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    Are There Tax Benefits to Hiring your Minor Children to Work for Your Business?
    • Oct 7, 2019
    • 3 min

    Are There Tax Benefits to Hiring your Minor Children to Work for Your Business?

    As a small business owner, how would you like to save on your federal and state taxes as well as help teach your child(ren) about saving for the future (i.e. college, retirement, car, etc.)? In Virginia, and most other states, if you own your business you can hire your children to work for you regardless of their age (yes, even younger than the standard age requirements in child labor laws). This can help you reduce your business' tax liability while allowing your child to ea
    25 views0 comments
    Financial Ratios for Your Small Business Part II
    • Sep 30, 2019
    • 2 min

    Financial Ratios for Your Small Business Part II

    Last week, we introduced a few financial ratios that you can use on your balance sheet and income statement. This week, we'll add to that list! Gross Margin Gross Margin = Gross Profit / Net Sales When You Use It: The Gross Margin Ratio gives you a percentage of sales dollars available after you've deducted the cost of merchandise. If yours looks particularly high or low, remember that this varies by industry and by company! Profit Margin (after Tax) Profit Margin = Net Incom
    10 views0 comments
    Financial Ratios You Need for Your Small Business Part I
    • Sep 23, 2019
    • 2 min

    Financial Ratios You Need for Your Small Business Part I

    Financial ratios are a powerful tool to help you assess your small business finances. They can measure your operational efficiency compared to competition, profitability, financial stability, and more. Today, we share this cheat sheet of must-have financial ratios to keep in your pocket! Financial Ratios on the Balance Sheet Working Capital Working Capital = Current Assets - Current Liabilities When You Use It: Use the Working Capital ratio when you want to find if the compan
    19 views0 comments
    Finance Fundamentals for Your Small Business
    • Apr 30, 2019
    • 1 min

    Finance Fundamentals for Your Small Business

    Our three-week workshop "finance Fundamentals for your Small Business" presented by Practical Accounting Solutions is coming up soon! Here are the details What You'll Learn: Starting a small business can be a challenge if you're not familiar with managing company finances! Led by Adam Knihtila, owner of Practical Accounting Solutions, you'll learn the basics of how to keep track of your finances, how to budget for your company, and the basics of employee finances and payroll.
    8 views0 comments
    5 Easy Steps to Managing your Payroll
    • Apr 23, 2019
    • 5 min

    5 Easy Steps to Managing your Payroll

    As your business grows, you may find you need to hire your first employees. While this is an exciting step for any business owner, it is important to ensure you take the right steps when setting up and managing employee payroll. Read on for 5 easy steps for managing employee payroll! Photo by Priscilla Du Preez on Unsplash 1. Consult with payroll professionals and register as an employer As a business owner, you most likely have an accountant or other business mentor who can
    4 views0 comments
    4 Easy Steps to Creating Your Small Business Budget
    • Apr 16, 2019
    • 2 min

    4 Easy Steps to Creating Your Small Business Budget

    For many small business owners, creating their yearly budget is one of the more painstaking tasks of their company. Today, we talk about 5 easy steps to building a budget for you small business. Interested in learning more? Check out our Finance Fundamentals for Your Small Business May 7, 14, & 21! Get tickets here Photo by Fabian Blank on Unsplash Step 1: Determine Your Revenue Your most basic revenue is simply selling price times number of units sold. This can easily get mo
    7 views0 comments
    8 Bookkeeping Terms Every Business Owner Should Know
    • Apr 9, 2019
    • 2 min

    8 Bookkeeping Terms Every Business Owner Should Know

    Bookkeeping. For some business owners, bookkeeping may feel very tedious or challenging to keep up with. For others, this type of financial organization is right up their alley. No matter which mentality you have, all business owners must keep these records in order to plan ahead financially, ensure your costs and profits are accounted for, and to plan for tax season! Read on below for some key terms to know with Bookkeeping! Photo by Thought Catalog on Unsplash 1. Cash vs Ac
    18 views0 comments
    Workshop Announcement!!!
    • Apr 2, 2019
    • 1 min

    Workshop Announcement!!!

    We are proud to announce a three-week workshop this may called "finance Fundamentals for your Small Business" presented by Practical Accounting Solutions! Here are the details When: May 7 May 14 May 21 Where: Holiday Inn Express & Suites Fredericksburg What You'll Learn: Starting a small business can be a challenge if you're not familiar with managing company finances! Led by Adam Knihtila, owner of Practical Accounting Solutions, you'll learn the basics of how to keep track
    12 views0 comments
    Is Your Small Business Being Audited by the IRS?
    • Mar 12, 2019
    • 3 min

    Is Your Small Business Being Audited by the IRS?

    An audit can be stressful for any business owner, and even more so for those that bend the rules or do not keep organized business books. Today, we address 5 common factors the IRS considers when auditing small businesses. We also always recommend working with an accountant to help you navigate your audit! photo from wix.com 1. Does your business handle primarily cash? If so, ensure you have a consistent and organized way to record transactions if they occur. Ensure you do no
    10 views0 comments
    Why Your Small Business Needs an Accountant
    • Jan 8, 2019
    • 2 min

    Why Your Small Business Needs an Accountant

    Accountants do more than just the basics of accounting. At the end of the day, they are financial experts that can save you and your small business money and time so your can focus on growing your company! photo from wix.com Many Accountants are Tax experts Many accountants are up-to-date and trained to learn the nuances of changing tax laws. These laws are confusing at best, so hiring a tax professional can help you understand changes and utilize them to your best interest.
    7 views0 comments

    Our primary mission is to maximize benefits to our clients by providing quality, personalized and attentive accounting services. As your trusted advisor, we’re dedicated to doing everything we can to improve your business practices and operations so you can relax and focus on what you do best: growing your business.

    Office: 10705 Courthouse Rd, Suite 116, Fredericksburg, VA 22407

    Phone: (703) 309-5754

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