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# Magidov CPA Firm

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## Posts

- [Beating the September Deadline: A Corporate Tax Preparation Checklist for LA Businesses](https://magidovcpafirm.com/beating-the-september-deadline-a-corporate-tax-preparation-checklist-for-la-businesses/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Partnerships that file Form 1065 and S corporations that file Form 1120-S generally face a September 15th extended filing deadline after receiving a six-month extension. Clean books are only the starting point. Businesses also need organized records, reconciled accounts, accurate financial statements, and clear owner distribution details. A financial statements review can help leadership better
- [Mid-Year Wealth Protection: Proactive Tax Planning Strategies for High-Net-Worth Individuals in Los Angeles](https://magidovcpafirm.com/mid-year-wealth-protection-proactive-tax-planning-strategies-for-high-net-worth-individuals-in-los-angeles/) - Mid-year tax planning gives high-net-worth individuals, business owners, and investors time to review income, deductions, estimated payments, entity structure, and investment activity before year-end. A proactive CPA looks forward, helping clients adjust strategy before the strongest planning opportunities are lost. Unexpected capital gains, business growth, real estate transactions, or changing tax rules can affect the
- [The 4 Audit Triggers Carthay Square Businesses Don’t Realize They’re Pulling](https://magidovcpafirm.com/the-4-audit-triggers-carthay-square-businesses-dont-realize-theyre-pulling/) - Businesses operating near Wilshire Blvd and La Cienega Blvd often get flagged for audits because their filings create patterns the IRS systems are designed to catch. The four most common triggers include: Worker misclassification that causes payroll tax gaps Entity structure issues that create mismatched reporting Inconsistent income and payroll filings that do not reconcile
- [What Most Carthay Square Property Owners Get Wrong About Taxes](https://magidovcpafirm.com/what-most-carthay-square-property-owners-get-wrong-about-taxes/) - Even profitable Carthay Square investors often leak money through avoidable tax and structuring mistakes. The most common issues we see include: Picking an entity structure for convenience instead of long-term strategy Treating depreciation like an automatic write-off instead of a planning tool Missing cost segregation opportunities on qualifying properties Forgetting to model depreciation recapture before
- [7 Ways Wilshire Vista Businesses Lose Money to Taxes Every Year](https://magidovcpafirm.com/7-ways-wilshire-vista-businesses-lose-money-to-taxes-every-year/) - If you run a business along the Wilshire Boulevard corridors or in the professional office spaces throughout Wilshire Vista, you may be paying more in taxes than necessary. Here are seven common and costly tax inefficiencies we frequently uncover as an experienced accountant in Wilshire Vista: Incorrect business entity structure – Operating under the wrong
- [Avoid Costly Mistakes: 12 Corporate Tax Planning Strategies Every Los Angeles Business Needs in 2026](https://magidovcpafirm.com/avoid-costly-mistakes-12-corporate-tax-planning-strategies-every-los-angeles-business-needs-in-2026/) - Key Takeaways Proactively assess your entity structure to minimize corporate tax burden Forecast income and expenses to optimize timing of deductions Use depreciation and capital investment to your advantage Leverage tax credits and incentives specific to your industry and location Plan for state and local tax obligations in Los Angeles Align payroll and compensation planning
- [Los Angeles Real Estate Investors: 5 Tax Strategies to Start 2026 Ahead of the Game](https://magidovcpafirm.com/los-angeles-real-estate-investors-5-tax-strategies-to-start-2026-ahead-of-the-game/) - Key Takeaways Structure your real estate investments to maximize deductions and minimize taxes Take advantage of depreciation and cost segregation strategies Leverage 1031 exchanges to defer capital gains taxes Plan income and expenses strategically for optimal tax outcomes Partner with a knowledgeable real estate CPA Los Angeles for guidance Investing in real estate in Los
- [Ready for Tax Season? 7 Expert Tips from a Los Angeles CPA to Maximize Your Refund](https://magidovcpafirm.com/ready-for-tax-season-7-expert-tips-from-a-los-angeles-cpa-to-maximize-your-refund/) - Key Takeaways Gather all financial documents early to streamline your tax preparation. Maximize deductions by understanding eligible expenses and credits. Consider timing strategies to reduce taxable income. Work with an experienced accountant in Los Angeles to navigate complex local tax laws. Avoid common errors that trigger IRS audits. Stay informed about IRS deadlines to prevent
- [Income Tax Preparation in Los Angeles: What You Can (and Can’t) Write Off This Year](https://magidovcpafirm.com/income-tax-preparation-in-los-angeles-what-you-can-and-cant-write-off-this-year/) - Tax season often brings a mix of anticipation and stress, especially for individuals and business owners in Los Angeles. With changing rules and shifting regulations, it can be difficult to know what deductions you are truly eligible for and which ones might raise red flags. At Magidov CPA Firm, we specialize in income tax preparation
- [Scaling a Real Estate Business in LA? Don’t Skip These 10 CPA-Approved Steps](https://magidovcpafirm.com/scaling-a-real-estate-business-in-la-dont-skip-these-10-cpa-approved-steps/) - The real estate market in Los Angeles is full of opportunity, but scaling a real estate business in such a competitive environment requires more than ambition and hard work. It takes careful planning, financial discipline, and professional guidance to make growth sustainable. As a trusted CPA in Los Angeles, we’ve worked with many real estate
- [Looking for a CPA in Los Angeles? 7 Questions to Ask Before You Hire One](https://magidovcpafirm.com/looking-for-a-cpa-in-los-angeles-7-questions-to-ask-before-you-hire-one/) - When it comes to managing your finances or running a business, choosing the right CPA in Los Angeles can make all the difference. A certified public accountant isn’t just someone who files your taxes; the right professional can be a trusted partner in building financial security, planning for the future, and keeping your business on
- [From Side Hustle to Success: 6 Bookkeeping Tips for New Entrepreneurs in Los Angeles](https://magidovcpafirm.com/from-side-hustle-to-success-6-bookkeeping-tips-for-new-entrepreneurs-in-los-angeles/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Starting a new business is exciting, especially in a thriving city like Los Angeles. Whether you’re launching an online boutique, offering consulting services, or running a food truck, proper bookkeeping is one of the most important foundations of success. At Magidov CPA Firm, we work with small business owners across Los Angeles to help them
- [7 Quarterly Tax Planning Strategies Every Los Angeles Small Business Should Be Using](https://magidovcpafirm.com/7-quarterly-tax-planning-strategies-every-los-angeles-small-business-should-be-using/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | At Magidov CPA Firm, we know that tax season should never be treated as a once-a-year event. Effective tax planning is a year-round commitment, especially for small business owners in Los Angeles. With so many moving parts in your business, quarterly tax planning becomes essential to help you stay compliant, reduce liabilities, and avoid financial
- [Is Your Bookkeeping Costing You Money? 5 Red Flags Small Businesses in Los Angeles Shouldn't Ignore ](https://magidovcpafirm.com/is-your-bookkeeping-costing-you-money-5-red-flags-small-businesses-in-los-angeles-shouldnt-ignore/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | At Magidov CPA Firm, we understand the daily demands of running a small business in Los Angeles. Between managing operations, serving clients, and planning for growth, it’s easy for bookkeeping to become an afterthought. However, ignoring bookkeeping issues can lead to serious financial consequences. When left unchecked, small mistakes can turn into costly setbacks that
- [Attention Real Estate Investors: Why You Need a Local CPA in Burbank to Maximize Your Profits](https://magidovcpafirm.com/attention-real-estate-investors-why-you-need-a-local-cpa-in-burbank-to-maximize-your-profits/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Investing in real estate is a powerful way to build wealth, but managing the financial side of things can be overwhelming. Between tax laws, bookkeeping, and strategic financial planning, real estate investors have a lot to juggle. That’s why working with a knowledgeable real estate CPA in Burbank is one of the smartest decisions you
- [Start Your Estate & Tax Planning in Burbank, CA: 7 Tips to Secure Your Wealth for the Future](https://magidovcpafirm.com/start-your-estate-tax-planning-in-burbank-ca-7-tips-to-secure-your-wealth-for-the-future/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Planning for the future isn’t just about growing your wealth—it’s about protecting it. Estate and tax planning ensures that your assets are managed efficiently, your loved ones are taken care of, and your tax burdens are minimized. Whether you're just starting or refining your strategy, proactive planning can make a significant difference. Below, we’ve put
- [Small Business Accounting Services in Burbank: 5 Ways to Stay Profitable & Organized](https://magidovcpafirm.com/small-business-accounting-services-in-burbank-5-ways-to-stay-profitable-organized/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Running a small business is no small feat. Between managing daily operations, keeping customers happy, and planning for growth, it’s easy for financial tasks to take a backseat. However, staying on top of your finances is crucial for profitability and long-term success. If you're looking for expert small business accounting services in Burbank, you’re in
- [From Stress to Success: How Outsourced Accounting Services Transform Your Business](https://magidovcpafirm.com/from-stress-to-success-how-outsourced-accounting-services-transform-your-business/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Running a small business involves many responsibilities, and managing your finances can often be one of the most stressful tasks. As business owners strive to focus on growth, customer relationships, and innovation, the burden of accounting can become overwhelming. This is where outsourced accounting services come in, providing the expertise and support you need to
- [Estate and Tax Planning in Burbank, CA: 5 Key Strategies for Peace of Mind](https://magidovcpafirm.com/estate-and-tax-planning-in-burbank-ca-5-key-strategies-for-peace-of-mind/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Effective estate and tax planning are essential for anyone looking to safeguard their financial future. In Burbank, CA, where many individuals and families seek personalized financial advice, a well-crafted estate plan not only protects your assets but also ensures that your wishes are honored. Tax planning plays a critical role in this process, helping you
- [9 Income Tax Preparation Tips to Maximize Your Refund This Tax Season](https://magidovcpafirm.com/9-income-tax-preparation-tips-to-maximize-your-refund-this-tax-season/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Tax season often feels overwhelming, but with the right approach, it can become an opportunity to boost your refund. Whether you’re an experienced filer or preparing your taxes for the first time, these nine practical tips will help you navigate the process efficiently and make the most of this tax season. 1. Organize Your Documents
- [Building a Resilient Supply Chain in Your Business](https://magidovcpafirm.com/building-a-resilient-supply-chain-in-your-business/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Supply chain breakdowns continue to stymie small businesses, causing them to lose sales and profits. Whether your business has been affected or not by supply chain delays and shortages, it’s a good idea to take steps to make your supply chain as resilient as possible. Your supply chain starts with the acquisition of materials that
- [Five Summertime Strategies for 2023](https://magidovcpafirm.com/five-summertime-strategies-for-2023-2/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | We’re six days away from the first day of summer, and a few weeks away from the midpoint of the year. It’s the perfect time for taking a strategy check in your business to see how you’re doing for the first half of 2023 as well as to plan something fun and productive for summertime.
