Category: Bookkeeping

You can find HubSpot on Facebook, Twitter, Instagram, and more, though there isn’t a dedicated social media account for HubSpot Sales. Recent posts include “How and How Much Should I Charge as a Consultant? ”, “The 23 Best Crowdfunding Sites to Launch Your Business or Product”, “20 Innovative CRM Trends to Pay Attention to in 2022″, and “How to Leverage Segmentation to Boost Cold Emailing”.

IBM – Best Corporate Tech Consulting Blog

• I will endeavor to keep this list updated but new successful bloggers pop up all the time.
• If you’re a new blogger, it’s important to note that blogs don’t often find success by going viral in the way YouTube channels, TikTok accounts and podcasts do.
• They maintain an article database called the Small Business Center, designed to help small businesses with operational efforts.
• Georgi Todorov is the founder of ThriveMyWay, a website dedicated to teaching successful digital marketing strategies.
• Kevin Fowler writes about anything and everything that interests him, which doesn’t narrow things down much.

There’s also a podcast library to explore if you prefer to learn by listening. VentureBeat reports on tech, gaming, and how this relates to business. Not only does Thrive Themes provide an incredible amount of value through their blog, but they also specialize in a range of conversion optimization tools and plugins for WordPress. Kevin Fowler writes about anything and everything that interests him, which doesn’t narrow things down much. In his spare time he enjoys hanging out with his Welsh Corgi and playing strategy games.

Marketing with HubSpot

You’ll learn everything there is to know about marketing – and if a process seems too costly or time-consuming, you can pass the job onto Neil. The HubSpot Sales Blog is an invaluable resource for anyone keen to achieve success in sales, whatever that looks like to you. If you’re just starting out in your business, you’re going to love everything about the Smart Passive Income Blog. Get more industry inspiration, tips and exclusive offers sent straight to your inbox. These influential bloggers didn’t just become famous overnight – it takes hard work, dedication, and a good strategy.

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As one of the most successful billionaires in the world, he has unique insights into taking risks and business growth. Starting out on your own as an entrepreneur or creating your first business can be confusing and a little scary. Luckily there are thousands of resources available online to help you sail the ship. Finding the right information can be tough, particularly when there are millions of blog posts being uploaded to the internet every day. When starting a business, the first thing that comes to mind is, “What to write about in my first blog post?

What Makes Top Company Blogs So Successful? New Data

As such, the writers, as well as the people they interview, are top-notch. Publishing a wide range of media, from articles and newsletters to videos and audio recordings, you’ll find value as soon as you land on their blog. If your business has an online presence at all, then you should be working on your SEO (or search engine optimization). As a popular SEO software of choice for many online businesses, Moz is a trusted source for all things related to search engines. As a result, you can find advice, original data, instructions, and more from industry experts on their blog.

Over the last 15 years, Copyblogger has become the go-to resource for savvy business owners seeking help with search engine optimisation and marketing. Whether you’re trying to boost a small business’s web traffic or promote a large corporation’s content across the internet, Copyblogger is an easy way to get some great advice. It’s free to sign up for and lets you stay informed about all things marketing. Shopify has a massive collection of business-centered resources that can be accessed for free.

It’s a bit shocking how much some of the most successful blogs on the internet make today. Let’s dive into who the highest-paid bloggers on the internet are and why they’re so successful. This is a great reading material choice for people who want to understand corporate law or just get interesting ideas for their own blog. top 10 business blogs and why they are successful It’s one of many blogs that Lexisnexis runs, along with several others that are totally dedicated to personal and criminal law.

The brains behind Big Ideas for Small Business have over 40 years of experience in the legal and business industries. All of their advice is geared towards small business owners and they can help at the very start of your venture. The company was founded in 2007 and is now known to provide helpful advice and inspiration to business owners.

