Our blog is intended to share best-practices and strengthen business processes within professional service firms. In addition, we enhance the value for our customers by expanding their understanding of our products and sharing information about updates and features that are constantly being introduced by BQE Software.
This line of thinking is already carrying over to 2021, but before we venture too far off into the new year and the excitement that comes with it, we want to pause and look back one last time to the blogs of 2020. Today, we’re going to recap our Top 10 posts of 2020 and share the reasons why you shouldn’t leave them in the past.
If you missed any of these stand-out posts, now is the perfect time to go back and review before turning your focus to the great content we have coming down the pipe in 2021.
In a year like 2020, many people spend a good deal of time looking ahead. For this reason alone, it makes sense that one of our most popular posts of 2020 pertained to preparing for 2021. Despite some of the post’s popularity being aligned with wishful thinking, this post packed a powerful punch with 3 Tips for Business Success in 2021, and now looking back from 2021, all three tips prove to be just as accurate and valuable as they were last August. The three tips, in order, were Protect Your Business, Optimize for Digital, and Focus on Improving Efficiency, and be sure to visit this post for the best tips for how to do this. Additionally, if you have questions about evaluating your digital business for 2021, we covered that, too.2. Are You Making These Costly Accounting Mistakes?
We all make mistakes, but some are worse than others. When it comes to accounting, any mistake can be a major one and potentially lead to problems with tax authorities, so we wanted to share some of the most common accounting mistakes made by business owners and offer advice on how to avoid them. From not tracking cash flows, to not recording all financial transactions and categorizing assets and liability incorrectly, this post takes a look at nine frequent mistakes that could cause a major headache for you or your firm. Consider this post preventative headache treatment to keep you feeling good in 2021.3. Checklist of Required Documentation for Your Business's Contractors
A lot of unique skill and expertise can be gained from working with independent contractors, so there are many situations that offer a great opportunity to bring them in to aid your company. That said, employees and contractors are different when it comes to onboarding with the correct paperwork and filing your business tax returns, so this post is a helpful guide to what documentation you need for your independent contractors, including a W-9 form, 1099-MISC, and 1099-NEC. In addition to explaining what each of these forms means for you and your company, the post concludes with the Changes to Non-Employee Compensation for 2020.4. 10 Small Business Tips to Avoid an IRS Tax Audit
The odds of undergoing an IRS tax audit have dropped since budget cuts in the IRS led to staff cuts. Still, small business owners face significantly higher chances of being audited compared to wage-earning taxpayers. We all know taxes are very serious business, so it’s critical that small business owners take proactive steps to reduce their risks of being audited, make the results of a potential audit more favorable, and ensure the greater financial responsibility of the business overall. This post first examines the numbers behind IRS audits before sharing the Top 10 Tips for Avoiding an IRS Tax Audit. From keeping good records and data to opting to use a professional accountant and tax professional, these valuable tips can benefit all small business owners.5. The Basics of Asset Depreciation
As 2021 loomed largely ahead and signified more time passing, this year-end post looked at depreciation and how it can affect both accounting and taxation. As an accounting function, depreciation allows for the planning and tracking of the value of an item of significant value to the business as they naturally deteriorate over the course of its expected use. On the other hand, businesses can write-off certain expenses they incur on their taxes, which offsets the income they earned in the same accounting period. This post offers an overview of all the asset depreciation basics as they relate to both tax and accounting, including answering big questions like “what are depreciable assets?” and “what is the length of time for depreciation for a fixed asset?” before looking at depreciation methods.6. 3 Simple Ways to Improve Your Firm's Cashflow Strategy
The move to remote practices, in many cases, will outlive the COVID-19 pandemic as companies have discovered benefits to the new online nature of their business. While this shift to the digital will continue to impact how every part of a firm operates, one particular area of interest is cashflow, which is ever a concern for both small businesses and the accounting firms that represent them. Having a cash flow plan can help small business owners and entrepreneurs better control the ebb and flow of business activity. This post contains three tips to help your firm or clients achieve a more manageable cash flow strategy: keeping an eye on the financials, avoiding cash flow crunchers, and accepting electronic payments.
Much like the previous post, this one evaluates the current landscape of business both during and post-pandemic. Remote work has become a much more common expectation over the last 365 days, but the new horizon of business became a reality by force instead of natural evolution. Because of the rapidness of the change, companies learned and adopted on the fly in many incredible ways, but there have also been problems uncovered. One such issue is with team productivity, so this article walks through three methods that will help small business owners keep their remote teams productive throughout the workday. The tips are project management software is critical, establish daily checkpoints and progress tracking and tighten schedules and team coordination, and to uncover the best-practices for applying them to your business, be sure to give this post a read.8. Shopping for a New Accounting Software? Don’t Overlook Customer Support
If you’re shopping for new accounting software, you might be considering what’s out there as well as what you should be looking for to help you make the right choice. Many businesses, however, get so caught up in the features of the software that they fail to consider one of the most valuable offerings that any software can provide: customer support. For the most part, your accounting software should run smoothly on its own, but during bumps in the road, having great customer support is a lifesaver. Customer support is important for your peace of mind, especially as you get used to new software, and this post explains what you should look for in high-quality customer support.
Many people think of filing taxes as a mixture of anxiety, stacks of pacers in color-coded folders, and boxes full of crumpled receipts. Thankfully, this doesn’t have to be the case anymore. Now, electronically filing your business taxes can take out much of the tax-filing anxiety and streamline this process for your company. This article begins with a look at how to eFile Information Returns before accessing some reasons as to why you should electronically file, such as fewer mistakes, faster process, convenience, and many others. Check out the rest of the list as you prepare to e-File your taxes in 2021.
This post came during what felt like the height of COVID-19’s shakeup on in-person business, when many companies were reeling in the wake of the pandemic to adjust to the new trajectory we were all facing. While, thankfully, we have collectively figured out many ways and managed to adjust to the sudden changes, this post still contains a lot of useful, relevant material, such as how to embrace change and take control of your business and an evaluation of the difference between change and transition. Even as vaccines are spread throughout the country, change is happening every day, and we all need to learn how to adjust to it.