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The Key Benefits of Business Valuation Understanding your business's value is crucial for making informed decisions. Consider the elderly widow who inherits a business from her husband. She receives an offer from a buyer. Is it a fair market price offer? She may not know but our independent valuation will tell her plus will give her credibility with the buyer justifying a higher price. By not knowing the true value she will not receive her payment on her largest asset. The benefits of an independent valuation include: 1. Asset Knowledge: Know the true value of your assets for better decision-making. 2. Exit Strategy: Plan for a profitable sale with a clear baseline value. 3. Buy/Sell Agreements: Prevent disputes with agreed-upon valuations. 4. Mergers & Acquisitions: Ensure fair pricing in strategic growth decisions. 5. Raising Capital: Secure funding with an objective valuation. 6. Estate Planning: Manage estate taxes efficiently with accurate valuations. 7. Litigation Support: Strengthen your case with defensible values. 8. Performance Tracking: Measure growth and identify improvement areas. Consider the case of a mid-sized manufacturing company that sought a business valuation before entering a merger. The valuation revealed that the company was undervalued due to unrecognized intellectual property assets. By highlighting these assets, the company was able to negotiate a significantly higher merger price, resulting in a more favorable deal for its shareholders. A business valuation is a strategic tool that offers insights and advantages across various aspects of business management. Knowing your business's value is essential for planning for the future, raising capital, or navigating legal challenges. Ready to unlock the full potential of your business? Contact me today to schedule your comprehensive business valuation at [email protected]

Benefits of filing your taxes early Filing your taxes early can be a smart move for several reasons: 1.???Faster Refund: If you expect a refund, filing early means you’ll get your money sooner. It can be a nice financial boost right when you need it. 2.???Reduce Stress: Procrastination often leads to unnecessary stress. Getting your taxes done early can give you peace of mind and free up your schedule for other important tasks. 3.???Avoid Penalties: If you discover that you owe taxes, filing early gives you more time to pay it, reducing the risk of late payment penalties. 4.???Prevent Identity Theft: Filing early can reduce the chances of someone else filing a fraudulent return using your Social Security number. 5.???Better Preparation: Filing early gives you ample time to gather all necessary documents and information, ensuring that you file an accurate return without missing any deductions or credits. 6.???Your CPA will love you and have more time to do a great job on your return and offer great advice.

Signs You Need Catch-Up Bookkeeping Before we discuss the signs that you need catch-up bookkeeping, let’s first define it. Catch-up bookkeeping involves reviewing, organizing, and updating past financial records to clearly understand your business's financial health. This process includes filling in missing information, categorizing transactions into the correct accounts, reconciling bank and credit card statements, and ensuring compliance with state and federal regulations. Do You Need Catch-Up Bookkeeping? Ask yourself the following questions: 1. Are you behind on your bookkeeping—by a week, a month, or even longer? 2. Do you struggle to determine whether a project or your entire business is profitable or losing money? 3. Are you having trouble managing expenses, experiencing cash flow issues, or struggling?to meet payroll? 4. Have you bounced checks or incurred fines and penalties from the IRS or state tax authorities for missed deadlines? 5. Has your accountant been unable to file taxes on time because your books are inaccurate, causing you to miss out on valuable tax-saving deductions? If you answered "yes" to any of these questions, it’s time to consider catch-up bookkeeping. Why Bookkeeping Often Falls Behind Running a business is demanding. You didn’t start your business to be a bookkeeper, and it’s easy to let this essential task slide. But don’t worry—this problem is solvable with the help of a trained bookkeeper. How Catch-Up Bookkeeping Works 1. Gather Financial Records Collect all your financial documents, including invoices and bank and credit card statements. 2. Organize and Record Transactions Ensure all transactions are accurately recorded and categorized in your accounting system. 3. Reconcile Accounts Reconcile accounts receivable, accounts payable, and bank and credit card statements to ensure accuracy. 4. Update Your Accounting System Make sure your accounting software reflects your current financial situation. The Benefits of Catch-Up Bookkeeping Once your financial records are accurate and up to date, you’ll enjoy several advantages: A clear picture of your business’s profitability. The ability to make informed business decisions. Stress-free tax preparation with tax-ready financials for your CPA. Savings on taxes, penalties, and interest. Accurate forecasting for upcoming expenses. Improved client relationships through accurate financial statements. On the Road to a Profitable 2025 Investing in catch-up bookkeeping will reduce stress, free up time for clients, friends, and family, and set your business up for success. Ready to get started? Schedule your free 30-minute consultation today: https://lnkd.in/eYXFKDx4 Written by Joel Nimar, a senior consultant at MatchBooks and a serial entrepreneur founding businesses IT services, construction and financial services.

