Balancing the Books

Setting Up Your Business: Deciding On A Sole Proprietorship Or S Corporation When You Work For Yourself

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If you run a business and you are the only employee, you may decide to simply set up a sole proprietorship. While this is effective for some business owners, it’s also possible to set up an S corporation even when you are working alone. With a sole proprietorship, you use your own social security number for tax purposes. When you create an S corporation, you obtain a federal tax identification number that you use in place of your social security number. Read More»

3 Advantages Of Working Past Retirement Age

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At some point, most people plan to retire. However, some people reach retirement and find that they are not ready to stop working. This can be due to improper planning, but some people desire to keep working because they are passionate about their fields or because of other aspects of retirement. The following are a few reasons to keep working instead of retiring.  Protect your “nest egg.” You likely have some money invested in your retirement. Read More»

3 Reasons To Switch To Automated Timekeeping

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Staying competitive in today’s marketplace can be challenging, especially for small companies that don’t have the financial resources their larger competitors may have. If you are looking for some simple ways to cut your overhead costs in order to make your small business more profitable, you should consider switching to automated timekeeping for your employees. Here are three reasons why automated time cards could prove beneficial to your company’s bottom line in the future. Read More»

Three Ways A Company That Offers Payroll Services Can Help You Manage Your Business Better

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When you run a private business it is important to keep close track of your finances. One of the most tedious aspects financially of running a business is taking care of payroll. One way to lower the amount of pressure you experience on a regular basis is to hire a professional company to handle the payroll for you. The guide below walks you through a few of the many things a professional company, like Schramm & Lewis LLC, that offers payroll services can do for you. Read More»

Starting Your First Small Business? Avoid These Common Accounting Mistakes

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The last type of mistake you want to make as a new small business owner is an accounting mistake. An accounting mistake can incur fees from the IRS and could also lead you to make poor financial decisions for your business. Here are a few of the most common accounting mistakes that new small businesses run into and a few tips on how to avoid them. #1 Not Applying Payments To Open Receivables Read More»