SMB CPAs

Not Every Donation Comes in the Form of Cash.. 👀

Nonprofits often receive generous support in the form of goods, services, supplies, equipment, or other contributions. These are commonly referred to as in-kind donations.

While these contributions can provide tremendous value to an organization, they still need to be tracked and documented appropriately.

Having a process in place for recording in-kind donations can help your organization maintain accurate financial records and better understand the full value of the support it receives.

Sometimes generosity doesn't come in a check. Reach out to us today to find out more about how we help non-profits!

Choosing a business structure is about more than just checking a box.

Two options business owners often hear about are LLCs and S Corporations, but they are not interchangeable.

The right choice can depend on factors like:

• Ownership structure
• Liability considerations
• How the business operates
• Tax implications
• Future growth plans
• Long-term goals

There is no one-size-fits-all answer.

Before making a decision based on what worked for someone else, take the time to understand what structure makes the most sense for your specific business.

If your office is full of old receipts, invoices, statements, and tax documents, you may be wondering what you actually need to keep.

The answer depends on the type of record.

Some documents can eventually be discarded, while others should be retained much longer or even permanently.

Examples of records you may need to keep include:

• Tax returns and supporting documentation
• Payroll and employment tax records
• Bank statements and invoices
• Organizational and ownership documents
• Financial statements and general ledgers
• Real estate and major asset records

Good recordkeeping is not just about staying organized. It can also help support future reporting, planning, and compliance.

Not sure what stays and what goes? That's a great conversation to have with us before cleaning out the filing cabinet!

Big news around the office! Please help us congratulate Cade Brundage on passing his CPA exam👏

Becoming a CPA takes a lot of hard work, dedication, and countless hours of studying, and we are incredibly proud of this accomplishment.

We’re excited to officially celebrate this milestone and even more excited to see all that Cade will continue to bring to our team and our clients.

He can officially say CPA by day, disc golfer by night! Congrats again, Cade 🎉

Nonprofit leaders, this one is for you! ✔️

The strongest nonprofits don’t wait until the end of the year to get their finances in order. Small, consistent steps throughout the year can make a big difference when it comes to staying organized, maintaining compliance, managing grants, and planning for the future.

Financial organization doesn’t have to feel overwhelming. A little preparation now can help reduce stress later and give your organization more time to focus on what matters most: your mission and the people you serve.

Looking for practical ways to strengthen your nonprofit’s financial practices? Visit our website and check out our resource linked below to help you get started: https://smb-cpas.com/top-3-reasons-nonprofits-look-to-smb-cpas-for-support/

Can you file your own taxes? For some individuals, the answer may be yes.

But as your financial situation becomes more complex, having the right professional guidance can make a significant difference.

Business ownership, investments, rental properties, major life changes, and other financial decisions can all impact your tax situation. A CPA does more than prepare your tax return. They can help you understand your options, identify opportunities, avoid costly mistakes, and plan for the future.

The right guidance can help you make smarter financial decisions today and feel more confident about tomorrow. Contact us today to see how we can help you answer this question and more!

5 Signs It Is Time to Hire a CPA 📈

Your business is growing. Is your financial management keeping up? A CPA can help you move beyond simply keeping the books and start using your financial information to make smarter decisions for your business.

Growing your business shouldn’t mean doing everything yourself.

Contact us today to talk about how professional financial guidance can support your next stage of growth!

Business Owner Checklist ✔️

A new quarter is the perfect time to check in on your business finances.

Taking a few intentional steps now can help you avoid surprises later, improve cash flow, and keep your goals on track for the months ahead.

In this month's checklist, we're covering a few key financial tasks every business owner should prioritize before diving into the next quarter.

Need a little extra help staying organized? We've also created helpful resources and downloadable forms on our website to make managing your finances a little easier.

Did You Know? 💡

Filing your taxes is just one piece of the puzzle.

The biggest tax-saving opportunities often happen before your return is ever prepared. Strategic tax planning throughout the year can help you reduce your tax liability, prepare for major financial decisions, and avoid surprises when it's time to file.

A little planning today can make a big difference tomorrow.

Question: What's the difference between bookkeeping and accounting?

While they're closely connected, they serve different purposes.

Bookkeeping focuses on recording and organizing your financial transactions. Accounting takes that information a step further by analyzing your financial health, identifying opportunities, and helping you make strategic decisions.

Both are essential for a strong financial foundation, and understanding the difference can help your business stay organized and prepared for growth.