BA Accounting

02/19/2025

It can be tough to strike the right work-life balance.

On the one hand, you feel as though you should dedicate every waking moment to growing your firm. You’ve got discipline and drive, and you’re prepared to do whatever it takes.
Yet at the same time… you can’t help but feel you’re missing out on time with your family. You don’t want to miss fun days out and family dinners.

So how do you find that balance?

Here are three things that help me to get it right.
1. Setting soft and hard deadlines for when I want to finish work in the evening. A soft deadline can be extended, if necessary, but a hard one is non-negotiable.

2. When time blocking, I include family or alone time.

3. I unplug in the evenings and turn my phone off at least an hour before bed.

How do you find your balance?

01/28/2025

Why Getting Your Accounting Right Helps Your Small Business to Succeed

Are you a small business owner? If so, then you know how important it is to keep your finances in order. After all, your business's success depends on it.
But what you may not realize is that your accounting also has a huge impact on the fate of your enterprise.
Good accounting is essential for small businesses in order to make sound financial decisions, track progress, and plan for the future. It also helps you to save money and avoid costly mistakes.
Let’s take a more in depth look at why getting your accounting right is essential for small business success.

#1 - Financial Stability
Without accurate financial statements, it's impossible to know how much money your business is making or losing. This information is crucial for making sound financial decisions and ensuring that your business is on track.
If you don’t know which direction your business is going in, you’ll quickly crash and burn.

#2 - Greater Efficiency
With accurate financial statements, you can track your spending and better manage your cash flow. This information is crucial for making sure that your business has the funds it needs to operate smoothly.
Good accounting can also help you find areas where your business is wasting money so that you can cut costs and improve your bottom line.
Not only this, but your accountant can help you to identify your most valuable customers or clients and target them with your marketing efforts. This can lead to improved customer retention, more sales and ultimately a leaner business model.

#3 - Peace of Mind
Running a small business can be stressful, and there are many things you need to keep a close eye on.
Good accounting can help take some of the stress out of running your business by giving you the peace of mind that comes with knowing your finances are in order.
Don't underestimate the importance of a strong mindset in running a successful small business. When you're not worried about your finances, you can focus on other aspects of your business and make better decisions overall.

#4 - Better Decision Making
Finally, good accounting is essential for small businesses because it gives you the clarity you need to make informed decisions about your business.
With accurate financial statements, you can see where your business is succeeding and where it needs improvement. This information is crucial for making sound strategic decisions about the future of your business.
Good accounting can help you avoid costly mistakes and make smart decisions that will help your business grow.
In fact, good accounting is absolutely essential when preparing for business growth because it gives you the information you need to make informed decisions about investing, hiring, and expansion.
Growth often requires you to spend more than you're bringing in, and good accounting can help you plan for this so that you don't put your business at risk. The right accountant or advisor will help you to properly manage your cash flow and make accurate predictions so that you can grow your business at a steady, sustainable and successful rate.

Final Thoughts
Small business owners should not underestimate the role of great accounting in the success of their business.
Accurate financial statements and careful record keeping are crucial for making sound financial decisions, tracking progress, and planning for the future.
More than that, knowing that your accounts are in order offers peace of mind and allows you to make timely and profitable decisions with clarity and confidence.
Remember, running a business should ultimately be enjoyable, and it's very difficult to achieve this goal when finances are a constant source of stress. Investing in a quality accountant to help you relieve this burden might just be the best business decision you’ll ever make.

12/30/2024

Timely Financials are critical to any business success

08/22/2022

Curious about what does current assets mean and why it's called current? Check out this article from Intuit.

https://quickbooks.intuit.com/global/resources/accounting-and-bookkeeping/current-assets-meaning-and-example/





.mybaaccounting.com

Current assets can easily be converted into cash. Learn more about the meaning of current assets and examples of what they are with this guide by QuickBooks.

08/19/2022

World Humanitarian Day is observed on August 19 every year to recognize humanitarian personnel and those who have lost their lives working for humanitarian causes. Humanitarian concerns with promoting human welfare.
The day was designated by the United Nations General Assembly in 2009. This year’s World Humanitarian Day builds on the metaphor “It takes a village to raise a child”. Similarly, it takes a village to support a person in a humanitarian crisis.
To read more about this day and find out the facts collected by the UN, visit this site:
https://www.un.org/en/observances/humanitarian-day

08/17/2022

08/15/2022

Hello Truckers,

Bookkeeping does not have to be complicated. With small tricks, you can save on time and money down the road. Below are some tips that can help you along the way whether you’re using professional bookkeeping services or you’re doing the books yourself:

1- Keep accurate records:
When it comes to your accounting records, complete and accurate records will help make sure the tax guys are not taking your money. You want to keep all your receipts. A good trick is to stable all receipts for the month together with a running total on the top.

2- Separate your business bank account from your personal.
Mingling business and personal income and expenses makes bookkeeping hard to keep track of. Should you get audited by the IRS or your state, proving your business-related expenses will be a tough task.

3- Keep a log of your mileage and save those logs.
With the log, you’ll be able to accurately claim entitlement to mileage driven and have legitimate proof.

4- Note expenses without receipts.
If you have small expenses that you didn’t collect receipts for, keep a log of these expenses whether in a notebook, on your phone or digital devise. Do not underestimate the power of small expenses. They can add up.

5- Close your month.
You want to make sure you add your disbursement and income and tie those to your bank balance at the end of the month.

6- Keep an eye on your bank account.
To make sure you are paid what and when you should be paid, make sure you review your bank account transactions frequently. Following up on unpaid balances will become smoother and less confusing.

7- Save your records.
You need to keep your records for at least three years after you’ve filed your tax return. Store those records in a safe and easy to get to place whether physical or electronic.

8- Use an accounting system.
Several accounting systems are out there to help make your bookkeeping task easy and straightforward. Do not hesitate to review your choices and make the best choice that fits your needs.





.mybaaccounting.com

06/20/2022

There is so much you can get from the financial statements for your business if you stop thinking of them as needed for tax returns only. They really should be helping you run your business if done correctly. Don't hesitate to call for a free consultation if you want to learn more.





.mybaaccounting.com

06/19/2022

Happy Father's Day to all the great fathers that lived, are still living, and fathers of the future. We love you.




.mybaaccounting.com

05/02/2022

Happy Eid. May this holiday brings blessings upon all living souls.

03/03/2022

S Corp Tax deadline.

03/01/2022

17 million new businesses are expected to open doors in 2022 in the US alone according a survey done by QuickBooks. Wow. Covid has made us rethink priorities.

After two record-breaking years of new business creation, there’s no sign of the trend slowing down as QuickBooks projects as many as 17 million new small businesses could be set up in 2022.