• LinkedIn has made its name as being the social media platform for professionals.
• Email marketing is a powerful tool for generating leads and converting potential customers for your company.
• Then, we narrowed the list down to the top 10 blogs and compared the characteristics and behaviors of those top 10 blogs with the blogs ranked from 11–50.
• In fact, there are so many blogs to choose from that it can be hard to know which ones to read.
• List of startup investors in the BioTech, Health, and Medicine industries, along with their Twitter, LinkedIn, and email addresses.

Conversations rally around sales solutions and what really works in the world of sales. It works in conjunction with his main business site Smart Insights Digital Marketing and offers insight alongside Dave’s training in marketing, intelligence, and consulting offerings. A Passion for Research is written by Louis Columbus and focuses on how today’s internet allows customers to drive innovation in new products and software. The site focuses on CRM, cloud computing, ERP, and enterprise software, though the largest section is cloud computing. You can also interact with the community of readers and fellow students.

Becky McCray started the Small Biz Survival blog to cater specifically to rural entrepreneurs and business owners. As someone who lived in a small town her whole life, she wanted to connect with other small town entrepreneurs around the world. Now let‘s analyze 10 leading business blogs highlighting effective strategies for growth and monetization. Understanding the elements of an exceptional business blog helps you recognize them across different companies.

I hope peering into what makes these sites thrive sparks ideas to fuel your own business blogging journey! Community rules – Sites like Side Hustle Nation and OkDork thrive by building genuine connections with their audience. Solid comment moderation and social media engagement practices help deepen reader loyalty. Nick Loper‘s site showcases tested side hustle models while offering tips for part-time founders. His personal experience brings credibility guiding working professionals toward biz success.

Having created her own digital empire and media brand, Marie Forleo’s blog is fun and insightful. She interviews a variety of experts, from doctors to influencers, to provide unique and inspiring information to her readers. It’s the perfect place to find motivation, get started, and reach your full potential. Backed by the Small Business Administration, SCORE is a reliable resource every business owner should have in their back pocket. This blog post is all about the out-of-the-box thinking any entrepreneur needs. Besides your business, it’s important to develop a growth mindset in every area and to learn how to make money even when you’re not working.

A withholding tax is an income tax that a payer (typically an employer) remits on a payee’s behalf (typically an employee). Whether you work for an employer or are self-employed, you’re required to give the government a share of your earnings. In the U.S., employers withhold taxes from each paycheck for Social Security and Medicare, which are collectively referred to as FICA taxes. Self-employed workers and independent contractors pay both the employer and employee contributions for FICA. This is mandated by the Self-Employment Contributions Act (SECA).

Confused or confounded about the money taken out of your paycheck every week? Wondering what Social Security and Medicare taxes have to do with you? Improving the records system, the auditors said, could help alert federal agencies to the “suspect nature of activities occurring under these SSNs.” “We acknowledge that almost none of the number holders discussed in the report currently receive SSA payments,” the auditors wrote. “However, SSA issued each of these individuals a valid SSN and these SSNs could allow for a wide range of potential abuse.” We identified thousands of instances of potential identity theft or other fraud involving these SSNs.

• President Trump campaigned on a promise to eliminate all income taxes on Social Security benefits.
• As for Medicare, she suggests saving now for future health care expenses.
• The SSA’s central database is called the Numident, or “Numerical Identification System.” The Numident is the “numerically-ordered master file” of all assigned Social Security numbers.
• Employers have to withhold taxes — including FICA taxes — from employee paychecks because taxes are a pay-as-you-go arrangement in the United States.
• An employee earning $250,000 and filing singly will pay $14,528.20 in FICA contributions in 2024.

Self-Employed Workers and Deductions

It is also used to create the SSA’s “full file of death information,” referred to as the Death Master File (DMF). The DMF is then shared with federal agencies that pay people’s benefits. But the question of how the administration will pay for these tax cuts lingers. Trump has proposed replacing income taxes with tariffs, along with enormous cuts in spending — both of which have drawn skepticism from some economists and policy analysts. Some experts warn, though, that Trump’s policies could lead to higher inflation and stock market volatility. Eliminating taxes on Social Security benefits would be more expensive — reducing revenues by $1.5 trillion over 10 years — according to the Penn Wharton Budget Model, provided the policy change is implemented in 2025.

