Your Small Business Needs a Budget

five stacks of silver coins increasing in height from left to rightSmall businesses need budgets, but too often, they don’t have one. The staff at David Mills CPA, LLC can assist with your budgeting needs.

Creating a business budget can seem overwhelming. One survey found as many as two-thirds of all small businesses don’t have a budget.

Without a budget, though, your company’s financial health is at risk. Small businesses face challenges every day. A budget helps mitigate those difficulties.

The experts at David Mills CPA will show you how budgeting can grow your profits. Interpreting the numbers is key, but we understand making sense of those figures can feel overwhelming.

We can help you answer the critical questions:

  • Do you really know where your money is going?
  • What does it cost you to open the doors each day?
  • What are your most profitable services or products?
  • When you have vendor price increases how much more do you need to sell to remain at the same profit levels?

A smartly planned budget will include flexibility to help you navigate any troubled waters your business may face.

close up of black calculator keysA budget should be more than just a yearly chore. It’s a tool to help you tackle short-term obstacles while planning for the long-term future.

Experts can help answer budgeting questions

We will teach you the questions to ask when looking at your budget versus actual numbers. In this way, your budget becomes a valuable tool to manage cash flow and build your business.

Budgets help make your business more efficient. They can help keep your company out of debt while developing a roadmap for future growth or expansion.

Planning your business budget will make it more efficient to operate your company.

Let the staff at David Mills CPA assist you with all your business budgeting needs. Contact us today for more information.

David Mills CPA: East Peoria Location Now Open!

Exciting news! David Mills CPA has officially opened our East Peoria location. We can provide your business with accounting and financial services. Our office is open Monday-Friday from 8:00 AM until 5:00 PM.

David Mills Services Offered David Mills East Peoria location

In order to best serve our customers, we offer a wide variety of services. We can assist your business with the financial aspects so you can focus on what is most important to you. A list of our services include:

  • QuickBooks
  • Bookkeeping
  • Family Office Services
  • Trust & Estate Taxation
  • Income Tax Planning
  • Daily Money Manager
  • Financial
  • Tax Preparation
  • Controller/CFO Services
  • Payroll
  • Business Structure
  • Cash Flow & Budgeting

Now Booking Appointments

Our East Peoria location is now booking appointments. For all of your financial needs, contact David Mills CPA today. We look forward to working with you and serving our customers in East Peoria.

 

QuickBooks Run Down

Quickbooks offers a variety of solutions for business owners. It provides features for accounts, payroll, receivables, payables, inventory, and much more. If you feel QuickBooks could be beneficial to your company, read more to learn how it can be beneficial to your business.

Benefits Of QuickBooks QuickBooks

QuickBooks provides many benefits for business owners. It allows for a better organization system to help keep all of your business’s information in one spot. It also allows for integration by connecting your bank account to import and categorize transactions. Finally, businesses are able to use templates such as invoices, spreadsheets, charts, and business plans that are customized to their business.

Integrate Your Point Of Sales System

The point of sales system (POS) your business uses is extremely important. Integrating your POS system with QuickBooks is extremely beneficial. QuickBooks Online is able to connect with several POS, making it a great way to increase efficiency. Integrating the two systems can save time. The information entered will be saved in both systems. It also will reduce human error because there are fewer steps to take with an automated process. Finally, integrating the two systems provides all the necessary information at your fingertips!

Create A Secure Environment

With all your financial information in one place, make sure to change the password in your account to a unique, strong password. Also, be sure to change the password every so often to continue with a secure environment.

What A QuickBooks Pro Adviser Can Do

At David Mills CPA, we have QuickBooks Pro Advisers that can help with all your QuickBooks needs. If you are looking for a professional adviser, look no further than David Mills CPA. Here is what our Pro Advisers can help you with:

  • Installation: An adviser can help you establish which version is best for you. They are able to install the software and enter the beginning balances.
  • Training: An adviser has the knowledge and experience to provide companies with tools and training to maximize their capabilities with QuickBooks. Our training focuses on each company’s specific needs. We can come to your location, to train your people, with your information.
  • Support: An adviser is able to answer questions for your individual business and how to best use QuickBooks for your industry.

David Mills CPA Is Here For You!

If your business wants the skills and knowledge from a QuickBooks Pro Adviser, contact the professionals at David Mills CPA today! We will be happy to answer any questions that you have or provide you with more information.

Spring Clean Your Finances

Spring Clean Your Finances

With April right around the corner, warmer days will be here before we know it. While many people associate spring cleaning with cleaning and organizing your home, have you thought about spring cleaning your finances? Spring cleaning your finances is a great way to get back on track with paying off any debt, getting organized, and evaluating your overall financial situation. By following our five spring cleaning tips, you will be on your way down a more stable financial path.