- [Cool Tech Tools: ChatGPT](https://magidovcpafirm.com/cool-tech-tools-chatgpt-2/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The topic of artificial intelligence (AI) has been in the news quite a bit recently, and one of the reasons is the launch of an AI chatbot called ChatGPT. The GPT in ChatGPT stands for generative pre-trained transformer, which is a program that can realistically write like a human and interact in a conversational way.
- [Cool Tech Tools: ChatGPT](https://magidovcpafirm.com/cool-tech-tools-chatgpt/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The topic of artificial intelligence (AI) has been in the news quite a bit recently, and one of the reasons is the launch of an AI chatbot called ChatGPT. The GPT in ChatGPT stands for generative pre-trained transformer, which is a program that can realistically write like a human and interact in a conversational way.
- [5 Ways to an Accountant’s Heart](https://magidovcpafirm.com/5-ways-to-an-accountants-heart/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | In the last few years, the shortage of accounting professionals has grown tremendously, and many business owners are struggling to find reputable, quality accounting services. Prices for accounting services may have gone up due to this supply/demand imbalance, and they will keep going up for years to come– due to the shortage in accounting graduates
- [Don’t Shortchange Yourself: What an Entrepreneur’s Pay Should Cover](https://magidovcpafirm.com/dont-shortchange-yourself-what-an-entrepreneurs-pay-should-cover/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Being in business means taking a lot of risks, especially financially, and as an entrepreneur, you deserve to be rewarded for those risks. Your pay is just one of the many benefits of your self-employment. But it’s not like the pay you get as an employee; it needs to be more comprehensive than that. Getting
- [1099-K Reporting Changes](https://magidovcpafirm.com/1099-k-reporting-changes/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | For taxpayers collecting payments through a third-party payment platform (such as PayPal), the American Rescue Plan Act (the “Act”) established a major change to tax reporting rules to prevent businesses and contractors from hiding income through the receipt of electronic payments. Form 1099-K is the tax form issued by credit card companies and third-party payment
- [Cool Tech Tools: Drones](https://magidovcpafirm.com/cool-tech-tools-drones/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Drones were considered fun when they first came out, but they are far from toys. Drones have surprising benefits with extremely high return on investment to certain business owners. A drone is a robot that can fly and that is controlled by a remote device. The technology includes GPS (global positioning system) and built-in sensors.
- [6 Ideas to Put the Spring into Your Spring Revenue](https://magidovcpafirm.com/6-ideas-to-put-the-spring-into-your-spring-revenue/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | While spring brings a change in the weather for most locations, it also brings a number of opportunities to refresh your products and services. Spring is a great time to boost your marketing campaigns so that you can boost your business revenues. Adding the theme of spring to your marketing campaigns allows customers to see
- [Do You Need a Business Savings Account?](https://magidovcpafirm.com/do-you-need-a-business-savings-account/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | If you have accumulated more money in your business checking account than you really need for daily operating expenses, that is a nice problem to have! It’s time to consider putting that money to work. A business savings account might be your answer. Every bank is different when it comes to the features and benefits
- [Is Sunk Cost Bias Affecting Your Spending Decisions?](https://magidovcpafirm.com/is-sunk-cost-bias-affecting-your-spending-decisions/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | As business owners, we’d like to think that we make rational, logical decisions when it comes to our business finances. However, scientists have discovered that we have built-in biases in our brains and our thinking processes, and one of these biases is the sunk cost bias. A sunk cost is simply money, time, or resources
- [Knowledge Panels](https://magidovcpafirm.com/knowledge-panels/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Are you looking for new ideas to market your business? If so, knowledge panels might be something to consider. Most people haven’t heard of them, but they are widely used in search results every day. Knowledge panels are an invention from Google. They are the information panels that appear on the bottom right corner of
- [Understanding Equity on the Balance Sheet for a Sole Proprietor](https://magidovcpafirm.com/understanding-equity-on-the-balance-sheet-for-a-sole-proprietor/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The equity section of the balance sheet looks different depending on the legal structure of your business. The most common entity types are corporations, partnerships, and sole proprietors. In this article, we’ll take a look at what the equity section of the balance sheet looks like for sole proprietors. The Equity Section As a reminder,
- [10 Ways to Slow Down in Business (and Why You’d Want to)](https://magidovcpafirm.com/10-ways-to-slow-down-in-business-and-why-youd-want-to/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Sometimes we just need to slow down. It could be our body telling us it needs a break. It could be our mind experiencing the first signs of burnout. Even if you own your own business, you are subject to burnout, especially if you are a people pleaser or say “yes” to everyone! But how
- [Prioritizing Capital Expenditures](https://magidovcpafirm.com/prioritizing-capital-expenditures/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Most small businesses own fixed assets, which include items like land, buildings, equipment, and automobiles. The investments of adding, replacing, or improving upon fixed assets is called capital expenditures (capex). It seems like there is never enough money for all the capital expenditures that need to be done in a business. To make the best
- [Are Your Employees “Quiet Quitting?”](https://magidovcpafirm.com/are-your-employees-quiet-quitting/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | “Quiet quitting” is a very new term in 2022 that refers to one or more employees who remain working, but only do the minimum job during regular work hours. They are done going the extra mile, they are done working overtime, they are likely done caring all that much, and they may also be quite
- [Five Ways to Welcome in a New Year: 2023](https://magidovcpafirm.com/five-ways-to-welcome-in-a-new-year-2023/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | A new year is a perfect time for a fresh start for you and your business. Here are five ways to welcome 2023 and make it your best year ever. Decide on a theme for 2023 Setting a theme for the year can help you remember what you want to focus on. Some examples of
- [What Is an Audit? ](https://magidovcpafirm.com/what-is-an-audit/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The word “audit” can be thrown around a lot in casual conversation. When an accounting professional uses it, it means something very specific. We’ll discuss this and other uses of the term “audit” in this article. Financial Audit A financial audit is an official service designed to inspect the accounting records, technology, and processes of
- [The Accounts Payable Process](https://magidovcpafirm.com/the-accounts-payable-process/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | All businesses, no matter their size, have bills to pay. The larger the business, the more formal the accounts payable process tends to be. That doesn’t mean small business owners can’t benefit from a formal accounts payable process. Too many “fake” bills are being sent, and all businesses should have safeguards in place. Let’s take
- [Understanding Equity on the Partnership Balance Sheet](https://magidovcpafirm.com/understanding-equity-on-the-partnership-balance-sheet/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The equity section of a business’s balance sheet is the most difficult part to understand. The accounts that make up that section vary depending on the type of entity in which the business is structured. In this article, let’s take a look at what the equity section looks like for companies that are organized as
- [Pricing Methods](https://magidovcpafirm.com/pricing-methods/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | How do you arrive at a price for the products and services you sell? While it depends on what industry your business is in, there are only a handful of foundational pricing methods that are useful to know. Here are several of them. Time and Materials Pricing Many service-based businesses price based on the time
- [Time Batching](https://magidovcpafirm.com/time-batching/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | For small business owners, it seems like there is never enough time to get everything accomplished. One tool that will help you get the most out of your time is time batching, also called time blocking. If you haven’t heard of this before, it can revolutionize the way you approach work. What Is Time Batching?
