like an excellent reason to be talking about a little . . .
Business BootKamp, The Elevator Pitch Now, you have your Vision and your Mantra, but how do you distill this information into a short, concise, engaging and meaningful proclamation of your company (and you)? Imagine getting stuck on an elevator with your dream investor, client/customer, or even employee. How do you make those 60 seconds or less stand out and make an unforgettable impression? The solution is to have your elevator pitch prepared and ready. In essence, an elevator pitch is a short spiel, aimed at helping a complete stranger remember you and/or your company. There are 5 key components to a successful and memorable elevator pitch: Have a good hook: this means, having something that will grab their attention and makes you light up. . . .
TaxesTuesday: Mileage Deduction How many days do you drive to the office and just sit and work your eight hours and then go home? If you are anything like us, that is a rare occurrence. Fortunately, any vehicle expenses incurred as the result of a job or a company that you own can be used to reduce your tax liability! There is just the small task of proving it… The IRS requires that, if taking a deduction for vehicle expenses that a mileage log be kept [don’t worry there are apps to help with this] . Mileage logs must include the following information about the business miles and it must be broken down by vehicle: Date Starting and ending addresses for . . .
TaxesTuesday, Charity Travel Expense as Tax Deduction? Many organizations have service trips that they do during the summer months. From the mission trips to Guatemala, to local service weeks, some of your expenses incurred while volunteering can be taken as a tax deduction. This means that you can use this to either increase the amount of your refund or reduce the amount that you will have to pay when you file your taxes! Let’s run through some quick rules that the IRS publishes, just to make sure that everything you are planning on deducting is an allowable deduction. The Basics: You must be volunteering for a Qualified Charity. Most churches and governmental organizations qualify, but the IRS does provide a tool that . . .
Business BootKamp (TM), Realizing Your Vision Happy Saturday! Now that you have your mantra, and you have that little beacon off in the distance to keep you focused on your goals, how do you practically achieve that goal? If the mantra is the lighthouse, then your vision is your treasure map. It shows where you are going and how to get there! When your break your vision down into smaller achievable parts, realizing your vision is simpler, and often times comes to fruition faster. These parts can be broken down into three basic questions: who & why, what, and how. The first step bringing your business vision into fruition is to fully know what you are offering and why you are offering it. This means . . .
Hi Everybody, It’s Friday; not Tuesday. Sorry again for the delay and our temporary inability to keep up with our posts on a weekly basis. Well! lately we have been pretty busy with work, especially quite a few business events with both of our local Chambers of Commerce that we are currently participating in. To be more specific, feel free to stop by if you are in Westport Plaza area in St. Louis MO, we will be in the band and playing the all time favorite songs such as Hotel California, Desperado, Faithfully, etc. Click the following link for more detail 2016 MHCC Pub Crawl Now it’s tax time —Besides the complication of Sales Tax previously mentioned on our last post, . . .
TaxesTuesday, Sales Tax…Expense or Liability? With the deadline for sales tax filing and payment being tomorrow which is the 20th of the month for most states, I thought I jump on the band wagon and chat with you about how to classify these transactions in your books. There is typically a fair amount of discussion about whether sales tax is an expense, that can be taken off on your taxes, or a liability. See below for the Sales Tax fact; Sales tax is NOT an expense so no sales tax expense should be reported on P&L The amount collected for Sales tax should NOT be included in any of revenue line items. Again, no sales tax revenue reported on P&L . . .