What determines how much my employer sets aside for FICA and other tax withholding?

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What is the FICA Tax?

• The self-employed pay Self-Employed Contributions Act (SECA) taxes on net earnings.
• Mindy Yu, director of investing at Betterment, believes that investing for retirement is especially important given the uncertain futures of both Social Security and Medicare.
• While this Self-Employment Tax uses the same rates for Social Security and Medicare as standard FICA taxes, the self-employed can’t share responsibility for paying these taxes since they work for themselves.
• For income above $200,000, they pay an additional Medicare tax of 0.9% on the portion above that threshold.
• So far, though, crypto makes up less than 1% of retirement access.
• Putting current tax savings toward a retirement account is a smart way to build up your nest egg for later.

Social Security’s trust fund depletion date would move two years closer, the analysis found. Today, beneficiaries who have what is known as “combined income” below $25,000 if they file taxes individually — or $32,000 if they are married and file jointly — generally pay no taxes on their Social Security benefits, the Penn Wharton Budget Model notes. President Trump campaigned on a promise to eliminate all income taxes on Social Security benefits.

If the taxpayer is due a refund, then the FICA tax overpayment is refunded. For example, FICA taxes do not apply to services performed by employed students, the Internal Revenue Service says. Organizations are deemed a “school, college or university” if their social security fica function and the student’s relationship with the employer are primarily educational.

The total Medicare tax rate of 2.9% is also split between employee and employer. For 2023 and 2024, the total Social Security tax rate of 12.4% is split between employee and employer. Musk’s X post suggests that roughly 20.8 million people aged 100 or older were registered in the SSA database.

Understanding how the FICA tax works and the potential exemptions can help you plan better financially. It also provides peace of mind, knowing that this deduction is helping to ensure your financial security in retirement or if you face unforeseen health challenges. In this article, we’ll explore how the FICA tax works, how it affects your paycheck, and the various exemptions or ways to reduce this tax burden. I hope that next time you look at your paycheck you’ll have a better understanding of how Social Security is funded.

Understanding the FICA Tax

Your employer also pays a tax equal to the amount withheld from employee earnings. Yes, all employees must pay FICA taxes on their gross wages on every paycheck, including taxes for Social Security and Medicare. If a worker has overpaid toward Social Security by having more than one job or by having switched jobs during the year, that worker can file a request to have that overpayment counted as a credit for tax paid when he or she files a federal income tax return.

The Old Age and Survivors Insurance trust fund, which pays benefits to retired workers and their survivors, currently has enough money to pay out full benefits through 2033, according to the latest projections. After that, the trust has only enough to pay 79% of scheduled Social Security benefits unless Congress takes action. For some high-income households, the policy change may result in gains of up to $100,000 over their lifetimes, the research also found.

In 1965, the payroll tax to fund health care benefits was added when Medicare was signed into law by President Lyndon B. Johnson. Roosevelt believed that the money collected from all working Americans through FICA would belong directly to them. He didn’t want the financial benefits for their retirement, disability, or death to depend on federal revenue.

This function provides automated posting alternatives, which considerably speeds up the total closing process while maintaining accuracy. The Maker Checker Workflow adds to the efficiency of the financial close process by segregating responsibilities and enabling the monitoring of priority tasks. Discover how Flow Works Bookkeeping and Consulting uses Sage AutoEntry to save time and focus on building her thriving accounting firm. This is because you haven’t yet received the full year’s worth of insurance coverage. The focus here is on the earning of revenue or the incurring of expense, not the movement of cash.