- [Understanding Equity on the Corporate Balance Sheet](https://magidovcpafirm.com/understanding-equity-on-the-corporate-balance-sheet/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Your favorite number on the balance sheet might just be Cash. It’s easy to understand and something every business has. But there is a more meaningful number, at least in the long-term sense, and that’s equity. Let’s dive deeper into that part of the balance sheet. The Equity Section As a reminder, the balance sheet
- [Cool Tech Tools: ClickUp™](https://magidovcpafirm.com/cool-tech-tools-clickup/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | ClickUp™ is a versatile new web application that serves multiple functions for a small business. It’s primarily a CRM – customer relationship management – with project management and workflow features built in, and is adaptable across several industries. ClickUp’s goal for its users is to save time and reduce redundancy by tying everything together in
- [When Your Remote Employee Lives and Works in Another State](https://magidovcpafirm.com/when-your-remote-employee-lives-and-works-in-another-state/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Remote working has exploded in the last few years, especially in professional services. Now that companies are seeing the benefits of remote working, they are also seeing the benefits of an expanded pool of potential employees. Some firms are hiring employees that live several states away from where the office is located, which comes with
- [Is Your Best Skill Aligned with Your Business Model?](https://magidovcpafirm.com/is-your-best-skill-aligned-with-your-business-model/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | When starting a business, most entrepreneurs excel at the specific technical skill set they need in order to deliver their services and products to clients. For example, if you own a bike shop, you are pretty great at all things related to bikes. If you own a law firm, you are probably good at practicing
- [Five Subtle Ways to Carve Out More Business Profit](https://magidovcpafirm.com/five-subtle-ways-to-carve-out-more-business-profit/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Whether we’re headed for a recession or not, it’s always a good time to squeak out more profits from your business books. We’re not talking about drastically slashing expenses or spending a lot to raise revenue; the tips in this article are long-term ideas to gently lift up your profits. Timing on Capital Purchases The
- [Unravel Your Competitors’ Secrets with Mystery Shopping](https://magidovcpafirm.com/unravel-your-competitors-secrets-with-mystery-shopping/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Every business has competitors of one sort or another, and in many industries, it’s crucial to know what your competition is offering their customers. The good news is you can often find out what your competition is up to, and this is where mystery shoppers come into play. A mystery shopper is a person who
- [How to Make Accountability Work](https://magidovcpafirm.com/how-to-make-accountability-work/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Almost every successful business owner craves accountability. We’re wired to respond to crises and to help others, sometimes before we help ourselves. Entrepreneurs are excellent in running their day-to-day businesses, but some need more accountability to meet internal deadlines and long-term goals. Let’s take a look at how we can increase our accountability. Setting Goals
- [Should You Get Cybercrime Insurance?](https://magidovcpafirm.com/should-you-get-cybercrime-insurance/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The short answer to this question is YES! Incidents of cybercrime have been problematic for a long time, but have soared exponentially since the start of the pandemic. If the reputation of your firm depends in part on your maintaining confidential client records secure and private, then this insurance is a must. It’s not a
- [ESG and Small Businesses](https://magidovcpafirm.com/esg-and-small-businesses/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Pick up just about any public company’s most recent annual report, and you’ll find a section on ESG. ESG stands for Environment, Social, and Governance, and the trend of not only considering, but also measuring a company’s sustainability performance on ESG issues has become key. A new generation of investors is driving this movement as
- [How a Loan Affects Your Financial Statements](https://magidovcpafirm.com/how-a-loan-affects-your-financial-statements/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Getting your business loan can be an exciting step in the growth of your business. Recording your loan properly in your accounting system usually requires special handling by your accountant. Your loan statement will provide the information you need to get it booked properly. You’ll need the following pieces of information about your loan: Total
- [How to Write a Refund Policy](https://magidovcpafirm.com/how-to-write-a-refund-policy/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | A refund policy defines the processes and rules for when customers want their money back and want to return the products or services they purchased from you. It’s often required by your credit card or shopping cart company as part of maintaining PCI (Payment Card Industry) compliance. Plus, it’s just a good, fair business practice
- [How to Keep Your Customers Coming Back](https://magidovcpafirm.com/how-to-keep-your-customers-coming-back/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Measuring and encouraging customer retention is important for businesses in many industries. There are a couple of great measures to see how you are doing in this area. We’ll explain those and provide some tactical tips in this article. Measuring Customer Retention The most common metric to measure customer retention is the customer retention ratio.
- [Why Are You in Business? Crafting Your Mission, Vision, and Values Statements](https://magidovcpafirm.com/why-are-you-in-business-crafting-your-mission-vision-and-values-statements/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Most large businesses have developed mission, vision, and values statements to help guide them and inform stakeholders about the company’s strategic direction. Going through this strategic exercise is a wonderful idea for even the smallest business as well. A company’s mission statement lists its core purpose and desired impact for employees, customers, owners, and other
- [Online Payment Systems: They Are Not All the Same](https://magidovcpafirm.com/online-payment-systems-they-are-not-all-the-same/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Collecting money from customers is a key function in any business, and the more automated this process is, the better. The payment function varies by type of business, but more and more, there are online options available for collecting money over the internet. Here are few tips on what that looks like. Your Website The
- [5 Ways to Rejuvenate, Refresh, and Revive Your Entrepreneurial Passion](https://magidovcpafirm.com/5-ways-to-rejuvenate-refresh-and-revive-your-entrepreneurial-passion/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Most entrepreneurs would agree that owning a business is an incredible privilege, and they would likely never want to go back to working for someone else. However, we all have our days! And sometimes those rough days can turn into weeks. If we’ve temporarily lost a little bit of our entrepreneurial passion, how can we
- [Test Your Financial Resilience](https://magidovcpafirm.com/test-your-financial-resilience/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | There’s more to being financially resilient than simply saving enough money for a rainy day. A part of being financially responsible is maintaining good financial records – and making sure people who need access to your records know where to find them if something happens to you. Here are some ideas for your consideration. Communicating
- [Protecting Yourself from Supply Chain Shortages](https://magidovcpafirm.com/protecting-yourself-from-supply-chain-shortages/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The past few years have seen major kinks in the supply chain due to a number of reasons: aberrant buyer behavior, source material scarcity, government shutdowns, and worker shortages, to name a few. What can a business owner do to protect their businesses from shortages and therefore, revenue loss? Let’s take a look at a
- [How Variance Reporting Can Keep Your Profits on Track](https://magidovcpafirm.com/how-variance-reporting-can-keep-your-profits-on-track/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | While there are literally hundreds of accounting reports that can help you run your business better, one of the most popular – and greatly underutilized – reports is the variance report. A variance report helps you compare how you are actually doing with either a past or expected performance. It makes it crystal clear how
- [Five Ideas to Attract Staff During the Great Resignation](https://magidovcpafirm.com/five-ideas-to-attract-staff-during-the-great-resignation/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | You’re not alone if you’re having trouble attracting and keeping staff. A convergence of issues has created one of the greatest talent shortages in our lifetimes. With boomers retiring in large numbers, pandemic and opioid deaths, people not wanting to work for low wages, child care availability disappearing, tighter immigration policies, people rethinking their life
- [What’s in Store for 2022?](https://magidovcpafirm.com/whats-in-store-for-2022/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The last few years have been unlike any other in our lifetimes. As we close out 2021 and enter 2022, it’s the perfect time to reflect on what we’ve learned, what’s happening now, and what we want to accomplish in the next 12 months. Here are some things to consider. Celebrate Your Successes Give yourself
- [Understanding Sales Conversion Metrics](https://magidovcpafirm.com/understanding-sales-conversion-metrics/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | How effective is your sales function in your business? One way to answer that question at a deep level is to calculate conversion metrics for every step of your sales cycle. These numbers are not tied to any numbers on your balance sheet or income statement, but can help you realize a better return on
- [Time Tracking](https://magidovcpafirm.com/time-tracking/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Keeping track of how you and your workers spend time is one of the most important things you can do in your business. Labor costs can be a large portion of expenses, and understanding how time is spent can help you manage your business better in a multitude of ways. Benefits of Time Tracking There
- [The Power of Thank-You Notes](https://magidovcpafirm.com/the-power-of-thank-you-notes/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | As we approach the holiday of giving thanks, it’s the perfect time to think about how we can use thank-you notes in our businesses and lives to express our gratitude to others. When to Say Thank You There are many opportunities in business to say thank you: When a client or associate sends you a
