One of the most common problems we see from startup founders that are first moving off from DIY accounting is a wide range of “personal transactions” being made with the business accounts. This is known as “commingling your books” and is a huge no-no as well as one of the most common ways businesses find themselves on the barrel end of an IRS or state audit.
Whether on an individual level or as a business owner, every living, breathing citizen or resident of the United States of America has some familiarity with federal and state taxes. The mission of the Internal Revenue Service is to "provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all." This is why we must file taxes annually on our income each year.
My colleague recently wrote about the importance of closing your business’s books at the end of your fiscal year. A few of you reached out to us after reading her post, asking for more about some of the financial statements that Melissa mentioned.
We’re happy you asked!
I recently overheard a casual conversation between two of my friends from inDinero’s tax team in the breakroom. Their conversation was animated, and I kept hearing the term “K-1”—naturally, I assumed they were talking about a new Star Wars character. But boy was I wrong...
I learned that the Schedule K-1 is not a new imperial droid, but can be just as villainous in the eyes of many small business owners.
If you run a startup or other business in the midst of growth, you picked a hell of a time to embark on your entrepreneurial journey. We’ve reached a point in the global marketplace where the tools and products out there designed to help you manage your company are virtually limitless.
The question then becomes: Where to begin?
The landscape of business resources is vast and weeding through the internet is time consuming... so we did it for you! As of April 2016, here’s a comprehensive list of resources you should know about, from marketing to sales to teamwork to legal help and beyond:
For any business owner considering taking out a loan with the Small Business Administration (SBA), it is not uncommon to be put off or overwhelmed by the sheer volume of information that you need to provide to apply.
But if you’re willing to put some time into it, you can absolutely prepare everything that you need to apply for and successfully obtain an SBA loan. Here, we’ve put together a cheat sheet detailing all of the most common pieces of information or documentation SBA lenders expect from loan applicants.
From startup funds to venture capital firms to influential individuals, inDinero’s investors are a diverse group of tech industry innovators and change-makers. But they didn’t come flocking to our company overnight.
What makes a good investor? And how should you go about finding someone who possesses the right qualities?
A pretty significant number of entrepreneurs who pursue venture capital believe the answer to these questions is simple: follow the money. In theory, it makes sense: What better indicator could there be of an investor’s success than their wealth? Isn’t that what investment is all about?
Not really—at least not for you, the business owner on the other side of the deal.
As of May 18, 2016, many employers and payroll processors are hard at work implementing President Obama’s call to more than double the annual salary cut off for overtime pay from $23,000 to $47,476 (a difference of about $458 a week). This jump immediately benefits upwards of 4 million American workers and is historic in nature because it’s a change that hadn’t taken place since 1975 when a $23k annual salary had the spending power $101,677 has today (source: United States Department of Labor Inflation Calculator).
A quick intro from the editor: Steve Kornreich heads inDinero’s NYC-based consulting team that serves entrepreneurs east of Chicago. He is the proud father of a soon-to-be 5-year-old cockapoo named Mickey.
I recently had the pleasure of joining founder and CEO of Justworks, Isaac Oates, and Founder and CEO of LawTrades, Raad Ahmed, on a panel sharing personal success stories and practical advice to entrepreneurs of all stripes. While I haven’t personally started a business, I do have the breadth of experience working with countless startups and watching them grow. I’ve worked for a big Wall Street firm and an early stage startup (we, unfortunately, did not make it), and led business development efforts for small and mid-sized financial institutions at Gartner before coming back to the startup ecosystem with inDinero.