Smart Money CPA

08/18/2023

Business ownership is a real grind right now. Every battle (keeping employees, managing rising costs, supply chains drying up, etc) has you on your toes. And in that kind of environment, it's easy to forget why you got into this whole thing in the first place.

So you've got to bring your business’s purpose back to the forefront of your daily decision-making. Uncovering your business why in the face of ever-changing circumstances means more stability and inspiration to push through.

Oh... and it's not a one-time thing — it's an ongoing journey.

08/17/2023

A lot of businesses would love to have a slow time to work carefully on improving their operation and bottom line.

This breather has landed in your lap.

Go over budgeting items, then go over them again.

Take time to study your business and the money that makes it go.
- What procedures have you always wanted to improve?
- Are you satisfied that you take all the payment methods you need?
- Is there anything an auditor would frown upon?

08/16/2023

It's hard to grasp everything that's happening with AI right now. Even harder to figure out where to start implementing it in your business. But, you've got to figure out how to jump on this moving train sooner rather than later.

Start by building an AI framework and work it into company goals and objectives. Not sure what that is, read more to find out.

Artificial Intelligence is quickly becoming embedded in all facets of business operations. Before deciding whether to use a specific AI tool, businesses should set guidelines for their relationship with AI.

08/15/2023

Scams are everywhere and that includes fake products for sale. Ever been duped by a fake advertisement on social media or even a realistic looking website?

But, we want to help you avoid falling into that trap. Here are some tips to help you spot a fake. The first one especially seems obvious and yet so tempting when you see it.

The rise of online shopping has fueled the sale of fake goods. Experts share top tips on what to look out for to avoid buying a fake online.

08/14/2023

You've probably heard about the 1099-K reporting for CashApp, Venmo, or PayPal payments for goods/services, especially if you've used said platforms for your own "business" purposes. With such a low threshold for this requirement ($600) it's made a lot of people unsure if or how that applies to them.

Are you confused about what exactly that means and if it affects you?

Read on to find out.

The Form 1099-K reporting threshold for payments made by third party settlement organizations (TPSOs) decreased to payments exceeding $600.

08/12/2023

Business Cash Advance: A Loan Alternative for Louisville Businesses https://smartmoneycpa.com/2023/08/12/business-cash-advance-a-loan-alternative-for-louisville-businesses/?utm_source=rss&utm_medium=rss&utm_campaign=business-cash-advance-a-loan-alternative-for-louisville-businesses&utm_source=rss&utm_medium=Sendible&utm_campaign=RSS

When inflation and interest rate hikes are making getting a loan difficult, a business cash advance could be a great option.

08/11/2023

It might seem strange to think about what happens after you pass when you're in the prime of life, but now is exactly the right moment to get started.

Because estate planning is far more complicated and involved than most people realize. If you don’t have a full understanding of your legal and financial rights, it is going to end up costing you… or your family… much more in the long run.

If you think you're too young to worry about estate planning, or perhaps you're waiting until you have more “estate” to bother with ... think again.

By planning now what happens to your estate in the event of your death, you will be left with the peace of mind that comes with knowing you've provided (to the best of your ability) for your children and your family.

08/10/2023

Tired of all those Zoom calls? Well, in an ironic twist, Zoom is too.

And even though working from home has its advantages, there are some great reasons to be in the office as well.

What beneficial things can you see about being in the office over being at home?

https://www.inc.com/bill-murphy-jr/zoom-just-made-a-striking-decision-it-could-affect-anyone-working-from-home.html

08/09/2023

Sometimes you need to tinker with the rhythm of your business in order to keep it profitable.

Tinkering looks like this:
- Setting targets that build toward objectives
- Monitoring progress using financial benchmarks
- Adjusting procedures as needed

Been tinkering with your business lately and seen results?
Share it with us.

08/08/2023

We all know cryptocurrency has been a volatile investment (and payment) type, especially recently.

Moving to digital currency has been a fraught path. And now Stablecoin has entered into the conversation.

PayPal just launched its own... and it's backed, coin for dollar, by U.S. cash. It's called PayPal USD or PYUSD.

Do you think this will gain traction and trust?

PayPal USD (PYUSD) is fully backed by U.S. dollar deposits, short-term U.S. treasuries and similar cash equivalents, and can be redeemed 1:1 for U.S. dollars.

08/06/2023

Keeping Expenses Separate in Your Louisville Business

Failing to separate business and personal expenses means things get messy and fast. Create a system for keeping them separate.

08/04/2023

Rather than looking to outside forces to save your financial bacon, what can you do THIS WEEK to find more financial margin? Are there expenses you can cut, additional revenue streams to add (a second/third/fourth job, selling things around the house, etc.), other resources you can tap?

We know ... for some, these are unrealistic options for many possible reasons. These are not easy times.

But regardless, we have a choice: We can either stew in our juice about hard things "out there" ... or we can take positive action today to do something about it for ourselves and our family.

And remember, you've got us in your corner.