- [Controlling Labor Costs](https://magidovcpafirm.com/controlling-labor-costs/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | For service businesses, labor cost is the largest expense that is incurred in business operations. For many other types of businesses, the cost of labor is a large component of overall costs. Controlling labor costs so that they stay in line with what’s best for the organization is an important management function. Here are several
- [The Four-D Time Management Trick to Boost Your Efficiency](https://magidovcpafirm.com/the-four-d-time-management-trick-to-boost-your-efficiency/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Time is our most precious personal resource; once we’ve spent it, we’ll never get it back. As busy entrepreneurs, we seem to have less time than anyone else, so it just makes sense to look for ways to use our time wisely. Here is one technique that has worked for many. The Four D’s When
- [Gearing Up for Holiday Sales: 2021 Trends and Opportunities](https://magidovcpafirm.com/gearing-up-for-holiday-sales-2021-trends-and-opportunities/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The 2021 holiday sales season will give businesses a chance to continue their online migration from 2020 trends, with opportunities for more refinement and improvements. The key is to bring as much as possible online and integrate all of your customer touch points into an omnichannel of positive experiences. Let’s take a look at some
- [Making Customers Pay… You](https://magidovcpafirm.com/making-customers-pay-you/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | If you grant credit to customers or take recurring credit card payments, the unexpected can happen: a customer fails to pay on time, the credit card expires, or the check bounces. What can a business owner do to spend as little time as possible on these items but get the cash collected? Plenty. Here are
- [Six Things to Look for Every Month in Your Accounting Reports](https://magidovcpafirm.com/six-things-to-look-for-every-month-in-your-accounting-reports/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | While Net Profit and your cash balance are probably the first two numbers you look at on your monthly Profit and Loss Statement, don’t stop there. There are a lot more gems you can glean if you dig a little deeper and look through the following six lenses at your data. Automation Opportunities Look at
- [Help Wanted: You Have Options!](https://magidovcpafirm.com/help-wanted-you-have-options/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Many people have complained about the worker shortages this year. If you need additional workers in order to grow your business, here are some ideas for your consideration. Where to Look for Workers We may think of workers as only being employees, but there are a lot more options if you’re open-minded. Here’s a list
- [Direct vs. Indirect Costs (and Why You Should Care)](https://magidovcpafirm.com/direct-vs-indirect-costs-and-why-you-should-care/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | If you’re a business owner who wants to continually find ways to increase your profitability, then you’ll want to learn about direct and indirect costs. Breaking out your expenses into direct and indirect categories can help you arrive at the most profitable volume of sales for your business. Direct Expenses Expenses that fall into the
- [How to Better Track Your Carbon Footprint](https://magidovcpafirm.com/how-to-better-track-your-carbon-footprint/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | You may already be doing your part to help save the planet. From recycling to driving electric cars, to avoiding the use of plastic bottles and carrying reusable bags to the grocery store, there are myriad ways for all of us to make a difference—both big and small. However, it may be important to stop
- [Five Accounting Reports You Don’t Want to Be Without](https://magidovcpafirm.com/five-accounting-reports-you-dont-want-to-be-without/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | While we all have to keep our monthly books up to date for tax and other compliance reporting purposes, we should never stop there. Your books hold a wealth of information that you can use to run your business better. Here are five reports you should never be without. Budget-to-Actual Profit and Loss Statement Hopefully,
- [Re-Imagining Your Chart of Accounts](https://magidovcpafirm.com/re-imagining-your-chart-of-accounts/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The Chart of Accounts is the backbone of your accounting records. It is a list of all of the accounts – bank, loan, asset, revenue, and expense – in your General Ledger, which holds all of your accounting transactions. Think of your Chart of Accounts as a collection of buckets that hold dollars of items
- [Clubhouse: The New Kid in Town](https://magidovcpafirm.com/clubhouse-the-new-kid-in-town/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Are you familiar with Clubhouse? This social media platform is still pretty new, but currently picking up steam. Perhaps one of the easiest ways to describe Clubhouse is like this: When you were a kid, did you ever hold a glass to a wall with your ear glued to it in order to hear the
- [Cool Tech Tools: Airtable](https://magidovcpafirm.com/cool-tech-tools-airtable/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | When it comes to running a successful business, how important is it to be organized? In a word: very. Now, how would you rank your organization skills? Honestly, the answer really doesn’t matter. We can always get help from technology, and this is where Airtable comes in. Airtable goes beyond spreadsheet solutions when it comes
- [Financing Options for Small Businesses](https://magidovcpafirm.com/financing-options-for-small-businesses/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | All small businesses need cash to operate, and there are many ways to generate the required cash. The most common way that many businesses get started is when the owner makes an investment from their savings or other personal cash. But what if it’s not enough? In this article, we’ll take a look at some
- [What Is Internal Control?](https://magidovcpafirm.com/what-is-internal-control/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | In accounting, a key term to know is “internal control.” Internal control is the series of processes and procedures that are performed within the organization to ensure the integrity and accuracy of the financial information and reporting of that organization. Internal control is very important to consider in order to protect the business owners, employees,
- [Getting to the Next Level of Your Business](https://magidovcpafirm.com/getting-to-the-next-level-of-your-business/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Sometimes it’s hard for business owners to know how to take their businesses to the next level of growth and profitability. If you’ve been stuck at the same revenue or profit level for a while, it could be because knowing how to scale your business is not a skill in your skillset --- yet. Enter
- [5 Tips to Spice Up Working from Home](https://magidovcpafirm.com/5-tips-to-spice-up-working-from-home/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | We’ve been in a pandemic for what seems like five years now, right? All joking aside, if you’ve been lucky enough to work from home this past year, then it’s possible that you are in the process of going stir-crazy. Or maybe you’re simply ready to shake things up a bit. Working from home has
- [Mix Up Your Revenues for More Profits](https://magidovcpafirm.com/mix-up-your-revenues-for-more-profits/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Many small business owners focus on generating more revenue every year, and that’s a wonderful goal. But not all revenue is created equally since some items are more profitable than others. If you sell more than one product or service in your business, then you may benefit from looking at your revenue mix. While it’s
- [Fighting Cybersecurity Threats in Your Business](https://magidovcpafirm.com/fighting-cybersecurity-threats-in-your-business/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | If you keep any kind of digital information in your business, you have a chance of becoming a victim of a cybercrime. The odds have increased exponentially during the pandemic, with more cyberthreats and scams floating around than ever before. Here are some ways to reduce your chances of getting attacked. Social Engineering Social engineering
- [The Concept of Independence in Accounting](https://magidovcpafirm.com/the-concept-of-independence-in-accounting/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Independence is a key concept in accounting, especially in the assurance or auditing area of accounting. Assurance services are services where a licensed CPA reviews an organization’s financial statements and accounting records and provides an opinion about them. This opinion takes the form of a report that can be shared with third parties such as
- [Ten Places to Look to Find More Profits](https://magidovcpafirm.com/ten-places-to-look-to-find-more-profits/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | A great way to start 2021 is to take a fresh look at your business finances. Many things changed in 2020, and if you are in the habit of spending on the same items year after year, it’s the perfect time to decide what is essential and what can go. There are only a few
- [Should Your Business Become Cash-Free?](https://magidovcpafirm.com/should-your-business-become-cash-free/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | A cashless business is one that processes all cash transactions electronically. There is no paper or coin money taken or handled. While no one society has become 100 percent cashless yet, most organizations are moving in that direction. A business can become cash-free by providing multiple electronic alternatives to payment. Credit cards are the most
- [Five Ways to Streamline Your Payroll Process](https://magidovcpafirm.com/ways-streamline-payroll-process/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | For business owners with employers, payroll is a necessary task that can slow your day and tie you down if you let it. If you’re looking for a way to make payroll less time-consuming, here are five ideas you can put to good use: Employee Onboarding If you hire a lot, empower your new hires
- [What Is Reasonable Compensation?](https://magidovcpafirm.com/reasonable-compensation/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | For small businesses formed as an S Corporation and with plenty of profits, reasonable compensation is a term you may want to be familiar with. Many small businesses have organized as an S Corporation form of entity. In many cases, the S Corp election allows a business owner to save money on self-employment taxes, especially
- [The Power of Influencer Marketing](https://magidovcpafirm.com/power-influencer-marketing/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | One of the hottest buzzwords in marketing this year is influencer marketing. Influencer marketing uses key people in thought leadership positions to spread the word about your brand. These people may be paid or unpaid spokespersons for your brands, products, and services. The profitable thing about influencer marketing is the leverage. Instead of marketing or