• Revenue recognition in deferred billing scenarios requires aligning accounting practices with the delivery of goods or services.
• This process continues until the subscription period ends and all the deferred revenue is recognized as earned revenue.
• This approach not only enhances the reliability of financial reports but also aids stakeholders in making informed decisions based on the company’s actual performance.
• When customers prepay for products or services they won’t receive until later, the payment is recorded as deferred revenue on the balance sheet rather than sales or revenue on the income statement.
• The initial payment made by the client is recorded as a liability on the balance sheet and is recognized as revenue over a period of time until the goods and services have been delivered.
• Discover how Flow Works Bookkeeping and Consulting uses Sage AutoEntry to save time and focus on building her thriving accounting firm.

The same principle applies to other prepaid items like rent or subscriptions, where the expense is gradually recognized over the periods benefiting from the prepayment. Deferrals play a crucial role in ensuring accurate financial reporting and compliance with accounting principles. Ultimately, mastering the concept of deferrals is essential for the overall financial success of any business.

Seeing deferred revenue as prepaid revenue

The payment structure significantly impacts buyers’ financial planning and sellers’ revenue recognition. Paying the office rent in advance is another common example of deferred expense. This amount will be a prepaid expense recognized as an asset on the balance sheet and appear in the expense deferrals account. The second important principle regarding deferral accounts is the revenue recognition principle. According to the FASB, IFRS 15, the revenue recognition principle, revenue should be recognized when earned or when the performance obligation is completed. In the same way, a firm’s accountant should ensure balance sheet items items of balance sheet with explanation that the expenses paid in advance of receiving the product or service should be deferred.

Why Use Deferrals?

Accruals are accounting entries that recognize revenues and expenses when they occur, regardless of when cash is received or paid. An example of an expense accrual would be bills owed by your company for services or items already received. Suppose your business hires a lawyer in December to help prepare legal documents and the lawyer doesn’t bill for services until January of the following year.

What is an Income Summary Account and How to Calculate It?

• For example, imagine a software company receiving a $1,200 payment for a one-year subscription.
• Deferral permits reflecting of expenses or revenues later on in the financial statements when the product or service has been delivered.
• Penalties for late payments or early settlement must also be clearly stated to avoid misunderstandings.
• A revenue deferral is an adjusting entry intended to delay a company’s revenue recognition to a future accounting period once the criteria for recorded revenue have been met.
• While you’ve received the money, you haven’t provided the year’s worth of service yet.
• The adjusting entries are made at the end of each month throughout the year.
• These schedules can help accountants monitor the timing and amounts of deferred revenues and expenses, ensuring that adjustments are made accurately and on time.

Industries with cyclical cash flows, like agriculture or tourism, often use this approach. Take charge of your company’s financial health by mastering deferral accounting. Implementing proper deferral practices will streamline your accounting processes and enhance the credibility and reliability of your financial reports.

This mechanism provides flexibility in managing cash flow, making it beneficial for both parties. Similarly, an expense deferral acts as an asset to be horizontal and vertical analysis recognized in a later fiscal period when the performance obligation with a service or goods provider is satisfied. This is done when the payment has been made, but the related revenue has yet to be recognized. Debits and credits are used to settle their books in the bookkeeping of a business. Debits boost the accounts of assets and expenses and reduce accounts of liability, revenue, or equity. Unearned revenue refers to money received before services are performed or goods are delivered, treated as a liability until the income is earned.

Consigned Goods Management: Accounting, Revenue, and Risks

But despite their end goal of creating accurate financial statements, accruals and deferrals contrast starkly in nature. Deferrals refer to the accounting practice of recognizing revenues or expenses in a period different from when the cash transaction occurs. This concept is crucial in the context of completing a comprehensive accounting cycle for a business, as it ensures the accurate matching of revenues and expenses to the appropriate reporting period. A property owner receives the annual rent for a future fiscal period in advance. The capital in the cash account and the liability account will increase at the time of the payment. It will slowly be recognized as earned revenue so that eventually, by the end of the year, the liability account will be empty.

