Blog
Proposed Tax Bill Impacts Your Small Business
A significant piece of tax legislation, known as the "One Big Beautiful Bill Act," has recently passed the House of Representatives and is now under consideration in the Senate. While not yet law, this bill contains provisions that could substantially affect small...
AI Transforming How SBS Accounting Does Business
Artificial intelligence is fundamentally changing the way the world works – and accounting is no exception. At SBS Accounting & Advisors, we’re in the beginning phases of exploring new ways to use AI as a digital co-worker. As we go down this road, our ultimate...
Unleash the power of your numbers through advisory services
As a small business owner, you’re juggling multiple roles. You outsource bookkeeping to save you and your staff the time and hassle of tracking income and expenses, and that’s a great use of resources. However, bookkeeping is looking backwards in time. It would be...
Forecasting is more important than budgeting
At our “3 Must-Know Year-End Tax Strategies” event in November, Jonathan Bill explained how budgets are a license to spend, but forecasts are a license to make profit. Based on the book Simple Numbers by Greg Crabtree, which we use here at SBS Accounting &...
Health savings accounts (HSAs) offer triple tax advantage
At our “3 Must-Know Year-End Tax Strategies” event last month, Phillip Focaracci (CPA, SBS Accounting & Advisors), explained how health savings accounts, or HSAs, can be a big winner for small businesses and their owners. Not only are they a powerful way to save...
Oh no! My business just got an audit notice from the IRS!
Getting an IRS audit notice would probably induce stress for just about any small business owner. But if you find yourself in this situation, there are a few things to keep in mind that can make your life easier. First, there are a lot of scams out there trying to...
Federal Beneficial Ownership Information regulation deadline is nearing for many small businesses*
UPDATE: Federal Beneficial Ownership Information regulation found unconstitutional A federal judge in Texas ruled in early December 2024 that the Beneficial Ownership Information (BOI) rule of the federal Corporate Transparency Act (CTA) is unconstitutional. You may...
How much cash reserves do you need before you hire new staff?
For a small business, hiring a new employee is a big deal. It is a major investment and also an exciting milestone. Adding staff means you’re growing and potentially increasing revenue. But there is more to the financial side of adding an employee than just being sure...
Focus on Pre-tax Profit, Not on Revenue
As a small business owner, you are probably focused on growing your revenue. That’sfine – who doesn’t want to get more sales each year? But, the top line should not bethe first place your attention goes when you look at the income statement. Yes, youread that...
3 Ways Underpaying Yourself is Hurting Your Business
As a small business owner, you know the struggles of keeping the business going. You wear a lot of hats, put in the long hours, and prioritize your company's success above all else. Sometimes, this dedication translates to taking a backseat with your own salary,...