- [Could Your Business Survive a Disaster?](https://magidovcpafirm.com/business-survive-disaster/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | As business owners, we want to remain optimistic about our business’s future. But life can happen, and we need to be prepared. A good business owner thinks about all the risks to their business and has a plan in place to reduce or eliminate them. In 2017, we’ve already had floods in the Midwest and
- [Cool Apps: Amazon Echo](https://magidovcpafirm.com/cool-apps-amazon-echo/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Did you ever want a secretary that could answer questions all day? While Amazon’s Echo product can’t fetch coffee, it can perform all sorts of digital tasks that come up in daily life at work and at home. The Echo Dot looks like a small speaker that sits on your desk or table or in
- [Is It Profitable to Blog?](https://magidovcpafirm.com/profitable-blog/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | One of the many online marketing options available for businesses is blogging. A blog can act as a company’s daily newspaper, letting customers and followers know the latest news about what’s happening. It can also be a wonderful revenue-generator. As long as the content of your blog is relevant to your readers, you can post
- [How to Beat Procrastination](https://magidovcpafirm.com/beat-procrastination/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Would you call yourself a procrastinator? If so, you’re not alone, and with our to-do-lists growing daily, the percentage of people who procrastinate chronically has increased over the last few decades. There’s a difference between procrastinating and prioritizing. Great entrepreneurs know how to put the most important tasks first. There’s also a difference between procrastinating
- [Browser Productivity Tips You May Not Know](https://magidovcpafirm.com/browser-productivity-tips-2/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | If you spend a lot of time online using a web browser to view web sites or to work in online applications, then you may benefit from knowing these wonderful features about your browser software. Bookmarks All browsers support bookmarks, and hopefully you are already using this powerful feature. Which web pages do you need
- [How to Protect Yourself from Identity Theft](https://magidovcpafirm.com/protect-identity-theft/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The security breach at Equifax a few months ago left many people thinking once again about identity theft. The best thing is to do everything you can to prevent it from happening to you. Here are a few tips to help you reduce your risk of being a victim of identity theft as well as
- [The Perfect Chart of Accounts for Your Business](https://magidovcpafirm.com/perfect-chart-accounts-business/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Your “Chart of Accounts” is the list of accounts in your accounting software. The accounts are listed in your reports, and the totals allow you to determine how much you’ve spent, made, own, or owe depending on the type of account. It’s essential to create a list of accounts that you need in order to
- [Spice Up Your Marketing with Storytelling](https://magidovcpafirm.com/spice-marketing-storytelling/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | One of the ways to impact your marketing is by adding stories. Everyone loves a story, and stories are more memorable compared to almost any marketing copy. Here are a couple of tips on how to use and place stories to share with prospects and customers. What a Story Is All stories need to be
- [Get Ahead on Year-End Tasks](https://magidovcpafirm.com/year-end-tasks/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Year-end is just around the corner, and that means a couple of administrative tasks are necessary to take care of bookkeeping and tax chores. Here are a couple of tips to make year-end go smoother. Cleaning up Things will go a lot smoother if you reach out to your vendors and employees and get their
- [How to Write Your Mission Statement](https://magidovcpafirm.com/write-mission-statement/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Mission statements are not just for large corporations. As an owner of a small business, you can benefit from going through the exercise of writing your mission statement. It can not only re-connect you with your “why,” it can also communicate an important part of your business to all of your stakeholders. What Is a
- [Five Ways to Ring in 2018](https://magidovcpafirm.com/ways-ring-2018/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Happy new year! January is the month of new beginnings and a perfect time to strategize about projects that will boost your business prosperity. Here are five ideas to get you thinking about new beginnings for your business in 2018. 1.Learn new technology. Every year, tens of thousands of new online software applications are invented
- [Five Tips to Make Tax Time Painless](https://magidovcpafirm.com/tips-tax-time-painless/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Tax time is probably not your favorite time of year, especially if you have to pay the government your hard-earned dollars. Here are five tips on how we can make it just a bit less painful. 1. Have patience. Practicing patience will go a long way when you’re dealing with taxes. Keep in mind that
- [Three Super-Easy Ways to Boost Your Revenue for 2018](https://magidovcpafirm.com/super-easy-ways-boost-revenue-2018/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Every business has a gold mine in its current customer base. But not all business owners remember to mine this gold because they are too busy trying to attract new customers or developing new products or services. This is the perfect time of year to step back and remember the three easiest ways to grow
- [Is Your Workplace Female-Friendly?](https://magidovcpafirm.com/workplace-female-friendly/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Attracting and retaining talent in your small business can be a giant step toward growing into a mid-sized business. Beyond attracting new employees with salary and benefits, here are several perks, policies, and benefits to consider when recruiting women, and employees in general, to your workforce. 1. Flex work hours. Everyone likes regaining control over
- [Making Deadlines Can Save You Big Bucks in Your Business](https://magidovcpafirm.com/making-deadlines-save-big-bucks-business/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | There are a lot of deadlines that come with running a business. Missing some deadlines can have serious financial implications to the health of your business. Let’s take a look at how much you’ll save by being on time with the following deadlines. Payroll One of the toughest deadlines of all, making payroll, is essential
- [How to Evaluate Your Marketing Spend](https://magidovcpafirm.com/evaluate-marketing-spend/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | One of the most important success factors of small businesses is the ability to generate revenue, and to do that, most businesses need to market their services and products to bring in new customers and sales. The challenge for small business is how to make their marketing dollars work the hardest, and this requires careful
- [Cool Apps: Food Delivery Options](https://magidovcpafirm.com/cool-apps-food-delivery-options/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | If you haven’t looked recently, there is a whole new world out there designed for our convenience. One of these conveniences is food delivery. This industry has changed so much that it deserves a fresh look. No longer do you need to go out for lunch if you are having a busy day or just
- [Five Fun Customer Perks to Set You Apart in the Marketplace](https://magidovcpafirm.com/fun-customer-perks-set-marketplace/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | It’s always fun to surprise and delight your customers. This puts a smile on your client’s face, boosts loyalty, and is fun for your employees too. Here are five ways to surprise and delight your customers with inexpensive perks. 1. Handwritten thank you note. Email and social media have all but killed the handwritten thank
- [Boost Your Accounting Know-How with These Terms](https://magidovcpafirm.com/boost-your-accounting-know-how-with-these-terms/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The field of accounting has its own vocabulary, which can sound like a foreign language to some people. Your financial savvy will increase by learning a few new accounting terms. You’ll be “speaking accounting-ese” in no time, and you’ll become a smarter entrepreneur too. Trial balance A trial balance is an accounting report that simply
- [How to Read Your Income Statement](https://magidovcpafirm.com/how-to-read-your-income-statement/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The income statement of any business is probably the most important report of all. It is a snapshot of the financial performance of your business over a period of time, such as a month or year. You might also hear it called the Profit and Loss Statement, or P&L. The income statement can give you
- [Cool Apps: Accounting System Add-ons](https://magidovcpafirm.com/cool-apps-accounting-system-add-ons/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Accounting software continues to evolve decade after decade. It started out as one big massive complicated set of programs that only large companies could afford. Today, cloud accounting is the modern solution, and today’s accounting systems are designed to meet the core requirements of most businesses rather than doing everything. Enter apps. Apps are the
- [Do You Spend Too Much Time on Email?](https://magidovcpafirm.com/do-you-spend-too-much-time-on-email/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | If you feel like you spend too much time on email, you’re not alone. Almost everyone feels the same way. That’s why it’s so important to learn how to be as productive as possible when it comes to handling email. Here are five tips to help you do just that. 1- Automate your emails. If
- [Three Tips to Maximize Your Social Security](https://magidovcpafirm.com/three-tips-to-maximize-your-social-security/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Social security is one of those topics that seems to be minimized by statements like, “You can’t count on it,” and “By the time you reach retirement age, it won’t matter.” Those statements are not only incorrect; they contribute toward a lack of education on what’s possible. Social security is still a large part of
- [5 Tips on Bringing Home the Bacon](https://magidovcpafirm.com/5-tips-on-bringing-home-the-bacon/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Whether you call it bacon, Benjamins, or big bucks, cash – and having enough of it – is key to running your business. Here are five tips related to managing and getting the most out of your business cash. 1- All banks are not the same. Choose your bank wisely, and don’t be afraid to
- [How to Cut Costs with Fixed Assets Management](https://magidovcpafirm.com/how-to-cut-costs-with-fixed-assets-management/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Fixed assets are special kind of assets in your business. They include land, buildings, equipment, furniture, and vehicles that your company owns. While we frequently look at expenses to cut costs, fixed asset management is another place we can look to find ways to better utilize our resources and, in some cases, improve our profits.