Deferred Revenue Example

We have seen that deferred revenue is when the company has received the amount for the service or product that has not yet been delivered. This revenue is, therefore, not counted as revenue by the company at this stage. Now, this revenue what is prepaid rent its importance in the accounting sphere which is also termed unearned revenue is recorded as a liability on the balance sheet. This is so because per accrual accounting, the recognition of revenue is not complete.

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This includes tracking grant funds, ensuring compliance with grant requirements, and preparing detailed financial reports for grantors. Expertise in bookkeeping for nonprofit organizations, including proficiency with QuickBooks for Nonprofits, allows us to assist organizations in managing their accounting practices effectively. This ensures compliance with nonprofit accounting standards and enhances financial management. Our team stays updated with the latest nonprofit accounting standards and regulations. We ensure compliance by following best practices in financial management, preparing accurate reports, and adhering to all relevant guidelines.

• This ensures accurate tracking of all transactions, timely reporting, and compliance with regulatory requirements.
• Managing finances in the nonprofit sector is complex and requires specialized expertise beyond basic accounting.
• At Good Steward Financial Company, we recognize the crucial role that precise and tailored bookkeeping plays in the success and sustainability of nonprofit organizations in Portland, Oregon.
• Yes, we provide comprehensive grant management services as part of our nonprofit bookkeeping services.
• With outsourced bookkeeping, you are paying for what you need and not what you don’t.
• We believe that we reach our highest potential when we marshal our resources to foster human flourishing.
• Historically, the bookkeeper has been under utilized by business owners.

Passion & Expertise

We communicate in a way that makes sense for your business’ growth and success. Our firm embraces the idea that we have a responsibility to give back to the community that gives Certified Public Accountant so much to us. The idea of giving back is an essential component of our firm and allows our accountants and staff to work with the community as partners, family and friends. We believe that we reach our highest potential when we marshal our resources to foster human flourishing.

Understanding Portland’s Nonprofit Landscape

• Our nonprofit bookkeeping service ensures meticulous tracking of every transaction, providing accurate financial statements and effective fund management.
• Good Steward Financial Company simplified the nonprofit’s complex accounting system, integrating processes for a seamless transition to a sustainable financial future.
• Our expertise includes fund-based accounting, easy-to-understand financial reporting, Form 990 filing assistance, grant tracking, and budget development.
• Our nonprofit accounting firm in Portland offers a range of services including bookkeeping, financial reporting, payroll management, audit preparation, and compliance assistance.
• We assist nonprofits in budgeting, forecasting, and financial planning, empowering them to make informed decisions aligned with their mission.
• We maintain detailed records to demonstrate compliance with these restrictions.

Utilizing a dedicated nonprofit bookkeeping service can be transformative for an organization, enhancing its ability to thrive. Nonprofit organizations face unique financial challenges that require specialized accounting practices. These entities often juggle multiple funding sources, such as grants, individual donations, and fundraising events, each with distinct rules and reporting requirements. It is essential to meticulously Grocery Store Accounting track and manage these funds to ensure compliance with regulations. Yes, we offer training sessions to help nonprofit staff understand financial reports, manage budgets, and ensure compliance with accounting standards.

Benchmark Industrial Service

With outsourced bookkeeping, you are paying for what you need and not what you don’t. If your nonprofit is driven by a vision of positive change, I’m ready to support your journey.

Can you help with grant management as part of your nonprofit bookkeeping service?

Without robust accounting practices, a nonprofit risks damaging its reputation and financial stability, which can hinder its ability to secure future funding. By partnering with our nonprofit accountants in Portland, portland bookkeeping organizations can navigate these complexities with confidence and focus on their mission. Nonprofits can significantly benefit from entrusting their financial tasks to experts like Good Steward Financial. Managing finances in the nonprofit sector is complex and requires specialized expertise beyond basic accounting.