Friday 09:00 - 15:00
Mon - Thu 09:00-17:00
Estimated Reading Time: 3 minutes 48 seconds
July marks the midpoint of the calendar year and most often brings the hottest days of the year (especially in Charlotte!).
GP CPA looks forward to July, not only for vacations but because in most cases we now have six months of data to look over for our clients. Just like you are supposed to see the dentist every six months (except that you won’t dread our meetings and there is NO DRILLING, EVER), GP CPA offers a mid-year review of your business’s results so that we can mitigate any cavities surprise tax bills that might be forming.
When it comes to taxes, there is never such a thing as a good surprise. Even when the tax bill is lower than expected, it usually means that the profit was lower than expected. We will also review your business’s expenses, major suppliers/vendors, and cash flow to analyze what to improve.
Our client’s appreciate the ability to see different scenarios as to how their business’ profit could end up and get an expectation for what the taxes would be for each scenario. We might recommend “brushing and flossing more” purchasing equipment, prepaying some next year expenses, adjusting payroll, or increasing a retirement plan contribution based on the likelihood of each scenario becoming a reality.
We also might recommend delaying major purchases and cutting payroll or expenses if the need for cash flow is more important than tax liabilities. The mid-year check up provides the opportunity for a conversation, one where the business owner’s goals and objectives are the priority and GP CPA spends most of the time listening.
Our mid-year review is also a great time to review what kinds of technology are working for/against you. After six months, if you are still working around something rather than through it, then it’s probably a good time for a change. Does your point-of-sale system work for you, is it set up correctly, does it even provide the information about your sales that is useful? How is your payroll provider? Is their support lackluster, are they expensive, are they ADP/Paychex/TriNet? Are you getting crushed by high bank fees, credit card processing fees, or do you even know what you pay for those services? How about invoicing and collections?
Did you know there is a better way forward than Excel, MS Word, or QuickBooks Online? If you are not familiar with Xero, Gusto, Square, Bill.com, or Stripe.com, then now is the perfect time to have a conversation with GP CPA about what they are and what they do. We can save you time and money by providing objective advice about what the latest business technology can for your business by shortening the learning curve and cutting down on your admin time. Let’s get an appointment with GP CPA for a mid-year check up on the books as soon as possible.
As you likely know, the Roth IRA is a terrific way to grow your wealth with a minimum tax downside because you pay the taxes upfront and then, with the proper holding period, pay no taxes after that.
As many area businesses know Charlotte Sales Tax rate is either 2%, 7.25%, or 8.25% and what rate belongs to your business is based on what the business is selling.
For clients that will use invoices as the primary method of billing, there are quite a few options for that are better than “the check is in the mail” (spoiler alert, it never is).
How to Persuade Clients to Change Banks. Listen to Justin Prusiensky’s Guest Appearance on the Relay Financial Webinar
Our expert accountant Justin Prusiensky was recently interviewed as a guest speaker by Relay Financial to discuss how to persuade clients to change banks.
Congress extended some of the tax breaks retroactively to January 1, 2018. They now expire on December 31, 2020. Learn more about tax breaks that have been extended.
GP CPA offers a wide range of business advisory services that are tailored to the needs of business owners. For those small businesses who need someone to keep the books, we can do that.