- [Setting Up Products and Services](https://magidovcpafirm.com/setting-up-products-and-services/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The products and services your business sells make it unique. The same thing is true of how these items are set up in your accounting software. Whether you’re using QuickBooks Online or something else, getting your products and services set up right can impact the quality of the information you can get out of your
- [How to Survive a Worker’s Comp Audit](https://magidovcpafirm.com/how-to-survive-a-workers-comp-audit/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | If you have employees, you have the distinct honor once per year of being part of a worker’s compensation audit. You likely receive a form in the mail, an email request, or a phone call that will ask you about your payroll numbers and employees for the prior year. Worker’s compensation is an insurance program
- [Should You Have a Financial Dashboard?](https://magidovcpafirm.com/should-you-have-a-financial-dashboard/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | A quick glance is all you need to check your fuel gauge, speed limit, engine temperature, and RPM when you’re driving down the road. Your car’s dashboard is designed to focus you on what’s important and what you need to know to have a safe trip. Your car’s dashboard items, if they applied to business,
- [5 Ways to Make Your Business More Efficient](https://magidovcpafirm.com/5-ways-to-make-your-business-more-efficient/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | A great entrepreneur will always be on the lookout for ways to improve their business. Efficiency is a goal everyone wants to achieve when it comes to business because it can translate into less work and more profits. Here are five ways you and/or your staff can become more efficient in your business. 1- Get
- [The Concept of Internal Control](https://magidovcpafirm.com/the-concept-of-internal-control/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Internal control is a very special phrase in the accounting profession. Tactically, it’s the set of processes that help a company produce accurate data throughout the organization, follow reporting requirements and laws, and maintain consistency and accuracy in its operations. Strategically, it’s an entirely new way of thinking and doing business. Internal control helps to
- [Training Fido to Fetch More than a Bone](https://magidovcpafirm.com/training-fido-to-fetch-more-than-a-bone/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | While “fetching” might be what some trained dogs can do, accounting systems are getting into the act too. This relatively new feature is called “receipt fetching,” and it’s when an app can retrieve documents directly from the vendors that you do business with so you don’t have to spend so much time on paperwork retrieval.
- [Your Perfect Work Day](https://magidovcpafirm.com/your-perfect-work-day/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | How well do you love the way you spend your typical workday? What would a typical workday look like if you had absolutely no constraints? Here’s a fun exercise to get you thinking about your future and how you can make small changes in your current day to move it toward your ideal day. Get
- [Defining Blockchain](https://magidovcpafirm.com/defining-blockchain/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Blockchain is a term that has been bantered about quite a bit when referring to the future of accounting technology. While its impacts are primarily long term in nature, let’s take a brief look to see what everyone is talking about. Blockchain is a technology that can store transactions. Some people have referred to it
- [Being Grateful](https://magidovcpafirm.com/being-grateful/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | With holidays approaching, this is the perfect time of year to take a moment and reflect on all of the things we are grateful for. Being grateful may sound a bit trite, but it’s also the number one, hands down, fastest way to bring more positivity and less negativity into your work and life. Acts
- [Marketing by the Numbers](https://magidovcpafirm.com/marketing-by-the-numbers/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Do you know if your marketing efforts are paying off? More importantly, do you know which marketing campaigns and channels are profitable and which are losing money? Marketing is one of the toughest areas to calculate return on investment, and one of the reasons is because customers may have had contact with your company in
- [Business Planning Made Easy for 2019](https://magidovcpafirm.com/business-planning-made-easy-for-2019/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | 2019 is right around the corner, which makes today the perfect time to think about your business goals and where you want to be one year from now. As year-end wraps up, you’ll soon know your financial numbers for 2018. You’ll then be able to evaluate how you did and map out a new plan
- [What Is Reputation Management?](https://magidovcpafirm.com/what-is-reputation-management/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Reputation management is a relatively new area within marketing. In a way, it’s similar to digital public relations; it’s the management of a company’s reputation online. There’s also a customer service component to reputation management. Unlike public relations workers before the internet came along, today’s reputation managers must deal with what customers and other stakeholders
- [How to Save More in 2019](https://magidovcpafirm.com/how-to-save-more-in-2019/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Many people in their retirement years have regrets about not saving more during their earning years, but you don’t have to be one of them. All you need to do is be realistic and proactive about saving. It’s all about paying your future self. Circumstances can arise that can erode savings you hoped would
- [10 Ways to Boost Your Business Revenue for 2019](https://magidovcpafirm.com/10-ways-to-boost-your-business-revenue-for-2019/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The start of a new year also means that it’s the perfect time to revisit old business strategies from last year so that you can maximize your revenue for 2019. If your financial numbers were fantastic last year, that’s great! Keep the strategies that worked for you and cut the ones that didn’t. If your
- [Money and Marriage](https://magidovcpafirm.com/money-and-marriage/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | One of the biggest things that can cause fights in a marriage is money. No matter where you are in a relationship, it’s a good idea to discuss these major money topics so you’ll know where you stand. Show me the money: Combine or keep separate or both One of the best ways to avoid
- [A Report Card for Your Business Financials](https://magidovcpafirm.com/a-report-card-for-your-business-financials/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Do you remember the days when you got a report card from school? Now that you have a business, your business has grades as well. But it’s up to you to calculate them. Here are some grades you can compute for your business to give it a report card of its own. Financial Grades How
- [5 Ways to Speed Up Your Cash Flow](https://magidovcpafirm.com/5-ways-to-speed-up-your-cash-flow/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | One of the biggest challenges for small businesses is managing cash flow. There never seems to be enough cash to meet all of the obligations, so it makes sense to speed up cash flow when you can. Here are five tips you can use to get your cash faster or slow down the outflow. 1. Stay
- [Beyond the Books: The World of Accounting](https://magidovcpafirm.com/beyond-the-books-the-world-of-accounting/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | In small business, accounting refers to a set of tasks that revolve around maintaining a general ledger – your books -- and preparing financial statements. Beyond small business accounting, there are many more aspects to accounting. In this article, we’ve prepared a glossary of accounting terms so you can discover the larger world of accounting.
