Red Bike Advisors

The IRS is pretty serious about getting their money. If you're dealing with notices, fines, even wage garnishments, we can help. https://lnkd.in/ecrpCFbC #taxes #taxresolution #irs #taxnotice

Are your books "tax ready?" If not, you might be missing out on deductions. Our tax clients can bring in some pretty messy books that take us hours and hours to fix. It's costly and unnecessary. Good bookkeeping means being tax ready year-round. No surprises, no missed opportunities. https://lnkd.in/edVrjgUC #smallbusiness #businessowner #accounting #bookkeeping #smallbusinessfinance #quickbooks

What's your business worth? Most business owners have a “number” in their head. And they’re often in for a rude awakening when they discover the market doesn’t think their baby is as cute as they do. When you ARE the business, it's worth a whole lot less than if you took yourself out of the weeds, put some processes in place, and had a good handle on your finances. Read more: https://lnkd.in/eh_bT5m7 #smallbusiness #finance #businessfinance #smallbusinessfinance

What makes your lender happy? A banker I know who does commercial lending for small businesses said this: "We like clients who listen to their CPAs, close their books on time, and understand that data has to be truth." Well said banker friend. We like that too. ?? #accounting #bookkeeping #smallbusiness

Are you starving your company by pulling out too much cash? Or are you starving yourself by not paying yourself enough? As a small business owner, you NEED to pay yourself. After all, you're the one who works the hardest, worries the most, takes on all the stress and risk. What's the "right" amount to pay yourself? At least a market rate for the job you do (for S corp owners it's a "reasonable salary" plus distributions). If you can't afford to do that yet, make a plan to get there. Cut other expenses, sell more, incrementally increase your pay till you're at market rate...whatever it takes. You deserve it. But you also need to feed the business--make good investments for it to grow. Good investments include people, equipment, inventory, education, financial advisory...anything that has a direct or indirect impact on growth and/or sustainability. If your business is always starving for cash, you need to take a look at how much you're personally pulling out, where you're spending generally, and whether the business is healthy and growing. Healthy business = healthy profits = happy owner. ??

"Some individuals prefer to earn income in cash and deliberately choose not to report this cash to the Internal Revenue Service on their annual tax return." In this https://lnkd.in/eyiuuxXT article, Red Bike Advisors Manager of Forensic Accounting Rachel Gillilan, CPA/CFF talks about red flags in couples' finances. https://lnkd.in/ejHwkTAQ #forensicaccounting #finances #couplesfinance

My father-in-law trained small business owners as an adjunct professor at a university. His number one piece of advice? ? Don't do your own bookkeeping. ? He saw way too many small business owners who were good at the thing that drove them to start a business in the first place, try to do a thing that they were no good at at all. According to SCORE, 82% of small businesses fail due to cash flow problems. Messy, inaccurate books and lack of a clear financial picture just pave the path to insolvency. Whether you're starting or buying a business, get started on the right foot with professional accounting and bookkeeping. Know Your Numbers isn't just the clever name we use for our reporting, it's our value proposition to you. Know Your Numbers to... ? Understand seasonal patterns ? Track your cash balance ? Know who owes you money and how late they are ? Drill down into profitability by department, service, or product line ? Track and reduce unnecessary expenses ? Forecast for growth ? ... and more! Work on your business, not on receipts and reconciliations. Book a free strategy session and see how: https://lnkd.in/eXEdN5f4

"One of the best tips in the book is to pretend you’re the NFL and establish a salary cap to achieve good pretax profit." In this article for zapier.com, Red Bike Advisors CEO Gretchen Roberts reveals one of her favorite business finance books. https://lnkd.in/eJWv66kD #smallbusiness #businessfinance #accounting #bookkeeping

I was interviewing for a bookkeeping role and asked the question, "What are your favorite types of clients?" Most candidates answered something like "I love working with dentists" or "Real estate is a fun challenge." But one candidate said something interesting: "I ?? clients who take their business seriously." We ended up in a great discussion about how valuable bookkeeping and accounting work is, but only clients who take their businesses seriously tend to value clean, up-to-date books. The ones who Know Their Numbers. Who read their financial reports. Who ask us great questions and are hungry to grow and maximize profitability. We too ?? clients who take their business seriously! #smallbusiness #businessowner #accounting #bookkeeping #tax

Let's talk cash flow! Are you checking your bank balance to see if you can make payroll, or are you stocking up savings and feeling flush? Take our 5-minute Financial Fitness Checkup and see where you land: https://rebrand.ly/co64vkl #smallbusiness #businessfinance