? ? Ready to unlock the full potential of your business? The Key Benefits of Business Valuation Understanding your business's value is crucial for making informed decisions. Consider the widow who inherits a business from her husband. She receives an offer. Is it a fair market price offer? She may not know, but our independent valuation will tell her, giving her credibility with the buyer, justifying a higher price. By not knowing the actual value she will not receive her payment on her most significant asset. The benefits of an independent valuation include: Asset Knowledge: Know the value of your assets for better decision-making. Exit Strategy: Plan for a profitable sale with a clear baseline value. Buy/Sell Agreements: Prevent disputes with agreed-upon valuations. Mergers & Acquisitions: Ensure fair pricing in strategic growth decisions. Raising Capital: Secure funding with an objective valuation. Estate Planning: Manage estate taxes efficiently with accurate valuations. Litigation Support: Strengthen your case with defensible values. Performance Tracking: Measure growth and identify improvement areas. Consider the case of a mid-sized manufacturing company that sought a business valuation before entering a merger. The valuation revealed that the company was undervalued due to unrecognized intellectual property assets. By highlighting these assets, the company was able to negotiate a significantly higher merger price, resulting in a more favorable deal for its shareholders. A business valuation is a strategic tool that offers insights and advantages across various aspects of business management. Knowing your business's value is essential for planning, raising capital, or navigating legal challenges. Ready to unlock the full potential of your business? Contact me today to schedule your comprehensive business valuation at [email protected]. (valuations are done and billed with our partner (roibusinessbrokers .com)

Why Should You Send a 1099 Form? 1. IRS Compliance The IRS requires businesses to report certain payments made to contractors or service providers. Sending 1099s ensures compliance with IRS regulations. 2. Avoid Penalties Failing to file or send 1099 forms can lead to penalties. The fines range from $50 to $290 per form (or more for intentional disregard). 3. Help Contractors Report Income Independent contractors use the 1099 form to report their income on their taxes. Your form ensures accurate reporting. 4. Record Keeping Sending 1099s helps your business maintain clear and accurate records of payments made during the year, simplifying your bookkeeping and tax filings.

Who Should Receive a 1099 Form? 1. Independent Contractors and Freelancers: Send a Form 1099-NEC (Nonemployee Compensation) to anyone who provided services (not goods) to your business and was paid $600 or more during the tax year. This applies to individuals, sole proprietors, partnerships, and LLCs, but not to corporations (unless specific rules apply). Examples: Freelance designers, writers, or developers Consultants, accountants, or marketing specialists Contractors like landscapers, plumbers, or maintenance workers 2. Rent Payments: If you paid $600 or more in rent to a landlord who is not a corporation, you must send a Form 1099-MISC. 3. Legal Services: Payments to attorneys for legal services must be reported on Form 1099-NEC or 1099-MISC, even if the attorney is a corporation. 4. Other Income Payments: If you paid someone $600 or more for prizes, awards, or other income not related to wages, you should issue a Form 1099-MISC. 5. Interest and Dividends: Financial institutions and businesses that pay out interest (Form 1099-INT) or dividends (Form 1099-DIV) send these forms. This typically applies to lenders or investment-related entities.

5 Most common problems small business owners face. While I was reading this article written by Walden University, it took me back to the three businesses I owned. As an entrepreneur of a small business, we do many roles, from CEO, CFO, marketing, and production manager. The key to being successful, according to Tom Hopkins a noted sales trainer, is "those who fail to plan, plan to fail." Take the time to project your next quarter's cash flow, develop a marketing plan, and use automation software. Build a team around you so you can focus on success. MatchBooks consultants can help you drive profitability into your planning. https://lnkd.in/gx_e9bi