Spring Clean FinancesEvaluate Your Debt

Take a look at how much total debt you owe. To truly understand your debt load, you will need to calculate how much debt you owe compared to the amount that you earn. If your total consumer debt is less than 20% of your net income, you are in fine standings. But, if your total consumer debt is above 20%, it is time to assess your debt load. Don’t let it overwhelm you though as there are many solutions to becoming debt free such as cutting expenses, creating a debt-free plan, setting goals each month, getting a second job and numerous of additional solutions.

Get Organized

Organizing your finances is a vital part of being able to gain control over your financial situation and to make sure that additional wealth is going to be created. A few ways to organize your finances can include consolidating accounts, filing important documents, determining your personal net worth, estate settlement, and shredding documents that you no longer need. All of these tasks will help you be on your way to better-organized finances.

Save MoneyTweak Your Budget

Your budget is one of the most important parts of your financial planning. Without a budget, you could be at risk of overspending on items that could cause you to go into debt, or further into debt. The best way to tweak your budget is to look back at the past couple months and analyze what you spend the most and least money on. From there tweak it accordingly if you see any trouble spending areas or areas that you’re budgeting more than you need to.

Check Up on Insurance

It is always a good idea to check up on your insurance policies, whether it be health, property, casualty, or any other insurance policies you may need to evaluate. There are many benefits by doing this such as catching any mistakes, finding better rates, or realizing it may be time to bundle. As your life changes over the years, it is always best to ensure you are not paying for insurance you no longer need or that you are not underinsured.

Evaluate Your 401K

Evaluating your 401k is important for a number of reasons. Many people make basic mistakes such as overlooking retirement plan fees, getting scared by market volatility or getting overly aggressive. Reasons like these are why it is important to think about retirement sooner than later so that you are able to take on an appropriate level of risk all along.

If you are looking for financial services to help get your finances in order this spring, contact David Mills CPA LLC. David Mills offers financial and accounting services to small and medium-sized businesses, as well as individuals in Peoria, IL as well as the surrounding areas. To learn more about the services we offer, or to learn more about David Mills CPA LLC as a company, contact us here. We look forward to speaking with you!

5 Reasons to File Your Taxes Early

5 Reasons to File Your Taxes Early

When it comes to paying your taxes, many people find themselves scrambling in April trying to get their act together. While you may think it would be an annual routine for many, about 20% of people wait until the last week to pay their taxes. Are you in that 20%? Whether you are or are not, understanding the benefits of filing taxes earlier than later is very important and will help taxpayers in the long run.

1. The faster you file, the faster you receive your tax refund.

The most obvious reason to file your taxes early is to receive your tax refund as soon as you can. Last year the IRS made it possible to have your tax refund direct deposited into your account, which will allow you to receive your tax refund even faster rather than waiting weeks for a paper return.

2. Filing your taxes early helps prevent tax fraud.

Tax fraud is a major issue that many people end up having to deal with. While tax fraud is more common than you think, there are ways to prevent it. One of these ways is to file your taxes as early as possible. By filing taxes early, it will be more difficult for criminals to pull off. This is because if the IRS receives a duplicate return after you have already filed yours, it will be noted as fraudulent. If you have not filed yours yet, you could be in trouble.

3. If you end up owing taxes, you’ll have extra time.

If you discover that you owe a balance to the IRS, filing taxes early will allow you extra time to sort everything out. If you file as soon as you can in January, then you will have until mid-April to come up with the extra money that you owe. The extra time makes it much less stressful for you and your financial situation.

4. Filing early ensures you won’t need a tax extension.

If you wait until the last minute to file your taxes, you may find yourself scrambling in search of receipts, personal information, etc. Thus, leading to the need for a tax extension. This turns into a serious issue when you owe a balance to the IRS and do not pay what you owe. The IRS will charge you interest and penalties until the full amount is paid off. Filing your taxes early will help you avoid all of these potential issues.

5. Save yourself the stress of waiting until the last minute.

Waiting until the last minute to file taxes will do nothing but add additional stress to your life. You will feel the pressure to find your needed information and file as fast as you possibly can, which can lead to errors and other problems down the road. Tax season is stressful enough, there is no need to add even more stress by waiting until the last minute.

If you are in need of additional tax information or need assistance in filing your taxes, contact David Mills CPA LLC today. We provide expert accounting and financial services to small and medium-sized businesses, as well as individuals across Morton, Peoria, & the rest of Central Illinois. We look forward to answering any questions you may have!

Get Your Books in Order

Get Your Books in Order

Get Your Books in OrderNo matter the type or size of your business, the tax man will come knocking on your door when tax season comes among us. It is always best to have your books in order and up to date when that time comes. We are aware this may seem like a hassle to keep up with yourself, but by following our tips below you will be on your way to better, more organized accounts this year and a more successful business.

1. Stay Organized

Becoming and remaining organized is incredibly important when it comes to keeping your finances in order. The good news is, this doesn’t have to be a difficult task. Keeping up with basic spreadsheets showing all of your funds received and funds paid out is a simple way to track your finances. At the end of every month, check to make sure your records all align with the money in your bank account to ensure balanced accounts.

