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When you run a small business, understanding what the cost of goods sold (COGS) is and why it’s important will help you keep track of your company’s profitability. Typically, COGS includes the cost of production, inventory, labor and/or raw materials. It does not include indirect costs, like marketing, advertising and distribution. Knowing the exact COGS […]

Small business owners may not necessarily have a finance or business background. When it comes time to create a cash flow forecast, you might find yourself wondering what that is and how to get started. While a bookkeeping team like MCG Solutions can always help you prepare a cash flow forecast, it’s worth understanding how

Have you ever given a customer a discount on an item, after they’ve received the item but still owe payment? To reconcile your financial records, you’ll need to create a credit memo. If credit memos confuse you—or worse, you don’t know what they are—this guide will help you understand how they work and why you

Small businesses and startups are often founded by people with unique talents and vision—and bookkeeping and payroll duties may not be on that list. Many founders and sole proprietors take on these duties to keep costs low in the beginning. As the business grows, bookkeeping and payroll take more time. This can take time away

The COVID-19 pandemic spurred employers to switch to remote work at unprecedented levels. Even though many companies are returning to the office, remote work is here to stay. Employees love the convenience of working from home, while employers can save money on office space, retain employees, and source top talent from across the country. There’s

Dealing with paperwork is one of the least appealing parts of running a business. Many of our clients outsource their bookkeeping to MCG Solutions for that very reason: instead of spending hours sifting through your invoices, receipts, and other financial paperwork, your bookkeeper can handle the heavy lifting. To get great results, your bookkeeper needs

The phrase “IRS audit” is enough to strike fear into the heart of any small business owner. No matter how meticulous your records are, there’s always the chance that the IRS will find mistakes. That can result in penalties and surprise tax bills, along with the inconvenience of the audit itself. How often do small

Expenses to get a clear, accurate picture of your business’s profits and losses, you need to set up a system to track your business expenses. Not only will this help you make wise financial decisions and projections, but it’s invaluable organization during tax time. Whether you’re just starting out or you want to update your

As a small business owner, your company may seem like it’s your entire life. When it comes to your finances, however, it’s important to keep your personal and business expenses separate. Not only will it make record keeping easier, but it can also shield you from personal liability. Here’s why it’s so important to keep

Filing your small business’s taxes can be a time-consuming, frustrating experience. Although the federal tax deadline is rapidly approaching, it’s never too late to overhaul your approach to tax time. Staying organized throughout the year ensures that your tax preparer will have everything they need to file on your behalf. Here are five ways you