- [Your New Hire Checklist](https://magidovcpafirm.com/your-new-hire-checklist/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Hiring a new employee is a big accomplishment in any small business, and there are a lot of steps involved, too. Here’s a handy checklist to help you stay organized when you bring that new hire on board. First things first, the legal and accounting items: Signed employment agreement, typically an offer letter. There may
- [Buying a Car or Truck for Your Business?](https://magidovcpafirm.com/buying-a-car-or-truck-for-your-business/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | When you purchase a new vehicle, you get the fun of riding around in a new car with the new car smell! Our job has just begun – to get your new asset recorded properly on your books. We thought it’d be fun to give you a behind-the-scenes sneak peek at our part. Sales Contract
- [How AI Is Changing Accounting](https://magidovcpafirm.com/how-ai-is-changing-accounting/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Artificial intelligence (AI) has arrived in the accounting profession in a big way. The good news is it’s streamlining accounting tasks, finding patterns in data you can take action on, and generally making things better. Here are just a few places we’re seeing AI and machine learning impact accounting. Transaction Coding Most systems have incorporated
- [Accounting-Related Policies](https://magidovcpafirm.com/accounting-related-policies/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Setting customer expectations in your business is essential to gain the trust of your customers, avoid conflicts, and maintain a high level of customer service. One way to set customer expectations is to clearly state policies that are customer-facing. Many of these are accounting policies that we can help you with. The following policies are
- [Do You Know Who Your Top Customers Are?](https://magidovcpafirm.com/do-you-know-who-your-top-customers-are/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Every business has customers, and while all customers are important, most entrepreneurs will agree that some customers are more important than others. This may be due to the amount of revenue the customer brings in, their ability to refer new clients to you, the interesting challenges of the customer, or another factor. It makes sense
- [Five Timeless Tips to Improve Customer Service](https://magidovcpafirm.com/five-timeless-tips-to-improve-customer-service/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Having repeat customers is essential to many businesses, and the key to keep clients coming back is to provide them with great customer service. Here are five ideas to rate your business’s savvy when it comes to serving customers well. Make a great first impression. When customers make a purchase from you, make them feel
- [Mid-Year Review](https://magidovcpafirm.com/mid-year-review/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Can you believe that half of 2019 is gone already? That means it’s a great time to take stock of how your business has done for the first half of 2019 so that you can meet your financial goals for the entire year. On Track for Sales Are you on track to make your 2019
- [Understanding Cost of Goods Sold](https://magidovcpafirm.com/understanding-cost-of-goods-sold/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The account on your income statement called Cost of Goods Sold can be confusing to non-accountants. In this article, we’ll attempt to de-mystify it and explain how it works. Cost of Goods Sold is an account in your Chart of Accounts that is a very special type of expense. It is the amount of direct
- [Five Key Reports for Your Business](https://magidovcpafirm.com/five-key-reports-for-your-business/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Each month, your accounting system yields actionable information for you to run your business better. Here are some key reports that all business owners should review every month. Balance Sheet A quick review of the balance sheet can tell you the balances of your current assets and current liabilities. Current assets should always be larger
- [Cool Tech Tools: Zoom](https://magidovcpafirm.com/cool-tech-tools-zoom/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | More and more small businesses are finding virtual meetings useful. Virtual meetings have many advantages: No travel time is needed for participants, so you’ll save on gas and auto maintenance. They create an ability to visually connect with remote employees, customers, vendors, partners, job candidates, and other stakeholders. They are better than a phone call
- [Why Having a Budget Is Important](https://magidovcpafirm.com/why-having-a-budget-is-important/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | As an entrepreneur, you likely place a high value on freedom. When the word “budget” is mentioned, you might cringe and feel like it hampers your freedom. But it’s really the opposite. Here’s why. According to a 2019 article in Small Business Trends, “Startup Statistics – The Numbers You Need to Know,” 82 percent of
- [Does Your Business Have a Safety Net?](https://magidovcpafirm.com/does-your-business-have-a-safety-net/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | One of the most important parts of managing a business is making sure there is enough cash to keep the business going. As a business owner, you probably have a very good idea how much cash you have in the bank at any time. The smaller your business is, the more likely you are to
- [Avoiding Accounts Payable Errors: What to Watch Out for](https://magidovcpafirm.com/avoiding-accounts-payable-errors-what-to-watch-out-for/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | When you pay a bill in your business, are you 100 percent comfortable that the bill payment is correct and justified? Is there ever a chance that that bill is fake or fraudulent? What about duplicates? With so many fake bills being mailed to businesses these days, it makes sense to think about controls you
- [Protecting Clients’ Credit Card Numbers](https://magidovcpafirm.com/protecting-clients-credit-card-numbers/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Does your business ask your customers for their credit card numbers at any time during the sales process? If so, it’s essential that you honor the privacy of your customers’ private data as well as stay in compliance with the Payment Card Industry rules. Every business that has an account with a merchant services vendor
- [Using Custom Fields in Your Accounting Software](https://magidovcpafirm.com/using-custom-fields-in-your-accounting-software/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Custom fields in your accounting software are data fields that you can define yourself. They are typically associated with customers, vendors, employees, and items, and they can help you store and categorize additional information about these stakeholders and your products and services in your business. An example custom field that can be associated with customers
- [Seven Essential To-Do’s When You Get a New Customer](https://magidovcpafirm.com/seven-essential-to-dos-when-you-get-a-new-customer/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Congratulations, you've landed a new customer! Or, perhaps you prefer the term “client.” Either way, you should be excited; in this particular climate, sparking fresh interest in any kind of business can be challenging. Yet, you did it, and now comes the next part: What to do after you have officially landed that customer/client. The
- [Get Organized with This 32-Item Year-End Close Checklist](https://magidovcpafirm.com/get-organized-with-this-32-item-year-end-close-checklist/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | A great way to make a wonderful start to 2020 is to wrap up 2019 feeling organized and on top of the world. Here’s a checklist of items that you can start on now to make your year-end close go smoother than ever before. And don’t worry if you don’t know how to do some
- [How to Stop Robocalls](https://magidovcpafirm.com/how-to-stop-robocalls/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | You've received them—probably more than once—and every single time, they're painful, tedious, and unsolicited. Robocalls . . . Need we say more? You can experience a robocall, or an automated telephone call delivering a recorded message, on both a personal and business phone line. From scammers scamming to political parties politicizing, these calls can get
- [Cool Tech Tools: Fathom](https://magidovcpafirm.com/cool-tech-tools-fathom/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | If your eyes glaze over when you’re presented with financial statements for your business, you’re not alone. Many entrepreneurs benefit greatly when they can see their financial results in graphical and chart formats. Fathom is the perfect tool to help your numbers come alive so they can become meaningful for you. Fathom is a company
- [10 Hot Business Trends for 2020](https://magidovcpafirm.com/10-hot-business-trends-for-2020/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | As we welcome in a new year (and maybe a new decade depending on how you count them), it’s a perfect time to reflect on the trends that will impact us and our businesses. Here’s a list for your consideration and reflection. Trend #1: Sustainability Concern for the environment has made the list of many
- [Three Essential Business Roles for Success and Balance](https://magidovcpafirm.com/three-essential-business-roles-for-success-and-balance/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | In his book, The Rebel Rules: Daring to Be Yourself in Business, author Chip Conley describes what investors look for in a management team when considering providing startup money to new businesses. He says your management team should consist of a “brain trust that includes a passionate visionary, a ‘get-your-hands-dirty’ operator, and a responsible, finance-minded executive.”
- [Add Functionality to Your Accounting System with Apps](https://magidovcpafirm.com/add-functionality-to-your-accounting-system-with-apps/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Did you know that you can add apps to help increase the functionality of your core accounting system? The process will save you time and frustration. It is because every business is different that you may—and likely will—need these add-on features that aren't already included in the accounting system you currently use. That's where the
- [Accounting Tasks at Year-End](https://magidovcpafirm.com/accounting-tasks-at-year-end/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | You might wonder why there are so many extra tasks at year-end. While the government requires much of the work, there is clean-up work and adjustments that need to be done to make the books accurate. It’s not always cost-effective to perform all of these updates monthly, so you’re actually saving money by doing some
- [The Psychology of Money](https://magidovcpafirm.com/the-psychology-of-money/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The topic of money affects our emotions, beliefs, and behaviors in a very personal and individual way. Whether we have enough, need more, or are indifferent can impact our overall financial status. The most important thing to know about this topic is to be self-aware of your own feelings and actions and how they impact
- [A 12-Step Guide on Hiring and Paying Employees](https://magidovcpafirm.com/a-12-step-guide-on-hiring-and-paying-employees/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Are you thinking about hiring a new employee? Whether you’re hiring your first employee or your hundredth, here’s a checklist of items to keep you on track with all of the related tasks and requirements. 1. Get an IRS employer ID if you don't already have a FEIN A FEIN, or Federal Employer Identification Number,
- [105 Ways to Speed Up Cash Flow in Your Small Business](https://magidovcpafirm.com/105-ways-to-speed-up-cash-flow-in-your-small-business/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm |
- [The Entrepreneur’s Guide to Starting a Business in 12 Easy Steps](https://magidovcpafirm.com/the-entrepreneurs-guide-to-starting-a-business-in-12-easy-steps/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm |
- [Preparations We’ve Made for You to Keep You Safe During the Coronavirus COVID-19 Spread](https://magidovcpafirm.com/coronavirus-preparedness/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm |
- [Six Tips to Grow Your Business in 2020](https://magidovcpafirm.com/six-tips-to-grow-your-business-in-2020/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Looking for fresh, effective ways to grow your business in 2020? You've come to the right place. In today's market, it can be difficult to stand out from the crowd, gain new customers or clients, and increase your company's revenue. Note: We said difficult, not impossible! Below, you'll find six fun, easy tips to help
- [Building Resilience into Your Small Business](https://magidovcpafirm.com/building-resilience-into-your-small-business/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | If you currently own or manage a small business, you’ve probably experienced an extremely high demand or you’re preparing for the worst – to be shuttered by law for a few weeks or longer. In either case, your business needs a whopping dose of resilience right now. Here are four steps to safeguard your business
- [New Tax Deadline Is Official -- July 15, 2020](https://magidovcpafirm.com/new-tax-deadline-is-official-july-15-2020/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm |
- [Mobile Accounting? It’s Here, Now](https://magidovcpafirm.com/mobile-accounting-its-here-now/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | That's right: The future is here! Now that it's officially 2020, it may be time to jump on that accounting app bandwagon if you haven't already done so. The exciting news is you can actually do a lot of your accounting tasks from your phone instead of your computer. Here are just a few examples
- [Changes Affecting Small Business Employers](https://magidovcpafirm.com/changes-affecting-small-business-employers/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm |
- [The Paycheck Protection Program (PPP) Loan and the Economic Injury Disaster (EIDL) Loan](https://magidovcpafirm.com/the-paycheck-protection-program-ppp-loan-and-the-economic-injury-disaster-eidl-loan/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law, and one part of it includes two loan programs for small businesses. Paycheck Protection Program (PPP) Loan Owners of businesses, including nonprofits, with less than 500 employees that have been impacted financially due to the coronavirus can
- [How to Work from Home More Often](https://magidovcpafirm.com/how-to-work-from-home-more-often/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | If you agree that “there’s no place like home,” then you may also have a wish to work from home more often. In many cases, you can, and here are some tools you need to get started. If the products and services your business sells can be sold or delivered digitally, then you’re a candidate
- [Scams, Fraud, and Hackers in the Time of Coronavirus](https://magidovcpafirm.com/scams-fraud-and-hackers-in-the-time-of-coronavirus/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | With an alarming increase in scams, cybercrimes, and other fraud schemes, we all need to be extra diligent in our actions to protect our businesses, our computers, our children, and ourselves. Here are some things we need to watch out for and how to stay safe. Virtual Environment Exploits A record number of people are
- [34 Ways to Get Money Fast in Your Small Business](https://magidovcpafirm.com/34-ways-to-get-money-fast-in-your-small-business/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm |
- [How Business Owners Get Paid](https://magidovcpafirm.com/how-business-owners-get-paid/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | At first glance, this article topic might seem too simple. After all, to get paid, don’t you just take money out of your business? Well, yes, but there is much more to it in the long run as well as from an accounting side. Let’s take a look. The Traditional Paycheck If you’ve ever worked
- [5 Signs You Need to Upgrade Your Accounting System](https://magidovcpafirm.com/5-signs-you-need-to-upgrade-your-accounting-system/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | To maximize profits in your business, all of your business functions need to run smoothly, including your accounting department. Your accounting system is at the core of your accounting function. If it is old or lacks the features you need, your business may suffer. Here are five warning signs you can look for to determine
- [Cool Tech Tools: Apps that Get You Places](https://magidovcpafirm.com/cool-tech-tools-apps-that-get-you-places/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | If you’re unlucky enough to have a car without GPS navigation maps, the next best thing to use is your smartphone. This article will take a look at apps that help to get you from point A to point B. Google Maps Google Maps is the all-around favorite, whether you own an iPhone or an
- [21 Ways to Get Help for Your IRS Tax Problem and  Get Your IRS Debt Resolved, Reduced, or Forgiven](https://magidovcpafirm.com/21-ways-to-get-help-for-your-irs-tax-problem-and-get-your-irs-debt-resolved-reduced-or-forgiven/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm |
- [18 Small Business Opportunities in 2020](https://magidovcpafirm.com/18-small-business-opportunities-in-2020/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Deciding on the kind of business you want to start is a very big decision. Some require specialized skills that either the owner or employees will need. Others require a substantial initial capital outlay. In any case, it’s always a good idea to consider the health of the industry you’ll be entering in. While we
- [How Liquid Is Your Business?](https://magidovcpafirm.com/how-liquid-is-your-business/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Liquidity in business has nothing to do with water, milk, or juice! It describes how quickly you can sell an asset and convert it into cash. Cash is the most liquid asset of all. Real estate, in contrast, is not quite as liquid because it could take months to sell it to a new owner.
- [3 Essential Metrics for a Smarter Marketing Spend](https://magidovcpafirm.com/3-essential-metrics-for-a-smarter-marketing-spend/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The only way to get smarter about how to invest your marketing dollars is to document and measure what’s happening now in your business. What you’ve measured, you can then improve. Marketing Spend The first step to measuring what you spend on marketing is to aggregate all of the costs. They may be in one
- [How to Reduce Stress Around Money](https://magidovcpafirm.com/how-to-reduce-stress-around-money/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Many families and small business owners have seen decreases in income over the last several months. Money struggles can cause us to experience stress and worry, and none of us need that right now. Instead we need to boost our immune systems and decrease stress. Here are some tips on how we can take back
- [Five Expenses to Cut During Tough Times](https://magidovcpafirm.com/five-expenses-to-cut-during-tough-times/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | If revenue hasn’t come back as fast as you expected it to, it may be time to review your budget and determine if some planned expenses can be cut. Here are five places to look to do just that. 1. Travel Since most events have been moved online or cancelled altogether, you can likely redirect
- [Watch Out for These Five Common Accounts Payable Errors](https://magidovcpafirm.com/watch-out-for-these-five-common-accounts-payable-errors/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Paying bills is never fun, but paying bills you shouldn’t pay in the first place is even worse. There are many risks that can part a small business owner with their hard-earned cash, and here are five to watch out for when it comes to your bill-paying process. 1. Fraudulent invoices Some companies will send
- [Six Fun Ideas to Bring into Your Marketing](https://magidovcpafirm.com/six-fun-ideas-to-bring-into-your-marketing/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | The purpose of marketing is, in part, about creating relationships with customers and prospects. While traditional advertising is a standard way of letting prospects know more about you, it’s not always the most creative way to connect. To spice up your marketing, let’s explore six unusual ways to connect with customers. 1. Celebrate an obscure
- [What to Do When an Employee Is Terminated](https://magidovcpafirm.com/what-to-do-when-an-employee-is-terminated/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Every company should have a strict process to follow when an employee leaves the company, no matter what type of termination it is – voluntary or involuntary. Here’s a checklist you can use to compare to your own process so that you can either confirm you’re on the right track or add some ideas to
- [Cool Tech Tools: Easy Ways to Create Video Graphics](https://magidovcpafirm.com/cool-tech-tools-easy-ways-to-create-video-graphics/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Video creation has gotten so easy that just about anyone can do it. You no longer need professionals. You don’t even need video editing software with the long learning curve and high price tag. All you need is an app and your imagination. There are many reasons to create a video: Web pages that include
- [Building a Continuity Plan for Your Business](https://magidovcpafirm.com/building-a-continuity-plan-for-your-business/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | At the beginning of 2020, you might have thought that developing a business continuity plan was not a top priority. Or maybe you thought it was only for large businesses. Fast forward to today, and a business continuity plan has become an essential staple in business planning. There are more business risks than ever before
- [The 13-Week Cash Flow Forecast](https://magidovcpafirm.com/the-13-week-cash-flow-forecast/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | One of the best tools to forecast cash requirements is the 13-week cash flow forecast. It can help a business owner predict what their cash balance will be 13 weeks in the future. It helps to answer whether there will be enough cash to cover payroll and bills for a particular week. If you’re having
- [The Importance of Customer Communication](https://magidovcpafirm.com/the-importance-of-customer-communication-2/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Regardless of the type of relationship—personal, professional, or even acquaintance—communication is key. Specifically, if you want to have a healthy relationship with any individual, then it’s important to communicate clearly and fully. Communication is particularly necessary when it comes to customers and building a successful business. It’s even more important this year since many businesses
- [Being Grateful in a Less-Than-Awesome Year](https://magidovcpafirm.com/being-grateful-in-a-less-than-awesome-year-2/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | It goes without saying that 2020 has been quite the year—and it’s not even over yet! Of course, any one of us could easily come up with a long list of things to be ungrateful for, a negative list of every bad occurrence that has taken place since March due to the Coronavirus pandemic. In
- [The Personal Financial Satisfaction Index (PFSi)](https://magidovcpafirm.com/the-personal-financial-satisfaction-index-pfsi-2/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | How happy are you with your financial situation right now? In other words, do you feel personal financial pleasure or pain when it comes to your financial standing? That is what the Personal Financial Satisfaction Index strives to measure for the typical American. The PFSi is a quarterly economic indicator created by the American Institute
- [The Power of Listening](https://magidovcpafirm.com/the-power-of-listening/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Now, more than ever before, the act of listening is important. Not only is it important to listen to someone, but to effectively listen to them. Sure, we all know that in order to understand individuals, to connect with them and understand their wants and needs, we need to be alert, focused, and mindful. After
- [Wrapping Up 2020](https://magidovcpafirm.com/wrapping-up-2020-2/) - Los Angeles, Burbank, CA CPA Tax Prep for Entertainers, QuickBooks Bookkeeping | Magidov CPA Firm | Year-end is the perfect time to reflect on accomplishments achieved since January. It’s also an important time to put things into perspective as we turn the page and start a new year. What We Learned With so much change in 2020, the opportunities to learn have been abundant. Take a moment and contemplate the following:

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