Why PCI Compliance is Critical for Your Business In today’s digital economy, where nearly 95% of U.S. businesses in sectors like hotels, restaurants, and e-commerce rely on credit card payments, safeguarding payment systems and cardholder data is essential. Failure to comply with the Payment Card Industry Data Security Standard (PCI DSS) can lead to account suspension, potentially halting your business until compliance is achieved. What is PCI Compliance? PCI DSS is a set of security standards designed to protect businesses that process, store, or transmit credit card information. These standards apply to all organizations handling cardholder data, from small e-commerce shops to large hotel chains. Why PCI Compliance Matters Protecting Cardholder Data PCI DSS ensures secure handling of cardholder data, minimizing the risk of data breaches and unauthorized access. Building Customer Trust Compliance demonstrates your commitment to data security, reassuring customers that their payment details are protected. Avoiding Legal and Financial Penalties Non-compliance can result in fines, legal costs, and reputational damage. Adhering to PCI standards reduces these risks. Mitigating Cyberattacks PCI compliance helps protect against malware, phishing, and other cyber threats targeting payment systems. Mandatory for Card Acceptance Major credit card brands like Visa and Mastercard require PCI compliance for businesses to process payments. Non-compliance can lead to loss of payment processing capabilities. Competitive Advantage In an era of growing concern about data security, PCI compliance sets your business apart, helping attract security-conscious customers. Effective Incident Management PCI DSS requires an incident response plan to quickly address data breaches and minimize damage. Efficiency in Payment Processing PCI compliance often leads to streamlined processes and faster, more accurate transactions, improving overall operations. Lowering Breach Costs Maintaining PCI compliance reduces the likelihood of costly data breaches, including card replacements, legal fees, and settlements. Ensuring Long-Term Business Success Prioritizing PCI compliance ensures long-term sustainability, protecting your brand from reputational and financial harm. Conclusion PCI compliance is not just a regulatory obligation; it's essential for the survival and success of businesses handling credit card transactions. It protects data, strengthens security, fosters customer trust, and reduces the financial and legal risks of data breaches. Whether you're in hospitality, retail, or e-commerce, ensuring PCI compliance is key to your business’s future.

Top 10 Bookkeeping Challenges Small Businesses Face Bookkeeping can be tricky for small businesses, especially when resources are tight. Here are the top 10 bookkeeping hurdles many small businesses deal with: 1. Messy Recordkeeping It’s easy for small businesses to fall behind on tracking income, expenses, and receipts, leading to disorganized records. Keeping everything current and well-organized can be a struggle. 2. Mixing Personal and Business Finances Blending personal and business expenses is a common mistake that can cause headaches at tax time. To avoid confusion, it’s best to keep separate accounts for personal and business transactions. 3. Cash Flow Struggles Staying on top of cash inflows and outflows is essential to make sure you have enough to cover your bills. Without careful cash flow management, businesses may find themselves scrambling to cover expenses. Doing quarterly cash flow projections can help you stay ahead. 4. Skipping Account Reconciliations Failing to regularly reconcile bank statements and credit card accounts can lead to missed errors or even fraud. Regular reconciliation helps catch mistakes and protects against potential financial issues. 5. Misclassifying Expenses If expenses aren’t categorized correctly, your financial reports can get thrown off, affecting your tax deductions, too. Accurate expense categorization is crucial for clarity and compliance. 6. Inconsistent Invoicing Practices Delays in sending out invoices or poor tracking of unpaid invoices can put a strain on your cash flow. Having a consistent invoicing process and keeping an eye on outstanding payments can help keep things running smoothly. 7. Ignoring Receivables and Payables It’s easy to lose track of what clients owe you (receivables) or what you owe others (payables). This oversight can hurt cash flow and strain relationships with suppliers or clients. It’s always easier to collect on recent invoices than older ones. 8. Falling Behind on Tax Compliance Meeting tax deadlines can be challenging, but missing them can lead to penalties. Staying up-to-date with tax obligations helps avoid unnecessary fines. 9. Not Backing Up Financial Data Failing to secure financial records with regular backups can be risky. Data loss due to hardware issues or cyberattacks can be disastrous. Use cloud storage or other backup methods to safeguard your information. 10. Relying on Manual Processes or Skipping Professional Help Using outdated methods or not seeking help from a professional bookkeeper can lead to inefficiencies and errors. Investing in accounting software and professional guidance ensures smoother financial management. Addressing these common issues can help your small business stay on track financially. If you need assistance, MatchBooks is here to offer a free consultation to help manage your business finances.

We have a blog coming out tomorrow on Beneficial ownership information reporting (BOI). This affects most small businesses and filing is required under the Corporate Transparency Act as of January 1, 2024. Severe penalties for non filers. Stay tuned