2. Hire an Accountant

We understand that handling your financials is not the easiest task to take on by yourself, which is why we always recommend hiring a professional accountant in your area to take care of the dirty work for you. Through hiring a professional, you can rest assured knowing your accounts are in good hands and you are up to date with all rules, laws, and aren’t missing out on any tax allowances. Through hiring an accountant, you can put all of your attention on growing your business.

3. Separate Personal & Business Finances

There are many benefits when it comes to separating your personal and business finances. Not only will it make your business look more professional, but it will make it much easier to separate personal and business expenses when tax time comes. Depending on how your business is set up, it may be required by law to have separate accounts. Ask a local accountant in your area if you are curious if this is required for your business or not.

Clock - Don't wait to get books in order4. Don’t Procrastinate

Waiting until the last minute to get your finances in order is never a good idea. Procrastinating this task usually leads to additional issues down the road and by then, it is too late to have sorted out. Staying on top of your receipts and invoices will make it easier for you and your accountant to get your accounts sorted out in a timely manner. And not to mention, will help your overall business run more smoothly.

By following the four tips above, you should be on your way to better, more organized accounts. The more you keep track of and have up to date, the easier it will be when tax season comes along. If you are looking for additional help with your finances or have any questions about getting your books in order, contact a professional accountant in your area. David Mills CPA LLC provides expert accounting and financial services to both small and medium businesses, as well as to individuals across Peoria, Morton, and the rest of Central Illinois. If you are looking to get your books in order this year, feel free to contact us here.

8 Reasons You Should Outsource Payroll

8 Reasons You Should Outsource Payroll

Are you a small business owner who is handling payroll processing yourself? Payroll may seem like something that you can operate on your own. However, there are many demands that come along with handling payroll. Some demands include keeping up to date with payroll laws, tax deposit rules, and filing state and federal mandated forms on time so you are not penalized for missing a deadline. Outsourcing payroll not only takes care of all of these functions but allows the business owner to focus on aspects of the business that directly affect its future. Outsourcing payroll provides several benefits.

Outsource payroll1. It saves you time.

Operating payroll services requires a lot of time that many small businesses do not have. From entering data to researching new laws or updates, the amount of time that payroll takes up is not desirable to many business owners. Outsourcing the service allows you and your employees to offer their full attention to the direct needs of the business.

2. It saves you money.

Outsourcing payroll prevents your business from having to hire someone that is specialized in this particular service. This reduces the cost of overhead. Second, a company can also save money by saving time. Employees need to be paid for their hours of work. By hiring an affordable full-service provider, this can be avoided.

3. No need to worry about payroll tax filing.

Payroll is a complex and risky business operation. It can be difficult if you do not have an expert in this field who is handling tasks. Federal, state, and local payroll tax laws are becoming more and more detailed. Without having the time to research, learn and apply these updates, you run the risk of calculating or filing your payroll taxes incorrectly or late. By outsourcing payroll, you never have to worry about these issues again.

Payroll security4. You eliminate security risks.

Security risks can be a problem. Companies can run the risk of an employee tampering company records, embezzlement of funds, or identity theft. Even with the most trusted employees, business owners should be cautious. In-house payroll software is also something you need to be careful with and do your research to see how secure your payroll data really is. Choosing to outsource payroll with a reputable company can make you feel assured that your confidential payroll data is secure at all times. This is a huge part of the service provided to clients.

5. Being able to simply understand reports.

Payroll operations can be a difficult subject to learn and understand. Receiving payroll reports tailored to your specific company is a huge benefit when considering outsourcing. An outsourced payroll company can help explain data in a way you will understand. Consider hiring a full-service company who prepares union reports and others as needed.

6. Online payroll processing is available.

It is important to make sure you are hiring a company who can also provide online payroll processing. Online payroll processing allows your employees will have 24/7 access to their information such as current payroll stubs or last year’s W-2 forms. Employees are able to request changes to their withholdings, etc., without having to take any time away from running your business.

7. Reporting issues are taken care of.

Outsourcing companies can take care of any reporting issues that come about. Some examples include child support audits, Worker’s Comp audits, 1099 processing, W-2, and Wp3 processing, preparation of federal and state registration forms, or any other issues that may arise, the full-service company will be able to take care of it for you. Also, this will save your business additional time and energy.

Payroll professionals8. The expertise of hiring the professionals.

Hiring professionals who have expertise in payroll will put your mind at ease. You can feel confident knowing that they will take care of every last detail with payroll processing. Operating payroll can create complexities that only take your time and money. This ultimately hinders the business itself. A professional company will take over payroll tasks.

If you are considering outsourcing payroll, consider all of the benefits that come along with it. Some benefits include saving time and money, securing your data, and allowing you to no longer worry about handling payroll functions and all of the complexities that come along with them. David Mills CPA, LLC provides expert accounting and financial services to both small and medium businesses, as well as to individuals. Our CPAs can assist you with a multitude of accounting services in Peoria, IL, Morton, IL, and the rest of Central Illinois. If you are interested in payroll services or any other financial services, you can contact us here.