Author Archives: bfcadmin

Rules & Tools for Keeping Business Records

Rules Good business record keeping includes retaining documentation to support your business expenses.   Per the IRS, documentary evidence includes receipts, cancelled checks, or bills. In general, you must have documentary evidence to support all business expenses in the event of an audit. The exceptions to this rule are for the following: Your expense, other than [...]

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Points on Cyber Security from a CPA Convention

The concepts around cyber security have always seemed so complex to me and often make me feel like we are in a no win situation.  It is usually presented in a way that is unnerving and I walk away not sure where to begin.  At a recent CPA convention, there was a cyber security expert [...]

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Create a Theme for a Prosperous and Meaningful New Year

It’s almost 2014, and at this time of year, it’s natural for us to pause and reflect on where we’ve been and where we want to go. For business owners, it’s especially important to raise our minds above the daily fires for a moment, take in some fresh air, and elevate our perspective. Creating an [...]

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Year End Tax Planning Strategies for Small Businesses

As we get closer to year end, we are starting to get a much better picture of your 2013 business income.  For those of you in a profit position, with some cash flow to play with, there are a few key tax planning strategies you should consider: Defer Income to 2014 If it makes more [...]

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New Features in Xero That I Really Like

One of the many benefits of cloud accounting software is the ability for the software vendor to quickly roll out new releases and we don’t have to do anything.   The hard part is keeping up as a user.  Over the past year or so, Xero has rolled out many new enhancements that you may [...]

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Optimize Your Revenue Mix for More Profits in 2014

Many small business owners focus on generating more revenue every year, and that’s a great objective.  But not all revenue is created equally.  If you sell more than one product or service in your business, then you can benefit from looking at your revenue mix.    Although it’s fun to watch our revenues grow, it’s [...]

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Using a Dashboard to Drive Your Business

With cloud technology like Xero, we have come a long way in enabling small business owners to better manage their bookkeeping, and benefit from real-time insight into the results of their business.   Gone are the days of bringing a pile of papers to your accountant and only finding out how your business performed at tax [...]

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Five Fall Projects to Refresh Your Financial Results

As we move into the fall season and the final quarter of the year, it’s a perfect time to commit to a project in your business that will help you reach the year’s end in better shape.  Here are five ideas:   1.     Back-to-School Time   If payroll expenses are one of the higher costs [...]

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Five Ways to Rev Up Your Referrals

In the vast majority of industries, referrals are the most cost-effective way to gain new clients and grow your business. When you attract new clients through referrals, your marketing costs are lower, your selling process is easier and more effective, and the referral usually makes for an excellent client. It’s just good business sense to [...]

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Budgeting Breakthrough

When you hear the word “budget,” what do you think about? Most people would say something similar to “Ugghh!” If you would rather do just about anything besides create a budget, you’re not alone. The word “budget” brings up connotations of endless numbers, constraints, the opposite of freedom and creativity, and hard work, none of [...]

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